Zhuzhou CRRC Times Electric (HKG:3898, SHA:688187) decided to cancel the accounts for two projects after they had been utilized, according to a Friday disclosure on the Shanghai bourse.

The accounts were for the research and development projects for advanced technologies in new industries and for electric drive systems for new energy vehicles.

The accounts were created as a deposit for the 7.44 billion yuan net proceeds the Chinese train manufacturer earned from its 2021 initial public offering. The proceeds were used for a number of the company's projects.

The company's Hong Kong shares fell 2%, while the Shanghai shares slipped 1% during the morning trade.