Hugong extends cash management of idle raised funds

Shanghai Hugong Electric Group (SSE:603131) has announced the continuation of cash management activities using RMB 85 million of idle funds raised from its convertible bond issuance, the company said in a statement today. The funds will be allocated to structured deposits. It had redeemed a RMB 85 million unit structured deposit at maturity on November 4. The prior investment generated proceeds of RMB 204,200. The company's management believes that strategically allocating idle funds toward secure, low-risk financial products enhances capital efficiency and shareholder value. According to the company, the cash management activities adhere to established procedures and do not impact ongoing project funding needs. The company says the move aligns with regulatory requirements, and it will disclose detailed financials related to these activities in upcoming reports.