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Shandong Xinchao Energy enhances raised fund management

July 4, 2025 at 01:39 PM UTCBy FilingReader AI

Shandong Xinchao Energy Corporation has announced updated "Measures for the Administration of the Use of Raised Funds," effective July 2025. The measures aim to standardize the use and management of raised capital, improve the effectiveness of fund utilization, and safeguard investor rights, aligning with PRC laws and exchange guidelines. The regulations clarify definitions for raised funds and over-raised funds, emphasizing the responsibilities of directors and management in supervising fund use. The company prohibits the unauthorized alteration of fund purposes, as well as direct or indirect misappropriation by controlling shareholders or related parties. Enhanced rules cover areas such as special account management, usage approvals, project modifications, and supervision to ensure compliance and transparency. They state that individual allocations of over CNY 50 million will trigger investigation, and that the finance department should reconcile the special account at least every six months. The new measures include information disclosure procedures for specific scenarios and ensure adherence to internal controls and regulatory requirements.

This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com

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