Xiamen Tungsten redeems cash management product, receives $150m

Xiamen Tungsten Company Limited announced the redemption of a "Huilifeng" 2025 Series No. 5219 customized RMB structured deposit product purchased from Agricultural Bank of China Limited. The company received a total of RMB 150,131,703.29, comprising the principal and income. The product, with a principal of RMB 15,000,000.00, was a principal-protected floating-yield investment that matured on September 2, 2025, with an anticipated annualized yield of 0.11% to 2.01%.

The redemption follows the company's resolution on December 30, 2024, to use up to RMB 2.2 bn of idle raised funds for cash management, investing in safe, liquid, principal-protected products with a maximum term of 12 months. As of the announcement date, the total balance of idle raised funds utilized for cash management by Xiamen Tungsten stands at RMB 1,995,000,000.00.

All redeemed funds, including principal and income, have been deposited back into the company's dedicated fundraising account. Xiamen Tungsten plans to continue its cash management activities within the authorized limits and timeframe. The company confirms that all products purchased with idle raised funds have been redeemed without any overdue issues.