Yuyuan Tourist Mart establishes new fund management system

Shanghai Yuyuan Tourist Mart Group (Yuyuan Inc.) has established a new management system for its raised funds, designed to standardize the administration and use of capital obtained through equity issuance. This system, subject to shareholder approval, aims to protect investor interests and enhance fund utilization efficiency.

The new policy mandates that raised funds be deposited into dedicated bank accounts, with strict oversight and regular reconciliation by the company’s financial center. The funds are earmarked for specific purposes as outlined in the prospectus and shareholder resolutions, prohibiting their use for financial investments or other non-core activities. Funds exceeding yuan 5,000 or 20% of net raised capital withdrawn within 12 months require notification to the sponsor or independent financial advisor.

The framework also outlines procedures for addressing changes in investment projects, including delays, alterations, or the use of surplus funds. Any significant changes or use of temporarily idle funds, such as for cash management or temporary working capital, will require approval from the board of directors and, in some cases, the general meeting of shareholders, along with explicit disclosure.