Xinjiang Sayram extends project timeline, utilizes idle capital

Xinjiang Sayram Modern Agriculture Co., Ltd. announced an extension for its “200,000 tons/year cottonseed concentrated protein and deep processing project” until December 31, 2026. This decision, approved by the board of directors, accounts for market fluctuations and slower-than-expected release of initial market demand for high-end cotton protein products. The first phase, completed in September 2023, currently operates at 70% capacity.

Concurrently, the company will utilize up to CNY 320 million of idle raised capital to temporarily supplement working capital for a period not exceeding 12 months, returning it by December 20, 2026. This strategic move, also approved by the board, aims to address operational funding needs and reduce financial costs. The company will hold its first extraordinary general meeting in 2026 on January 12, 2026, to vote on these proposals.

In other news, Xinjiang Sayram has completed the deregistration of its wholly-owned subsidiary, Xinjiang Xinsai Trading Co., Ltd., following the finalization of bankruptcy liquidation procedures. The deregistration is not expected to materially impact the company's current operations or consolidated financial statements.