Pingtan Development deploys idle funds in wealth management products

Zhongfu Straits (Pingtan) Development Co., Ltd. announced its continued use of idle self-owned funds to acquire wealth management products, exceeding 10% of its most recent audited net assets. This decision, approved by the board and supervisory committee, authorizes the company and its subsidiaries to purchase high-security, high-liquidity financial products from banks and securities firms, with a maximum outstanding balance of RMB 800 million. The authorization is valid from January 1, 2025, to December 31, 2025, allowing for rolling investments within this limit.

As of the announcement date, the company has executed several new wealth management product purchases. These include a CITIC Bank "Win-Win Smart Trust FX-linked RMB Structured Deposit A16603" for RMB 30,000,000, yielding 1.00%-1.70% annually, maturing on February 5, 2026. Additionally, two China Merchants Bank "Gold Point Series Call Option Two-Layer Range Structured Deposits" were acquired, one for RMB 100,000,000 with a 1.00%/1.60% annual yield maturing on December 10, 2025, and another for RMB 80,000,000 with a 1.00%/1.65% annual yield maturing on January 12, 2026.

The company emphasizes its commitment to risk management, acknowledging that while these are low-risk investments, they are subject to macroeconomic fluctuations. Measures include empowering management to select qualified institutions and products, transparently disclosing investment details, and implementing strict financial oversight. Independent directors and supervisors also have the authority to audit these investments, ensuring adherence to prudent financial practices and contributing to shareholder value.