COFCO Science and Technology uses 10 million yuan of idle raised funds to purchase structured deposits with an expected annualized return of 0.65%-1.60%

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China National Cereals, Oils and Foodstuffs Corporation (stock code: 301058, stock abbreviation: CNCOF) announced on March 20 that it has disclosed the progress of using part of the temporarily idle raised funds for cash management. The company has used 10 million yuan of idle raised funds to purchase a principal-protected floating income structured deposit product from Industrial and Commercial Bank of China.

The announcement shows that CNCOF has approved the proposal to continue using part of the idle raised funds for cash management at the third meeting of the third board of directors and the second meeting of the third board of supervisors held on April 25, 2025, and at the annual shareholders’ meeting held on May 16, 2025. According to the proposal, the company may use no more than 165.784 million yuan (including principal) of idle raised funds for cash management, provided that it does not affect the normal implementation of the raised funds investment plan and the safety of the funds. The usage period is valid for 12 months from the date of approval at the shareholders’ meeting, and can be recycled within the above limits and resolution validity period.

The specific details of this cash management are as follows:

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The company stated that there is no relationship with the above bank.

In terms of investment risks and controls, CNCOF pointed out that although the financial products have undergone strict assessments, the financial market is significantly affected by macroeconomic conditions, and there is no guarantee against investment being affected by market fluctuations, nor can the actual returns of short-term investments be predicted. Therefore, the company will implement several risk control measures, including selecting low-risk investment varieties, having the finance department track the direction and operation of financial products, regular supervision and audits by the internal audit department, oversight inspections by the audit and risk committee, and timely information disclosure.

Regarding the impact of this cash management on the company’s daily operations, CNCOF emphasized that this action is taken to ensure the necessary funds for investment projects and the safety of the funds, and it will not affect the company’s daily capital turnover, the normal operation of investment projects, or the main business operations. At the same time, by managing temporarily idle raised funds, the efficiency of fund usage can be improved, yielding certain investment returns, which is beneficial for enhancing the overall performance level of the company and providing better returns for the company and its shareholders, without any disguised change in the use of raised funds.

In addition, the announcement also disclosed the situation of using idle raised funds to purchase financial products in the 12 months prior to the announcement date. As of the date of this announcement (including this time), the total amount of principal-protected financial products purchased with idle raised funds that have not yet matured is 110 million yuan, which has not exceeded the authorized limit of the shareholders’ meeting.

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Editor: Xiaolang Quick Report