KINGSINO(SZ:002548) Xin Lang Cai Jing·2025-12-12 11:38Core Viewpoint - Shenzhen Jinxinnong Technology Co., Ltd. plans to engage in futures and derivatives investment business in 2026, with a maximum trading margin and premium not exceeding 60 million yuan, subject to shareholder approval [1][2]. Group 1: Investment Business Overview - The investment business will focus on the domestic compliant market, utilizing trading venues such as Dalian Commodity Exchange and Zhengzhou Commodity Exchange, and will not involve overseas trading [2]. - The trading tools will include futures, options, and forwards, with some off-exchange trading to leverage customization advantages [2]. - Funding will come from the company's own funds and financial institution derivatives trading credit, without involving raised funds [2]. Group 2: Approval Process - The proposal has been approved by the company's board of directors and will be submitted for final approval at the 2025 annual shareholder meeting [2]. - The board's approval process included reviews by the strategic committee and a temporary meeting, and no related party transaction review is required [2]. Group 3: Risk Management - The company has identified six major risks associated with the investment business and has developed corresponding control measures [3]. - A mechanism for market risk management will be established, including pre-analysis, real-time monitoring, and post-review [3]. - Liquidity risk will be managed by setting stop-loss limits and ensuring that trading amounts do not exceed approved limits [3]. - Credit risk will be mitigated by selecting financial institutions with good credit and risk control capabilities as trading partners [3]. - Technical and operational risks will be addressed through improved trading systems and compliance with internal control requirements [3]. Group 4: Market Impact - The company's entry into the futures and derivatives market aims to enhance returns through diversified capital allocation [4]. - The announcement highlights potential deviations in market price trends due to economic policies and interest rate fluctuations [4]. - The company emphasizes the need to monitor its specific trading strategies and risk exposure management capabilities [4]. - Following shareholder approval, the company will gradually initiate related business based on market conditions and will fulfill information disclosure obligations [4].