Core Viewpoint - The company, Sangfor Technologies, is actively engaging in foreign exchange hedging activities to mitigate market risks and enhance financial stability while also adjusting its stock incentive plan to align with its strategic goals [3][5][8]. Company Announcements - Sangfor Technologies' board meetings on June 25, 2025, approved several key resolutions, including the convening of a temporary shareholders' meeting on July 11, 2025, to discuss foreign exchange hedging [2][5]. - The company plans to conduct foreign exchange hedging activities with a transaction amount not exceeding $5 billion or equivalent foreign currency, using its own funds [3][5]. - The company has adjusted the grant price for its 2024 restricted stock incentive plan from 11.95 yuan/share to 11.83 yuan/share, with the grant date set for June 25, 2025 [4][8]. Stock Incentive Plan - The company will grant 1.157 million shares of restricted stock to 43 incentive targets at a price of 11.83 yuan/share, which represents 0.19% of the total share capital [7][9]. - The incentive plan includes a two-phase vesting schedule, with shares vesting after 12 and 24 months, and a six-month lock-up period post-vesting [7][9]. - The total estimated expense for the stock incentive plan is approximately 41.18 million yuan, to be amortized from 2025 to 2027 [7].

Core Viewpoint - The document outlines the foreign exchange hedging policy of Jiangxi Fuxiang Pharmaceutical Co., Ltd., emphasizing risk management and compliance with relevant laws and regulations [3][4][5]. Summary by Sections General Provisions - The policy aims to standardize the foreign exchange hedging activities of the company and its subsidiaries to effectively prevent and control risks [3]. - Foreign exchange hedging activities are defined as transactions conducted with qualified financial institutions to mitigate exchange rate or interest rate risks [3]. Operational Regulations for Foreign Exchange Hedging - The company will not engage in hedging solely for profit; all activities must be based on normal business operations and aimed at risk avoidance [4]. - Transactions are restricted to approved financial institutions, and the company must establish its own hedging accounts [4][5]. - The company must have sufficient self-owned funds to match the margin for hedging activities and cannot use raised funds for these transactions [4]. Approval Authority for Foreign Exchange Hedging - All hedging activities require approval from the board of directors or shareholders, with specific thresholds for reporting to shareholders based on investment amounts [5][6]. - The chairman of the board or authorized personnel are responsible for the implementation and management of hedging activities [6]. Management and Internal Procedures - The finance department is responsible for the execution of hedging activities, including planning, funding, and daily management [7]. - The audit department oversees the actual operations of hedging activities, ensuring compliance and monitoring financial performance [7]. Confidentiality and Risk Reporting - All personnel involved in hedging must adhere to confidentiality protocols regarding the company's hedging strategies and financial information [8]. - In the event of significant risks or losses, the finance department must report to the board and propose countermeasures [8]. Information Disclosure - The company is required to disclose relevant information regarding its foreign exchange hedging activities in accordance with regulations from the China Securities Regulatory Commission and the Shenzhen Stock Exchange [8]. Miscellaneous - The policy will take effect upon approval by the board and will be interpreted by the board of directors [9].

Core Viewpoint - The company has established a comprehensive framework for foreign exchange hedging activities to manage and mitigate foreign currency exchange risks, ensuring compliance with relevant laws and regulations [1][9]. Group 1: General Provisions - The foreign exchange hedging activities are defined as transactions aimed at managing specific risks such as foreign exchange, price, interest rate, and credit risks [1]. - The hedging policy applies to the company and its subsidiaries, ensuring that all hedging activities are aligned with the company's operational needs [1][2]. - The company must adhere to national laws and its internal regulations when conducting foreign exchange hedging activities [1][4]. Group 2: Principles of Foreign Exchange Hedging - The company is limited to engaging in hedging activities that are directly related to its production and operational needs, ensuring that the types, scale, and duration of hedging instruments match the risks being managed [3][4]. - Hedging activities must be based on the company's foreign exchange income and expenditure budget, and the amounts involved should not exceed the budgeted figures [3][4]. Group 3: Approval Authority for Hedging Activities - The company's board of directors and shareholders' meeting are the approval bodies for foreign exchange hedging activities, with strict protocols for reporting and approval [5][6]. - Any hedging activity that exceeds certain financial thresholds must be reviewed and approved by the board and, if necessary, the shareholders [5]. Group 4: Management and Internal Procedures - The finance department is responsible for the execution and management of foreign exchange hedging activities, ensuring compliance with internal controls and risk management procedures [6][7]. - A structured internal process is in place for analyzing exchange rate trends, forecasting foreign currency payments, and managing the execution of hedging transactions [6][7]. Group 5: Information Disclosure and Record Management - The company is required to disclose information regarding its foreign exchange hedging activities in accordance with regulatory requirements, particularly when significant risks or losses occur [8]. - All documentation related to hedging activities must be maintained for a period of ten years, ensuring proper record-keeping and compliance with auditing standards [8].

Important News - The probability of the Federal Reserve maintaining interest rates in July is 81.4%, while the probability of a 25 basis point cut is 18.6% [1] - The EU warns that if President Trump maintains tariffs on imports, it plans to impose retaliatory tariffs on U.S. products [1] - Iran confirms that its nuclear facilities were "severely damaged" in a U.S. airstrike [1] Individual Stock News - TSMC's overseas subsidiary plans to issue new shares worth $10 billion to strengthen its foreign exchange hedging business [2] - OpenAI CEO Sam Altman revealed a high-level meeting with Microsoft CEO Satya Nadella to discuss future strategic cooperation between the two tech giants [2] - Morgan Stanley maintains a buy rating on Tesla with a target price of $410 [2] - Pony.ai has been included in the Nasdaq China Golden Dragon Index [2] - The Spanish Ministry of Health is investigating Novo Nordisk (NVO.N) for potential violations of prescription drug advertising laws regarding its popular weight loss drug Wegovy [2] - Ferrari is entering the sailing industry with the launch of a combustion-free racing yacht set to launch next year [2] - Best Buy is selling its home health technology division Current Health, which it acquired for $400 million in 2021, to Chris McGhee [2] - Boeing's "Mense incident" investigation reveals manufacturing process defects and regulatory failures [2]

Core Viewpoint - TSMC plans to issue $10 billion in new shares to strengthen its foreign exchange hedging operations in response to currency fluctuations, marking its largest initiative of this kind to date [1] Group 1: Company Actions - TSMC Global Ltd. will issue shares to mitigate foreign exchange volatility, representing the third such transaction since 2024 and the largest to date [1] - The issuance aims to provide TSMC Global with greater financial flexibility in managing exchange rate risks [1] Group 2: Market Context - The recent appreciation of the New Taiwan Dollar has raised concerns in Taiwan about the economy's over-reliance on exports [1] - In May, the New Taiwan Dollar experienced its largest single-day increase since the 1980s, prompting official calls to curb speculative activities [1] Group 3: Industry Impact - TSMC, as a major chip manufacturer for companies like Apple and Nvidia, faces challenges from the currency appreciation, which can reduce profits from overseas sales when converted back to local currency [4] - TSMC's CEO indicated that the company's operating profit margin has declined by several percentage points due to the local currency's appreciation [4]

Core Points - The article outlines the foreign exchange hedging management system of Dalian Huari Heavy Industry Group Co., Ltd, aimed at regulating foreign exchange operations and mitigating risks from currency fluctuations [1][2] - The system emphasizes that foreign exchange hedging activities must be based on actual business operations and should not be speculative in nature [2][3] Summary by Sections General Principles - The foreign exchange hedging activities must align with the company's actual business needs and should not disrupt normal operations [2] - The hedging activities are limited to transactions with approved financial institutions and must be based on the company's foreign exchange cash flow forecasts [2][3] Approval Authority - The approval for foreign exchange hedging limits is determined by the company's board of directors or shareholders [3][4] - Any significant transactions, such as those exceeding 50% of the latest audited net profit or 5 million RMB, require board and shareholder approval [4][5] Management and Internal Processes - The chairman of the board is responsible for the operation and management of foreign exchange activities, including approving transaction plans [6][7] - The finance management department handles the execution of hedging transactions and must report any significant risks to the board [6][7] Information Isolation Measures - All personnel involved in foreign exchange hedging must adhere to confidentiality protocols to protect sensitive information [8] - The operations must be segregated to prevent any single individual from managing the entire process [8] Internal Risk Management - The finance management department must conduct timely settlements with financial institutions based on agreed terms [9][10] - In cases of significant risk or abnormal situations, both the finance management and operational units must issue alerts and develop response plans [9][10] Information Disclosure and Record Management - The company is required to disclose information regarding foreign exchange hedging activities in accordance with regulatory requirements after board approval [10][11] - Documentation related to hedging transactions must be archived as part of the accounting records [11]

Core Viewpoint - The company intends to conduct foreign exchange hedging activities to mitigate currency risk arising from international operations and enhance financial stability [1][5][6] Transaction Overview - The primary purpose of the foreign exchange hedging is to protect against the adverse effects of currency fluctuations on the company's profitability due to overseas transactions [1][2] - The company plans to use various derivatives such as forwards, swaps, and options to manage foreign exchange risk associated with import materials and overseas payments [2][3] - The total amount for the foreign exchange hedging activities is capped at 36 million USD or equivalent foreign currency for the year 2025 [2] - The funding for these hedging activities will come from the company's own funds, not from raised capital [2][3] Risk Analysis - The company acknowledges potential risks associated with foreign exchange hedging, including market volatility and the complexity of currency movements [3][4] - The company will only engage with reputable financial institutions for these transactions to minimize credit risk [4] Risk Control Measures - The company has established strict internal controls and procedures to ensure that all hedging activities are conducted prudently and do not involve speculative trading [4][5] - Regular reporting on the status of foreign exchange risk exposure will be conducted to ensure timely identification of any issues [4] Impact on the Company - The foreign exchange hedging activities are expected to enhance the company's financial stability and protect against adverse currency movements, thereby safeguarding shareholder interests [5][6] - The company will adhere to relevant accounting standards for the recognition and measurement of financial instruments related to these hedging activities [5] Approval Process - The board of directors approved the foreign exchange hedging proposal during a meeting held on June 20, 2024, and it does not require further shareholder approval [5][6] Sponsor's Review Opinion - The sponsor believes that the foreign exchange hedging activities align with the company's operational needs and will help mitigate risks without harming the interests of the company or minority shareholders [6]

Overview - The company aims to mitigate foreign exchange risks due to the complex international macroeconomic environment and the uncertainty in global financial markets and exchange rates [1][2] Transaction Details - The company and its subsidiaries plan to use derivatives such as forwards, swaps, options, and combinations thereof to hedge against foreign exchange risks arising from import materials and overseas payments [2][3] - The total amount for the foreign exchange hedging activities is capped at 36 million USD or equivalent foreign currency for the year 2025, with a rolling usage within a 12-month period from August 4, 2025, to August 3, 2026 [2][3][4] - The funding for these hedging activities will come from the company's own funds, without utilizing raised funds [2] Risk Management - The company will adhere to strict hedging principles, ensuring that all foreign exchange hedging activities are based on actual business operations and not for speculative purposes [3][5] - The company has established internal control measures to manage risks associated with foreign exchange derivatives, including setting appropriate stop-loss limits and ensuring compliance with internal procedures [5][6] Impact on Financial Stability - The foreign exchange hedging activities are intended to enhance the company's financial stability and protect against adverse effects from exchange rate fluctuations [6][7] - The company will follow relevant accounting standards for the recognition and measurement of financial instruments related to these hedging activities [7][8] Endorsement from Sponsor - The sponsor has confirmed that the foreign exchange hedging activities align with the company's operational needs and will help mitigate risks associated with foreign exchange market fluctuations, thereby protecting shareholder interests [8]

Core Viewpoint - The company has established a comprehensive system for managing foreign exchange hedging activities to mitigate investment risks and ensure asset safety, in compliance with relevant laws and regulations [1][2][3]. Group 1: General Provisions - The foreign exchange hedging business is defined as activities aimed at mitigating exchange rate or interest rate risks through various financial instruments such as forwards, swaps, and options [1][2]. - The system applies to the company and its subsidiaries, which cannot engage in foreign exchange hedging without the company's consent [2][3]. Group 2: Operational Principles - The company adheres to principles of legality, prudence, safety, and effectiveness in its foreign exchange hedging activities, which must be based on actual business needs [3][4]. - Transactions are only permitted with qualified domestic financial institutions, prohibiting dealings with unauthorized entities [3][4]. Group 3: Approval Authority - All foreign exchange hedging activities require approval from the company's president or a designated vice president, with specific thresholds for shareholder meeting review [4][5]. - The approval process includes limits based on the company's audited net profit and net assets [5][6]. Group 4: Internal Operating Procedures - The board of directors serves as the decision-making body for foreign exchange hedging, while the president's office manages daily operations [6][7]. - A dedicated management team is responsible for assessing foreign exchange exposure and planning hedging strategies [6][7]. Group 5: Information Isolation Measures - All personnel involved in foreign exchange hedging must adhere to confidentiality protocols to protect sensitive information [7][8]. Group 6: Internal Risk Management - The company is required to implement a robust risk management framework to identify and mitigate various risks associated with foreign exchange hedging [8]. - Financial centers must conduct timely settlements and analyses in response to significant market fluctuations [8]. Group 7: Information Disclosure and Archive Management - The company must disclose information regarding its foreign exchange hedging activities in accordance with regulatory requirements, particularly in cases of significant risks or losses [8]. - Documentation related to hedging activities must be maintained for a minimum of ten years [8].

SSDZ-TMP-22 苏州上声电子股份有限公司 外汇套期保值业务管理制度 第一章 总则 第一条 为规范苏州上声电子股份有限公司及控股子公司(以下简称 "公司")外汇套期保值业务，加强对外汇套期保值业务的管 理，健全和完善公司外汇套期保值业务管理机制，根据《中华 人民共和国公司法》、《中华人民共和国证券法》、《上海证券交 易所科创板股票上市规则》 、《苏州上声电子股份有限公司章程》 (以下简称" 《公司章程》 ")等的有关规定，结合公司实际情况， 特制定本制度。 第二章 外汇套期保值业务操作规定 第十条 公司单项外汇套期保值方案或年度外汇套期保值计划由公司经 营管理层制定，提交公司董事会或股东会审议，具体决策权限 为： （一）外汇套期保值单次或连续 12 个月累计金额高于公司最近 一期经审计总资产 50%以上（含本数） ，须经股东会审议批准。 （二）外汇套期保值单次或连续 12 个月累计金额不超过公司最 近一期经审计总资产 50%（不含本数） ，应当提交公司董事会审 议； （三）与关联人之间进行的外汇套期保值业务应当提交公司股 东会审议批准。 第十一条 各全资或控股子公司不具有外汇套期保值业务最后审批权，所 ...