Core Viewpoint - Fortior (01304.HK) plans to utilize a maximum amount of RMB 1.5 billion or equivalent foreign currency for foreign exchange hedging activities, including various derivatives [1] Group 1 - The company intends to engage in foreign exchange hedging activities to meet operational and business needs [1] - The hedging activities will include forward foreign exchange settlement, foreign exchange swaps, foreign exchange futures, foreign exchange options, and other foreign exchange derivatives [1] - The usage period for the aforementioned amount is within 12 months from the date of approval by the company's shareholders' meeting, with funds being able to be rolled over within this limit and timeframe [1]

Core Viewpoint - Fortior (01304.HK) plans to utilize a maximum amount of RMB 1.5 billion or equivalent foreign currency for foreign exchange hedging activities, including various derivatives [1] Group 1: Business Operations - The company and its subsidiaries intend to engage in foreign exchange hedging activities to meet operational and business needs [1] - The hedging activities will encompass forward foreign exchange settlements, foreign exchange swaps, foreign exchange futures, foreign exchange options, and other foreign exchange derivative products [1] Group 2: Financial Details - The maximum amount for the hedging activities is set at RMB 1.5 billion [1] - The usage period for the aforementioned amount is within 12 months from the date of approval by the company's shareholders' meeting [1] - Funds can be used in a rolling manner within the specified amount and time frame [1]

Core Viewpoint - The document outlines the foreign exchange hedging management system of Shenghong Technology (Huizhou) Co., Ltd, aiming to standardize hedging operations, mitigate foreign exchange risks, and ensure compliance with relevant laws and regulations [1][2][3]. Group 1: General Principles - The purpose of the hedging management system is to regulate foreign exchange hedging activities and effectively control foreign currency exchange rate risks [1]. - The hedging activities include various financial instruments such as forward foreign exchange contracts, foreign exchange swaps, currency swaps, foreign exchange options, interest rate swaps, and other foreign exchange derivatives [1][2]. - The system applies to both the company and its subsidiaries, treating subsidiary hedging activities as those of the listed company [1]. Group 2: Operational Regulations - The company must conduct hedging activities based on legitimate, prudent, safe, and effective principles, ensuring that these activities align with normal business operations and do not involve speculative trading [2]. - Hedging transactions are only permitted with financial institutions approved by the State Administration of Foreign Exchange and the People's Bank of China, and the hedging limits must not exceed those approved by the board or shareholders [2]. - The foreign exchange hedging contracts must not exceed the company's predicted foreign exchange receipts and payments, and the delivery period must match the actual execution period of the business [2]. Group 3: Approval Authority - A feasibility analysis report must be prepared and submitted to the board for approval before conducting hedging activities [3]. - Certain transactions require submission to the shareholders' meeting if they exceed specified thresholds related to net profit and net assets [3]. - The board of directors and the shareholders' meeting serve as the decision-making bodies for hedging activities [4]. Group 4: Management Process - The financial center is responsible for planning, funding, executing, and managing hedging activities, while the internal audit department oversees the actual operations and risk management [4][5]. - The financial center must analyze foreign exchange market trends and propose hedging plans, which require approval from the financial head and the company president [5]. - Each hedging transaction must be documented, and the internal audit department must regularly review the operations and report findings to the board's audit committee [5][6]. Group 5: Risk Management and Information Disclosure - All personnel involved in hedging must adhere to confidentiality protocols regarding transaction details and financial status [6]. - The financial center must ensure timely settlement with financial institutions based on actual foreign exchange receipts and payments [6][7]. - The company is required to disclose information related to hedging activities in accordance with regulations from the China Securities Regulatory Commission and the Shenzhen Stock Exchange [7].

Group 1 - The global economy is facing uncertainty and fragmentation challenges, with growth forecasts being revised down due to increased trade policy uncertainty and tariff announcements [1][26][30] - Structural vulnerabilities include low productivity growth, high public debt levels, and increased reliance on non-bank financial institutions (NBFIs) [1][37][42] - The financial system is undergoing significant changes, with a shift from bank lending to government bond markets and NBFIs playing a larger role in cross-border transactions [2][48][50] Group 2 - The next-generation monetary and financial system is focusing on tokenization, which aims to integrate financial assets and transaction rules on a programmable platform [2][55][58] - Stablecoins are growing but fail to meet key monetary criteria, limiting their role in the monetary system [2][57] - Central banks are expected to play a catalytic role in driving innovation while maintaining trust in the monetary system [2][59]

Core Viewpoint - The document outlines the foreign exchange hedging management system of Shenzhen Jingquan Technology Co., Ltd., aiming to standardize the hedging operations, enhance risk management, and ensure asset safety in compliance with relevant laws and regulations [1][2]. Group 1: General Principles - The foreign exchange hedging business includes various instruments such as forward foreign exchange contracts, foreign exchange swaps, and options, among others [1]. - The system applies to the company and its wholly-owned and controlled subsidiaries, prohibiting subsidiaries from engaging in hedging activities without company consent [2]. Group 2: Operational Principles - The company must conduct hedging activities based on legitimate, prudent, safe, and effective principles, focusing on risk avoidance rather than speculative trading [2]. - Transactions are only permitted with financial institutions approved by the State Administration of Foreign Exchange and the People's Bank of China [2]. - The company must establish its own hedging accounts and cannot use third-party accounts for these transactions [2]. Group 3: Approval Authority - Specific approval thresholds are set for hedging activities, including a maximum transaction margin exceeding 50% of the latest audited net profit and a maximum contract value exceeding 50% of the latest audited net assets [5]. - All hedging activities must be reported to the company's chairman for approval, as subsidiary heads do not have final approval authority [6]. Group 4: Business Management Process - The board of directors and authorized personnel are responsible for decision-making regarding hedging activities, with a dedicated working group managing daily operations [6][7]. - The finance department is tasked with the feasibility analysis, implementation plans, and ongoing management of hedging activities [7]. - An internal audit department oversees the actual operations and compliance with risk management policies [7]. Group 5: Information Disclosure - The company is required to disclose information related to its hedging activities in accordance with regulations from the China Securities Regulatory Commission and the Shenzhen Stock Exchange [10]. - Significant risks or losses must be reported immediately if they reach 10% of the latest audited net profit or exceed 10 million RMB [10]. Group 6: Internal Risk Management - The company must adhere to national laws and regulations, establish a warning system for positions, and ensure accurate and timely recording of transactions [9][10]. - In case of significant exchange rate fluctuations, the finance department must analyze the situation and report to the working group and chairman [10]. Group 7: Miscellaneous - The management system is effective from the date of board resolution and is subject to revisions as necessary [11].