COFCO Science and Engineering (301058.SZ) and related personnel received a warning letter from the Jiangsu Securities Regulatory Bureau

Zhitong Finance App News, COFCO Science and Technology (301058.SZ) announced that the company received the “Decision on Administrative Supervision Measures” issued by the Jiangsu Regulatory Bureau (“Jiangsu Securities Regulatory Bureau”) of the China Securities Regulatory Commission on October 15, 2024. After investigation, the company had the following irregularities:

First, on September 22 and October 13, 2021, the company held separate board meetings and shareholders' meetings to consider and approve the use of no more than 260 million yuan of idle funds raised for cash management. The period of validity is 12 months from review and approval by the shareholders' meeting. After the expiration of the above validity period, the company has not re-fulfilled the review procedures and information disclosure obligations. From December 14, 2022 to February 7, 2023, the company used a total of 206 million yuan of idle raised capital for cash management, and did not complete additional review procedures and information disclosure obligations until April 25, 2023.

Second, the company's fund-raising project “Intelligent Manufacturing of Customized Grain and Oil Equipment and Complete Integrated Core Technology Innovation Platform Project” had no capital investment for three consecutive years. There was a difference between the actual investment progress of the fund-raising project and the investment plan. The company did not explain the reasons for the differences in the “Special Report on the Storage and Use of Funds Raised by the Company” for the first half of 2022, 2022, and the first half of 2023.

According to reports, the above acts by the company violate relevant regulations. In the aforementioned matter, Duan Yufeng, as the company's financial director at the time and secretary of the board of directors, failed to be diligent and conscientious and violated regulations. The Jiangsu Securities Regulatory Bureau decided to take administrative supervision measures against the company and Duan Yufeng by issuing a warning letter.