The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the content of this announcement, and assume individual and joint responsibility for the authenticity, accuracy and completeness of its content.
Zhejiang Jiaao Environmental Protection Technology Co., Ltd. (hereinafter referred to as the “Company”) held the 23rd meeting of the 5th Board of Directors on June 6, 2022, reviewed and approved the “Proposal on the Appointment of the Secretary of the Company’s Board of Directors”, and agreed to appoint Wu Yimin Mr. is the secretary of the company’s board of directors, and his term of office starts from the date of deliberation and approval by the board of directors until the expiration date of the fifth session of the board of directors.
Mr. Wu Yimin (resume attached) has the professional knowledge, management ability and work experience to perform his duties, and he is not prohibited from serving as the secretary of the board of directors as stipulated by the Company Law, the Shanghai Stock Exchange Listing Rules and other laws and regulations. Mr. Wu Yimin has not yet obtained the qualification certificate for board secretary issued by the Shanghai Stock Exchange, and he promises to participate in the latest board secretary qualification training held by the Shanghai Stock Exchange.
The independent directors of the company expressed their independent opinions on the above matters. For details, please refer to the “Independent Directors on the Twenty-third Meeting of the Fifth Session of the Company” disclosed by the company on the website of the Shanghai Stock Exchange (www.sse.com.cn) on the same day. Independent Opinions on Matters Related to the Meeting.
Address: No. 761, Chongfu Avenue, Phase I Industrial Zone, Economic Development Zone, Tongxiang City, Zhejiang Province
Born in 1990, Chinese nationality, no permanent residency abroad, master degree. He used to be the audit manager of Shanghai Cairui Certified Public Accountants Co., Ltd., the audit manager of Zhonghua Certified Public Accountants (special general partnership), the financial director of Shanghai Hengyi Teto New Materials Co., Ltd., and the financial director of Shanghai Pugong Testing Technology Co., Ltd., currently Chief Financial Officer of Zhejiang Jiaao Environmental Protection Technology Co., Ltd.
Bond code: 113502 Bond abbreviation: Jia’ao Convertible Bond
Zhejiang Jiaao Environmental Protection Technology Co., Ltd.
About Commencement 2022
Announcement on foreign exchange derivatives trading business
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the content of this announcement, and assume individual and joint responsibility for the authenticity, accuracy and completeness of its content.
The 23rd meeting of the 5th Board of Directors of Zhejiang Jiaao Environmental Technology Co., Ltd. (hereinafter referred to as the “Company”) reviewed and approved the “Proposal on the Development of Foreign Exchange Derivatives Trading Business in 2022″. In order to effectively resolve the exchange rate or interest rate risks faced by foreign exchange assets and liabilities derived from import and export business, and to avoid exchange rate and interest rate risks through foreign exchange derivatives, the overall foreign exchange derivatives business scale can be adapted to the company’s actual import and export business volume. The current trend of changes in the foreign exchange market, the company plans to carry out foreign exchange derivatives trading business, the specific announcement is as follows:
1. Types of foreign exchange derivatives trading business to be carried out
The term “foreign exchange derivatives” as mentioned in this proposal refers to products such as forwards, swaps, options, or a combination of the above products. The underlying assets of derivatives include exchange rates, interest rates, and currencies; either physical delivery or cash differential settlement; margins or guarantees can be used for leveraged transactions, and unsecured and unsecured credit transactions can be used. In the financial market environment where the RMB exchange rate fluctuates in both directions and the interest rate is market-oriented, in order to avoid the exchange rate and interest rate risks faced by the import and export business and the corresponding derivative foreign currency loans, combined with the capital management requirements and daily business needs, the company plans to develop foreign exchange derivatives. Included in the following scope: forward foreign exchange settlement and sales, RMB and other foreign exchange swap business, forward foreign exchange trading, foreign exchange swaps, foreign exchange options, interest rate swaps, interest rate swaps, and interest rate options.
2. The scale of the foreign exchange derivatives trading business to be carried out
According to the company’s 2022 production capacity and recent raw material price estimates, the company expects that the total import and export business in 2022 will reach 250 million US dollars. The total amount does not exceed 30 million US dollars (other currencies are converted into US dollars according to the current exchange rate, and the closing operation is only calculated based on the opening amount), accounting for less than 30% of the company’s audited net assets in 2021 , so it does not need to be reviewed and approved by the company’s general meeting of shareholders. The company’s board of directors authorizes the relevant departments of the company to carry out this business. The authorization period is 12 months after the board’s deliberation and approval.
3. Preparations for conducting foreign exchange derivatives trading business
Since the foreign exchange derivatives trading business is closely related to production and operation, the board of directors of the company, as the general decision-making body, authorizes the chairman of the company to approve the daily foreign exchange derivatives trading business transaction plan, and it is clarified that the finance department is responsible for plan formulation, transaction order execution and accounting, and the procurement department is responsible for the plan. For application and execution, the audit department is responsible for internal control risk management. All departments of the company are required to operate in strict accordance with the procedures for risk control, review procedures, and follow-up management of the foreign exchange derivatives trading business clearly stipulated in the “Forex Derivatives Trading Business Management System” formulated by the company. The company’s personnel involved in the foreign exchange derivatives trading business have fully understood the characteristics and risks of the foreign exchange derivatives trading business, and strictly implement the business operation and risk management system of the foreign exchange derivatives trading business.
4. Risk Analysis of Conducting Foreign Exchange Derivatives Trading Business
1. Market risk: In the event that the exchange rate or interest rate market trend deviates significantly from the company’s expectations, the company’s cost expenditure after locking the exchange rate or interest rate cost may exceed the cost expenditure when it is not locked, resulting in potential losses.
2. Internal control risks: The foreign exchange derivatives trading business is highly specialized and complex, which may cause risks due to imperfect internal control mechanisms.
3. Risk of default by customers or suppliers: the overdue accounts receivable of customers, the inability to collect the payment within the predicted payment collection period, or the delay in the payment to the supplier will affect the company’s cash flow, which may cause actual losses. The cash flow that occurs does not exactly match the duration or amount of the foreign exchange derivatives business that has been operated.
4. Payment collection forecast risk: The company’s purchasing department usually makes payment and collection forecasts based on purchase orders, customer orders and expected orders. However, in the actual implementation process, suppliers or customers may adjust their own orders and forecasts, resulting in the company’s payment collection. Inaccurate forecasts lead to the risk of delayed delivery of the foreign exchange derivatives that have been operated.
5. Legal risk: due to changes in relevant laws or the violation of relevant legal systems by the counterparty, the contract may not be executed normally and cause losses to the company.
V. Risk control measures taken by the company
1. The “Forex Derivatives Trading Business Management System” formulated by the company’s board of directors stipulates that the company does not conduct foreign exchange derivatives transactions for speculative purposes. All foreign exchange derivatives trading businesses are based on normal production and operation, and rely on specific business operations. , for the purpose of avoiding and preventing exchange rate or interest rate risks. The system clearly stipulates the company’s business operation principles, approval authority, internal review process, responsible departments and responsible persons, information isolation measures, internal risk reporting system and risk handling procedures. The risk control measures formulated are practical and effective.
2. The company’s finance department, audit department and procurement department, as the relevant responsible departments, have clear management positions and responsibilities, and the responsibilities are implemented to people. Through hierarchical management, the risk of operation by a single person or a single department is fundamentally eliminated. Under the premise of controlling risks locally, the speed of responding to risks has also been improved.
3. The company only conducts foreign exchange derivatives trading business with large commercial banks with legal qualifications, closely follows laws and regulations in related fields, and avoids possible legal risks.
6. Fair value analysis
The Company conducts confirmation and measurement in accordance with Article 22 of the Accounting Standards for Business Enterprises – Recognition and Measurement of Financial Instruments, Chapter VII “Determination of Fair Value”. Fair value measurement and confirmation are carried out on a monthly basis.
7. Accounting Policies and Accounting Principles
The company complies with the relevant provisions of the Ministry of Finance “Accounting Standards for Business Enterprises No. 22 – Recognition and Measurement of Financial Instruments”, “Accounting Standards for Business Enterprises No. 24 – Hedging”, and “Accounting Standards for Business Enterprises No. 37 – Presentation of Financial Instruments” and its guidelines, conduct corresponding accounting treatment for the foreign exchange derivatives trading business to be carried out, and reflect relevant items on the balance sheet and profit and loss statement.
8. Opinions of independent directors
In order to effectively resolve the exchange rate or interest rate risks faced by foreign exchange assets and liabilities derived from import and export business, and to avoid exchange rate and interest rate risks through foreign exchange derivatives, the overall foreign exchange derivatives business scale can be adapted to the company’s actual import and export business volume. With the current trend of changes in the foreign exchange market, the company’s foreign exchange derivatives trading business is in the interests of the company and all shareholders, and there is no situation that damages the interests of the company and all shareholders, especially small and medium shareholders; the relevant approval procedures are in compliance with laws and regulations and the “Articles of Association”, “The Company’s Foreign Exchange Derivatives Trading Business Management System” and other relevant regulations. Therefore, we agree that the company will carry out foreign exchange derivatives trading business within the limit approved by the board of directors.
Special announcement.
Zhejiang Jiaao Environmental Protection Technology Co., Ltd.
Board of Directors
June 7, 2022
Stock Code: 603822 Stock Abbreviation: Jia’ao Environmental Protection Number: 2022-050
Bond code: 113502 Bond abbreviation: Jia’ao Convertible Bond
Zhejiang Jiaao Environmental Protection Technology Co., Ltd.
Fifth Board of Directors
Announcement of Resolutions of the 23rd Meeting
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the content of this announcement, and assume individual and joint responsibility for the authenticity, accuracy and completeness of its content.
Zhejiang Jiaao Environmental Protection Technology Co., Ltd. (hereinafter referred to as “Jiaao Environmental Protection” or the “Company”) The 23rd meeting of the fifth board of directors was held on June 6, 2022 in the form of on-site and communication. 9 directors voted, and 9 directors actually participated in the voting. The notice of the twenty-third meeting of the fifth session of the board of directors of the company has been sent to all directors by email, fax and telephone notification on June 2, 2022. The convening of the meeting complies with the relevant provisions of the Company Law of the People’s Republic of China and the Articles of Association. The meeting reviewed and approved the following proposals:
1. Reviewed and approved the “Proposal on the Appointment of the Secretary of the Company’s Board of Directors”
For details, please refer to the website of Shanghai Stock Exchange www.sse.com.cn.
The voting results were: 9 affirmative votes, 0 negative votes, and 0 abstentions.
2. Reviewed and approved the “Proposal on Launching Foreign Exchange Derivatives Trading Business in 2022″
For details, please refer to the website of Shanghai Stock Exchange www.sse.com.cn.
The voting results were: 9 affirmative votes, 0 negative votes, and 0 abstentions.
Special announcement.
Zhejiang Jiaao Environmental Protection Technology Co., Ltd.
Board of Directors
June 7, 2022Return to Sohu, see more