Summary by Futu AI
China Central Automobile Co., Ltd. (CRRC) announced on 28 March 2024 that in order to protect against the systemic risks of exchange rate and interest rate fluctuations and to target operating profits, the company and its subsidiaries plan to start trading foreign exchange derivatives in 2024, with an expected trading volume of RMB 159 billion. The transaction amount will not exceed 50% of the company's most recent audited net profit. IN ADDITION, THE COMPANY HAS HELD A BOARD MEETING ON THE SAME DAY AND HAS PASSED A MOTION ON THE EXPECTED QUOTA FOR THE RELEVANT TRANSACTION AND IS NOT SUBJECT TO SUBMISSION TO THE GENERAL MEETING. The company underlines that its foreign exchange derivatives trading business will follow legal, prudent, safe and effective principles, but also reminds investors to be aware of the risks involved in the investment.