Meitu (01357) has disclosed two treasury investments in the BlackRock ICS US Dollar Liquidity Fund Heritage Acc, committing a total of US$64.34 million (approximately RMB452.21 million) in January 2025.
• Transaction timeline – First Subscription: US$41.31 million on 3 January 2025. – Second Subscription: US$23.03 million on 27 January 2025.
The combined size lifted one of the applicable percentage ratios above 5% but below 25%, classifying the second tranche as a discloseable transaction under Chapter 14 of the Hong Kong Listing Rules. No shareholder approval is required.
• Funding and rationale The placements were settled in cash from existing reserves and target an annual yield of roughly 4.5%–4.6%, a level the board views as superior to typical bank deposit rates while preserving high liquidity.
• Fund profile (as at December 2024) – Total assets: US$91.00 billion (about RMB640.00 billion). – Risk indicator: SRRI 1/7 (lowest bracket). – Portfolio split: 36.11% certificates of deposit, 24.26% financial-company commercial paper, 15.36% non-U.S. sovereign and supra-national debt. – Liquidity: 25.87% daily maturing, 54.41% weekly maturing assets.
• Performance and redemptions Partial redemptions of US$33.00 million (Feb 2025), US$3.70 million (Apr 2025) and US$7.00 million (Oct 2025) generated an aggregate gain of US$1.30 million (approximately RMB9.50 million) for FY 2025. The share class NAV rose 5.64% between the subscription dates and 30 April 2026.
• Internal-control enhancements Following consultation with the Stock Exchange, Meitu has: 1. Provided additional Chapter 14 compliance training to treasury personnel. 2. Required size-test calculations and deal assessments by both a director-grade employee and the group vice-president of finance before any future treasury trades or redemptions (excluding bank deposits).
• 2026 trading halt clarification Meitu also addressed its 26 March 2026 trading halt. A Public Relations staff member inadvertently posted undisclosed FY 2025 financial data on the company’s Douyin account during video testing after market close on 25 March. Trading was halted the next morning and resumed on 30 March following release of full results.
New safeguards include senior-level supervision of video testing, redaction of sensitive numbers during trials, mandatory use of workstations instead of mobile devices, and triple-check protocols before any public release.
The board states that the completed measures aim to prevent recurrence of both reporting and disclosure oversights while maintaining prudent capital management.
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