The personal buzz around the founding partner hasn't fully subsided when Moore Threads Technology Co.,Ltd. successfully generated new attention for itself.
*"When 'Fundraising and Financial Management' Faces Trust Questions: Moore Threads was recently thrust into the spotlight due to a routine capital management announcement. While some in stock forums criticized it as 'distraction from core business,' others rationally analyzed the funding patterns of chip R&D. Looking back, had the company's board secretary adjusted the announcement slightly—adding strategic explanations and transparency commitments beyond compliance disclosures—it might have turned a PR crisis into an opportunity to showcase corporate governance."*
### I. Optimizing the Announcement Title **Original Title:** *"Announcement on Utilizing Part of Idle Raised Funds for Cash Management"*
**Revised Title:** *"Announcement on Rational Use of Temporarily Idle Raised Funds for Cash Management to Support Long-Term R&D Investments"*
### II. Key Paragraph Revisions #### 1. Background **Original Wording:** *"To improve the efficiency of raised funds, reasonably utilize idle funds, and increase company income, the company plans to use part of idle raised funds for cash management."*
**Revised Wording:** *"Given the phased implementation schedule of the fundraising project 'High-Performance GPU Chip R&D and Industrialization,' some raised funds will temporarily remain idle before phased deployment. To optimize capital management, enhance short-term financial returns, and ensure uninterrupted funding for the project, the company plans to conduct cash management on temporarily idle funds under strict safety and liquidity conditions. This measure aims to provide supplementary support for long-term R&D through prudent financial planning, maximizing capital efficiency in line with the interests of the company and all shareholders."*
#### 2. Investment Scope & Risk Control **Original Wording:** *"Investment products include high-safety, high-liquidity principal-guaranteed wealth management products with maturities not exceeding 12 months."*
**Revised Wording:** *"The investment scope is strictly limited to low-risk products (including but not limited to principal-guaranteed structured deposits, large-amount certificates of deposit, and treasury bond reverse repos) with high safety and liquidity, all maturing within 12 months. The company has established dedicated risk control protocols, with real-time monitoring by the finance department to ensure fund safety. These products exclude high-risk activities such as securities investment or derivatives trading, and the proportion of managed funds will not exceed 20% of total raised capital."*
#### 3. Fund Usage Plan & Commitments **Original Wording:** *"The company pledges that this will not affect the normal progress of fundraising projects."*
**Revised Wording:** *"The company has formulated a detailed fund usage plan for fundraising projects (see appendix). This cash management activity will not impact project timelines, and managed funds can be redeemed as needed. The company commits to: - Never allocating managed funds to high-risk investments; - Quarterly disclosures of managed balances, returns, and fundraising project progress; - Immediate adjustment of management scale if project funding needs arise earlier, prioritizing R&D investments."*
#### 4. Added "Strategic Context" Section (New) **New Wording:** *"Strategic Context: As a high-tech firm focused on GPU chip R&D, Moore Threads prioritizes long-term R&D investments. Raised funds are being deployed per plan into next-gen architecture development, tape-outs, and testing. Given the extended cycles of chip R&D, fund usage aligns closely with project milestones, making temporary idle capital management an industry norm (see NVIDIA, AMD, etc.). The company remains committed to core technological breakthroughs, with all management returns earmarked for supplementary R&D to advance domestic GPU ecosystem development."*
### III. Optimizing the Announcement Conclusion **Original Conclusion:** *"This matter has been approved by the board of directors and requires shareholder approval."*
**Revised Conclusion:** *"This matter was approved at the 10th meeting of the second board of directors, with independent directors endorsing it unequivocally. The company will address inquiries via investor hotlines, emails, and earnings calls. Detailed fund usage plans are available in the 'Special Report on Raised Fund Allocation and Usage' disclosed on the company’s official website."*
### Advice: This incident offers a profound communication lesson for all newly listed companies’ board secretaries: The crux is never *"whether financial management is right,"* but *"when and how to communicate it."* Timing dictates market sentiment; wording calibrates public trust. Had the announcement been more comprehensive, skepticism might have turned into understanding, and debate into consensus.
May all future practitioners take heed: Beyond compliance, the warmth of communication and courage of transparency often outweigh financial metrics as intangible assets. We welcome ongoing feedback from market participants—it is these voices that propel listed companies toward more mature and trusted disclosure practices.
Comments