On 21 August 2026, China Feihe Limited (abbrev. “China Feihe”) disclosed that its wholly owned subsidiary, Heilongjiang Feihe Dairy Co., Limited (“Feihe HLJ”), invested RMB 200 million of temporarily idle funds in two fixed-income trust products—Shangxin Xinyue Fengli Assembled Fund Trust Scheme FL3002 Phase 296 and Phase 320—offered by Shanghai Pudong Development Bank (“SPD Bank”).

Each tranche carries an expected annual return of 2.30% and matures on 24 May 2027. The products are non-principal-guaranteed with floating returns and focus on fixed-income assets.

Following the latest placement, China Feihe’s aggregate outstanding principal in wealth-management and structured deposit products sourced from SPD Bank stands at RMB 2.30 billion.

Management stated that subscription terms were negotiated at arm’s length, reflecting excess cash available for treasury management and the comparatively higher yields versus standard PRC bank deposits. The company has put internal controls in place to ensure sufficient liquidity for daily operations and dividend payments.

Under Hong Kong Listing Rule 14.22, the new subscriptions are aggregated with prior SPD Bank product purchases. The highest applicable percentage ratio falls between 5% and 25%, classifying the transaction as discloseable and requiring public announcement but not shareholder approval.