COSCO SHIPPING Specialized Carriers Extends the Cash Management Period of 3 Billion Yuan of Idle Raised Funds; Previously Realized Profit Was 15.58 Million Yuan

COSCO SHIPPING Specialized Transportation Co., Ltd. (Stock Code: 600428,简称 “COSCO SHIPPING Special”) held the sixth meeting of the ninth board of directors on March 25, 2026, reviewing and approving the “Proposal on Extending the Term of Cash Management Using Idle Raised Funds.” The company plans, under the premise of ensuring no impact on the construction and use of fundraising investment projects, to extend the cash management period for idle raised funds not exceeding 3 billion yuan by 6 months, investing in safe, highly liquid principal-protected products.

Basic Information on Fundraising

COSCO SHIPPING Special previously raised a total of 3,499,999,996.64 yuan through targeted share issuance. After deducting issuance costs of 23,066,197.73 yuan (excluding VAT), the net amount of funds actually raised was 3,476,933,798.91 yuan. All funds have been received and deposited into a dedicated account for management.

Overview of Fundraising Investment Projects

According to the fundraising prospectus, after deducting issuance costs, the net raised funds will be invested in the following projects:

Note: The investment amounts for some projects above, when converted to RMB, are calculated based on the USD/RMB middle rate of 1 USD = 6.9655 yuan, announced by the People’s Bank of China on March 10, 2023.

Previous Cash Management Implementation

The company previously approved two proposals in March and September 2025 to use idle raised funds for cash management, each with a limit of no more than 3 billion yuan and a term of 6 months. As of February 28, 2026, the funds raised through targeted share issuance totaled 2.6 billion yuan, with cumulative interest and returns of 15.5802 million yuan achieved through cash management.

Details of the Current Extension of Cash Management Period

Purpose of Cash Management

To improve the efficiency of fund utilization, while ensuring no impact on the construction and use of fundraising projects, to reasonably utilize temporarily idle raised funds for cash management, increase company income, and protect the interests of all shareholders.

Amount and Duration of Cash Management

The company and its wholly owned subsidiary COSCO SHIPPING (Hong Kong) Investment Development Co., Ltd. plan to continue using no more than 3 billion yuan (including this amount) of idle raised funds for cash management. The extension will be for 6 months from the expiration of the previous period, i.e., from March 27, 2026, to September 26, 2026, with the amount available for rolling use within the limit.

Types of Investment

The investment products will be safe, highly liquid principal-protected products, including but not limited to structured deposits, negotiated deposits, notice deposits, fixed-term deposits, large-denomination certificates of deposit, and income vouchers, with each product’s term not exceeding 6 months.

Risk Control Measures

2. Strict adherence to prudent investment principles, selecting low-risk, principal-protected products;
3. The finance department will establish ledgers, closely monitor product deployment and progress, and promptly prevent risks;
4. Independent directors will supervise and inspect the use of funds, and may hire professional agencies for audits if necessary.

Opinions of the Board of Directors and Sponsors

The company’s board believes that this extension of the cash management period for idle raised funds complies with relevant laws and regulations, does not affect the normal progress of fundraising projects, and does not involve disguised changes in the use of raised funds. CITIC Securities Co., Ltd., the sponsor, has verified this matter, confirming that the company has fulfilled necessary approval procedures and complies with relevant regulations, with no objections to this matter.

COSCO SHIPPING Special states that extending the cash management period will help improve the efficiency of fund use and generate better investment returns for the company and shareholders. The company will disclose specific cash management details in a timely manner in accordance with relevant regulations.

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