Tongda Group Invests in Wealth Management Product

Tongda Group Holdings (DE:TJC) has released an update.

Tongda Group Holdings has announced that its subsidiary, Tongda Chuang Zhi, has invested RMB50 million in a wealth management product issued by Industrial Bank. The investment, which is considered a discloseable transaction under the Listing Rules, has a short term of 92 days and anticipates an annualized return rate between 1.50% and 2.57%. This strategic move utilizes idle funds to potentially enhance the subsidiary’s earnings from its core business of producing household and healthcare goods.

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