Zhejiang Shibao Co. Ltd. Class H (HK:1057) has released an update.
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Zhejiang Shibao Co. Ltd. Class H has engaged in a discloseable transaction by subscribing to the 7th CITIC Wealth Management Product for RMB 40 million, using idle funds raised by the company. This investment is part of a series of wealth management products the company has engaged with and is a principal-protected, low-risk investment with an expected return of 1.05 – 2.30% per annum. The subscription follows a board-approved policy to invest idle proceeds in highly safe and liquid financial products, and the transaction will be subject to reporting and announcement requirements.
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