Zhejiang Shibao Co. Ltd. Class H (HK:1057) has released an update.
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Zhejiang Shibao Company Limited has recently engaged in two new investment ventures, subscribing to the 3rd and 4th CITIC Wealth Management Products using idle funds, with the combined transactions classified as discloseable under Hong Kong Listing Rules. These financial moves are part of a broader strategy approved by the company to allocate up to RMB100 million of idle proceeds to various high-safety investment products, ensuring they do not impact ongoing construction projects or operations. Each of the new wealth management products has a subscription amount of RMB20 million and RMB30 million respectively, with an expected annual return of 1.05% to 2.52%, and will be held from June 1 to June 28, 2024.
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