Stock Track | Zhejiang Shibao Shares Tumble 5% After Wealth Management Product Purchase

Stock Track08-05

Shares of Zhejiang Shibao, a Chinese textile manufacturer, plunged as much as 5% during intraday trading on Monday, following the company's announcement of purchasing a wealth management product from China CITIC Bank.

According to a filing with the Hong Kong Stock Exchange, Zhejiang Shibao acquired a 35 million yuan ($4.9 million) close-ended, principal-protected wealth management product with floating income. The product has a term from August 1 to October 30 and an expected rate of return ranging from 1.05% to 2.37% per annum.

While the investment decision itself may not seem significant, it appears to have raised concerns among investors regarding the company's capital allocation strategy and potential risks associated with such financial products. The market reaction suggests that some investors may perceive the move as a diversion from Zhejiang Shibao's core business operations or a sign of potential financial strain.

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