Zhejiang Shibao (SHE:002703, HKG:1057) subscribed for 50 million yuan of a wealth management product by a sub-branch of China CITIC Bank (HKG:0998, SHA:601998), a Thursday bourse filing said.
The move comes about for the auto parts maker to better utilize its idle finds.
The product has an expected return of 1.05-2.36% per annum and is valid till Sept. 30.
China-listed shares of the company closed nearly 2% lower on Thursday.
Price (HKD): $2.04, Change: $+0.01, Percent Change: +0.49%
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