Tongda Group Unit Subscribes for Industrial Bank's Wealth Management Products

MT Newswires Live09-10

Tongda Group Holdings' (HKG:0698) subsidiary subscribed for the first and second Industrial Bank's wealth management products for 22 million yuan and 29 million yuan respectively, a Monday filing with the Hong Kong Exchange said.

Both subscriptions start on Sept. 10, and both products' type is index-linked (Shanghai gold) structured deposits with fixed and floating return.

The term for the first product is 35 days from the starting date and has an expected annualized return rate from 1.50% to 2.30%.

The second product's term is 71 days from the starting date and has an expected annualized return rate from 1.50% to 2.31%.

The group utilized its idle funds for the subscription.

The company's shares were down over 1% on Tuesday's close.

Price (HKD): $0.07, Change: $-0.0010, Percent Change: -1.33%

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