Innogen Pharma and Unit Invest 125 Million Yuan in Bank of Ningbo Structured Products; Shares Slip 2%

MT Newswires Live12-02

Guangzhou Innogen Pharmaceutical (HKG:2591) and its wholly owned unit Innogen Technology subscribed to a combined 125 million yuan in structured deposit products issued by Bank of Ningbo (SHE:002142), according to a Monday Hong Kong bourse filing.

Shares of the pharmaceutical firm were down nearly 2% in Tuesday's late morning trade.

The parent company subscribed to 75 million yuan, and the subsidiary to 50 million yuan.

The subscriptions were funded with internal resources and made after earlier Bank of Ningbo products matured on Nov. 26, the filing said.

Innogen said the deposits form part of its treasury management strategy to generate returns on idle cash while maintaining sufficient working capital.

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