Forest Cabin invests $55 million in structured deposit products
Skincare products maker Shanghai Forest Cabin Cosmetics Group Co. Ltd. (2657.HK) said on Monday that it purchased 370 million yuan ($55 million) worth of structured deposit products from China Everbright Bank, with annualized returns ranging from 0.75% to 2.1% and scheduled to mature at the end of this year.
The company said the products carry relatively low risk, yet offer higher yields than standard bank deposits. It added that utilizing idle funds for such short-term subscriptions would not affect its overall liquidity.
Forest Cabin went public last December by selling shares for HK$77.77 apiece, raising nearly HK$1 billion ($128 million). It stated at the time that the IPO proceeds would be directed toward brand promotion and the enhancement of its online and offline sales networks.
Shares of Forest Cabin opened flat at HK$33.16 on Tuesday. The stock is down nearly 60% since its listing.
By Lau Chi Hang
To subscribe to Bamboo Works weekly free newsletter, click here
Related Articles
RELATED ARTICLES
-
BRIEF: Forest Cabin launches $130 million Hong Kong IPO
2657.HK -
BRIEF: Forest Cabin rises in Hong Kong debut
2657.HK
- Good product? Perhaps, but HBN’s real glow comes from guerilla marketing
- Is Yatsen setting its sights on famous but struggling Erno Laszlo?
- Chando joins growing bevy of Chinese beauty brands at IPO ball
- Dream Garden scrubs up for Hong Kong IPO
-
China Merchants Bank falters as economic slowdown wipes out growth
600036.SHG
