BRIEF: Pagoda invests 400 million yuan in wealth management products
Fruit seller Shenzhen Pagoda Industrial Group Co. Ltd. (2411.HK) announced on Wednesday that it invested 400 million yuan ($56 million) in two wealth management products.
One was a structured deposit of euros against U.S. dollars issued by the Bank of Beijing, involving an investment of 170 million yuan, with a 1.3% to 2.5% annualized rate of return. The other was a yuan-denominated structured deposit product issued by Citic Bank, involving a 230 million yuan investment, with an annualized rate of return of 1.05% to 2.43%. Both products mature on Jan. 14 next year.
Pagoda said that purchasing the products can maximize returns from its idle capital. It made the purchase decision after full consideration of the company’s daily capital needs and expenditures.
By Lau Chi Hang
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