Summary by Moomoo AI
Zhejiang Shibao Co., Ltd. announced on May 6, 2024 that it has passed the approval of the Board of Directors and Supervisory Board to use part of idle raising funds not exceeding RMB 1 billion for cash management. The Company purchased highly secure and liquid investment products, including but not limited to a variety of deposit products. The investment consists of two structured deposits of RMB 5 million each issued by CITIC Bank for a period of one month and three months, with an expected annualized yield of between 1.05% and 2.45%. Zhejiang Shibao said that the move is aimed at improving the efficiency of using idle funds, generating more returns for the company and shareholders, and will not affect the company's normal operations and the progress of the company's investment program to raise funds. The company has been rigorously assessed for investment risk and will take appropriate risk control measures.