Nanjing Panda Electronics (00553) said it used temporarily idle raised proceeds of Rmb195 million to subscribe for wealth management products issued by Bank of Communications.
The term of investment will be from 18 September to 20 October, with 32 days of actual investment. The expected rate of investment return per annum is 4%.
The principal of the wealth management products will be incorporated in the capital of Bank of Communications for unified operation and management, to be invested in the monetary market as well as in bond market instruments and financial derivatives with public ratings at investment grade or above.
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