Tian Ge Interactive Holdings (01980) said certain subsidiaries of the company subscribed for the Wealth Management Products (WMPs) offered by China Merchants Bank (03968), during 10 May 2017 and 15 June 2018.
The subscription amount are RMB40 million, RMB365 million, RMB52 million, RMB128 million, and RMB20 million, with expected rate of investment return between 2.7% and 5.1%.
Having considered that the WMPs have low investment risk and are highly flexible in terms of withdrawal and deposits, the board considers that placement of idle funds into such products were entered into on normal commercial terms, in the ordinary course of the company's business and were and are in the interest of the company and its shareholders.
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