Zhejiang Shibao Co., Ltd. announced on September 30, 2024 that it successfully subscribed to the seventh China CITIC Bank wealth management product at the Hangzhou Economic and Technological Development Zone Branch. The subscription amount was 40 million yuan, using some of the company's idle raised funds. The wealth management product is a guaranteed floating income type, with a term from October 1, 2024 to December 30 of the same year, with an expected annualized return rate ranging from 1.05% to 2.30%. This subscription is subject to disclosure transactions, as stipulated in Section 14.22 of the Hong Kong Listing Rules, with the total amount of the previous six wealth management product subscriptions, enabling a maximum applicable percentage between 5% and 25%. The company stated that the purpose of this move is...Show More

Zhejiang Shibao Co., Ltd. announced on September 30, 2024 that it successfully subscribed to the seventh China CITIC Bank wealth management product at the Hangzhou Economic and Technological Development Zone Branch. The subscription amount was 40 million yuan, using some of the company's idle raised funds. The wealth management product is a guaranteed floating income type, with a term from October 1, 2024 to December 30 of the same year, with an expected annualized return rate ranging from 1.05% to 2.30%. This subscription is subject to disclosure transactions, as stipulated in Section 14.22 of the Hong Kong Listing Rules, with the total amount of the previous six wealth management product subscriptions, enabling a maximum applicable percentage between 5% and 25%. The company stated that the purpose of this move is to improve the efficiency of using idle raised funds, increase company revenue, without changing the purpose of raising funds, and will not affect the normal operation and interests of shareholders, especially small and medium-sized shareholders. Zhejiang Shibao mainly engages in the research and development, manufacturing, and sales of key components for automobile steering gears and other steering systems.