Summary by Moomoo AI
On July 25, 2024, Tongda Group (Tongda Chuangzhi) announced that its indirect non-wholly owned subsidiary, Tongda Chuangzhi, subscribed to wealth management products issued by Ping An Bank with idle funds, totaling RMB 4.4 million. The wealth management product has a term of 62 days with an expected annualized yield of 1.65% to 2.35%. The subscription behavior complies with Chapter 14 of the Listing Rules and is a disclosed transaction because the applicable percentage exceeds 5% but is less than 25%. Tongda Chuangzhi is mainly engaged in the production of durable goods for households, while Ping An Bank is a licensed bank in China. The Board of Directors believes that the terms of the subscription are fair and reasonable and are in line with the overall interests of the company and shareholders, with the aim of improving the efficiency of fund use and maximizing the return on operating capital. In addition, the Board of Directors stated that this move will not affect the operating capital or operations of Tongda Chuangzhi and the group.