Pingtan Development buys $30m bank wealth management product

Zhongfu Straits Pingtan Development (SZSE:000592) announced it has purchased a RMB 30 million (approximately $4.2 million USD) wealth management product from China Merchants Bank. The product, a "Points Gold Series" deposit with an expected annualized return between 1.74% and 1.95%, matures on April 14, 2025. This purchase is in line with the company's previously disclosed plan to use idle raised funds for low-risk financial products, with a maximum limit of RMB 50 million. The company has internal controls in place to manage risks associated with these investments, including audits and supervision by the audit committee. The stated purpose is to improve the efficiency of capital use while safeguarding shareholder interests. The company disclosed a list of prior wealth management product purchases over the past 12 months including redemption status and revenue.