Hanbang Tech redeems, reinvests idle funds for cash management

Beijing Hanbang Technology Corp (SZSE:300449) announced the redemption of RMB 47 million from its principal-protected wealth management product with the Bank of Communications, earning RMB 92,700 in proceeds at an annualized rate of 1.00%. Simultaneously, the company reinvested RMB 47 million in a new principal-protected time deposit. This approach aligns with their existing policy, approved in May 2024, permitting the management of up to RMB 300 million in temporarily idle raised funds for low-risk, liquid investments. The corporation says the actions aim to enhance capital efficiency without compromising their main operations or the utilization of raised capital. Hanbang maintains stringent risk control procedures, including monitoring investments and regular audits, and states there are no related party connections with the bank.