Tongda Group Holdings Invests in Wealth Management Products
Tongda Group Holdings (HK:0698) has announced a significant investment of RMB50 million in wealth management products through its subsidiary, Tongda Chuang Zhi. The investments include products from PSBC, CITIC, and China Merchants Bank, with the latter exceeding 5% of applicable percentage ratios, necessitating a disclosure under Hong Kong Stock Exchange rules. This strategic move aims to enhance financial returns and reflects proactive financial management. The current analyst rating for Tongda Group Holdings stock is a Buy, with a price target of HK$0.13.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Tongda Group Holdings ( (HK:0698) ) has issued an announcement.
Tongda Group Holdings, through its subsidiary Tongda Chuang Zhi, has made significant investments in wealth management products using idle funds. The company subscribed to products from PSBC, CITIC, and China Merchants Bank, with total investments amounting to RMB50 million. This strategic move constitutes a discloseable transaction under the Hong Kong Stock Exchange’s listing rules, as the investment in China Merchants Bank exceeds 5% of applicable percentage ratios, thus requiring notification and announcement. These investments are expected to potentially enhance the company’s financial returns and demonstrate a proactive approach in managing its financial resources.
The most recent analyst rating on (HK:0698) stock is a Buy with a HK$0.13 price target. To see the full list of analyst forecasts on Tongda Group Holdings stock, see the HK:0698 Stock Forecast page.
More about Tongda Group Holdings
Average Trading Volume: 296,711
Current Market Cap: HK$876.2M
Learn more about 0698 stock on TipRanks’ Stock Analysis page.
