Q TECH Group, a Hong Kong-listed technology company, saw its stock soar by 9.53% in the intraday trading session on Thursday. The surge came after the company announced that its subsidiary had subscribed to two wealth management products from China Zheshang Bank, totaling 200 million yuan (approximately $30 million).
According to the company's filing, the wealth management products have a guaranteed principal with floating returns. The expected annual rate of return ranges from 1.50% to 2.60%, potentially generating a maximum wealth management income of 5.3 million yuan (around $800,000) for Q TECH.
Investors appear to have reacted positively to this news, as the investment in wealth management products could provide additional revenue streams and potentially boost the company's financial performance in the coming year. However, it remains to be seen whether the actual returns will meet the expected levels.
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