ZTE (HKG:0763, SHE:000063) subscribed 23 wealth management products from Guangfa Bank for 10.5 billion yuan, according to a Hong Kong Stock Exchange filing for Feb. 21.
Each product will have a term of between 35 days and 123 days. Their expected annualized yield rate is between 0.5% and 2.7%.
The wealth management products were bought from Sept. 26, 2024 to Feb. 21 this year.
The purchase was part of the telecommunication equipment company's plan to subscribe for wealth management products for up to 20 billion yuan.
ZTE's Shenzhen shares slid more than 1% in recent trade.
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