China Feihe Limited (6186) disclosed that on 5 November 2025, its wholly owned subsidiary Heilongjiang Feihe Dairy Co., Limited subscribed for RMB 500 million worth of financial products offered by Shanghai Pudong Development Bank Co., Ltd. (SPD Bank, 600000). These subscriptions comprise Shangxin Ruby T+N Phase 119 (RMB 300 million) and Shangxin Ruby H-6001 Phase 278 (RMB 200 million), both with an expected annual return rate of 2.60% and maturities in August 2026.

According to the announcement, the outstanding principal amount of all the Group’s wealth management and structured deposit financial products from SPD Bank currently totals RMB 2.4 billion. The subscriptions are funded by idle funds and aim to realize higher returns while maintaining liquidity and capital safety.

The transaction is regarded as a discloseable transaction under the Listing Rules, with the aggregated subscriptions exceeding the 5% threshold but remaining below 25%. It requires announcement and notification but is exempt from shareholders’ approval. SPD Bank is listed on the Shanghai Stock Exchange and is an independent third party of China Feihe (6186) and its connected persons.