Dida Inc. (02559) disclosed a series of major and discloseable transactions related to subscriptions and disposals of wealth management products, supplemental details on its 2024 annual report, and steps to address non-compliance with Listing Rules.
According to the announcement, the group’s subsidiaries subscribed for and redeemed multiple short-term cash management products across PingAn Wealth Management, Hua Xia Wealth Management, CITIC Wealth Management, and CMBC Wealth Management since listing. The highest aggregate outstanding principal amounts reached RMB650.00 million for PingAn, RMB130.00 million for Hua Xia, RMB100.50 million for CITIC, and RMB100.00 million for CMBC at various points in 2024 and 2025. As of the announcement date, only RMB20.00 million remained outstanding under PingAn’s products, with all other subscriptions fully redeemed.
Several subscriptions and disposals exceeded disclosure thresholds under Chapter 14 of the Listing Rules, resulting in multiple discloseable or major transactions. However, the announcement notes that some of these were not reported on time, leading to instances of non-compliance. Dida Inc. has taken remedial measures, including enhanced internal controls, additional training for directors and relevant staff, and closer communication with external advisers.
In supplemental information for the annual report ending December 31, 2024, Dida Inc. reported financial assets at fair value through profit or loss of RMB242.39 million as of year-end, representing 12.40% of total assets. Notably, approximately RMB100.71 million was invested in PingAn Wealth Management products and RMB110.62 million in Hua Xia products. Gains were recognized from these investments, which the group says served to optimize returns on surplus operational cash.
The company has confirmed measures are in place to strengthen compliance procedures and prevent recurrence of such reporting oversights, including formalizing detailed review and approval processes for any future wealth management product transactions.