Tongda Group Holdings (HKG:0698) unit Tongda Chuang Zhi subscribed to 50 million yuan of a wealth management product from the Xiamen Jiangtou branch of Industrial Bank (SHA:601166), a Thursday bourse filing said.

The product has an expected annualized return rate of 1.5% to 2.25% and will fall due in 61 days.

The move came about for the unit to put its idle funds to better use.

Shares of the electronic component maker closed over 4% higher on Thursday.

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