Chinese female apparel manufacturer Xin Hee (SHE:003016) invested 100 million yuan to set up a subsidiary, according to a Wednesday disclosure on the Shenzhen Stock Exchange.

The subsidiary, to be named Xinhe Tengying Investment, will offer asset management and information consulting services, the disclosure said.

Shares of the company dropped more than 5% at the close.

Price (RMB): ¥8.01, Change: ¥-0.43, Percent Change: -5.09%