Yidu Tech Inc. disclosed that between 1 April 2023 and 30 September 2025 it committed an aggregate RMB 1.30 billion to short-term, low-risk wealth management products offered by China Merchants Bank (CMB), Ping An Bank and Goldman Sachs.

Key details are as follows:

1. China Merchants Bank • Five structured deposits subscribed between January and April 2023, totalling RMB 363 million. • Tenors ranged from 21 days to three months, carrying estimated annualised returns of 2.65 %–2.85 %.

2. Ping An Bank • Ten structured deposits subscribed between February and July 2023, amounting to RMB 598 million. • Maturities fell between one and seven months with expected annualised yields of 2.47 %–2.77 %.

3. Goldman Sachs • Two cash instruments subscribed in January 2024 for a combined RMB 334.70 million. • Both instruments paid an annualised 5.03 % and matured or were redeemed by 31 January and 27 March 2024 respectively.

All principal and interest have been fully received on each product. Funding came exclusively from internal resources; no proceeds from the company’s January 2021 global offering were used.

Regulatory classification Aggregated on a counterparty basis, each group of subscriptions exceeded the 5 % but stayed below the 25 % threshold under Chapter 14 of the Hong Kong Listing Rules, rendering them discloseable transactions. The company acknowledged the announcement was delayed because the products had initially been regarded as deposits rather than wealth management products and has since strengthened internal controls to ensure timely disclosure.

Strategic rationale Management described the placements as part of its treasury policy to deploy idle cash into instruments that offer higher returns than standard bank deposits while preserving capital and liquidity. The CMB and Ping An Bank products carried principal protection, and the Goldman Sachs cash instruments were assessed as bearing immaterial credit risk linked solely to the issuer’s credit quality.

Enhanced governance measures now include: • formal recognition of similar future arrangements as wealth management product acquisitions; • a centralised monitoring list maintained by the treasury department; and • ongoing consultation with legal, compliance and audit advisers before entering new treasury transactions.