TCL To Buy 1.2B Yuan Of Wealth Management Products


November 18 -- TCL Corporation (RCode:000100:) plans to use 1.2 billion yuan of idle funds to buy three wealth management products, reports, citing a company filing.

The company will spend 500 million yuan to buy a yuan-denominated product with a four-month term. The expected annual rate of return of this product is more than eight percent.

It will also use 200 million yuan to buy a product with a term of three months. The expected annual rate of return for this product is seven percent.

According to TCL Corporation, it forecasts total returns of 26.83 million yuan from its investments.

With this investment of 1.2 billion yuan, its total holdings of wealth management products will hit 1.4 billion yuan, accounting for 13.63 percent of total equity as of end 2010.


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