Conch Group spent 15.5 billion yuan to make deals!

Byzengjiaming12

Updated Tue, 22 Oct 2019 14:38:19 GMT

  Conch Group has recognized as one of the top-earning cement enterprises in China. As a leading enterprise in national cement industry, the profitability of its main business is obvious to all. According to the semi-annual report that Conch Group released in August, its operating revenue reached 71.644 billion yuan with year-on-year growth of 56.63 percent; the net profit that belongs to shareholders of the listed company was 15.26 billion yuan with year-on-year growth of 17.91 percent; earning per share was 2.88 yuan, up 0.44 yuan per share year-on-year.

  That’s a big mistake if you consider that Conch Group only makes money from its main business. On 16 October, Conch Group announced that for giving full play to the benefit of dormant budgetary funds, through combining with the arrangement of daily funds and situation of dormant budgetary funds, moreover, with the comprehensive consideration of security and yield, they finally signed a purchase agreement of the entrusted wealth management product with CCB Financial Management Co., Ltd, the wholly-owned subsidiaries of China Construction Bank (CCB), which meant 4 billion yuan of equity capital will be used to purchase the closed wealth management product “Peng Xin” with a term of 273 days.

  It should be pointed out that, in addition to “Peng Xin”, they also purchased wealth investment products from other banks, such as Bank of China and Huishang Bank. The total amount has reached 15.5 billion yuan.