Carpenter Tan (0837) punts CNY86.5m on WMPs

The comb-maker says it has "idle funds" generated from operations and raised in the 2009 IPO. Comment: idle funds should be returned by special dividend, not hoarded and punted. The capital is guaranteed by CCB but the 3% "expected returns" are not and presumably depend on the performance of the underlying investments, net of fees. Investors don't need listed companies to make investments for them - they can do that themselves. Some 68% of the firm's net assets are in cash at 31-Dec-2015.

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Carpenter Tan Holdings Limited

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