ICBC will launch the first Pu'er Tea wealth management product exclusively for private banking customers, said the Bank in the "Private Gold Coffer – ICBC TAETEA 'Gold Portfolio' Pu'er Tea Wealth Management Product Press Conference" held on August 22 in Yunnan's Kunming.
The new Pu'er Tea wealth management product is designed for private banking customers of ICBC. An investor immediately becomes a Pu'er Tea subscriber once successfully subscribes the product. ICBC will use the net proceeds to invest in ICBC TAETEA "Gold Portfolio" Pu'er Tea. Pu'er Tea wealth management product is a 1-year product, within this period, investors have the options to receive the principal and income of the product, either Pu'er Tea or cash. At maturity of the product, investors, if opt for Pu'er Tea, receive ICBC TAETEA "Gold Portfolio" Pu'er Tea of great collection value and high value-added potential, or expected highest annualized yield of 7% if opt for cash.
As related by an executive with the ICBC Private Banking Department, the new Pu'er Tea wealth management product has three features: I. Pu'er Tea of this wealth management product is rare and precious, only 500 sets issued in this batch, the best quality in the industry. II. Flexible income options. Besides choosing cash as income, customers can also opt for Pu'er Tea, a tea of very high value-added potential. III. Investors are also entitled to a range of value-added services, including investment seminars, golf competitions, Pu'er Tea tasting gatherings, Tea seminars, ancient tea mountain tours.
ICBC TAETEA "Gold Portfolio" Pu'er Tea is made of rare and precious raw material under the purest and finest production ("TAETEA Tea Production Technology", inscribed into China's non-material cultural heritage). Product combinations are: 9 kilograms of 10-year Old Royal Tea (raw tea), 9 pieces of 500 grams, 6-year High Class Green Pie (raw tea), 9.9 taels of 16-year Old Royal Tea Loose Tea (ripe tea). Each set of product is equipped with quality testing report issued by the National Quality Supervision and Inspection Center.
"Gold Portfolio" wealth management product is the first special Royal Tea product combined with two top ranges (High Class, Royal Tea) in the history of TAETEA Pu'er Tea, a high-quality Pu'er Tea rarely found in the market. Industry insiders said, market price of high-quality Pu'er Tea moves up steadily in light of the changes in market prices of some TAETEA branded Pu'er Tea in previous period. The rare raw material and limited offer decide the rarity of this Pu'er Tea combined product, a high spending and investment value to the investors.
ICBC Private Department is the first organization in the sector holding private banking license, said an ICBC executive with the Department. The Department, since opening to business in March, 2008, has been dedicated to providing all-inclusive services to the private banking customers focusing on "asset management, advisory and consultancy". ICBC Private Banking is leading the market in product innovation for asset management business. In product offering, apart from the existing fixed income product, capital market product and QDII, ICBC also looks at alternative investment market. Top-class red wine, white wine, oil paintings, ceramic art products are some of the alternative investment products launched which were well-received by the market.