GRCB (01551) intends to transfer certain credit assets and other assets.

GRCB (01551) issued an announcement on November 13, 2024, stating that the board of directors approved the transaction. Therefore, the bank conditionally agreed to transfer the assets, and the board of directors proposed to seek approval of the shareholders' proposal at the extraordinary general meeting and authorize the board of directors to transfer the assets. The details of the transaction and proposed authorization are subject to approval at the extraordinary general meeting. The assets to be transferred in this transaction are the bank's legally owned debt assets, including various credit assets and other assets held by the bank. The rights, interests, and obligations related to these assets, including the right to request, demand, receive, and accept receivables, the total amount of debt repayment, and the rights and powers related to enforcement and realization of the value of the assets, will be transferred from the bank to the buyer. As of September 30, 2024, the principal amount of the assets to be transferred is approximately RMB 11.861 billion, the total interest amount is approximately RMB 2.672 billion (specifically subject to the signing of the transfer contract), the total pre-advanced judicial fees are approximately RMB 0.59 billion, and the total debt amount is approximately RMB 14.592 billion. As of September 30, 2024, considering the provision for impairment of assets, the book value of the assets to be transferred is approximately RMB 10.34 billion. The bank will further enhance its refined management level, optimize its asset structure, and improve the quality of its assets. After the completion of this transaction, the ownership of the transferred assets will be transferred from the bank to the buyer, and the bank will receive the corresponding cash consideration. The risk classification of the assets to be transferred in this transaction includes assets at the levels of concern, substandard, doubtful, and loss. After the relevant assets are offloaded, the bank's risk asset size will decrease. This transaction will effectively enhance the bank's risk resistance capabilities, improve operational efficiency and profitability, optimize its business structure and asset quality, and lay a foundation for achieving overall stable operations and long-term development.