CITIC(00267): Citic Heavy Industries plans to carry out accounts receivable factoring business.
China CITIC Group (00267) announced that, in order to accelerate fund turnover, improve fund utilization efficiency, optimize asset structure, and reduce accounts receivable risks, China CITIC Heavy Industries Co., Ltd. (hereinafter referred to as "CITIC Heavy Industries" or the "company") and its holding subsidiaries plan to conduct non-recourse accounts receivable factoring business with commercial banks and other financial institutions, with a total amount not exceeding 400 million yuan (including the principal). The validity period of this amount is 12 months from the date of the board of directors' approval, and the specific term of each factoring transaction shall be subject to the term stipulated in the individual factoring contract.
CITIC (00267) announced that in order to accelerate fund turnover, improve fund utilization efficiency, optimize asset structure, and reduce accounts receivable risks, Citic Heavy Industries Machinery Co., Ltd. (hereinafter referred to as "Citic Heavy Industries" or the "Company") and its subsidiaries intend to conduct non-recourse accounts receivable factoring business with commercial banks and other financial institutions, with a total amount not exceeding RMB 400 million (including the principal). The validity period of this limit is 12 months from the date of approval by the board of directors, and the specific term of each factoring business shall be determined by the terms of the individual factoring contracts.
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