CITIC Heavy Industries: Intends to carry out accounts receivable factoring business without recourse of no more than 400 million yuan.

CITIC Heavy Industries announced that the company and its controlling subsidiaries plan to carry out non-recourse accounts receivable factoring business with commercial banks and other financial institutions, with a total amount not exceeding 400 million yuan. The limit is valid for 12 months from the date of approval by the board of directors, and the term of each transaction is subject to the contract. The transaction does not constitute a related party transaction or a major asset restructuring, it has been approved at the 17th meeting of the sixth board of directors and does not require shareholder approval. Carrying out this business will help improve the efficiency of fund utilization and have a positive impact on operations.