THE FACTORING AGREEMENT. The principal terms of the Factoring Agreement are summarized as follows: Date March 21, 2023 Parties
THE FACTORING AGREEMENT. 2 The Board further announces that on 15 September 2023, Xxxxxxx entered into the Factoring Agreement 2, pursuant to which Xxxxxxx agreed to provide financing being secured by accounts receivable assigned to Chongqing Maotong from the factoring customers of Chongqing Maotong for a period of 1 year from the date of signing of the Factoring Agreement 2 with the factoring principal amount of RMB8,500,000.00 (equivalent to approximately HK$9.1 million).
THE FACTORING AGREEMENT. The Board hereby announces that on March 23, 2022, the Company entered into the Factoring Agreement V with the Factoring Bank, pursuant to which, (i) the Factoring Bank has agreed to provide the Company with recourse factoring services of approximately RMB39,042,321.90 from the execution date of the Factoring Agreement V, and the Company has agreed to transfer of the undue sums from the Lease Receivables X (i.e. RMB48,280,357.67) to the Factoring Bank for obtaining the Funds from the Factoring Bank; and (ii) the Funds shall be repayable by the Company to the Factoring Bank by December 23, 2024 pursuant to the terms and conditions of the Factoring Agreement V. Within the past twelve months, on September 28, 2021, the Company entered into the Factoring Agreement IV with the Factoring Bank, pursuant to which the Company has agreed to transfer the creditor’s rights and relevant rights of the undue Lease Receivables VIII (i.e. RMB45,035,148) and Lease Receivables IX (i.e. RMB43,000,498) under the Finance Lease Agreement VIII and the Finance Lease Agreement IX, respectively, to the Factoring Bank, and the Factoring Bank has agreed to receive such creditor’s rights and relevant rights and to provide the Company with factoring facilities of approximately RMB69,374,537.8 and factoring facility services. LISTING RULES IMPLICATIONS On March 23, 2022, the Company entered into the Factoring Agreement V with the Factoring Bank. As the Factoring Agreement IV was entered into with the Factoring Bank within a 12-month period prior to and inclusive of the date of the Factoring Agreement V, the transactions contemplated under the Factoring Agreement IV and the Factoring Agreement V will be aggregated as a series of transactions for the Company pursuant to Rule 14.22 of the Listing Rules. As the highest applicable percentage ratio upon aggregation of the Factoring Agreements is higher than 5% but lower than 25%, the transactions contemplated under the Factoring Agreement V constitute discloseable transactions of the Company and are subject to the notification and announcement requirements under Chapter 14 of the Listing Rules.
THE FACTORING AGREEMENT. 2 WITH CHONGQING MAOTONG The principal terms of the Factoring Agreement 2 are set out as follows: Date of agreement: 15 September 2023 Parties: Dongrui Xxxxxxxxx Xxxxxxx Financing term: From the date of this agreement to 14 September 2024 Transfer of accounts receivable: Subject to the terms and conditions of the Factoring Agreement 2, the creditor’s rights and relevant rights of the Accounts Receivable 2 shall be transferred to Dongrui, with the transfer amount of the Accounts Receivable 2 of RMB9,435,000.00 (equivalent to approximately HK$10.1 million). Consideration: Xxxxxxx has agreed to pay Xxxxxxxxx Xxxxxxx a consideration of RMB8,500,000.00 (equivalent to approximately HK$9.1 million) for the transfer of all the Accounts Receivable 2 upon the execution of the Factoring Agreement 2. Interest rate: 11.00% per annum Type of factoring: The factoring is with recourse. Dongrui may demand Chongqing Maotong to repurchase all the outstanding Accounts Receivable 2 upon the end of the term, including but not limited to the principal amount of the outstanding Accounts Receivable 2, interest and other related expenses incurred by the outstanding accounts receivable. Repayment upon repurchase: Upon the exercise of repurchase right by Xxxxxxx, Chongqing Maotong shall repay principal with interest and other related expenses to be paid in a lump sum upon the end of the term.
THE FACTORING AGREEMENT. The Board hereby announces that on September 29, 2021, the Company entered into the Factoring Agreement with the Factoring Bank, pursuant to which, (i) the Factoring Bank has agreed to provide the Company with recourse factoring services of approximately RMB114,023,902.2 from the execution date of the Factoring Agreement, and the Company has agreed to transfer of the undue sums from the Lease Receivables I (i.e. RMB35,074,116), the Lease Receivables II (i.e. RMB35,661,551), the Lease Receivables III (i.e. RMB33,896,250) and the Lease Receivables IV (i.e. RMB30,619,559) to the Factoring Bank for obtaining the factoring facility of approximately RMB114,023,902.2 (the “Funds”) from the Factoring Bank; and (ii) the Funds shall be repayable by the Company to the Factoring Bank by July 28, 2024 pursuant to the terms and conditions of the Factoring Agreement. The Company intends to use the funds as general working capital. The principal terms of the Factoring Agreement are summarized as follows: Date September 29, 2021 Parties
THE FACTORING AGREEMENT. The Group is principally engaged in factoring related business in the PRC. The Directors consider that the Factoring Agreement was entered into on normal commercial terms and in the ordinary and usual course of business of the Group. Given that the Factoring Agreement is being conducted in the ordinary and usual course of business of Yueda Commercial Factoring, which will contribute profit to the Company over the financing term, are under normal commercial terms, and are beneficial to the Group in its business expansion and establishment of long term business relationship with Yuehu Trade, the Directors are of the view that the terms of and the Factoring Agreement are fair and reasonable and are in the interests of the Company and Shareholders as a whole. LISTING RULES IMPLICATIONS As the highest applicable percentage ratio for the Company as calculated under Rule 14.07 of Listing Rules in relation to the Factoring Agreement exceeds 5% but is less than 25%, the entering into the Factoring Agreement constitutes a discloseable transaction for the Company under the Listing Rules and is subject to the reporting and announcement requirements under Chapter 14 of the Listing Rules.
THE FACTORING AGREEMENT. 2 The Board further announces that on 28 November 2022, Dongrui and Shanghai Hongxuan entered into the Factoring Agreement 2, pursuant to which Dongrui agreed to provide financing being secured by accounts receivable assigned to Shanghai Hongxuan from the factoring customers of Shanghai Hongxuan for a period of 1 year from the date of signing of the Factoring Agreement 2 with the factoring principal amount of RMB36,900,000.00 (equivalent to approximately HK$40.6 million).
THE FACTORING AGREEMENT. 1 WITH SHANGHAI HONGXUAN The principal terms of the Factoring Agreement 1 are set out as follows: Date of agreement: 15 September 2022 Parties: Dongrui Shanghai Hongxuan Financing term: From the date of this agreement to 14 September 2023 Transfer of accounts receivable: Subject to the terms and conditions of the Factoring Agreement 1, the creditor’s rights and relevant rights of the Accounts Receivable 1 shall be transferred to Dongrui, with the transfer amount of the Accounts Receivable 1 of RMB10,640,000.00 (equivalent to approximately HK$11.7 million). Consideration: Dongrui has agreed to pay Shanghai Hongxuan a consideration of RMB9,500,000.00 (equivalent to approximately HK$10.5 million) for the transfer of all the Accounts Receivable 1 upon the execution of the Factoring Agreement 1. Interest rate: 12.00% per annum Type of factoring: The factoring is with recourse. Dongrui may demand Shanghai Hongxuan to repurchase all the outstanding Accounts Receivable 1 upon the end of the term, including but not limited to the principal amount of the outstanding Accounts Receivable 1, interest and other related expenses incurred by the outstanding accounts receivable. Repayment upon repurchase: Upon the exercise of repurchase right by Xxxxxxx, Shanghai Hongxuan shall repay principal with interest and other related expenses to be paid in a lump sum upon the end of the term.
THE FACTORING AGREEMENT. 1 WITH CHONGQING MAOTONG The principal terms of the Factoring Agreement 1 are set out as follows: Date of agreement: 19 December 2022 Parties: Dongrui Xxxxxxxxx Xxxxxxx Financing term: From the date of this agreement to 18 December 2023 Transfer of accounts receivable: Subject to the terms and conditions of the Factoring Agreement 1, the creditor’s rights and relevant rights of the Accounts Receivable 1 shall be transferred to Dongrui, with the transfer amount of the Accounts Receivable 1 of RMB6,718,027.40 (equivalent to approximately HK$7.2 million). Consideration: Xxxxxxx has agreed to pay Xxxxxxxxx Xxxxxxx a consideration of RMB6,000,000.00 (equivalent to approximately HK$6.4 million) for the transfer of all the Accounts Receivable 1 upon the execution of the Factoring Agreement 1. Interest rate: 12.00% per annum
THE FACTORING AGREEMENT. 2 WITH XXXXXXXXX XXXXXX The principal terms of the Factoring Agreement 2 are set out as follows: Date of agreement: 6 November 2023 Parties: Dongrui Xxxxxxxxx Xxxxxx Financing term: From the date of this agreement to 5 November 2024 Transfer of accounts receivable: Subject to the terms and conditions of the Factoring Agreement 2, the creditor’s rights and relevant rights of the Accounts Receivable 2 shall be transferred to Dongrui, with the transfer amount of the Accounts Receivable 2 of RMB74,370,000.00 (equivalent to approximately HK$79.6 million). Consideration: Xxxxxxx has agreed to pay Xxxxxxxxx Xxxxxx a consideration of RMB67,000,000.00 (equivalent to approximately HK$71.7 million) for the transfer of all the Accounts Receivable 2 upon the execution of the Factoring Agreement 2. Interest rate: 11.00% per annum Type of factoring: The factoring is with recourse. Dongrui may demand Chongqing Baicui to repurchase all the outstanding Accounts Receivable 2 upon the end of the term, including but not limited to the principal amount of the outstanding Accounts Receivable 2, interest and other related expenses incurred by the outstanding accounts receivable. Repayment upon repurchase: Upon the exercise of repurchase right by Xxxxxxx, Chongqing Baicui shall repay principal with interest and other related expenses to be paid in a lump sum upon the end of the term INFORMATION OF THE PARTIES The Company is principally engaged in investment holding. Its subsidiaries are principally engaged in investment property holding in the PRC, provision of financing to customers in the PRC and investment holding. The JV Company is established in the PRC with limited liability, a non-wholly owned subsidiary of the Company, of which 77.58% equity interest is owned by the Company. It is mainly engaged in the business of provision of finance lease. Dongrui is an indirect non-wholly owned subsidiary of the Company established in the PRC with limited liability. It is principally engaged in importing and exporting factoring business, domestic and offshore factoring business and consulting service related to commercial factoring. Xxxxxxxxx Xxxxxx is established in the PRC with limited liability. It is principally engaged in tree nurseries, planting and selling flowers and plants, selling and leasing bonsai and landscape greening engineering design. To the best knowledge, information and belief of the Directors, having made all reasonable enquiries, Xxxxxxxxx Xxxxxx and its ultimate b...
