CGN Finance definition
Examples of CGN Finance in a sentence
Since the loans and facilities to be granted by CGN Finance and CGNPC Huasheng to the Group will be for the benefit of the Group on normal commercial terms (or better to the Group) and no security over the assets of the Group will be granted in respect of such loans and facilities, such loans and facilities will be exempt from the reporting, announcement and Independent Shareholders’ approval requirements under Rule 14A.90 of the Listing Rules.
As neither CGN Finance nor CGNPC Huasheng is a banking company as defined under the Listing Rules, the placement of deposits by the Group with CGN Finance and CGNPC Huasheng under the New Financial Services Framework Agreement constitutes financial assistance provided by the Group within the definitions of the Listing Rules.
CGN Finance and CGNPC Huasheng may grant loans and facilities to the Group from time to time in compliance with the applicable laws and regulatory requirements, including but not limited to loan financing, credit line, bill acceptance, and note discounting services.
Notwithstanding any provisions contained in the New Financial Services Framework Agreement, each of the Company, CGN Finance and CGNPC Huasheng is entitled to terminate the New Financial Services Framework Agreement at any time by giving at least one month’s written notice to the other parties.
Cash deposited by the Group into the account at CGN Finance from time to time shall constitute money deposited by the Group with CGN Finance.
In respect of the loans and other facilities granted by CGN Finance, the interest rate shall not be higher than (i) the loan interest rates quoted by China’s Big- Four Commercial Banks to the Group for the same type and term of loan; and (ii) the loan interest rates charged by CGN Finance to other members of CGN Group in the PRC for similar type of loan.
CGN Finance or CGNPC Huasheng may provide payment, settlement, transfer, remittance, loan entrustment or other financial services to the Group from time to time in compliance with the applicable laws and regulatory requirements.
Since the loans and other facilities to be granted by CGN Finance and CGNPC Huasheng to the Group will be on normal commercial terms (or better to the Group) and not secured by any asset of the Group, such loans and other facilities are exempted from the reporting, announcement, circular (including the independent financial advisor), Independent Shareholders’ approval, annual reporting and annual review requirements pursuant to Rule 14A.90 of the Listing Rules.
The Company entered into (i) the Existing Sales Framework Agreement with CGNPC-URC on 6 December 2016; (ii) the Existing Financial Services Framework Agreement with CGNPC Huasheng on 6 December 2016; and (iii) the Existing Domestic Financial Services Framework Agreement with CGN Finance on 5 September 2017.
Each of the Company, CGN Finance and CGNPC Huasheng is entitled to terminate the New Financial Services Framework Agreement at any time by giving at least one month’s written notice to the other parties.