Summary by Moomoo AI
Pursuant to Section 13.10B of the Securities Listing Rules of the Hong Kong Stock Exchange Limited, China Telecom Corporation Limited (the “Company”) has issued the 2023 Continuous Risk Assessment Report concerning its wholly-owned subsidiary China Telecom Group Finance Limited (“China Telecom Finance Corporation”). The report shows that China Telecom Finance Corporation, as a non-bank financial institution, has passed the approval of the Beijing Banking Authority and was established in 2019 and holds a valid “Financial License”. As of December 31, 2023, China Telecom Finance Corporation had total assets of RMB65.68 billion and net profit of RMB22.70 billion. The Company and its holding subsidiaries had a principal balance of deposits in China Telecom Finance Corporation of RMB363.17 billion and a loan principal balance of RMB221.52 billion. China Telecom Finance Corporation's operating compliance, internal controls and risk management are effective and financial business risks between the company and its affiliates are manageable. The report was issued by Chairman and CEO of China Telecom Co., Ltd., on March 26, 2024.