Summary by Moomoo AI
Great Wall Motor announced on March 28, 2024 that, subject to the approval of the Board of Directors and the Board of Supervisors, it will pursue its note pool business in cooperation with reputable commercial banks in the country. The business aims to provide integrated management services such as note custody, receivership, and promissory deposit financing to meet the unified management and use needs of enterprise correspondence notes. THE COMPANY AND ITS HOLDING SUBSIDIARIES WILL SHARE A POOL OF NO MORE THAN RMB180 BILLION, WHICH WILL BE ROLLED OUT DURING THE AUTHORIZATION PERIOD. Running a note pool business helps reduce the company's capital footprint, improve the efficiency of the use of liquid assets, and optimize the financial structure. The Board of Directors has authorized management to decide on specific matters within the business term and amount. The Board also expressed its support for this business, considering that it would reduce the cost of managing the notes without prejudice to the interests of the company and shareholders.