Summary by Moomoo AI
YIDAZONG HOLDINGS LIMITED (“YI DAESONG”) ANNOUNCED ON 28 MARCH 2024 THAT ITS WHOLLY OWNED SUBSIDIARY HAINAN FUDODA SUPPLY CHAIN MANAGEMENT LIMITED SIGNED A COMPREHENSIVE TRUST AGREEMENT WITH THE WORLD TRADE SUBSIDIARY OF HAIKOU RURAL COMMERCIAL BANK CO., LTD. Under the contract, the bank will provide Hainan Futoda with a loan amount of not more than RMB 100 million for a period of one year, from March 8, 2024 to March 8, 2025. The letter will be used for the day-to-day business of Hainan Fortune, including issuing credit cards and importing remittances, etc. To this end, Yi Dazong and its two wholly-owned subsidiaries, Inner Mongolia Haotong Energy Co., Ltd. and Hainan Haotong Supply Chain Management Co., Ltd., will provide the bank with a corporate guarantee to ensure that Hainan Futoda fulfills its contractual obligations. The Board considers that this move will provide Hainan Futoda with additional capital channels to strengthen its cash flow and considers the terms to be fair and reasonable and in the overall interests of the company and shareholders.