Zhengtong Auto (01728) and Guomao Finance enter into financial services agreement

Zhitong Finance ·  Sep 14, 2023 05:43

Zhitong Financial APP News, Zhengtong Motor (01728) issued an announcement that on September 14, 2023, the company entered into a financial services agreement with ITC Finance, which agreed to provide certain financial services to the Group, including deposit services, payment and settlement services and other financial services that do not require the Group to deposit or custody assets.

The Group is actively considering a variety of ways to improve its business efficiency, improve its financial position and reduce its leverage. After taking into account the interest rates offered by ITC Finance on its deposit services and the fees charged by ITC Finance for other financial services under the financial services agreement, the terms of the financial services agreement shall be at least equal to or better than other Chinese financial institutions that provide the same type of financial services to the Group. As a result, the financial services agreement will enable the Group to make continuous efforts to improve its business efficiency, improve its financial position and reduce leverage. In addition, ITC Finance is a financial institution under the supervision of the State Financial Supervision and Administration, coupled with the commitments made by ITC Finance in the financial services agreement, the Board considers that there are appropriate safeguards in place to ensure the security of the Group's funds deposited with ITC Finance.

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