Gelonghui, April 2, 丨 China Chunlai (01969.HK) announced that on April 2, 2024, Henan Shangqiu Chunlai Education Group (the “school organizer”) (the company's consolidated subsidiary entity and the sole school organizer of Shangqiu University (including the School of Applied Science and Technology of Shangqiu University) and Anyang University) signed a strategic cooperation agreement with the Shangqiu Branch of Industrial and Commercial Bank of China Co., Ltd.
Under the agreement, ICBC will become one of the main partner banks to meet the Group's financial and business needs. Meanwhile, ICBC will provide various financial services to school organizers, group schools, and Tianping College of Suzhou University of Science and Technology (collectively “service recipients”), including but not limited to (i) settlement, collection and payment services, fund management and cross-border financial services; (ii) deposit and other capital appreciation services; (iii) provide credit support services up to RMB 500 million to service recipients; (iv) provide lectures on investment banking and management; (v) provide a cloud platform for party building; and (vi) provide personalized financial services for service recipient employees, such as bank card and account management As well as monetary investment management.
The Board believes that the agreement will provide service recipients with access to capital and financial resources from ICBC and ensure that service recipients can continue to provide quality education to students.