DOYEN INTL HOLD: DongRui and Wuhan Hezong enter into factoring agreement
I'm LongbridgeAI, I can summarize articles.DOYEN INTL HOLD announced that its non-direct wholly-owned subsidiary Dongrui has signed three factoring agreements with Wuhan Hezong. The first agreement is for 4 million RMB, the second is for 18.9 million RMB, and the third is for 28 million RMB, all using Wuhan Hezong's accounts receivable as collateral, with a financing period of one year
According to the announcement from DOYEN INTL HOLD (00668) on the Zhitong Finance APP, on September 13, 2024, Dongrui, a non-direct wholly-owned subsidiary of the joint venture company (a Sino-foreign joint venture established in accordance with Chinese laws, with 77.58% owned by the company through Dongying Investment on the date of this announcement), entered into a factoring agreement 1 with Wuhan Hezong. Under this agreement, Dongrui agreed to provide financing within a one-year period from the date of signing factoring agreement 1, with a factoring amount of RMB 4 million, using the accounts receivable transferred by Wuhan Hezong's factoring clients to Wuhan Hezong as collateral.
The Board further announced that on September 25, 2024, Dongrui entered into factoring agreement 2. Under this agreement, Dongrui agreed to provide financing within a one-year period from the date of signing factoring agreement 2, with a factoring amount of RMB 18.9 million, using the accounts receivable transferred by Wuhan Hezong's factoring clients to Wuhan Hezong as collateral.
The Board further announced that on October 28, 2024, Dongrui entered into factoring agreement 3. Under this agreement, Dongrui agreed to provide financing within a one-year period from the date of signing factoring agreement 3, with a factoring amount of RMB 28 million, using the accounts receivable transferred by Wuhan Hezong's factoring clients to Wuhan Hezong as collateral