CITIC Co., Ltd. (00267): CITIC Heavy Industries plans to launch accounts receivable factoring business

Zhitong Finance App News, CITIC Holdings (00267) announced that in order to speed up capital turnover, improve the efficiency of capital use, improve asset structure, and reduce accounts receivable risk, CITIC Heavy Industries Machinery Co., Ltd. (hereinafter referred to as “CITIC Heavy Industries”, “the Company”) and its holding subsidiaries plan to carry out non-recourse accounts receivable factoring business with commercial banks and other financial institutions, with a cumulative amount not exceeding RMB 400 million (including capital). The amount is valid for 12 months from the date of review and approval by the board of directors. The specific term of each factoring business is subject to the agreed term of each factoring contract.