Shunyu Co., Ltd. announced that Hefei Beicheng Shunyu Ecological Technology Co., Ltd., the holding subsidiary of the company, plans to carry out non-recourse factoring business for accounts receivable with institutions with relevant business qualifications. The total amount of factoring financing does not exceed 150 million yuan, and the amount can be used on a rolling basis during the validity period. The factoring business authorization period is 1 year from the date of the 12th meeting of the fourth board of directors of the company. The specific factoring business period is subject to the agreed term of each factoring contract. The matter has been reviewed and approved by the board of directors of the company. There is no need to submit it to the shareholders' meeting for consideration, and it does not constitute a related transaction or major asset restructuring. This business is conducive to speeding up capital turnover and improving the balance and liability structure. There is still uncertainty about whether the deal can finally be concluded.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.