FY Financial (08452) announced that on June 17, 2024, the company signed a factoring agreement with Peking Eastern. Accordingly, the company agreed to provide accounts receivable factoring services to Peking Eastern with a maximum factoring amount of RMB 5 million in exchange for factoring interest income. In addition, the legal ownership of accounts receivable generated in Peking Eastern's general and daily business processes with its customers (i.e. Peking Eastern debtors) will be transferred to the Company.
The Fy Financial (08452) announced that on June 17, 2024, the company signed a factoring agreement with Peking Eastern. Accordingly, the company agreed to provide accounts receivable factoring services to Peking Eastern with a maximum factoring amount of RMB 5 million in exchange for factoring interest income. In addition, the legal ownership of accounts receivable generated in Peking Eastern's general and daily business processes with its customers (i.e. Peking Eastern debtors) will be transferred to the Company.