Vesync Co., Ltd. (HK:2148) has released an update.
Vesync Co., Ltd’s wholly-owned subsidiary Etekcity has secured a non-recourse receivables discounting agreement with a bank, enabling them to assign up to $60 million in eligible receivables. Three notices of receivables have been approved by the bank, with the recent transactions requiring disclosure due to consolidated percentage ratios exceeding 5%. This financial maneuver is aimed at enhancing Etekcity’s cash flow efficiency and is subject to specific reporting rules under the Listing Rules of the Hong Kong Stock Exchange.
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