Zhi Tong Cai Jing·2025-12-01 10:49Core Viewpoint - The company Baiyunshan (00874) has announced a plan for Guangzhou Pharmaceutical to engage in accounts receivable asset securitization, aiming to issue asset-backed securities totaling up to RMB 3 billion by December 1, 2025 [1] Group 1: Transaction Details - The board of directors approved the proposal for Guangzhou Pharmaceutical to sell accounts receivable as underlying assets to a plan manager [1] - The plan manager will agree to purchase these underlying assets and manage the special plan for issuing the securities [1] - The issuance will occur in phases over a two-year period, with each phase having a maximum duration of two years [1] Group 2: Purpose and Benefits - The underlying assets consist of accounts receivable from sales of pharmaceuticals and medical devices to public hospitals and commercial companies [1] - This transaction allows Guangzhou Pharmaceutical to convert accounts receivable into more liquid cash assets, thereby enhancing asset liquidity and optimizing financial structure [1] - Proceeds from the transaction are intended to supplement working capital or replace existing debt [1]