智通财经网·2025-12-01 10:53Core 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 assets to a plan manager, who will also manage the special plan [1] - The plan manager will issue the asset-backed securities in installments over a period of two years, with each installment having a maximum duration of two years [1] - As of the announcement date, no legally binding agreements have been signed for the proposed transaction [1] Group 2: Asset Characteristics - The underlying assets consist of accounts receivable and associated rights arising from sales of pharmaceuticals and medical devices to public secondary hospitals and commercial companies [1] - The assets include both initial and newly generated accounts receivable [1] Group 3: Financial Strategy - The transaction aims to convert accounts receivable into more liquid cash assets, thereby enhancing asset liquidity, broadening financing channels, and optimizing the company's financial structure [1] - Proceeds from the transaction are intended to supplement Guangzhou Pharmaceutical's working capital or replace existing debt [1]