Core Viewpoint - China State Construction International (03311) has entered into a factoring arrangement to enhance liquidity and diversify financing channels, which is expected to optimize the company's asset structure and improve operational efficiency [1] Group 1: Factoring Arrangement - On December 19, 2025, China State Construction International's indirect wholly-owned subsidiary, China State Construction International Investment, established a factoring arrangement [1] - The company signed an accounts receivable transfer contract with Wenzhou Haisheng and a factoring contract with China State Commercial Factoring [1] - Under the factoring contract, China State Commercial Factoring will provide a principal amount of RMB 300 million at a discount rate of 91% for a period not exceeding 24 months [1] Group 2: Benefits of the Arrangement - The factoring arrangement is expected to provide immediate available funds for operational and business development needs [1] - It allows the company to meet its working capital development requirements and diversify its financing channels [1] - The arrangement aims to optimize the company's asset structure, enhance fund efficiency, and strengthen operational capabilities [1]