Summary of Key Points Core Viewpoint The announcement details the renewal of the Financial Services Agreement between Longyuan Power Group Co., Ltd. and State Energy Group Finance Co., Ltd., which will provide various financial services to Longyuan Power from January 1, 2026, to December 31, 2028. This agreement is expected to enhance financial management and reduce financing costs for the company. Group 1: Overview of Related Transactions - Longyuan Power has renewed the Financial Services Agreement with State Energy Group Finance, which includes services such as direct loans, bill acceptance, and financial guarantees [2][3]. - The agreement is effective from January 1, 2026, to December 31, 2028, and is classified as a related party transaction due to the controlling relationship between the two entities [3][4]. Group 2: Board Approval Process - The board of directors approved the renewal of the Financial Services Agreement during a meeting held on December 23, 2025, with specific directors abstaining from the vote due to their related party status [4][5]. - The transaction does not require shareholder approval and is not classified as a major asset restructuring [4][5]. Group 3: Previous Transaction Execution - The previous agreement, effective from January 1, 2025, to December 31, 2025, had a transaction limit and actual amounts provided by State Energy Group Finance to Longyuan Power and its subsidiaries [5][6]. Group 4: Financial Data of State Energy Group Finance - State Energy Group Finance, established in 2000, has a registered capital of 175 billion RMB and primarily serves the members of the State Energy Group [6][7]. - The company has not been listed as a dishonest executor, indicating good creditworthiness and capability to provide financial services [7]. Group 5: Main Content of the Agreement - The services provided under the agreement include comprehensive credit limits for various types of loans, internal fund transfers, and financial consulting services [9][10]. - The agreement stipulates that the financial services will be provided at rates not exceeding those offered by major commercial banks [12][13]. Group 6: Purpose and Impact of the Agreement - The renewal of the agreement aims to maintain continuity in financial services, optimize financial management, and reduce financing costs for Longyuan Power [15][16]. - The agreement is expected to enhance the efficiency of fund management and reduce transaction times between Longyuan Power and its subsidiaries [17][18]. Group 7: Risk Control Measures - Longyuan Power will implement strict risk control measures, including monitoring daily deposit limits and ensuring compliance with regulatory requirements [20][21]. - The company will regularly assess the financial status of State Energy Group Finance to mitigate potential risks [23][24]. Group 8: Related Transactions with State Energy Group - From January 1 to November 30, 2025, Longyuan Power engaged in related transactions totaling 2.851 billion RMB with State Energy Group and its subsidiaries [26][65].

Group 1 - The core point of the article is that China Shenhua (01088.HK) has signed a factoring service agreement with Guoneng Factoring Company, effective from January 1, 2026, to December 31, 2026 [1] - The agreement includes services such as factoring, consulting, agency, asset management, and supply chain financial platform services related to factoring [1] - The agreement will take effect upon approval by the board of directors and signing by the legal representatives or authorized representatives of both parties [1]

Core Viewpoint - China Shenhua (01088.HK) has entered into a factoring service agreement with Guoneng Factoring Company, effective from January 1, 2026, to December 31, 2026, to provide various financial services related to factoring [1] Group 1 - The agreement includes services such as factoring, consulting, agency, asset management, and supply chain financial platform services [1] - The agreement will take effect upon approval by the board of directors and signing by the legal representatives or authorized representatives of both parties [1] - The effective period of the agreement is one year, starting from January 1, 2026, to December 31, 2026 [1]

Group 1 - The company has signed a product sales framework agreement with Yunnan Construction Investment for the years 2026-2028, which includes the sale of construction materials, solid waste, new materials, and other products, effective from January 1, 2026, pending independent shareholder approval [1] - A procurement framework agreement for raw materials, products, and services has also been signed with Yunnan Construction Investment for the same period, renewing the existing agreement set to expire on December 31, 2025 [1] Group 2 - The company has entered into a financial services framework agreement with Yunnan Construction Investment Financial Company for the years 2026-2028, which expands the types of transactions covered under the previous agreement expiring on December 31, 2025 [2] - A lease agreement has been established between the company's subsidiary and Yunnan Construction Investment's subsidiary for land and buildings in Anning, which will require modifications to the existing rental agreement due to expected exceedance of annual limits [2] Group 3 - The Anning phosphogypsum comprehensive utilization project aims to utilize quality existing assets and control investment scale, with a focus on proximity to raw materials and markets, managed by a newly established company responsible for project management [3] - The project will involve the adaptive renovation of existing facilities in Anning Industrial Park to create a full industry chain demonstration base for phosphogypsum utilization [3] Group 4 - A fixed asset loan agreement has been signed for a maximum principal amount of RMB 84 million to support the project, with joint management of the loan account between the company and its subsidiary [4] - Yunnan Construction Investment provides a joint liability guarantee for the loan, alongside the project management company acting as a guarantor [4] Group 5 - The company has applied for the resumption of trading of its shares on the Stock Exchange starting from November 19, 2025 [5]

Core Viewpoint - The company, Zhongqi Yunlian, established in 2015, operates primarily in three business segments: rights confirmation and factoring, scenario digital business, and other ecological businesses, with the rights confirmation and factoring business being the main source of revenue and profit [2][3]. Business Overview - As of December 31, 2022, 2023, and 2024, the number of users on the Yunlian platform was 230,400, 372,900, and 556,600 respectively, covering 98% of China's municipalities and prefecture-level cities [2]. - The company reported revenues of RMB 652.67 million, RMB 879.65 million, and RMB 991.01 million for the years 2022, 2023, and 2024, with gross profits of RMB 571.74 million, RMB 821.28 million, and RMB 949.98 million [3][5]. Revenue Composition - The revenue from cloud credit services significantly increased, accounting for 79.1%, 85%, and 88.5% of total revenue during the reporting period [6]. - The factoring service revenue showed a notable decline, contributing only 11.6%, 6.2%, and 2.1% to total revenue over the same period, down from 34.2% in 2020 [8][9]. Shareholder Dynamics - The company has experienced a trend of shareholder exits since 2019, with several state-owned enterprises and financial institutions divesting their stakes [10][11]. - As of the latest date, the top three shareholders are Yunding Assets, Tianjin Economic Development Zone State Investment, and Huayu Guochuang Fund, holding 23.11%, 20.73%, and 10.31% respectively [12]. Market Position and Competition - Banks are the primary clients of Zhongqi Yunlian, but there is a growing trend of banks entering the supply chain finance sector, potentially transforming former partners into competitors [13].

Group 1 - The stock price of Baiying Holdings (08525.HK) closed at HKD 0.930 on April 29, marking a 6.9% increase from the previous trading day and reaching a nearly one-year high [1] - The net capital inflow for the day was HKD 0.19 million, with a total inflow of HKD 0.186 million and no outflow recorded [1] Group 2 - Baiying Holdings Group Limited was officially listed on the Hong Kong Stock Exchange GEM on July 18, 2018, under the stock name Baiying Holdings and stock code 8525 [2] - The company focuses on providing equipment financing solutions to small and medium-sized enterprises and individual entrepreneurs, with qualifications in financing leasing and accounts receivable commercial factoring [2] - The company has a strong shareholder base led by Fujian Qipilang Group and includes leading enterprises based in Fujian Province, contributing to stable growth and sound business operations [2] - The management team consists of experienced professionals with an average of about ten years in banking, financing, and investment industries, particularly in risk management, financing leasing, and marketing [2] - Since its establishment, the company has accumulated experience in meeting the financing needs of clients in key sectors such as textiles, apparel, and special equipment, serving over 1,000 clients across more than 20 provinces [2] - The company primarily offers two types of financing leasing services: direct financing leasing and sale-leaseback, along with limited factoring services and other value-added consulting services [2] - The business goal of the company is to become a leading financing leasing company in China while maintaining an effective risk management system [2]