Summary by Futu AI
China Telecom issued a notice on 26 March 2024 that China International Financial Corporation Limited and CITIC Jiane Securities Co., Ltd., as joint sponsor, conducted a prudential review of the 2023 related transactions involving China Telecom Group Finance Limited. The transaction includes a financial services framework agreement signed by China Telecom Group Finance Limited with China Telecom Group Co., Ltd., China Communications Services Co., Ltd., Xinhua Digital Culture Co., Ltd., and Beijing Chen'an Technology Co., Ltd. The Agreement shall be effective from 1 January 2022 until 31 December 2024. Audit comments show that the terms of the agreement are free from significant omissions, are well implemented, and have effective risk control measures and disposal plans. PwC audited the 2023 financial statements of China Telecom and conducted a limited assurance verification business on related transactions. No significant inconsistencies were found. China Telecom conducted a continuous assessment of the risks of its financial companies, determined that there were no significant defects and developed an appropriate risk management plan.