Summary by Futu AI
BYADI CORPORATION, LTD. CONVENED ITS BOARD OF DIRECTORS ON MARCH 26, 2024 TO APPROVE A MOTION TO HOLD DEPOSIT BUSINESS WITH ITS HOLDING COMPANY BYADI AUTOMOBILE FINANCE LIMITED. The transaction involved has a maximum deposit business amount of RMB400 billion, and the interest on deposits is capped at RMB12.8 billion, with a period of validity of one year. BYADY AUTO FINANCE IS A JOINT VENTURE OF BYADI AND IS CHAIRED BY MR. ZHOU YALIN, VICE PRESIDENT AND CHIEF FINANCIAL OFFICER OF THE COMPANY. This related transaction is not subject to submission to the General Meeting for consideration and does not constitute a major asset restructuring. The transaction aims to improve the Group's use of capital efficiency and promote joint business development, as well as to help the Company achieve higher return on deposit interest rates, which will have a positive impact on the Company's business expansion.