China Longyuan signed a new financial services agreement with China Energy Finance on November 22, 2024, continuing loans, deposits, and other financial services. As the existing agreement expires on December 31, 2024, the new agreement will take effect from January 1, 2025, for a period of one year. China Energy Finance will provide loans not exceeding 33 billion yuan and deposits not exceeding 0.9 billion yuan. The annual fee cap for other financial services is 20 million yuan. China Energy Finance is a subsidiary of the State Energy Group and constitutes a related party under listing rules. Under the new agreement, the loan services are exempted from compliance with the annual reporting, announcement, and independent shareholder approval requirements, while the deposit services need to comply with the annual reporting...Show More

China Longyuan signed a new financial services agreement with China Energy Finance on November 22, 2024, continuing loans, deposits, and other financial services. As the existing agreement expires on December 31, 2024, the new agreement will take effect from January 1, 2025, for a period of one year. China Energy Finance will provide loans not exceeding 33 billion yuan and deposits not exceeding 0.9 billion yuan. The annual fee cap for other financial services is 20 million yuan. China Energy Finance is a subsidiary of the State Energy Group and constitutes a related party under listing rules. Under the new agreement, the loan services are exempted from compliance with the annual reporting, announcement, and independent shareholder approval requirements, while the deposit services need to comply with the annual reporting and announcement requirements. The board of directors considers the terms of the new agreement fair and reasonable, in line with the overall interests of the company and shareholders. Wang Xuelian, Chen Jie, and Zhang Tong, three related directors, have abstained from voting. The new agreement aims to reduce financing costs, improve fund management efficiency, and provide more flexible financial services. The deposit interest rate of China Energy Finance is not lower than that of major domestic commercial banks, and the loan interest rate follows the regulations of the People's Bank of China. China Longyuan will continue to monitor fund security to ensure the best financial terms.