Zitong Financial App News, China General account (688009.SH) issued an announcement that recently, the company received the "approval of Beijing Banking and Insurance Supervision Bureau on the opening of Tonghao Group Finance Co., Ltd." (No. 2022) transferred by the controlling shareholder Tonghao Group. The main contents of the approval are as follows:

First, approve the opening of Tongzao Group Finance Co., Ltd. and issue financial licenses. The Chinese name of the company is "General sign Group Finance Co., Ltd." and the English name is "CRSC Finance Company Limited".

Second, it is approved that the registered capital of Tongzhao Group Finance Co., Ltd. is 2 billion yuan, and China Railway Communications signal Group Co., Ltd. contributes 100 million yuan in cash, accounting for 5% of the company's registered capital. China Railway Communication signal Co., Ltd. contributed 1.9 billion yuan in cash, accounting for 95% of the company's registered capital. The domicile of the company is on the west side of Building 1, Building 1, Automobile Museum South Road, Fengtai District, Beijing.

Third, approve the General sign Group Finance Co., Ltd. to operate the following local and foreign currency business: (1) to handle financial and financing consulting, credit verification and related consulting and agency business for member units; (2) to assist member units in the receipt and payment of transaction payments; (3) to handle entrusted loans between member units; and (4) to discount bills to member units. (5) to handle internal transfer and settlement between member units and the design of corresponding settlement and settlement plans; (6) to absorb deposits from member units; and (7) to apply for loans to member units.

The establishment of the financial company will help the company to finance, optimize the allocation of resources, improve the efficiency of the use of funds, enhance the ability of risk prevention, and better serve the overall strategic development of the company. The company has obtained the "Financial license" (institution code: L0285H211000001) issued by the Beijing Regulatory Administration of the China Banking and Insurance Regulatory Commission, and is going through relevant formalities such as industrial and commercial registration in accordance with the regulations.