According to the Zhitong Finance App, Dongzheng Finance (02718) announced that on May 19, 2023, the company entered into a financial services agreement with SAIC Finance. SAIC Finance agreed to provide certain deposit services to the company in accordance with the terms and conditions stipulated therein for a period of three years. SAIC Finance is a non-bank financial institution established with the approval of the China Banking Insurance Regulatory Commission.
The interest rates and fees provided by SAIC Finance for deposit services are determined in accordance with the principles of fairness and rationality, industry self-regulation requirements, and after considering relevant market interest rates and fee standards; SAIC Finance is a wholly-owned subsidiary of SAIC Motor Group and a non-bank financial institution established with the approval of the China Banking Insurance Regulatory Commission. SAIC Finance's activities are regulated by the China Banking Insurance Regulatory Commission. SAIC Finance provides services according to its operating needs within the scope of its approval; and transactions under financial service agreements will help the company improve the efficiency of capital use and reduce financial risk.