Xishangfeng Group (02473) fell by more than 14%, retreating nearly 30% from its record high in January this year. As of press release, it was down 14.83% to HK$2.70, with a turnover of HK$1.17 million.
The Zhitong Finance App learned that Happy Life Group (02473) fell by more than 14%, retreating nearly 30% from its record high in January this year. As of press release, it had fallen 14.83% to HK$2.70, with a turnover of HK$1.17 million.
According to the news, Xibeng Group issued an announcement. On January 31, 2024, Xibeng Group (the company's indirect wholly-owned subsidiary) entered into a financial leasing framework contract with Dongfeng Nissan. Dongfeng Nissan (as lessor) agreed to provide financing of up to RMB 262 million to Xibeng Group (and/or its subsidiaries or associated companies) (as a lessee), which can be withdrawn from time to time by the lessee during the term of the financial lease framework contract in accordance with the terms and conditions of the financial lease framework contract; and at the time of withdrawal, the lessee must sell Dongfeng Nissan to sell Dongfeng Nissan Related leased assets, while Dongfeng Nissan then leased the leased assets back to the lessee in exchange for monthly rent payments.
As an automobile retailer, the Group purchases automobiles from time to time from suppliers (including but not limited to subsidiaries or distributors of Dongfeng Motor Group Co., Ltd. (Dongfeng Motor)) to trade in the Group's daily and general business processes. The financial leasing framework contract allows the Group to obtain financing for the relevant automobile purchases, while the Group retains leased assets that can be used in its daily and general business processes. By entering into a financial leasing framework contract, the Group can broaden its financing channels, supplement the capital required for its operations, and seize opportunities to expand its business.