China State Con (03311.HK) announced on June 28th that China State Con International Investment (an indirect wholly-owned subsidiary of the Company) had entered into a factoring arrangement on June 28th, 2024. Accordingly, on the same day, China State Con International Investment (1) entered into a receivables transfer agreement with Zibo Haixin; and (2) entered into a factoring agreement with China State Con Business Factoring, the content of which related to the transfer of receivables to China State Con Business Factoring. China State Con Business Factoring (a) provided principal of RMB 130 million (equivalent to approximately HKD 143 million) and receivables factoring service for up to 22 months from the date of withdrawal at a discount rate of 90.28% to China State Con International Investment per the factoring agreement; and (b) provided principal of RMB 70 million (equivalent to approximately HKD 77 million) and receivables factoring service for up to 22 months from the date of withdrawal at a discount rate of 90.28% to China State Con International Investment per the second factoring agreement.