On December 6, Gelonghui reported that China State Con (03311.HK) announced that on December 6, 2024, China State Con Investment (a wholly-owned subsidiary of the company) entered into factoring arrangements. Accordingly, on the same day, China State Con Investment (1) signed accounts receivable transfer contract one with Wenzhou Haisheng; (2) signed accounts receivable transfer contract two with Wenzhou Haiheng; and (3) signed a factoring contract with China State Con Commercial Factoring regarding the transfer of accounts receivable to China State Con Commercial Factoring. China State Con Commercial Factoring (a) will provide China State Con Investment with principal of RMB 0.25 billion (equivalent to approximately HKD 0.272 billion) at a discount rate of 94.7% for no more than twelve months of accounts receivable factoring services starting from the date of withdrawal under factoring contract one, and (b) will provide China State Con Investment with principal of RMB 0.1942 billion (equivalent to approximately HKD 0.2111 billion) at a discount rate of 94.7% for no more than twelve months of accounts receivable factoring services starting from the date of withdrawal under factoring contract two.