According to the signed "Financial Services Cooperation Agreement", within the validity period, the fund settlement balance fund (including deposit balance and fund settlement balance) formed by the two parties shall have a cap of 1 billion yuan. Shanghai Belling shall comply with laws and regulations and related The provisions of the Listing Rules fulfill the decision-making and review procedures and information disclosure obligations.
It is reported that this transaction has been reviewed and approved by the company's 2017 Annual Shareholders' Meeting held on April 24, 2018. As of April 30, 2018, Shanghai Belling’s deposit and transaction settlement amount with China Electric Finance was RMB 248 million.
Currently, CEC Finance has a registered capital of 1.751 billion yuan. China Electronic Information Industry Group Co., Ltd. (hereinafter referred to as China Electronics) accounts for 61.38% of the total share capital. It is the actual controller of China Light and Power Finance. Zhongdian Finance's main business is internal units of the group. Deposits, internal transfers and settlements between groups within the group, and corresponding settlements, assisting the group's internal units to realize transaction payments, bill acceptance and discounting, loans and financing leases, and interbank lending.
Shanghai Belling stated that this related transaction between the company and CEC Finance can help the company obtain a long-term, stable and reliable source of funds, which can enable the company to obtain more financial services and reduce the cost of financial services.