Tongwei gets approval for debt financing, no dividend payout

Tongwei Co., Ltd. (SSE:600438) announced plans to navigate evolving market conditions. The company gained approval from the China Interbank Market Dealers Association to register for debt financing instruments (DFI), allowing it to flexibly issue ultra-short-term and medium-term notes, perpetual notes, asset-backed securities, and green debt financing instruments, including through private placements, within a two-year timeframe. At the same time, Tongwei's board recommends not distributing a cash dividend for 2024, to maintain its long-term interests and secure adequate funds.