Financial Street provides CNY 1.738bn financial aid to Fudi

Financial Street Holdings (SZSE:000402) announced today that it has provided financial assistance of CNY 1.738 billion to Tianjin Fudi Real Estate Development. The decision was approved at the 16th meeting of the tenth session of the Board of Directors on April 10, 2024, and at the 2023 Annual General Meeting on May 15, 2024. The assistance aligns with the company's plan to allocate up to CNY 2.2 billion for project companies in which Financial Street holds no more than a 50% stake. Tianjin Fudi is 50% owned by Financial Street's subsidiary, Tianjin Rongcheng Hexin Investment. The assistance is structured as a shareholder loan with a term of five years and bears no interest. According to the announcement, Financial Street's accumulated financial assistance provided to external parties is CNY 5.983 billion, representing 11.95% of the company's latest audited net assets.