Securities abbreviation: Chongqing Changan Automobile Company Limited(000625) (Chang’an b) securities code: 000625 (200625) Announcement No.: 2022-10 Chongqing Changan Automobile Company Limited(000625)
Announcement on carrying out bill pool business
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.
Chongqing Changan Automobile Company Limited(000625) (hereinafter referred to as “the company”) held the 35th meeting of the eighth board of directors on February 21, 2022, deliberated and approved the proposal on developing bill pooling business, and agreed that the company should carry out bill pooling business with a quota of no more than 20 billion yuan, that is, pledge, pledge and exchange for developing bill pooling business with cooperative financial institutions The accumulated spot balance of the mortgaged bills shall not exceed 20 billion yuan, which is valid for one year, and the amount can be used on a rolling basis during the business term. The proposal shall not take effect until it is submitted to the general meeting of shareholders of the company for deliberation and approval. The relevant information is hereby announced as follows:
1、 Overview of bill pool business
1. Business Overview
Bill pool business refers to a comprehensive bill management service that integrates bill trusteeship and collection, bill pledge pool financing, bill discount, Bill agent query, business statistics and other functions provided by agreement financial institutions to enterprises to meet the needs of enterprise customers for unified management and overall use of commercial bills held by them.
2. Cooperative financial institutions
The cooperative financial institutions to carry out the bill pool business are financial institutions with good credit in China. The specific cooperative financial institutions are selected according to the cooperative relationship between the company and financial institutions, the bill pool service capacity of financial institutions and other comprehensive factors.
3. Business term
The duration of the above-mentioned bill pool business is one year from the date of deliberation and approval by the general meeting of shareholders.
4. Implementation quota
The bill pool limit of no more than 20 billion yuan, that is, the cumulative spot balance of pledged and mortgaged bills used to carry out bill pool business with cooperative financial institutions shall not exceed 20 billion yuan, with a validity period of one year, and the limit can be used on a rolling basis during the business term.
5. Implementation mode
Authorize the financial department of the company to be responsible for organizing and implementing the bill pool business. The financial department of the company will timely analyze and track the progress of the bill pool business. If adverse factors are found or judged, corresponding measures will be taken in time to control risks.
2、 Purpose of carrying out bill pool business and its impact on the company
With the expansion of business scale, in the process of collecting sales payment, due to the increase of customers using bills for settlement, the company collects a large number of valuable bills such as commercial acceptance bills and bank acceptance bills. At the same time, the company often makes settlement by issuing valuable bills such as acceptance bills in cooperation with suppliers.
1. After receiving bills, the company can deposit the bills receivable into the agreement financial institution through the bill pool business for centralized management, and the financial institution handles custody, delegated collection and other businesses on behalf of the company, which can reduce the cost of the company’s management of various valuable bills;
2. The company can use the outstanding stock of valuable ticket assets in the bill pool as pledge, and issue valuable bills such as bank acceptance bills that do not exceed the pledge amount to pay the supplier’s payment for goods and other operating expenses, which is conducive to reducing the occupation of monetary funds, improving the use efficiency of current assets and maximizing shareholders’ equity; 3. Carrying out the bill pool business can comprehensively manage the company’s bills receivable and bills payable to be issued, optimize the financial structure, improve the capital utilization rate, and realize the information management of bills.
3、 Risk analysis and control measures of bill pool business
1. Risk analysis
Risk of insufficient bills entering the pool: the company uses the bills entering the bill pool as pledge and applies to the cooperative financial institution for issuing acceptance bills to pay for the goods. With the maturity of the pledged bills, the company handles collection and settlement, resulting in insufficient amount of the pledged bills, resulting in the cooperative financial institution asking the company for additional margin.
2. Control measures
The company will arrange a special person to connect with the cooperative bank, establish a bill pool account, track and manage, timely understand the collection and settlement of expired bills, and arrange the company’s newly received bills into the pool to avoid additional margin.
4、 Decision making procedure and organization implementation
1. Within the limit, the board of directors of the company authorizes the management to handle it, and the financial person in charge shall exercise the decision-making power of specific operations and sign relevant contract documents, including but not limited to selecting qualified cooperative financial institutions and clarifying the specific limit of the available bill pool;
2. The board of directors authorizes the management to be responsible for organizing and implementing the bill pool business. The company’s financial department will timely analyze and track the progress of the bill pool business. If adverse factors are found or judged, it will take corresponding measures in time to control risks and report to the company’s management at the first time;
3. The audit department is responsible for auditing and supervising the development of bill pool business;
4. The independent directors and the board of supervisors have the right to supervise and inspect the specific conditions of the company’s bill pool business. 5、 Opinions of independent directors
After verification, we believe that the company’s bill pool business can comprehensively manage the company’s bills receivable and bills payable to be issued, reduce the company’s capital occupation, optimize the financial structure, improve the capital utilization rate and realize the information management of bills. Therefore, we agree that the company shall carry out the bill pooling business with a limit of no more than 20 billion yuan, that is, the cumulative spot balance of pledged and mortgaged bills used to carry out the bill pooling business with cooperative financial institutions shall not exceed 20 billion yuan, which is valid for one year, and the limit can be used on a rolling basis within the business term, and agree to submit the proposal to the general meeting of shareholders of the company for deliberation.
6、 Verification opinions of the recommendation institution
After verification, the recommendation institution Citic Securities Company Limited(600030) believes that:
The company’s bill pool business has been deliberated and approved by the board of directors, the independent directors have issued clear consent opinions, performed necessary legal procedures and complied with relevant laws and regulations and the provisions of the articles of association. There is no circumstance in this item that damages the interests of the company and shareholders. The recommendation institution has no objection to the company’s bill pool business.
7、 Documents for future reference
1. Resolutions of the 35th meeting of the 8th board of directors of the company;
2. Independent opinions of independent directors;
3. Verification opinions of the recommendation institution.
It is hereby announced
Chongqing Changan Automobile Company Limited(000625) board of directors February 23, 2022
