China Internet Nationwide Financial Services Inc. Signs a RMB 100 Million Revolving Factoring Credit Facility with CNBM Technology Corporation Limited
CHINA INTERNET NATIONWIDE FINANCIAL SERVICES INC (CIFS)
US:NASDAQ Investor Relations:
prnewswire.com/news-releases/china-internet-nationwide-financial-services-inc-to-commence-trading-on-nasdaq-global-market-300500602.html
Company Research
Source: PR Newswire
BEIJING, Sept.13, 2018 /PRNewswire/ -- China Internet Nationwide Financial Services Inc. (NASDAQ: CIFS) ("CIFS" or the "Company"), a financial advisory services provider and financial technology company today announced that that its wholly owned subsidiary Fu Hui (Xiamen) Commercial Factoring Co., Ltd. ("Fu Hui"), signed a revolving factoring credit facility (the "Facility") agreement with CNBM Technology Corporation Limited ("CNBMTC"), a subsidiary of China National Building Materials Group Co., Ltd., which is in turn owned by China National Building Materials & Equipment Import and Export Corporation.The Facility has a one-year initial term and allows CNBMTC to receive a RMB 100 million (~ $15 million) revolving factoring credit line from CIFS. The Facility has multiple-year extension options and it is backed by CNBMTC's accounts receivable.Mr. Jianxin Lin, Chairman and Chief Executive Officer of CIFS, commented, "The agreement with CNBMTC marks the expansion of our factoring servi
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