CIMC Finance definition

CIMC Finance. 中集集團財務有限公司(CIMC Finance Company Ltd.*), a company established in the PRC with limited liability, a wholly-owned subsidiary of CIMC “Company” CIMC Enric Holdings Limited, an exempted company incorporated in the Cayman Islands on 28 September 2004 with limited liability under the Companies Law (Revised) of the Cayman Islands, the shares of which are listed on the Main Board of the Stock Exchange “connected person(s)” has the meaning ascribed to it under the Listing Rules “continuing connected transaction(s)” has the meaning ascribed to it under the Listing Rules “controlling shareholder” has the meaning ascribed to it under the Listing Rules “Directors” the directors of the Company
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Examples of CIMC Finance in a sentence

  • CIMC Finance is principally engaged in the provision of financial services to fellow subsidiaries of CIMC.

  • The exchange rates offered by CIMC Finance must not be less favourable than (i) the benchmark exchange rates (if applicable) set by PBOC from time to time for the same currency under similar terms; and (ii) the exchange rates offered by other independent commercial banks in the PRC for the same currency under similar terms.

  • As CIMC Finance is a non-wholly owned subsidiary of CIMC, it is an associate of CIMC and thus a connected person of the Company under the Listing Rules.

  • The Group also expects to benefit from the efficient services from CIMC Finance as it has a good understanding of the Group’s operations.

  • CIMC Finance shall be liable to the Company if the Group’s withdrawal request in respect of the deposits placed by the Group with CIMC Finance (including interests accrued thereon) cannot be honoured as a result of the contractual defaults, misuses or regulatory breaches by CIMC Finance.

  • As to the Loan Services, the interest rates chargeable by CIMC Finance for borrowings by the Group must (i) make reference to the relevant benchmark interest rates for borrowings (貸款基準利率) set by PBOC from time to time for borrowings of similar terms; and (ii) be lower than the interest rates charged by other independent commercial banks in the PRC for borrowings of similar nature and under similar terms.

  • CIMC has made an undertaking to CBRC and also undertakes and warrants to the Company under the Financial Services Framework Agreement (2022) that if CIMC Finance encounters or expects to encounter payment difficulties under the agreement, including in respect of the Company’s withdrawal needs, CIMC will promptly inject the capital needed by CIMC Finance to resolve such payment difficulties in order to ensure the normal operation of CIMC Finance.

  • The interest rates payable by CIMC Finance to the Group shall be the rate as may be agreed from time to time between the parties for each specific transaction provided that the agreed rate shall not be lower than the benchmark deposit interest rates prescribed by the PBC from time to time and deposit interest rates provided by other independent third-party commercial banks in the PRC for deposits of the same term and type.

  • As the Financial Services Framework Agreement (2017) will expire on 31 December 2019, the Company, CIMC Finance and CIMC have entered into the Financial Services Framework Agreement (2019) on 31 December 2019 which will take effect on 1 January 2020.

  • In addition, the dual functions of CIMC Finance in deposit taking from, and lending to, the members of the Group could facilitate the allocation of financial resources among the members of the Group.