On October 15th, Sanan Optoelectronics announced that Sanan Integration is a holding subsidiary of the Company and our company holds a 65% stake in Sanan Integration. Sanan Integration borrowed RMB 140 million from the shareholder Sanan Group, with an annual interest rate of 1.20%. The payment was repaid in installments for a total of ten years.
China Development Fund Co., Ltd. invested RMB 140 million to increase the proportion of Sanan Group by 0.62%. The funds were used to invest in the construction of Sanan IC project. Sanan Group paid 1.2% of the investment income of China Development Fund Co., Ltd. every year.
Sanan Group paid 3 million yuan, 3 million yuan, 5 million yuan on October 10, 2017, October 10, 2019, October 10, 2021, October 10, 20, and October 9, 2025. Yuan, 29 million yuan, and 100 million yuan to repurchase the capital increase shares.
This loan is conducive to supplementing the funds required for the integration of Sanan, saving financial expenses, and has a positive impact on the company's current and future financial conditions and operating results.
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