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FINWIRES

Phancy Unit Enters 692 Million Yuan Server Sale-and-Leaseback Deal

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Phancy (HKG:6682) said its wholly owned subsidiary, Phancy Beijing, agreed to sell servers and related equipment to Huaxia Financial Leasing for 691.9 million yuan and lease them back, according to an Aug. 7 Hong Kong bourse filing.

The five-year arrangement will provide liquidity for working capital while allowing the group to continue using the servers. The lease carries an initial floating interest rate of 3.6%.

The transaction is expected to be accounted for as a financing arrangement, with no gain or loss recognized on the transfer of the asset.

The servers will be repurchased for 1 yuan at the end of the lease term.

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