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XXF Signs Auto Sale-and-Leaseback Agreements Worth 5 Million Yuan; Shares Fall 5%

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XXF (HKG:2473) entered into sale-and-leaseback agreements involving automobiles with Guangdong Yuecai Financial Leasing, according to a Wednesday Hong Kong bourse filing.

Shares of the automobile finance lease firm were down nearly 5% in Thursday morning trade.

Under the agreements, XXF Group and certain subsidiaries agreed to transfer leased assets for about 4.63 million yuan and lease them back for 48 months at a total rent of about 5.10 million yuan.

Upon expiry of the lease period and full settlement of outstanding amounts, the group may repurchase the automobiles at a nominal consideration of 1 yuan per vehicle.

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