Jointown Pharmaceutical Plans Up to 2.2-Billion-Yuan Factoring
Jointown Pharmaceutical (SHA:600998) plans to launch up to 2.2 billion yuan in non-recourse accounts receivable factoring with China Minsheng Bank (SHA:600016, HKG:1988), using an up to three-year revolving facility.The deal may involve credit enhancement from controlling shareholder Chuchang Investment, making it a related-party transaction, according to a Wednesday filing with the Shanghai bourse.Shares of the pharmaceutical company rose 2% in recent trade.