During the Track Record Period, we had one instance where the payment due from a customer (the “Relevant Customer”) was settled by a third-party payor.
Business · p. 186
The Relevant Customer and the Payor entered into two written delegation letters (the “Delegation Letters”) under which the Payor was entrusted to pay a total of approximately RMB0.8 million.
Business · p. 186
The company's explanation, the adviser's view and the page in the filing: see MattersAs advised by our PRC Legal Advisor, in light of the Settlement which gave rise to the Third-party Payment Arrangement, (i) the Third-party Payment Arrangement was not in breach or contravention of mandatory requirements of applicable laws or regulations in China (including but not limited to anti-money laundering laws); (ii) the content of the Delegation Letter is lawful and valid, and constitutes a legally binding obligation on the part of the Payor; and (iii) we had confirmed with the Representative on his intention to pay on behalf of the Relevant Customer, and the Representative made special notation to the wire transfer indicating that the payment from the Representative was to satisfy the Settlement.
Business · p. 186