ANNUAL CAP FOR THE FINANCIAL SERVICES AGREEMENTS Sample Clauses

ANNUAL CAP FOR THE FINANCIAL SERVICES AGREEMENTS. The annual cap (i.e. the maximum outstanding amount at all time during the year) of margin financing and IPO financing which may be provided by the Group to each of the Directors and their respective associates for each of the three financial years ending 31 March 2025 is set out as follows: Maximum outstanding amount which may be provided to such Director and his associates at all time during the year ending 31 March Name of Director Financing type 2023 HK$’000 2024 HK$’000 2025 HK$’000 Xx. Xxx Xxxxxx financing 1,000,000 1,000,000 1,000,000 IPO financing 4,000,000 4,000,000 4,000,000 Xx. Xxx Xxxxxx financing 10,000 10,000 10,000 IPO financing 100,000 100,000 100,000 Xx. Xxxx Xxxxxx financing 10,000 10,000 10,000 IPO financing 20,000 20,000 20,000 Xx. Xx Xxxxxx financing 10,000 10,000 10,000 IPO financing 20,000 20,000 20,000 Xx. Xxxxx Xxxxxx financing 10,000 10,000 10,000 IPO financing 20,000 20,000 20,000 Xx. Xxxx Xxxxxx financing 10,000 10,000 10,000 IPO financing 20,000 20,000 20,000 The above annual cap is determined after taking into consideration: (i) the historical amount of margin financing and IPO financing advanced by the Group to the Directors and their associates as set forth below; (ii) the number of IPO applications received by the Stock Exchange in recent years; and (iii) the Directors’ perception of the securities market for the three financial years ending 31 March 2025. Although the proposed annual cap for margin financing is substantially higher than the maximum outstanding amount of margin financing advanced by the Group to the Directors and their respective associates at all times during the two financial years ended 31 March 2021 and the six months ended 30 September 2021, it is justifiable as the demand for such financing very much depends on the overall stock market sentiment. For example, the average daily turnover at the Hong Kong stock market increased from approximately HK$125.7 billion for the first nine months in 2020 to approximately HK$180.3 billion for the corresponding period in 2021, which amounted to an increase of approximately 43.4%. If such trend were to follow, the buffer would be necessary in order to cater for the market upturn in the years to come and reference to the utilisation track records may not be the key criteria in setting the annual cap. Besides, the annual cap is set for each Director with reference to his and his associates’ credit status without departing from the collateral requirements for the ordi...
Sample 1
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ANNUAL CAP FOR THE FINANCIAL SERVICES AGREEMENTS. The annual cap (i.e. the maximum outstanding amount) of margin financing and IPO financing which may be provided by the Group to each of the Connected Persons and their respective associates (which, for the purpose of Xx. Xxx, shall exclude Xx. Xxxx Wing Xxxxx, Xxxxxx and his associates who are connected with Xx. Xxx only by reason of his/her/its relationship with Xx. Xxxx Xxxx Xxxxx, Xxxxxx, and for the purpose of Xx. Xxxx Xxxx Xxxxx, Xxxxxx, shall exclude Xx. Xxx and his associates who are connected with Xx. Xxxx Wing Xxxxx, Xxxxxx only by reason of his/her/its relationship with Xx. Xxx) for each of the three financial years ending 31 March 2014, 2015 and 2016 is set out as follows: For the year ending 31 March Name of Connected Person Financing type 2014 HK$ 2015 HK$ 2016 HK$ Yip Mow Xxx Margin financing IPO financing 300,000,000 1,000,000,000 300,000,000 1,000,000,000 300,000,000 1,000,000,000 Xxxx Xxx Xxxx Margin financing IPO financing 10,000,000 100,000,000 10,000,000 100,000,000 10,000,000 100,000,000 Xxxx Xxx Chi Margin financing IPO financing 10,000,000 100,000,000 10,000,000 100,000,000 10,000,000 100,000,000 Xxxx Wing Xxxxx, Xxxxxx Xxxxxx financing IPO financing 10,000,000 20,000,000 10,000,000 20,000,000 10,000,000 20,000,000 Xx Xxx Xxxx Margin financing IPO financing 10,000,000 20,000,000 10,000,000 20,000,000 10,000,000 20,000,000 Xxxxx Xxx Sun Margin financing IPO financing 10,000,000 20,000,000 10,000,000 20,000,000 10,000,000 20,000,000 Xxxx Xxxx Xxx, Xxxxxx Xxxxxx financing IPO financing 10,000,000 20,000,000 10,000,000 20,000,000 10,000,000 20,000,000 Xxxxxx Xx Xxxx, Xxxxx Xxxxxx financing IPO financing 10,000,000 20,000,000 10,000,000 20,000,000 10,000,000 20,000,000 Xxxx Xxx Xxxxxx financing IPO financing 10,000,000 20,000,000 10,000,000 20,000,000 10,000,000 20,000,000 Xx Xxx Xxx Margin financing IPO financing 10,000,000 20,000,000 10,000,000 20,000,000 10,000,000 20,000,000 The above annual cap is determined after taking into consideration: (i) the historical amount of margin financing and IPO financing advanced by the Group to the Connected Persons and their associates as set forth below; (ii) the number of IPO applications received by the Stock Exchange in recent years; (iii) the Connected Persons' perception of the securities market for the three financial years ending 31 March 2016; and (iv) the trend of the general economic conditions in Hong Kong. Maximum Name of Connected Person Maximum amount for the year ended 31 March amou...
Sample 1

Related to ANNUAL CAP FOR THE FINANCIAL SERVICES AGREEMENTS

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