ANNUAL CAPS. An aggregate of the annual caps, which represents the sum of (i) the rental payable by Xxxxxxx Xxxxxxx to Nanyang Enterprises under the Tuen Mun Lease Agreement for the period from 1 January 2020 to 31 December 2020 in the amount of HK$33,000,000, and (ii) the rental payable by the Company to International Hope under the Harcourt Tenancy Agreement for the period from 1 January 2020 to 31 December 2020 in the amount of HK$11,248,800, will be HK$44,248,800. The historical amount paid by Xxxxxxx Xxxxxxx to Nanyang Enterprises in respect of the lease of the Tuen Mun Property under the Existing Lease Agreement I for the year ended 31 December 2019 was HK$33,000,000. The historical amount paid by the Company to International Hope in respect of the lease of the Harcourt House Office under the Existing Lease Agreement II for the year ended 31 December 2019 was HK$11,248,800. The annual caps were determined with reference to (a) historical amounts paid by Xxxxxxx Xxxxxxx to Nanyang Enterprises and by the Company to International Hope under the Existing Lease Agreements, and (b) the rentals stipulated in the Lease Agreements.
ANNUAL CAPS. The maximum aggregate amount to be paid under the Shipping Framework Agreement for each year during the term of the Shipping Framework Agreement is capped at US$5.0 million. This annual cap was determined by reference to the agreed pricing principles set out in the Shipping Framework Agreement, projected production volumes and schedules of the Group, requirements of buyers including loading and discharging points and prevailing and projected international market sea freight rates for similar services from Peru and Australia.
ANNUAL CAPS. The Board expects that the aggregate amounts of rentals (basic rent and anticipated maximum turnover rent), management fees, air-conditioning charges, promotion levy and other miscellaneous charges (exclusive of Government rates) receivable under the Tenancy Renewal Agreement and the licence fees receivable under the Licence Agreements will not exceed the following maximum figures (the “Annual Caps”): For the period from 1 July 2014 to 31 December 2014 HK$6,600,000 For the period from 1 January 2015 to 31 December 2015 HK$13,200,000 For the period from 1 January 2016 to 31 December 2016 HK$13,200,000 For the period from 1 January 2017 to 30 June 2017 HK$6,600,000 Based on historical figures under the 2011 Lease Agreement, the maximum turnover rent in respect of the Premises is anticipated not to exceed HK$175,000 per month, which is taken into account in arriving at the Annual Caps.
ANNUAL CAPS. Due to the nature of the securities and financial products transactions as described below, the Company considers that it is impracticable to set a maximum aggregate annual value for each category of these transactions:
(1) the volume of the securities and financial products transactions is affected by various external factors, such as economic and market conditions. Fluctuations in the PRC and Hong Kong financial markets may cause fluctuations in the volume of these transactions. Accordingly, the volume of these transactions varies from time to time and from year to year, and reference to historical figures for these transactions may not be a fair indication of the expected aggregate value of the transactions for the next three years;
(2) each of the securities and financial products transactions is entered into at the prevailing market prices in the ordinary and usual course of the Group’s business with high frequency and is market-driven, which is based on, among others, the bidding price and timeliness of the bids. For example, the Company enters into interbank lending transactions and repurchase transactions with counterparties (including the Everbright Group and its associates) in open markets through the National Interbank Funding Center. The prices and process of these transactions are highly transparent. The rates for interbank lending are publicly published, while the interest rate for repurchases are determined in accordance with the benchmark repurchase rate. The Company’s counterparties in these transactions are determined primarily by transaction prices and timeliness, instead of by the Company’s subjective consideration;
(3) most of these transactions are entered into in a very short time frame and are very sensitive to market prices. If an annual cap is set for each category of these transactions, it would cause significant delay to such transactions and harm to the Group’s existing operations and potential growth to the detriment of the Company and the Shareholders as a whole and restrict the Company’s overall competitiveness in a highly competitive securities industry. Strict adherence to the requirement of setting a maximum aggregate annual value for these transactions is impracticable to the Group;
(4) the Company or its subsidiaries plays a relatively passive role in some of the securities and financial products transactions that the Company or its subsidiaries enters into with the Everbright Group and its associates and as such, it is...
ANNUAL CAPS. In accordance with the Listing Rules, we have set annual caps for the maximum aggregate engagement fee payable by us to Sum Technic for the financial years ending 31 December 2020 and 2021 at RM0.7 million (i.e. RMB1.2 million) and RM2.0 million (i.e. RMB3.3 million), respectively. The abovementioned annual caps are determined taking into account (i) the expected amount and project progress of variation work for the Relevant Project based on our experience; and (ii) the total engagement fee payable by us to Sum Technic for project/construction management service for the Relevant Project Phase 2 of RM2.0 million. Our Directors consider that the abovementioned annual caps are reasonably determined pursuant to the Listing Rules. As each of the applicable percentage ratios (as defined in Rule 14.07 of the Listing Rules) calculated for the purpose of Chapter 14A of the Listing Rules will be more than 0.1% but less than 5%, the transactions contemplated under the Project Management Service Contracts will constitute continuing connected transactions exempt from the circular and independent shareholders’ approval requirements but subject to the announcement requirement under Chapter 14A of the Listing Rules.
ANNUAL CAPS. In respect of the 2023 Shared Services Framework Agreement, the transaction amounts to be paid by the Group for the three years ending December 31, 2025 shall not exceed the annual caps as set out in the table below: Transaction amount to be paid by the Group to JD Group and its associate(s) 600 700 800 The above annual caps are determined with reference to the following factors:
ANNUAL CAPS. The annual caps under the New CCT Agreement for the two years ending 31 December 2024 and 2025 are set out below: Type of transaction Annual cap for the year ending 31 December 2024 (RMB0’000) Annual cap for the year ending 31 December 2025 (RMB0’000) Purchase Transactions 1,000.00 1,200.00 Sales Transactions 15,000.00 16,000.00 Provision of Labour Services 600.00 800.00 Acceptance of Labour Services 800.00 900.00 Entrusted Processing 100.00 100.00 Acceptance of Entrusted Processing 3,500.00 3,900.00 Use of Trademarks Under Licence 150.00 150.00 Leasing Asset to GPHL 100.00 100.00 Leasing Asset From GPHL 2,000.00 2,000.00 When determining the annual caps above, the Company has taken into account (i) the operating situation of the Company and GPHL in recent years, including the continuous growth in size, revenue, and profit; (ii) the further integration of resources by the Group has strengthened the Group’s capabilities in, among others, purchases, sales, labour services, entrusted processing and other aspects, all of which are transactions contemplated under the New CCT Agreement; (iii) the historical transaction amounts between the Group and GPHL and its subsidiaries from January to November in 2022 and 2023; and (iv) the expected business growth and business development strategies of the Group for the two years of 2024 and 2025. Specifically, in respect of Purchase Transactions and Sales Transactions, the Group determines the annual caps of transactions based on existing transactions and the expected increase in purchase and sales order of both parties in the next two years; in respect of Provision of Labour Services, the Group determines the annual cap of transactions based on the transaction volume of advertising and medical services that can be provided to GPHL and its subsidiaries and other relevant businesses in the next two years; in respect of Acceptance of Labour Services, the Group determines the annual cap of transactions based on the expected fund management fees to be paid to GPHL in the next two years; in respect of Entrusted Processing and Acceptance of Entrusted Processing, the Group determines the annual cap of transactions based on the number of processing demand orders of medicinal materials, drugs and other merchandise from both parties in the next two years; in respect of the Use of Trademarks Under Licence, the Group determines the annual cap based on the expected sales of relevant products for which the trademarks of the Company wer...
ANNUAL CAPS. The Annual Cap for each of the three years ending 31 December 2018 is RMB13.20 million (equivalent to approximately HK$15.97 million), representing the approximate aggregate annual usage fees payable by the Company to CTHC under the Shanghai Tenancy Agreement. The rate of usage fees under the Shanghai Tenancy Agreement was determined by the parties through arm’s length negotiation after having taken into account, among other things, the prevailing market rent rates for the Shanghai Property as evaluated by Savills Valuation and Professional Services Limited, an independent valuer engaged by the Company, as at 28 July 2015.
ANNUAL CAPS. The Directors of the Company propose the annual caps for the continuing connected transactions in respect of the mutual provision of securities and financial services between the Group and the Everbright Group and its associates for each of 2019, 2020 and 2021 as follows: Revenue to be generated by the Group from provision of securities and financial services to the Everbright Group and its associates 950.0 1,050.0 1,200.0 Fees to be paid by the Group to the Everbright Group and its associates for their provision of securities and financial services 250.0 290.0 330.0
(1) Revenue When estimating the annual caps for the revenue to be received from provision of securities and financial services to the Everbright Group and its associates, the Directors have based the estimates on the historical figures in 2016, 2017 and for the six months ended June 30, 2018. In addition, the Directors have considered, among other things, the following key factors:
(1) As one of the core financial services platforms of the Everbright Group, it is expected that the Group will continue to provide Everbright Group and its associates with underwriting services with respect to the issuance of equity related and debt related financing tools. With the expansion of the business scope and business scale of the companies within Everbright Group and the continuously increasing varieties of financial services, it is expected that the business scale and revenue level of the financing activities of the Everbright Group and its associates which the Group participates in the coming three years will grow substantially;
(2) With the business expansion of the associates of the Everbright Group including Everbright Bank, Sun Life Everbright Life Insurance Co., Ltd., Everbright Limited and China Everbright International Limited, etc., the Group expects that the number of trading seats leased thereto and these companies’ transaction scale and revenue level achieved through the Group will grow substantially;
(3) With the continuous expansion of business scale of Everbright Fortune International Leasing Co., Ltd., a subsidiary of the Group, it is expected that the Group will engage in increasingly more finance leasing business with the Everbright Group and its associates, as a result of which the revenue from finance leasing business generated from the Everbright Group and its associates is expected to grow substantially;
(4) The types and size of asset management products, which are invested by the ...
ANNUAL CAPS. The Master Agreement further provides that for the term of the Master Agreement, i.e. the period from the date of the Master Agreement up to 31 December 2014 and the two years ending 31 December 2015 and 31 December 2016, respectively, the aggregate maximum balance of the Bank Deposits on any given day shall not exceed HK$300 million. In determining the above cap, the Directors have taken into account factors including the treasury policy and business needs of the Group and the counterparty limits for CHB.
