China Minsheng Underwriting Referral Services Sample Clauses

China Minsheng Underwriting Referral Services. The Proposed Annual Caps for China Minsheng Underwriting Referral Services are primarily determined based on the historical amounts of the referral fees that the Group ought to have paid to China Minsheng Group. During the year ended 31 December 2020, the underwriting fees that were generated from the Underwriting Opportunities introduced by China Minsheng Group amounted to approximately US$4.12 million. According to the 2019 Service Agreement, the Group were required to pay China Minsheng Group approximately US$2.06 million (which is equivalent to approximately HK$16.05 million). During the year ending 31 December 2021, as of the date of this announcement, the underwriting fees that have been generated from the Underwriting Opportunities introduced by China Minsheng Group amounted to approximately US$3.38 million. According to the 2019 Service Agreement, the Group were required to pay China Minsheng Group approximately US$1.69 million (which is equivalent to approximately HK$13.17 million) for the year ending 31 December 2021. Due to the change of its internal policy in 2019, China Minsheng has waived the referral fees for the Group. However, it is uncertain whether there will be any change to such policy in the future. In case that there is such a change, the Company may be required to pay the referral fees. To avoid any disruption to the operations of the Group, the Group has proposed to include the China Minsheng Underwriting Referral Services in the Service Agreement and to seek the Shareholders’ prior approval. Since China Minsheng Group has a track record and reputation for underwriting services, the Group can continue to leverage the vast network and the enormous customer base of China Minsheng Bank to develop its underwriting business. In light of the above, it is anticipated that the revenue generated from the Underwriting Opportunities introduced by China Minsheng Group for each of the three years ending 31 December 2024 would remain steady. Based on the historical referral fees of approximately HK$16.05 million and approximately HK$13.17 million as disclosed above which should have paid by the Group to China Minsheng Group for the year ended 31 December 2020 and the year ending 31 December 2021 (up to the date of this announcement), respectively, it is estimated that for each of the three years ending 31 December 2024, the estimated referral fees for China Minsheng Underwriting Referral Services will be approximately HK$12 million, HK$12 millio...
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