FINANCIAL SERVICES AGREEMENT. The financial services agreement for the Year of 2016 between the Finance Company and Magang Group signed on 22 December 2015 will expire on 31 December 2016. On 29 December 2016, the Finance Company and Magang Group entered into the Financial Services Agreement for the Year of 2017, pursuant to which, the Finance Company agreed to provide Magang Group and its subsidiaries with deposit services, loan services and other financial services subject to the terms and conditions provided therein. The principal terms of the Financial Services Agreement are set out below: 29 December 2016
FINANCIAL SERVICES AGREEMENT. Date Parties
FINANCIAL SERVICES AGREEMENT. As one or more of the applicable percentage ratios (as defined under Rule 14.07 of the Listing Rules) in respect of each of the provision of deposit services, bill discounting services and bill acceptance services under the Financial Services Agreement exceeds 25%, each of the provision of deposit services, bill discounting services and bill acceptance services under the Financial Services Agreement constitutes a major transaction and non-exempt continuing connected transactions of the Company, which is subject to the reporting, announcement and Independent Shareholders’ approval requirements under Chapter 14 and 14A of the Listing Rules. The loan services to be provided by Xiwang Finance Company to the Company under the Financial Services Agreement will constitute financial assistance to be provided by a connected person for the benefit of the Company. As such services are on normal commercial terms which are similar to or even more favourable than those offered by other commercial banks for comparable services in the PRC, and no security over the assets of the Company will be granted in respect of the loan services, the loan services are exempt under Rule 14A.90 of the Listing Rules from all reporting, announcement and Independent Shareholders’ approval requirements. The Company expects that each of the applicable percentage ratios (as defined in Rule 14.07 of the Listing Rules) of the fees payable by the Company to Xiwang Finance Company in respect of the provision of other financial services under the Financial Services Agreement will fall within the de minimis threshold as stipulated under Chapter 14A of the Listing Rules. The Company will comply with the reporting, announcement and Independent Shareholders’ approval requirements under Chapter 14A of the Listing Rules if the fees payable by the Company to Xiwang Finance Company for the provision of other financial services under the Financial Services Agreement exceed the relevant de minimis threshold. The Company will also disclose the relevant details of the Financial Services Agreement in its next published annual report and accounts in accordance with the relevant requirements as set out in Rule 14A.49 of the Listing Rules. The provision of guarantee by Xiwang Group Company to the Group will constitute financial assistance to be received by the Group from a connected person. As the transactions under the Guarantee will be conducted on normal commercial terms or better and will not be secured over ...
FINANCIAL SERVICES AGREEMENT. In respect of the Financial Services Agreement, the Board wishes to provide further information regarding the basis of determining the charges of each type of transactions as follows: Regarding the interest under the deposit service, the interest is calculated monthly according to the benchmark interest rates for deposits and the floating range set by PBOC and is payable quarterly. The calculation of interest and the interest rate are consistent with that of independent merchant bank. Regarding the loan services, the interest is calculated according to the benchmark interest rates for loans and the floating range set by PBOC. The other financial services provided by the Finance Company are mainly bills acceptance, entrusted loans and guarantee service. The charges of bills acceptance are determined at 0.5‰ of the bills by reference to the “Price Management Measures of Services of Merchant Bank” jointly issued by China Banking Regulatory Commission and the National Development and Reform Commission, which is consistent with merchant banks. For entrusted loan service, loans of RMB1,000,000-5,000,000 will be charged at not less than 0.2% of the principal, and loans of RMB5,000,000 or more will be charged at not less than 0,1% of the principal. Guarantee service will be charged at 3‰ of the guaranteed amount and fees. The charges are all higher than the minimum charges for similar service of merchant banks. According to the Internal Control Management Measures of Connected Transactions, market price shall be agreed between the Company and Magang Group through fair negotiations by reference to comparable market price and under normal commercial terms. Market prices can be obtained through quotations from public market, price of independent third party, price determined through bidding and other negotiated price through market mechanism. The Continuing Connected Transaction Management Committee is responsible for the monitoring of all the connected transactions of the Company, including the Financial Services Agreement. The chairman of the committee is a director and deputy general manager of the Company. The Continuing Connected Transaction Management Committee is responsible for the management and monitoring of connected transactions, including the reporting of connected transaction under requisite procedures, arranging information disclosure for connected transactions, constant managing of the operation of connected transaction agreements, strict execution of...
FINANCIAL SERVICES AGREEMENT. On 3 February 2016, the Board of the Company considered and passed a resolution approving the renewal of the Agreement with the Finance Company. Pursuant to the Agreement, the Finance Company continues to provide the Group with deposit, loan and other financial services as CBRC may approve. For the period from the effective date of the Agreement to the date of the 2018 annual general meeting of the Company, the annual caps for the deposits and loans of the Group with the Finance Company are as follows: The year ending on the date of the 2016 annual general meeting The year ending on the date of the 2017 annual general meeting The year ending on the date of the 2018 annual general meeting Maximum daily balance of deposits of the Group with the Finance Company RMB2.0 billion RMB2.0 billion RMB2.0 billion Maximum outstanding balance of comprehensive credit facilities provided by the Finance Company to the Group RMB3.0 billion RMB3.0 billion RMB3.0 billion For each of the two years ended 31 December 2015, the maximum daily balance of deposits of the Group with the Finance Company amounted to approximately RMB220 million and RMB1.0 billion respectively, and the maximum outstanding balance of comprehensive credit facilities provided by the Finance Company amounted to approximately RMB400 million and RMB1.4 billion respectively. The above annual caps are determined based on the above historical figures, while taking into account the Group’s current financing condition and the possible changes in the future use of funds for business development.
FINANCIAL SERVICES AGREEMENT. The proposed Cap amounts for the Financial Services provided under the Financial Services Agreement are determined after considering the following factors:
FINANCIAL SERVICES AGREEMENT. On 27 December 2013, the Finance Company and Magang Group entered into the Financial Services Agreement, pursuant to which, the Finance Company agreed to provide Magang Group and its subsidiaries with deposit services, loan services and other financial services subject to the terms and conditions provided therein. The principal terms of the Financial Services Agreement are set out below: 27 December 2013 The Finance Company; and Magang Group The Financial Services Agreement shall be for a term commencing from 1 January 2014 to 31 December 2014.
FINANCIAL SERVICES AGREEMENT. FINANCIAL SERVICES AGREEMENT Customer”) sets out the terms under which the Bank may keep Accounts and process instruments for the Customer and provide other services to the Customer.
1. Meaning of “Account” PART A - ACCOUNTS
FINANCIAL SERVICES AGREEMENT. On 5 December 2022, Masteel Finance, a subsidiary of the Company, entered into the Financial Services Agreement with Xxxx Lianjin, pursuant to which Masteel Finance agree to provide deposit services, loan services and other financial services to Xxxx Lianjin in accordance with the terms under the Financial Services Agreement. As of the date of this announcement, China Baowu indirectly holds a total of approximately 51.75% shares of the Company, and Xxxx Lianjin is the subsidiary of China Baowu. As such, Xxxx Lianjin is connected person of the Company under Chapter 14A of the Listing Rules, and the transactions under the Financial Services Agreement would constitute continuing connected transactions of the Company under Chapter 14A of the Listing Rules. As the applicable percentage ratios of the Financial Services Agreement are more than 0.1% but less than 5%, such transactions constitute exempt continuing connected transactions of the Company under Rules 14A of the Listing Rules in which approval from independent shareholders is exempted and are only subject to the reporting and announcement requirements set out in Rule 14A of the Listing Rules. In particular, in respect of the deposit services provided by Masteel Finance to Xxxx Lianjin, as the deposit with Masteel Finance is for the benefit of the Group where no security over assets of the Group is granted, the Company is exempted from reporting, announcement and independent shareholders’ approval requirement under Rule 14A of the Listing Rules.
(1) MAJOR TERMS OF THE INDUSTRIAL FINANCE COOPERATION FRAMEWORK AGREEMENT Date Parties
(i) the Company;
FINANCIAL SERVICES AGREEMENT. On 26 March 2015, the Board of the Company considered and passed a resolution approving the renewal of the Agreement with the Finance Company. Pursuant to the Agreement, the Finance Company continues to provide the Shanghai Pharmaceuticals Group Members with deposit, loan, settlement and other financial services as the CBRC may approve. For the period from the effective date of the Agreement to the date of the 2015 annual general meeting of the Company, the maximum daily balance of deposits of the Shanghai Pharmaceuticals Group Members with the Finance Company shall not exceed RMB1.2 billion. For the period from the effective date of the Agreement to the date of the 2015 annual general meeting of the Company, the maximum outstanding balance of comprehensive credit facilities provided to the Shanghai Pharmaceuticals Group Members by the Finance Company shall not exceed RMB1.8 billion. As at 31 December 2014, the maximum daily balance of deposits of the Shanghai Pharmaceuticals Group Members with the Finance Company amounted to RMB220 million, and the maximum outstanding balance of comprehensive credit facilities provided by the Finance Company was RMB400 million, mainly because the Finance Company has only commenced its operation for a short period and it takes certain amount of time for its business to come into full operation. The average deposit balances on the Shanghai Pharmaceuticals Group Members’ capital platform were RMB3.98 billion, and the average outstanding balances of the Shanghai Pharmaceuticals Group Members’ internal financing were RMB2.35 billion. The above annual caps are determined based of the aforementioned historical figures, while taking into account the Shanghai Pharmaceuticals Group Members’ current financing condition and the possible changes in the future use of funds for business development.
