Proposed Annual Cap. The proposed annual cap for the transactions under the Power Supply Framework Agreement for the year ending 31 December 2017 is expected to be RMB1,200 million (equivalent to approximately HK$1,368 million). The proposed annual cap for the transactions under the Power Supply Framework Agreement has been determined after arm’s length negotiation with reference to
Proposed Annual Cap. It is estimated that the maximum aggregate amount of servicing fees payable by SIFS to the service provider under the Master Services Agreement will not exceed the Annual Caps set out below. Financial year ending 2014 Maximum annual value of HK$2,500,000 Financial year ending 2015 Maximum annual value of HK$3,000,000 Financial year ending 2016 Maximum annual value of HK$3,500,000 The Annual Caps are calculated based on the agreed scope of services to be provided to SIFS from time to time, the anticipated increasing rental fees for offices in Hong Kong and taking into account the possible office space which may be taken up by SIFS in offices presently occupied by the Group in the PRC. Reasons for the transaction: The Group is engaged in providing financial services in Hong Kong and making proprietary investments, including investments in various listed and unlisted assets for short to medium term capital gains. Kingsway Services is primarily engaging in the provision of administrative and management services to the Group, including but not limited to, the provision of office space, general cleaning, maintenance and upkeep, human resources and information technology. SIFS is primarily engaged in private equity investment and the provision of administration services to the SIL Group (excluding the Company). The services provided by Kingsway Services allows the SIL Group to concentrate on its primary business endeavors. The Board, including the independent non-executive Directors, are of the view that the transaction contemplated under the Master Services Agreement was entered into in the ordinary and usual course of business of the Company and on normal commercial terms and the terms are fair and reasonable and are in the interests of the Company and its Shareholders as a whole. LISTING RULES IMPLICATIONS SIFS is an indirect wholly-owned subsidiary of SIL, the ultimate controlling shareholder of the Company. In the circumstances, SIFS is a connected person of the Company and the transactions contemplated under the Master Services Agreement constitute a continuing connected transaction for the Company under the Listing Rules. Given that the annual amount of the Service Fee payable under the Master Services Agreement is expected to be more than 0.1% but less than 5% under the applicable percentage ratio, the Master Services Agreement is subject to the reporting, annual review and announcement requirements but is exempt from the independent shareholders’ approva...
Proposed Annual Cap. The proposed annual cap for the continuing connected transactions under the 2020 Supplemental Trademark Licence Agreement is RMB10,000,000 for each of 2021, 2022 and 2022.
Proposed Annual Cap. As mentioned in the above paragraph headed “Reasons for the Transactions”, the income derived from Direct Power Transaction by CR Jiangsu represents the difference between the amount the end users pay to Jiangsu Electric Power Company and the amount pays to CR Xuzhou (excluding the fees and income of Jiangsu Electric Power Company). CR Jiangsu will only record such difference (rather than the electricity fees payable by end users) as the revenue from the Direct Power Transaction in its financial statements. As such, the Directors consider that the proposed annual cap in relation to CR Jiangsu under the Direct Power Transaction shall be the revenue to be received by CR Jiangsu under the Direct Power Transaction (i.e. the difference between the amount the end users pay to the power grid operator and the amount the power grid operator pays to power plants) for the year ended 31 December 2018, and would like to clarify that the amount of such annual cap shall be approximately RMB2.0 million (equivalent to approximately HK$2.4 million). On this basis, as at the date of the Direct Power Transaction Agreement, none of the relevant percentage ratios under the Listing Rules in respect of the transactions contemplated under the Direct Power Transaction Agreement reached the de minimis threshold under Rule 14A.76 of the Listing Rules, and therefore the Direct Power Transaction Agreement and the transactions contemplated thereunder are fully exempt from reporting, announcement and independent shareholders’ approval requirements under Chapter 14A of the Listing Rules.
Proposed Annual Cap. It is proposed that the annual cap amounts for the transactions contemplated under the Supplemental Hoisting Equipment Lease Agreement (2017-2019) for the three financial years ending 31 December 2019 will be set at RMB3.85 million, RMB4.95 million and RMB6.6 million, respectively. Basis of the proposed annual cap: The proposed annual cap is calculated and determined after taking into account the historical amount and the scale of Zhuhai Industrial Park and anticipated hoisting services needed. Reasons For and Benefits of the Supplemental Hoisting Equipment Lease Agreement (2017-2019) Zhuhai Industry Part was newly established in May 2015 for the port machinery and the Company needs hoisting equipment in Hunan to hoist large-size materials and equipment for setting-up of Zhuhai Industry Park. Hunan Zhongtai Equipment is principally engaged in hoisting services and it has branch office and hoisting equipment located in Zhuhai. Thus, the Company considers that Hunan Zhongtai Equipment is able to provide the appropriate hoisting equipment to the Company in a timely manner. Therefore, the Directors (including the independent non-executive Directors) are of the view that the Supplemental Hoisting Equipment Lease Agreement (2017-2019) has been entered into in the ordinary and usual course of business on normal commercial terms and the terms thereof are fair and reasonable and in the interest of the Company and the Shareholders as a whole. As no Director has a material interest in the Supplemental Hoisting Equipment Lease Agreement (2017- 2019), none of the Directors has abstained from voting on the relevant board resolution approving the Supplemental Hoisting Equipment Lease Agreement (2017-2019). Listing Rules Implications As at the date of this announcement, Xx. Xxxxx Xxxxxx is a controlling shareholder of the Company by virtue of his indirect 56.42% interests in Sany Hong Kong, which in turn holds 2,134,580,188 ordinary shares and 479,781,034 Convertible Preference Shares, which, in aggregate, represents 85.97% of the issued share capital of the Company. Sany Group, being held by Xx. Xxxxx Xxxxxx as to 56.42%, is therefore an associate of Xx. Xxxxx Xxxxxx under Rule 14A. 12(1)(c) and hence a connected person of the Company under the Listing Rules. Hunan Zhongtai Equipment, being a subsidiary of Sany Group, is therefore an associate of Xx. Xxxxx Xxxxxx under Rule 14A. 12(1)(c) and hence a connected person of the Company under the Listing Rules. Accordingly, th...
Proposed Annual Cap. Set out below is a summary of the proposed annual cap for the year ending 31 December 2021 for the System Services Transactions under the System Services Agreement: Year ending 31 December 2021 (RMB) System Services Transactions 150,000,000 (equivalent to approximately HK$165,000,000)
Proposed Annual Cap. The Board proposes to set the proposed annual cap of the products sold to Xxx Xx for the period commencing on 1 January 2019 and expiring on 31 December 2019 as RMB21,000,000, mainly determined based on the following factors:
Proposed Annual Cap. The aggregate consideration in connection with the Existing Lease Agreements for the five months ending 31 May 2013 was amounted to approximately RMB8.8 million. And the aggregate consideration in connection with the Existing Lease Agreements and the New Baozehang Lease Agreement for the year ending 31 December 2013 is expected to be approximately RMB16 million. The proposed annual cap under the Existing Lease Agreements and the New Baozehang Lease Agreement for the year ending 31 December 2013 is RMB16 million. It is determined with reference to the historical figures of the monthly consideration paid under the Existing Lease Agreements, together with the consideration to be paid under the New Baozehang Lease Agreement. The Directors (including the independent non-executive Directors) are of the view that the proposed annual cap for the transactions under the Existing Lease Agreements and New Baozehang Lease Agreement is fair and reasonable and in the interests of the Company and the Shareholders as a whole.
Proposed Annual Cap. The annual cap for the Brand License Agreement from July 31, 2023 to December 31, 2023 is US$3.0 million. The estimated annual cap for the Brand License Agreement for the year ending December 31, 2024 is US$10.0 million, which was principally determined based on:
Proposed Annual Cap. The annual cap originally set for the annual rent payable under the AAC New Power Lease Agreement for the year ending 31 December 2013 was RMB3,257,220 (equivalent to approximately HK$3,908,664 as of the date of the 4 August 2011 Announcement). In view of the entering into of the Supplemental AAC New Power Lease Agreement, the Board intends to set the annual cap for the annual rent payable under the AAC New Power Lease Agreement (as supplemented by the Supplemental AAC New Power Lease Agreement) for the year ending 31 December 2013 as RMB3,597,000 (equivalent to approximately HK$4,460,280), which is determined based on the annual rent payable by AAC New Power under the AAC New Power Lease Agreement (as supplemented by the Supplemental AAC New Power Lease Agreement) during the year ending 31 December 2013. Basis for determining the rent: Pursuant to the AAC New Power Lease Agreement (as supplemented by the Supplemental AAC New Power Lease Agreement), the Jiangsu Yuanyu (AAC New Power) Premises is leased from Xxxxxxx Xxxxxx to AAC New Power on the rental basis of RMB15 (equivalent to approximately HK$18.60) per sq.m. of the construction area and RMB1 (equivalent to approximately HK$1.24) per sq.m. of the site area of the Jiangsu Yuanyu (AAC New Power) Premises. The rental rate as revised pursuant to the Supplemental AAC New Power Lease Agreement is the same as the rental rate under the AAC New Power Lease Agreement, which was determined with reference to prevailing market rental rates obtained by market research on rental valuation of similar properties in the vicinity carried out by AAC New Power in 2011 before the entering into of the AAC New Power Lease Agreement and are lower than the recent prevailing market rental rates obtained by market research on rental valuation of similar properties in the vicinity carried out by AAC New Power. Reasons for and benefits of entering into the Supplemental AAC New Power Lease Agreement: Pursuant to the AAC New Power Lease Agreement, AAC New Power would be renting for the period from 1 July 2012 to 30 June 2013 an area comprising 15,894 sq.m. of construction area and 2,230 sq.m. of site area and for the period from 1 July 2013 to 31 December 2013 an area comprising 20,000 sq.m. of construction area and 2,230 sq.m. of site area of the Jiangsu Yuanyu (AAC New Power) Premises. However, as the lithium-ion battery materials research and development and testing production of AAC New Power has been running six months ahead o...
