Tractor Research Company Technological Services Agreement. The Tractor Research Group has strong capability in tractor products research and development. The Group wishes that the Tractor Research Group will continue to provide new production technology research and development and technological services related to tractor products to the Group, and meet the Company’s product technology upgrade needs. INFORMATION OF THE GROUP, YTO, YTO GROUP, XIYUAN COMPANY AND TRACTOR RESEARCH COMPANY The Group is principally engaged in the production and sale of agricultural machineries and power machineries. The principal products include tractors of hi-powered, mid- powered and low-powered, diesel engines and relevant parts and components. As at the date of this announcement, YTO is a immediate controlling shareholder of the Company, holding approximately 548,485,853 A Shares of the Company, representing approximately 48.81% of the total issued Shares of the Company. YTO is principally engaged in the production of specific transport machinery, vehicle products and components. China National Machinery Industry Corporation* ( 中國機械工業集團 有限公司) owns 87.90% interests of YTO, Luoyang State-Owned Assets Operation Company Limited owns the remaining 12.10% interests of YTO. As at the date of this announcement, Xiyuan Company is a direct wholly-owned subsidiary of YTO, the controlling shareholder of the Company. Xiyuan Company, in the capacity of a state-authorized inspection and testing organization and a certified public service platform, is principally engaged in: the testing and inspection of tractors, three-wheeled vehicles, low-speed trucks, automobiles (including special-purpose vehicles), electric vehicles, construction machineries, internal combustion engines, agricultural machineries, motorcycles, agricultural machineries, transformation machineries and its components; conducting security check on motor vehicles; development, production and sale of agricultural machinery equipment and test equipment, instruments, new materials and related products; licensed sale of imported equipment and instruments; technical development, consultation, transfer and related services; judicial authentication in the quality of machinery products; land inspection; measurement and calibration of the instrument and equipment. As at the date of this announcement, Tractor Research Company is a non-wholly owned subsidiary of the Company, and the Company holds 51% equity interest in Tractor Research Company and YTO holds the remaining 49% equity interest...
Tractor Research Company Technological Services Agreement. As at the date of this announcement, YTO beneficially owns approximately 48.81% equity interest in the Company and is the immediate controlling shareholder of the Company. Tractor Research Company is an associate of YTO and a connected subsidiary of the Company under the Listing Rules. As such, the transactions contemplated under the Product Inspection and Testing as well as Technological Services Agreement constitute continuing connected transactions of the Company under the Listing Rules. As the applicable percentage ratios for the Tractor Research Company Technological Services Agreement are more than 0.1% but less than 5%, the provision of services under the Tractor Research Company Technological Services Agreement is subject to the reporting and announcement requirements but is exempt from the independent shareholders’ approval requirement under Chapter 14A of the Listing Rules. BOARD’S CONFIRMATION The 2023 Continuing Connected Transaction Agreements and the transactions contemplated thereunder have been approved by the Board. Xxx Xxxxx, Xxxx Xxxxxx, Xxxxx Xxxxx and Xxxxx Xxx, all being Directors, have abstained from voting at the Board meeting, as they are connected to YTO and (if applicable) Xiyuan Company. The terms of each of the 2023 Continuing Connected Transaction Agreements were determined after arm’s length negotiations between the parties thereto. The Directors (including the independent non-executive Directors) consider that the terms of each of the 2023 Continuing Connected Transaction Agreements are on normal commercial terms and in the usual course of business of the Group, fair and reasonable and in the interests of the Group and the Shareholders as a whole.
Tractor Research Company Technological Services Agreement. Introduction On 20 December 2022, Tractor Research Company, as the supplier, and the Company, on behalf of the Group, as the purchaser, entered into the Tractor Research Company Technological Services Agreement, pursuant to which, Tractor Research Company agreed to provide the new production technology research and development, technological consultation as well as other technological services in respect of tractor and other agricultural machinery and diesel engine and other power machinery products to the Group. Tractor Research Company Technological Services Agreement Details of the principal terms of the Tractor Research Company Technological Services Agreement and its proposed Annual Cap amount are set out below: Date 20 December 2022 Parties
