ANNUAL CAPS AND BASIS OF DETERMINATION. Our Directors estimate that the annual rental receivable by our Group regarding the leasing of the properties under the Xxxxxxxx Health Service Centre Tenancy Agreements for each of the two years ending 31 December 2023 will be as follows: FY2022 (RMB million) FY2023 (RMB million) Aggregate annual caps for total rental receivable by our Group 0.4 0.3 In determining the above annual caps, our Directors have considered generally:
ANNUAL CAPS AND BASIS OF DETERMINATION. Our Directors estimate that the annual service fee payable by our Group in respect of the transactions contemplated under the Master Composite Services Agreement for each of the three years ending 31 December 2024 will be as follows: FY2022 (RMB million) FY2023 (RMB million) FY2024 (RMB million) In determining the above annual caps, our Directors have considered generally:
ANNUAL CAPS AND BASIS OF DETERMINATION. The historical transaction amount for the procurement of printed packaging materials for pharmaceutical products by the Group from Wing Fat Group for the nine months ended 30 September 2021 amounted to RMB34,280,298. The annual cap for the total procurement amount payable by the Group to the Wing Fat Group for the transactions contemplated under the Procurement Framework Agreement for the year ending 31 December 2022 is RMB80,000,000. The annual cap set out above has been determined after taking into account: (i) the estimated amount of printed packaging materials for pharmaceutical products to be requested by the Group for the year ending 31 December 2022;
ANNUAL CAPS AND BASIS OF DETERMINATION. By the date of this announcement, the Group had not engaged CSCF for providing any kind of financial services. Therefore, there were no relevant historical transaction figures to be disclosed or made reference to. The Board, having considered (i) the operating cash flow and financial needs of the Group in respect of its future business expansion and the expected growth of the Group in the coming three years; (ii) the Group’s deposit plan made according to its annual revenue; and (iii) the expected amount of interest income from CSCF, resolved that the maximum daily deposit balance (including interests accrued thereon) of the aggregated deposits placed by the Group with CSCF pursuant to the Financial Services Agreement shall not exceed RMB1,200 million (equivalent to approximately HK$1,333 million) for each of the three years ending 31 December 2022, and such have been set as the annual caps for the said deposit services. The Board, having considered (i) the historical cash position of the Group; (ii) the capital turnaround requirement of construction and infrastructure investment business and the liquidity of the business operations of the Group; and (iii) the plan of prorating capital recouping through different methods, resolved that the aggregate transaction amount of bill acceptance and discount services handled by CSCF for the Group shall not exceed RMB1,200 million (equivalent to approximately HK$1,333 million) for each of the three years ending 31 December 2022, and such have been set as the annual caps for the said bill acceptance and discount services.
ANNUAL CAPS AND BASIS OF DETERMINATION. The renewed annual caps for the maintenance expense and utilities and other charges under the Vietnam Lease Agreements, and the annual cap for the property management fees under the 2021 Property Management Agreement for each of the two years ending 31 December 2022 are set out as below: Annual cap for the year ending 31 December Nature of transactions 2021 2022 Vietnam Lease Agreements Maintenance US$160,000 US$160,000 Utilities and other charges US$550,000 US$550,000 Property Management Agreement Property Management fees US$230,000 US$310,000 Aggregated US$940,000 US$1,020,000 The annual caps were determined after taking account: (i) for the maintenance fees, such fees as set out in the Vietnam Lease Agreements which were negotiated at the time when entering into the agreements with reference to the then prevailing price; (ii) for property management fees, and utilities and other charges, the historical transaction amounts and the expected increase in those fees based on their increasing trends; (iii) the total property area leased by the Group from Xxx Xxxx Vietnam for each of the two years ending 31 December 2022; and (iv) the workers capacity at the Vietnam Production Base. R E A S O N S A N D B E N E F I T S O F E N T E R I N G I N TO T H E 2 0 2 1 P RO P E RT Y MANAGEMENT AGREEMENT AND THE RENEWAL OF ANNUAL CAPS The entering into of the 2021 Property Management Agreement and the transactions contemplated thereunder and the Renewal of Annual Caps form part of the ordinary business of the Group. It will ensure the smooth operation of the Group’s Vietnam Production Base. The Directors (including independent non-executive Directors) considered that the 2021 Property Management Agreement and the transactions contemplated thereunder are in the ordinary and usual course of business of the Group, on normal commercial terms and on terms that are fair and reasonable and in the interest of the Company and its shareholders as a whole.
ANNUAL CAPS AND BASIS OF DETERMINATION. The proposed annual caps for the principal amount and interest in relation to financial products provided by CR Trust and the service fees and commissions payable by the Group for other financial products and services to be provided by CR Trust under the CR Trust Strategic Cooperation Agreement 2023/2024 for the years ending 31 December 2023 and 2024 are as follows: For the years ending 31 December 2023 2024 RMB HK$ RMB HK$ (million) (million) (million) (million) 100.0 108.9 100.0 108.9 70.0 76.2 70.0 76.2 Maximum daily principal amount and interest in relation to financial products to be provided by CR Trust(1) Maximum service fees and commissions for other financial products and services provided by CR Trust Note:
ANNUAL CAPS AND BASIS OF DETERMINATION. The estimated highest rents for the transactions contemplated under the Property Leasing Framework Agreement for each of the years ending 31 December 2024, 2025 and 2026 are set out below: For the year ending 31 December 2024 2025 2026 (RMB 0’000) Estimated highest rent payable by the Group to Shanghai Pharmaceutical (Group) 10,000 10,000 10,000 For each of the years ending 31 December 2024, 2025 and 2026, the Group will determine the annual caps for leases under the Property Leasing Framework Agreement based on the total value of the right-of-use assets relating to the leases. The proposed annual caps of such right-of-use assets are set out below: For the year ending 31 December 2024 2025 2026 (RMB 0’000) Annual caps 22,000 22,000 22,000 The annual caps set out above have been determined after taking into account: (i) the pricing basis as set out in the Property Leasing Framework Agreement; (ii) the historical amounts of right-of-use assets in respect of the property leasing between the Group and Shanghai Pharmaceutical (Group); (iii) the terms of the existing lease agreements, including their respective expiration dates; and (iv) the Group’s demand in entering into new property leases due to the expansion of business.
ANNUAL CAPS AND BASIS OF DETERMINATION. The annual caps for the (i) annual Management Fee to be paid by Xxxxxxx Xxxxxxxx to Shouzhong Investment during the Entrusted Management Period, which is expected to commence by mid-2021, and (ii) annual Variable Lease Payment to be paid by Xxxxxxxxx Investment to Xxxxxxx Xxxxxxxx during the Lease Period (the “Annual Caps”) are set out below: During the Entrusted Management Period During the Lease Period RMB RMB Annual Management Fee payable to Shouzhong Investment 6,000,000 - Annual Variable Lease Payment payable by Shouzhong Investment - 6,000,000 The Annual Caps for the annual Management Fee are determined after taking into account the following principal factors: (i) the estimated cost and expenditure for the improvement of facilities of the Project and maintenance thereafter; (ii) the estimated cost and expenditure for optimizing, upgrading and iterating of intelligent parking management system; (iii) the estimated cost for daily operation and service; (iv) the growth of the consumer price index; (v) the parking industry and market development; and (vi) a reasonable buffer to cater for disbursement that may become payable under the terms of the Agreement and for any upwards adjustments including inflation or otherwise and taking into account the possible fit-out or alteration works to be conducted to improve the quality of service and user experience. The Annual Caps for the annual Variable Lease Payment are determined after taking into account the following principal factors: (i) the future commercial development of Xxxxx’an Xxxxx, including the increase of enterprises, shops, brands and other tenants; (ii) the growth of traffic volumes of the Project; (iii) the value brought by parking service to the Project; and (iv) the synergistic effect of the Shougang Park and Xxxxx’an Xxxxx with the Project. In the event the annual Management Fee or the annual Variable Lease Payment is likely to exceed the Annual Caps, Shoushi Changtai shall cooperate with Shouzhong Investment to comply with applicable Listing Rules and to obtain all necessary approvals and authorization, if required, in relation to the Agreement and the transactions contemplated thereunder. In the event that the Company fails to obtain any such necessary approvals or authorization, Shouzhong Investment shall terminate the Agreement by serving a written notice to Xxxxxxx Xxxxxxxx in accordance with the terms of the Agreement. OPINION FROM THE INDEPENDENT FINANCIAL ADVISER Pursuant to Rule 14A....
ANNUAL CAPS AND BASIS OF DETERMINATION. The table below shows the Annual Cap(s) for the Effective Period under the Finance Lease and Factoring Framework Agreement: Annual Cap(s) (RMB’000) OCT Group Agreement 1,000,000 OCT Ltd. Agreement 2,500,000 Total: 3,500,000 The funds shall only be applied for the actual needs for production and operation of Lessee. The Annual Caps include but not limited to the aggregated principal amounts granted to be utilised pursuant to the Implementation Agreements entered into during the Effective Period, the interest, management fees, and handling fees thereunder, the exercise price of the purchase option of the Lessees by the end of leasing period, the consideration for the factoring of the receivables and the related interests and fees. For the avoidance of doubt, the drawdown or utilization period for each Implementation Agreement will not be limited by the Effective Period, provided that OCT Financial Leasing shall have the right to approve each drawdown in terms of its use and fund flow and the drawdown and transaction contemplated thereunder will not cause the aggregated transaction amounts under all Implementation Agreements to exceed the Annual Caps. The Group has not previously conducted any similar transaction with Lessees.
ANNUAL CAPS AND BASIS OF DETERMINATION. For the year ending 31 December 2024, the estimated highest transaction amount under the Property Leasing Framework Agreement is RMB60 million, including the rent of RMB54 million and relevant property management fee of RMB6 million. Property Leasing Services According to the FAQs on Notifiable and Connected Transaction Rules relating to Lease Transactions of Listed Issuers adopting HKFRS/IFRS 16 “Leases” (or similar accounting standards in other jurisdictions) issued by the Hong Kong Stock Exchange, the annual caps for leases under the Property Leasing Framework Agreement should be determined based on the total value of right-of-use assets relating to the leases to be entered into by the Company in the corresponding period. The historical amounts and the proposed annual caps of such right-of-use assets are set out below: Period Historical Amounts CNY (0,000’) From 1 January 2021 to 31 December 2021 (inclusive both days) 10,841.02 From 1 January 2022 to 31 December 2022 (inclusive both days) 9,921.74 From 1 January 2023 to 30 September 2023 (inclusive both days) 7,441.30 Period Annual Caps CNY (0,000’) From 1 January 2024 to 31 December 2024 (inclusive both days) 16,000 Property Management Services There were no historical amount of relevant property management services under the Property Leasing Framework Agreement, the proposed annual caps for 2024 of which are set out below: Period Annual Caps CNY (0,000’) From 1 January 2024 to 31 December 2024 (inclusive both days) 600 BASIS OF DETERMINATION OF ANNUAL CAPS The annual caps set out above have been determined after taking into account: (i) the historical amount of the total value of right-of-use assets relating to the leases entered into by the Company for the relevant periods; (ii) the pricing basis as set out in the Property Leasing Framework Agreement; (iii) the average rent of the similar properties located in the similar area; (iv) the total amount of the right-of-use assets related to the leasing; (v) quotation for similar services from third-party property service providers; and (vi) the Group’s demand in entering into new property leases due to the expansion of business.
