CEC. CEC is a state-owned enterprise established under the laws of the PRC. Established in 1989 with the approval of the State Council of the PRC, CEC is a nationwide electronics and information technology conglomerate directly administered by the PRC government. CEC actively focuses on communications, consumer electronics products, semi-conductor and software sectors in the PRC. CEC indirectly holds 59.42% of the issued share capital of the Company. As at the date of this announcement, CEC is the ultimate controlling shareholder of the Company indirectly holding 59.42% of the issued share capital of the Company. CEC is therefore a connected person of the Company under the Listing Rules. Accordingly, the transactions contemplated under each of the 2024 Master Property Management Services Agreement, the 2024 First Master Lease Agreement and the 2024 Second Master Lease Agreement will constitute continuing connected transactions of the Company under Chapter 14A of the Listing Rules. As one or more of the applicable percentage ratios under Rule 14.07 of the Listing Rules for the annual caps of the transactions contemplated under each of the 2024 Master Property Management Services Agreement, the 2024 First Master Lease Agreement and the 2024 Second Master Lease Agreement exceed 0.1% but all of which are less than 5%, the entering into of the 2024 Master Property Management Services Agreement, the 2024 First Master Lease Agreement and the 2024 Second Master Lease Agreement and the transactions contemplated thereunder are subject to the reporting, announcement and annual review requirements, but are exempt from the independent shareholders’ approval requirement under the Listing Rules. None of the Directors have a material interest in the 2024 Master Property Management Services Agreement, the 2024 First Master Lease Agreement and the 2024 Second Master Lease Agreement and the transactions contemplated thereunder. Accordingly, no Director was required to abstain from voting on the Board resolutions for considering and approving the same.
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CEC. CEC is a state-owned enterprise established under the laws of the PRC. Established in 1989 with the approval of the State Council of the PRC, CEC is a nationwide electronics and information technology conglomerate directly administered by the PRC government. CEC actively focuses on communications, consumer electronics products, semi-conductor and software sectors in the PRC. CEC indirectly holds is interested in 59.42% of the issued share capital of the Company. As at the date of this announcement, CEC is the ultimate controlling shareholder of the Company indirectly holding 59.42% of the issued share capital of the Company. CEC is therefore a connected person of the Company under the Listing Rules. Accordingly, the transactions contemplated under each of the 2024 2021 Master Property Management Services Agreement, the 2024 2021 First Master Lease Agreement and the 2024 2021 Second Master Lease Agreement will constitute continuing connected transactions of the Company under Chapter 14A of the Listing Rules. As one or more of the applicable percentage ratios under Rule 14.07 of the Listing Rules for the annual caps of the transactions contemplated under each of the 2024 2021 Master Property Management Services Agreement, the 2024 2021 First Master Lease Agreement and the 2024 2021 Second Master Lease Agreement exceed 0.1% but all of which are less than 5%, the entering into of the 2024 2021 Master Property Management Services Agreement, the 2024 2021 First Master Lease Agreement and the 2024 2021 Second Master Lease Agreement and the transactions contemplated thereunder are subject to the reporting, announcement and annual review requirements, but are exempt from the independent shareholders’ approval requirement under the Listing Rules. None of the Directors have a material interest in the 2024 2021 Master Property Management Services Agreement, the 2024 2021 First Master Lease Agreement and the 2024 2021 Second Master Lease Agreement and the transactions contemplated thereunder. Accordingly, no Director was required to abstain from voting on the Board resolutions for considering and approving the same.
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