China Minsheng Subscription Referral Services Sample Clauses

China Minsheng Subscription Referral Services. The Proposed Annual Caps for China Minsheng Subscription Referral Services are determined based on the historical amount of the commission that the Group received for procuring China Minsheng Group to subscribe the notes issued by its Independent Third Party client and the expected business growth. During the year ended 31 December 2020, the Group completed over 100 underwriting projects for its Independent Third Party clients. Although during the same period, there was only one such transaction and the commission amounted to approximately HK$5.85 million (“2020 Subscription Opportunities”), the Group could have offered more Subscription Opportunities to China Minsheng Group. As one of the major investment services platforms of China Minsheng Group, the Group will continue to provide China Minsheng Group with investment-related services including referring Subscription Opportunities to China Minsheng Group. Given the amount of bonds underwritten by the Group for the two years ended 31 December 2020, it is expected that the Group will offer more Subscription Opportunities to China Minsheng Group during the three years ending 31 December 2024. For each of the three years ending 31 December 2024, it is expected that the Group may offer two Subscription Opportunities that are of similar size of the 2020 Subscription Opportunities. In light of the above, it is estimated that the referral fees for China Minsheng Subscription Referral Services will be approximately HK$12 million, HK$12 million and HK$12 million.
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