Haixing IT System definition
Examples of Haixing IT System in a sentence
In addition, CMHIT agreed to, within 10 business days upon Haixing’s satisfactory assessment of system built under the Supplemental Agreement to the Haixing IT System Development Agreement, issue to Haixing, an irrevocable bank guarantee in the sum of RMB41,770.65(equivalent to approximately HK$46,412), representing 3% of the additional consideration.
Such bank guarantee acts as a performance guarantee and will expire 12 months after ▇▇▇▇▇▇▇’s satisfactory assessment of the whole Haixing IT System.
In relation to the Supplemental Agreement to the Haixing IT System Development Agreement, the Directors, including the independent non-executive Directors, are of the view that the Supplemental Agreement to the Haixing IT System Development Agreement was entered into on normal commercial terms and in the ordinary and usual course of business of the Company.
The Directors, including the independent non-executive Directors, are of the view that taking into account the delays and the current status of the Haixing IT System the revised annual cap in respect of the fees payable to CMHIT under the Haixing IT System Framework Agreement for the year ending 31 December 2021 and 31 December 2022 are fair and reasonable and in the interest of the Company and its shareholders as a whole.
None of the Directors have a material interest in the 2022 Ship Berthing Services Agreement, the 2022 CMPG Services Framework Agreement, the 2022 Sinotrans Services Framework Agreement, the 2022 CMHIT Comprehensive Services Framework Agreement, the 2022 Djibouti Cooperation Agreement, the 2022 Mawan Smart Port Technology Services Agreements and the Haixing IT System Framework Agreement nor are they required to abstain from voting in the relevant board resolutions.
None of the Directors have a material interest in the CMHIT IT System Development Agreement, Supplemental Agreement to the Haixing IT System Development Agreement, the IT Services Framework Agreement or the 2020 CMHIT Comprehensive Services Framework Agreement nor are they required to abstain from voting in the relevant board resolutions.
Accordingly, the transaction contemplated under the Supplemental Agreement to the Haixing IT System Development Agreement constitutes a connected transaction of the Company under Chapter 14A of the Listing Rules.
Taking into account the necessity for the amendment to be made to the Haixing IT System Development Agreement in order for CMHIT to complete the development of the Haixing IT System, the Directors, including the independent non-executive Directors, are of the view that the terms of the Supplemental Agreement to the Haixing IT System Development Agreement are fair and reasonable and in the interest of the Company and its shareholders as a whole.
Since the applicable percentage ratios set out in Rule 14.07 of the Listing Rules in respect of the annual cap for the fees payable under the Haixing IT System Framework Agreement for the year ending 31 December 2021 and 31 December 2022 exceed 0.1% but are below 5%, it is exempt from the circular (including independent financial advice) and shareholders’ approval requirements under Chapter 14A of the Listing Rules.
Save as amended by the Supplemental Agreement to the Haixing IT System Development Agreement, the Haixing IT System Development Agreement shall remain in full force and effect in all respects.