Summary by Moomoo AI
Xinyi Photovoltaic Holdings Limited and Xinyi Glass Holdings Limited announced on 28 December 2023 that they will renew the 2024 Production Equipment Procurement Agreement and the Glass Procurement Agreement for the period from 1 January 2024 to 31 December 2024. The aim of this initiative is to provide cost effective production equipment and glass products for Shinyi Photovoltaic Group and to ensure the maintenance and improvement of its solar glass production facilities. AS A MAJOR SHAREHOLDER OF SINYI LIGHT ENERGY, THE TRANSACTION BETWEEN THE TWO IS CONSIDERED TO BE A CONTINUING CONNECTED TRANSACTION AND SUBJECT TO THE DECLARATIONS AND NOTICES PROVIDED FOR IN CHAPTER 14A OF THE LISTING RULES. The annual cap of the agreement is RMB288.0 million and the actual purchase price will be determined based on factors such as market prices and production costs. THE BOARD OF DIRECTORS OF SINYI LIGHT ENERGY AND SINYI GLASS HAS APPROVED THE TRANSACTION AND CONSIDERS THAT THE TERMS OF THE TRANSACTION ARE FAIR AND REASONABLE AND IN THE OVERALL INTERESTS OF THEIR RESPECTIVE SHAREHOLDERS.
