Summary by Moomoo AI
FRIENDSHIP TIME TECHNOLOGY (A WHOLLY OWNED SUBSIDIARY OF YUE TIME LIGHT CO., LTD.) AND NINGBO BANK SUZHOU INDUSTRIAL PARK SUBSIDIARY ENTERED INTO THREE STRUCTURED DEPOSIT AGREEMENTS BETWEEN DECEMBER 13, 2023 AND MAY 9, 2024, WITH A TOTAL SUBSCRIPTION AMOUNT OF RMB90,000,000. The three structured deposits are insured floating income closed-end with an expected annualized yield of 1.00% to 2.85%. Pursuant to Section 14.22 of Listing Rules, as these transactions are offered by the same bank and entered into maturity within 12 months, the relevant percentage rate must be computed in aggregate. Both agreements have percentages greater than 5% but less than 25% and are therefore a disclosable transaction in accordance with Chapter 14 of the Listing Rules. The Company believes that this move helps to improve returns in a low interest rate environment and the level of risk is in line with internal investment policies, considering that the terms are fair and reasonable and in the interests of the Group and its shareholders.