Summary by Moomoo AI
Dongyue Group announced that its wholly-owned subsidiary Dongyue Fluorosilicon Technology and joint venture Dongyue Hydrogen Energy signed the "Renewal of Raw Material Supply, Product Sales, and Other Trade Framework Agreements IV" on July 2, 2024, continuing their supply chain partnership from July 1, 2024, until the end of the year. The agreement allows both parties to trade Dongyue raw materials and related services, and sets annual sales and procurement limits. As the executing director Zhang Jianhong controls entities holding approximately 35.50% equity of Dongyue Hydrogen Energy, this transaction constitutes a related party transaction, but was exempt from issuing circulars and obtaining independent shareholder approval as the amount involved did not exceed 5%. The board of directors believes that the terms of this agreement are fair, reasonable and in the interest of the company and its shareholders.