Summary by Moomoo AI
Asian Citrus (Asian Citrus Holdings Limited) announced on July 11, 2024 that its indirectly non-wholly owned subsidiary, Juyuan Wanjiang, has signed a loan agreement with Qichun Aimu Technology Co., Ltd. The principal involved in the loan agreement is RMB50 million, which is equivalent to about HKD54 million, with a loan term of six months and an annual interest rate of 4%. As Qichun Aimu Technology Co., Ltd. is owned by Juyuan Wanjiang and Hubei Qiai Technology Group Co., Ltd. with 51% and 49% equity interest, respectively, this loan agreement constitutes a connected transaction under Chapter 14A of the Listing Rules. However, as the terms of the transaction are fair and reasonable, and in the overall interests of the company and its shareholders, the exemption is granted and the transaction is not subject to the requirements of circular, independent financial advice and shareholder approval, but the procedures for reporting and announcement shall still be followed. The purpose of the loan is to support Qichun Aimu Technology Co., Ltd. in developing its e-commerce platform.
