Summary by Moomoo AI
Brightstar Tech Group Limited (the 'Company') announced that its subsidiary Xinhang in Shenzhen signed a financing fund agreement with Shenzhen Chuanglide Supply Chain Co., Ltd. ('Borrower') and its major shareholder Mr. Lu Wenming on March 15, 2023, providing a loan principal of RMB 0.1 billion (approximately HKD 0.1104 billion). The loan has no fixed repayment period and does not accrue interest. The Borrower undertook to actively refer customers to Xinhang in Shenzhen for IT services & consulting. However, as the Borrower failed to fulfill the referral commitment, Xinhang in Shenzhen requested and received full repayment of the loan on March 27, 2024. The Company stated that this loan was based on fairness and negotiation with the Borrower, considering the Borrower's fund needs and potential benefits for...Show More