Summary by Futu AI
Xinyi Photovoltaic and Xinyi Glass signed an agreement on the sale and purchase of silica sand for the new year on 4 January 2024, from 1 January 2024 to 31 December of the same year. Under the agreement, Xinyi Light Energy will continue to supply Xinyi Glass with silicon sand for the production of floating glass; at the same time, Xinyi Light Energy will also purchase low-iron silica sand from Xinyi Glass for the production of solar glass. Since Xinyi Glass is the major shareholder of Shinyi Light Energy, the transaction constitutes a continuing connected transaction. The annual cap of the transaction is RMB96.4 million and RMB57.4 million, respectively, and will be priced at market prices. The Boards of Directors have approved the agreement and consider the terms of the transaction to be fair and reasonable in the overall interests of each company and its shareholders. This transaction is subject to the declaration and announcement requirements of Chapter 14A of the Listing Rules, but is exempt from compliance with the Circulars and Shareholder Approvals.
