Xiangfeng Group signed a Financing Lease Framework Agreement with Dongfeng Nissan on 31 January 2024, involving a maximum financing amount of RMB262,011,475. The agreement allows the Xiangfeng Group and its subsidiaries or associates to withdraw funds from time to time during the term of the contract and to sell the leased assets to Dongfeng Nissan and then rent them back for monthly rent. This transaction is subject to disclosure pursuant to Chapter 14 of the Listing Rules, but is exempt from Circular and Shareholder Approval. The contract ends 30 June 2024 and is combined with the previous post-sale and leaseback agreement. Guarantees provided by the Executive Directors of Xi Shuifeng Group, Mr. Wong Wai, Ms. Xie Xiaowei and Mr. Ye Fu Wai are exempted from...Show More

Xiangfeng Group signed a Financing Lease Framework Agreement with Dongfeng Nissan on 31 January 2024, involving a maximum financing amount of RMB262,011,475. The agreement allows the Xiangfeng Group and its subsidiaries or associates to withdraw funds from time to time during the term of the contract and to sell the leased assets to Dongfeng Nissan and then rent them back for monthly rent. This transaction is subject to disclosure pursuant to Chapter 14 of the Listing Rules, but is exempt from Circular and Shareholder Approval. The contract ends 30 June 2024 and is combined with the previous post-sale and leaseback agreement. Guarantees provided by the Executive Directors of Xi Shuifeng Group, Mr. Wong Wai, Ms. Xie Xiaowei and Mr. Ye Fu Wai are exempted from compliance with the relevant listing rules on the basis of commercial terms. The financing lease framework contract and the post-sale leaseback arrangement have helped to facilitate the Group's expansion of financing channels and supplemental working capital. The Board considers that the terms of the transaction are fair and reasonable and in the overall interests of the company and its shareholders.