Summary by Futu AI
PHARMA MING UNITED BIOTECHNOLOGY CO., LTD. ANNOUNCED ON 9 FEBRUARY 2024 THAT DURING THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023, IT DISCOVERED THAT THE ACTUAL TRANSACTION AMOUNT FOR THE MATERIAL PROCUREMENT SERVICES AGREEMENT AND GENERAL SERVICES AGREEMENT BETWEEN IT AND THE HOLDING SHAREHOLDER PHARMA BIOTECHNOLOGY EXCEEDED THE ORIGINAL ANNUAL CEILING。 The actual transaction amount of the raw material procurement service agreement was approximately RMB41.4 million, and the actual transaction amount of the General Services Agreement was approximately RMB17.4 million, exceeding the original annual ceiling of RMB34.5 million and RMB15.0 million. As Pharma Biotechnology holds a 50.10% interest in Pharmaceutical Joint Stock, the transaction constitutes a continuing connected transaction under Chapter 14A of the Listing Rules. The Company has taken enhanced internal controls to ensure compliance with listing rules and prevent similar events from happening again. The Board considers that exceeding the annual ceiling is primarily due to the faster-than-expected business development and is not a systemic problem and will not have a material impact on the Company's business and finances.