Summary by Futu AI
Xixin Xin Energy announced on March 4, 2024 that its indirect wholly-owned subsidiary Nanjing Xioxin New Energy Development has entered into an intercompany contract with another wholly owned subsidiary such as Dongshixin Smart Energy. Under the contract, Nanjing Xioxin New Energy Development will provide residential services, such as helping Dongshixin Smart Energy purchase liquefied natural gas (LNG) and sign natural gas sales and purchase contracts with Shenzhen Energy Gas Investment Holding Co., Ltd. The residential contract runs from 4 March 2024 to 31 December of the same year. The transaction constitutes a continuing connected transaction, but is exempt from shareholder approval due to the transaction amount being less than 5%, as the transaction amount is less than 5%. The Board considers that the terms of the transaction are fair and reasonable and in the overall interests of the Company and its shareholders.