Summary by Futu AI
On June 5, 2024, Yuexiu Property signed a forex forward contract with its controlling shareholder, Yuexiu Enterprise, involving an amount of USD 350 million. This transaction is considered a related party transaction as Yuexiu Enterprise holds approximately 43.39% of Yuexiu Property's shares. According to the listing rules, the maximum applicable percentage of this transaction exceeds 0.1% but is lower than 5%, so it needs to comply with the declaration and announcement rules but is exempt from independent shareholder approval. Yuexiu Property stated that the purpose of the contract is to manage forex risks related to USD bills and believes that the contract will reduce hedging costs, which is in line with the interests of the company and shareholders. The settlement date of the contract is scheduled for January 20, 2026, and early termination of the uncompleted transaction is allowed. Yuexiu Property is primarily engaged in property development and investment, while Yuexiu Enterprise and its parent company, Guangzhou Yuexiu, have businesses in multiple fields.