Summary by Futu AI
Asian Citrus Holdings Limited announced on July 11, 2024 that its indirectly held subsidiary, Jiuyuan Wanjiang, has signed a loan agreement with Qichun Aimu Technology Co., Ltd. The principal amount involved in the loan agreement is RMB 5 million (approximately HKD 5.4 million), with a loan term of six months and an annual interest rate of 4%. As Qichun Aimu Technology Co., Ltd. is 51% and 49% owned by Jiuyuan Wanjiang and Hubei Qi'ai Technology Group Co., Ltd., respectively, the loan agreement constitutes a connected transaction under Chapter 14A of the Listing Rules. However, due to the fairness and reasonableness of the transaction terms and the overall interests of the company and its shareholders, the connected transaction has been exempted from the provisions of circulars, independent financial advice, and shareholder approval. Nevertheless, the transaction is subject to the reporting and announcement procedures. The loan is intended to support the development of Qichun Aimu Technology Co., Ltd.'s e-commerce platform.