Kuaishou Technology (Kuaishou) announced that it will revise the current annual limit of its continuing connected transactions. This is based on the expected service fee income and payable expenses under the 2023 marketing and promotion service framework agreement, cloud computing service and technology service framework agreement, which exceed the original upper limit. The board of directors expects that the current upper limit will not be sufficient to meet the demand during the annual period from 2024 to 2026, so a supplementary agreement was signed with Tencent Computer on August 20, 2024 for revision. Tencent Computer is a wholly-owned subsidiary of Tencent, and Tencent is one of Kuaishou's major shareholders. According to the listing rules, these transactions belong to continuing connected transactions and must...Show More

Kuaishou Technology (Kuaishou) announced that it will revise the current annual limit of its continuing connected transactions. This is based on the expected service fee income and payable expenses under the 2023 marketing and promotion service framework agreement, cloud computing service and technology service framework agreement, which exceed the original upper limit. The board of directors expects that the current upper limit will not be sufficient to meet the demand during the annual period from 2024 to 2026, so a supplementary agreement was signed with Tencent Computer on August 20, 2024 for revision. Tencent Computer is a wholly-owned subsidiary of Tencent, and Tencent is one of Kuaishou's major shareholders. According to the listing rules, these transactions belong to continuing connected transactions and must comply with the regulations for declaration, announcement, and annual review. The revised annual limits are: the marketing and promotion service will increase from RMB 753.5 million in 2024 to RMB 1,203.5 million, from RMB 768.5 million in 2025 to RMB 1,468.5 million, and from RMB 828.5 million in 2026 to RMB 1,678.5 million; the cloud computing service and technology service will increase from RMB 950.0 million in 2024 to RMB 1,414.0 million, from RMB 1,020.0 million in 2025 to RMB 1,635.0 million, and from RMB 1,110.0 million in 2026 to RMB 1,891.0 million. Kuaishou stated that this revision reflects the long-term stable relationship with Tencent Group and the growth of business needs. The company has taken internal control measures to ensure that the transaction terms are fair and reasonable and in line with the overall interests of shareholders.