Summary by Futu AI
CITIC Telecom announced that its wholly-owned subsidiary has signed a new major property lease agreement with Tendo (a wholly-owned subsidiary of CITIC Corporation) on September 17, 2024, to renew the lease of the property in Ap Lei Chau, Hong Kong. The lease agreement will start from September 20, 2024, and will last for three years until September 19, 2027. The tenant has paid Tendo a deposit of approximately HK$2,806,000. This transaction is considered a related party transaction as Tendo is a wholly-owned subsidiary of CITIC Corporation, and CITIC Corporation holds approximately 57.54% of CITIC Telecom's equity. According to the Listing Rules, the rental payment for this transaction needs to comply with the declaration and announcement requirements, but does not require approval from independent shareholders. All applicable percentages for other charges are less than 0.1% and are therefore fully exempted. The property will continue to be used as a datacenter to support the group's day-to-day and general business operations.