Brightstar Tech Group Limited ("the Company") announced that its subsidiary Shenzhen Xinhang entered into a financing fund agreement with Shenzhen Chuanglide Supply Chain Co., Ltd. ("the Borrower") and its major shareholder Mr. Lu Wenming on March 15, 2023, providing a loan principal of RMB 0.1 billion (approximately HKD 0.1104 billion). The loan has no fixed repayment term and is interest-free. The Borrower promised to actively refer customers to Shenzhen Xinhang for IT services & consulting. However, as the Borrower failed to fulfill the referral commitment, Shenzhen Xinhang requested and received full repayment of the loan on March 27, 2024. The Company stated that the loan was based on fair principles and negotiated with the Borrower, taking into account the Borrower's funding needs and potential benefits...Show More

Brightstar Tech Group Limited ("the Company") announced that its subsidiary Shenzhen Xinhang entered into a financing fund agreement with Shenzhen Chuanglide Supply Chain Co., Ltd. ("the Borrower") and its major shareholder Mr. Lu Wenming on March 15, 2023, providing a loan principal of RMB 0.1 billion (approximately HKD 0.1104 billion). The loan has no fixed repayment term and is interest-free. The Borrower promised to actively refer customers to Shenzhen Xinhang for IT services & consulting. However, as the Borrower failed to fulfill the referral commitment, Shenzhen Xinhang requested and received full repayment of the loan on March 27, 2024. The Company stated that the loan was based on fair principles and negotiated with the Borrower, taking into account the Borrower's funding needs and potential benefits for the group. The Company also expressed regret for not complying with the GEM Listing Rules in this loan transaction and has taken remedial measures, including hiring a professional team to improve internal systems, providing internal training, and enhancing monitoring of future trades to ensure strict compliance with the GEM Listing Rules.