Summary by Futu AI
On 26 November 2024, Huayun Land, as a borrower, signed a financing letter with a bank, providing a term loan of RMB 2.5 billion for a three-year loan period. According to the financing letter, the Huayun Group needs to maintain a holding of at least 35% in the territory of Huarun, otherwise it will constitute a default event. HUA RUN GROUP CURRENTLY HOLDS APPROXIMATELY 59.55% OF THE SHARE CAPITAL OF HUAYUN.If the Huayrun Group ceases to hold more than 50% interest in the State Assets Supervisory Board of the State Council of China, it will also constitute a breach of contract. If the default occurs and continues, the lender may cancel the financing commitment and request immediate repayment of all outstanding payments and accrued interest. HUA YUAN WILL CONTINUE TO DISCLOSE THE SITUATION IN ITS SUBSEQUENT INTERIM AND ANNUAL REPORTS.This announcement is made pursuant to Section 13.18 of the Listing Rules of the HKEX, and the disclosure will continue to be made in accordance with Section 13.21 of the Listing Rules of the HKEx.