COWELL Holdings Limited announces the update of the continuing connected transaction agreement with Guangzhou Lijing and Luxshare Precision Industry. The company signed new supply framework agreements and labor framework agreements with Guangzhou Lijing and Luxshare Precision Industry on December 27, 2024, to extend the term of the existing agreements.The new supply framework agreement is valid from January 1, 2025, to December 31, 2027, during which the company will supply products to Guangzhou Lijing Group. The annual cap for the years 2025 to 2027 is RMB 36 million, 43.2 million, and 51.84 million respectively. The new labor framework agreement is valid from January 1, 2025, to December 31, 2025, involving mutual provision of labor services between the company, Guangzhou Lijing, and Luxshare Precision Industry. The annual cap for labor services with Luxshare Precision is RMB...Show More

COWELL Holdings Limited announces the update of the continuing connected transaction agreement with Guangzhou Lijing and Luxshare Precision Industry. The company signed new supply framework agreements and labor framework agreements with Guangzhou Lijing and Luxshare Precision Industry on December 27, 2024, to extend the term of the existing agreements.The new supply framework agreement is valid from January 1, 2025, to December 31, 2027, during which the company will supply products to Guangzhou Lijing Group. The annual cap for the years 2025 to 2027 is RMB 36 million, 43.2 million, and 51.84 million respectively. The new labor framework agreement is valid from January 1, 2025, to December 31, 2025, involving mutual provision of labor services between the company, Guangzhou Lijing, and Luxshare Precision Industry. The annual cap for labor services with Luxshare Precision is RMB 18 million and USD 2.28 million, while the annual cap for labor services with Guangzhou Lijing is RMB 29 million and RMB 1.2 million.These transactions constitute the company's continuing connected transactions, applicable to a percentage rate exceeding 0.1% but below 5%, and must comply with the reporting and announcement requirements of the listing rules, but are exempt from independent Shareholder approval. The company has implemented several internal control measures to oversee the execution of these transactions. The Board of Directors believes that the terms of these agreements are fair and reasonable, in the overall interest of the company and Shareholders.