On August 12, 2024 (US Eastern Time), Gemini Inv (00174.HK) announced that a lessee (an indirect non-wholly-owned subsidiary of the company) signed a lease agreement with the landlord. The property is located on the 7th floor of the building at 18 West 21st Street, Manhattan, New York.

According to Hong Kong Financial Reporting Standard No. 16 "Leases", the Group will recognize right-of-use assets related to lease agreements in the consolidated statement of financial position. Therefore, in accordance with Chapter 14 of the Listing Rules, entering into lease agreements will be regarded as the Group's acquisition of assets.

To accommodate the tenant's business development, the directors consider that entering into a lease agreement is necessary and beneficial for business purposes, in order for the lessee to use the property as an office and for business operations in New York.