Summary by Futu AI
Yixin Group Co., Ltd. (Yixin) announced that its indirect wholly-owned subsidiary X Star signed a three-year service agreement with Tencent Cloud of Singapore on December 29, 2023, effective January 1, 2024. The agreement involves Tencent Cloud Singapore providing a range of Tencent Cloud services to the Yixin Group. In addition, Shanghai Yixin also signed a similar three-year service agreement with Beijing Tencent Cloud on December 21, 2023. Under the Listing Rules of the Hong Kong Stock Exchange Limited, these transactions are considered to be continuing connected transactions and are subject to reporting, annual review and notification requirements as the annual limit of the amount traded exceeds 0.1% but is less than 5%. The Yixin Group stated that these agreements will help enhance the Group's cloud application and technical capabilities and believes that the procurement services with the Tencent Group will provide the Group with the required technical support and be a more cost-effective solution. All transactions are negotiated fairly and are in the overall best interests of the company and its shareholders.