Summary by Futu AI
China Tower (stock code: 00788) has announced that it has signed transmission resource and cloud resource lease framework agreements with China United Network Communications Group and China Telecom Group, respectively. The agreement will commence from August 7, 2024 and end on December 31, 2026. China United Network Communications Group and China Telecom Group are major shareholders of China Tower holding approximately 20.65% and 20.50% of the shares, respectively, directly. According to listing rules, these transactions are deemed to be continuing connected transactions and are subject to relevant disclosure, annual review and announcement requirements. The board of directors (including independent non-executive directors) believes that these agreements are concluded on normal commercial terms and the terms are fair and reasonable, which are in the overall interest of the Company and shareholders.