Summary by Moomoo AI
Ali Motion Pictures announced an amendment to the annual cap on its continuing connected transactions and terminating continuing connected transactions under the Commissioned Operating Services Agreement. The company expects the prior-year cap to be insufficient to meet business needs for the fiscal year ended March 31, 2024. Therefore, the annual cap for advertising services and IP commercialization cooperation will be increased from RMB1 million to RMB1 million and the annual limit for payment services will be increased from RMB4.5 million to RMB4.5 million Million yuan, the annual cap for shared services was increased from RMB1 billion to RMB1.6 million. In addition, as Barley Development became a merged entity after the acquisition transaction, Ali Pictures and Barley Development and CPC entered into a termination agreement on December 28, 2023, terminating the continuing connected transaction under the Commissioned Operating Services Agreement. Under the Listing Rules, the Company will comply with the reporting and notification requirements of relevant continuing connected transactions, but is exempt from the requirement for independent shareholder approval.