Summary by Moomoo AI
Xinyi Photovoltaic Holdings Limited and Xinyi Glass Holdings Limited announced on 28 December 2023 that they will renew the 2024 Production Equipment Procurement Agreement and the Glass Procurement Agreement for the period from 1 January 2024 to 31 December 2024. The purpose of this initiative is to provide Xinyi Photovoltaic Group with production equipment and glass products in order to maintain and improve the production facilities of its solar glass products. AS A MAJOR SHAREHOLDER OF SINYI LIGHT ENERGY, THE TRANSACTION BETWEEN THE TWO IS CONSIDERED TO BE A CONTINUING CONNECTED TRANSACTION AND SUBJECT TO THE DECLARATIONS AND NOTICES PROVIDED FOR IN CHAPTER 14A OF THE LISTING RULES. Under the agreement, Xinyi Photovoltaic Group will purchase from Xinyi Glass Group production equipment of not more than RMB288.0 million and construction glass of not more than RMB13.6 million. The transaction is not expected to exceed the annual limit and will be conducted on fair basis and normal commercial terms.