Summary by Moomoo AI
Weichai Power announced on 29 December 2023 that its subsidiary Wichairevo has entered into a new Continuing Connected Transaction Framework Agreement with HSBC Financing to continue financing arrangements for its customers' purchase of products. The new framework agreement will enter into force from 1 January 2024 until 31 December 2024. Weichairevo Group will provide guarantees and repurchase obligations, where necessary, to support financing lease arrangements provided to clients by HSBC Finance Group. The annual cap of the new agreement is set at RMB2,000,000,000, the same as the current cap. This transaction complies with the Filings, Announcements and Annual Review requirements of Chapter 14A of the Listing Rules, but is exempt from compliance with the independent shareholder approval requirement. The Board considers that this transaction is fair to the interests of the Company and its shareholders and contributes to the efficiency and stability of the Weichairevo Group's operations.