Summary by Moomoo AI
Zhongda Group Holdings Limited announced on 15 January 2024 that its wholly-owned subsidiary Yifeng Finance Limited has entered into a financing letter with Client A, agreeing to provide HK$66,000,000 in revolving loan financing for a period of three years at an annual interest rate of 7%. The loan is secured by 25% of the issued shares of Senworth Limited with a collateralised valuation of approximately HK$80,000,000. As Client A is the principal shareholder of Senworth, this transaction is considered a connected transaction, but is exempt from compliance with the Circular and Independent Shareholder Approval requirements because the terms of the transaction are fair and reasonable and in the overall interests of the company and shareholders. The Company is primarily engaged in securities and futures trading, financial investments and lending operations, which help provide a stable source of interest income.