Zhitong Financial APP, Qiyi Technology (01739) issued an announcement that on September 22, 2023, the company's wholly-owned subsidiary Shanghai Qihong signed a Qihong recommendation service agreement with Shanghai Qijia. Shanghai Qijia will cooperate with a number of building materials and household goods suppliers to sell customized building materials and furniture kits to the end customers recommended by Shanghai Qihong. In return for the recommendation service provided by Shanghai Qihong, the Shanghai Qijia will pay a commission to Shanghai Qihong.
For each year ended December 31, 2023 and December 31, 2024, the annual caps and benchmark amounts receivable by Shanghai Qihong under the Qihong recommendation Service Agreement are RMB 200000 and RMB 400000, respectively.
Taking into account this merger, the total commission limit payable by Shanghai Qihong under the Qihong recommendation Service Agreement and the Shanghai Borrosen recommendation Service Agreement for the year ended December 31, 2023 is RMB 3.2 million.