Tianjin Binhai Teda Logistics (Group) Corporation Limited (8348) has announced a major adjustment to its continuing connected transactions with Toyota Tsusho, which holds a 36.2% equity interest in Tianjin Fengtian Logistics, a non-wholly-owned subsidiary of the company.

The original annual cap for logistics services under the existing agreement in 2025 was RMB 15.98 million. Owing to higher-than-expected demand and newly added transportation routes (including Tianjin to Changchun and Shanghai to Changchun), the board has revised the cap upward to RMB 66 million for the year ending 31 December 2025. According to the company, the transaction amount for the nine months ended 30 September 2025 reached RMB 15 million, and the total for 2025 is expected to exceed RMB 60 million.

The existing logistics service agreement will expire on 31 December 2025. On 12 November 2025, Tianjin Fengtian Logistics and Toyota Tsusho entered into a new three-year agreement (1 January 2026 to 31 December 2028). This renewal sets proposed annual caps at RMB 71 million, RMB 72 million, and RMB 73 million for each of the corresponding years. These figures account for the company’s growth expectations, plus a buffer for potential additional demand.

Under GEM listing rules, Toyota Tsusho is deemed a connected person at the subsidiary level, and one of the related percentage ratios exceeds 5%. However, given that the transactions take place on normal commercial terms or better and have been approved as fair and reasonable, the company is exempt from circular and shareholder approval requirements. Overall, the revised 2025 annual cap and the new agreement for 2026–2028 are viewed by the board as crucial to supporting Tianjin Fengtian Logistics’ core businesses and stabilizing its revenue stream.