QINIU (02567) announced the execution of a First Renewal Framework Agreement with Alibaba Cloud Computing on 24 April 2026, extending the existing cloud services and electronic equipment procurement framework for three years, from 1 January 2026 to 31 December 2028.

The renewed framework retains all prior commercial terms, limiting purchases from Alibaba Cloud to RMB20.00 million per year. Pricing will continue to reference prevailing market rates, with the company required to obtain at least three external quotations where comparable services are available.

Historical spending under the previous framework declined over the past three years—RMB37.40 million in 2023, RMB25.78 million in 2024 and RMB12.78 million in 2025—well below the earlier annual cap of RMB50.00 million.

Under Hong Kong Listing Rules Chapter 14A, Taobao China is a substantial shareholder of QINIU, making Alibaba Cloud, as its associate, a connected person. Because all percentage ratios for the renewed cap exceed 0.1% but remain below 5%, the transactions are subject to reporting, annual review and announcement requirements, yet exempt from circular and independent shareholders’ approval.

Management cited Alibaba Cloud’s scale, established cooperation since 2017 and competitive terms as key reasons for renewal. Internal controls—overseen by the Audit Committee, Board, finance and legal departments—include regular benchmarking against independent suppliers, annual auditor and independent director reviews, and mandatory abstention from voting by interested directors on any future revisions.