Technovator International Limited (1206) announced a series of new 2025 agreements concerning continuing connected transactions with its controlling shareholder, 同方股份有限公司 (Tsinghua Tongfang Co., Ltd., “THTF”). These agreements, set to take effect from 1 January 2026 to 31 December 2028, continue the company’s existing 2022 contractual arrangements, which will expire on 31 December 2025.
Technovator International outlined four key agreements. Under the 2025 Business Arrangements Agreement, THTF will continue to support Technovator International in its Intelligent Rail Transit, Building, and Urban Heating Network Businesses, facilitating nominee projects and transferring received payments to the group. The company revealed annual caps on these reciprocal payments: THTF is expected to transfer up to RMB930 million, RMB960 million, and RMB970 million to Technovator International during 2026, 2027, and 2028 respectively, while Technovator International will transfer up to RMB850 million, RMB880 million, and RMB880 million to THTF in the same periods.
Under the 2025 Sales Agreement, Technovator International will sell intelligent energy-saving products, equipment, and services to THTF’s group with annual caps set at RMB310 million in 2026 and 2027 and RMB320 million in 2028. Meanwhile, the 2025 Purchase Agreement stipulates that THTF will supply products and services to Technovator International, with a set annual cap of RMB190 million each year from 2026 to 2028.
The 2025 Master Agreement enables both parties to provide each other various miscellaneous products and services in the ordinary course of business, each side governed by identical annual caps of RMB50 million for each year from 2026 to 2028. Technovator International explained these terms were developed with reference to past transaction data, project pipelines, and industry factors.
Because THTF is a controlling shareholder of Technovator International, these transactions constitute continuing connected transactions under Chapter 14A of the Listing Rules. As one or more percentage ratios exceed 5%, the agreements and related annual caps are subject to reporting, announcement, and independent shareholders’ approval. A circular is expected to be dispatched before 12 January 2026, with an extraordinary general meeting to be convened for voting on the resolutions. The company stated that it believes these arrangements will continue to support its integrated urban energy-saving offerings and strengthen its market position while ensuring compliance with regulatory requirements.