Modern Healthcare Technology Holdings Limited (stock code: 919) has announced its 2026 Master Lease Agreement with Asia Power, aiming to ensure continuity in leasing arrangements for certain properties in Hong Kong and Singapore. The new framework will succeed the 2023 Master Lease Agreement that expires on 31 March 2026.
Under this 2026 Master Lease Agreement, Modern Healthcare will continue occupying a range of existing premises—currently serving as offices, service centers, retail shops, and warehouses—and may lease additional properties. The proposed term extends from 1 April 2026 to 31 March 2029. Rental payments will be based on prevailing market rates, as independently assessed, with Asia Power indicating flexibility to offer discounts on final agreed rates.
According to disclosed figures, Modern Healthcare paid approximately HK$32.30 million, HK$32.60 million, and HK$33.10 million in rental expenses to Asia Power for the years ended 31 March 2024, 2025, and the year ending 31 March 2026 respectively. The company projects Annual Caps for the new lease period of HK$92.00 million for the year ending 31 March 2027, HK$5.00 million for 31 March 2028, and HK$2.00 million for 31 March 2029. These figures account for the possibility of leasing additional properties, subject to operational needs.
As Asia Power is owned by a family trust established by Dr. Tsang—an executive Director and controlling shareholder of Modern Healthcare—this agreement constitutes a continuing connected transaction under Chapter 14A of the Hong Kong Listing Rules. Because the highest applicable percentage ratio of the transaction exceeds 25%, the arrangement requires reporting, annual review, announcement, circular issuance, and independent shareholders’ approval. An extraordinary general meeting will be convened, where Dr. Tsang and her associates must abstain from voting.
The company has introduced internal controls to ensure pricing aligns with market rent, including independent estimations prior to signing each property lease. The Board’s independent non-executive directors and auditors will periodically review compliance, monitoring rental transactions and checking against the designated Annual Caps. A circular detailing the agreement, caps, and related advice is scheduled for release on or before 13 March 2026.