CITIC Telecom (01883) Renews Financial Services Framework Agreements

Bulletin Express10-17

CITIC Telecom International Holdings Limited (CITIC Telecom, stock code: 01883) announced renewed Financial Services Framework Agreements with CITIC Bank, China CITIC Bank International, CITIC Finance, and CITIC Finance International. These agreements cover deposit, settlement, and credit services for a term not exceeding three years, commencing once requisite approvals are obtained on or before 30 December 2025.

CITIC Limited, holding approximately 57.54% of CITIC Telecom’s issued shares, is the controlling shareholder. Each of the four service providers is a subsidiary of CITIC Limited, making the deposit services continuing connected transactions under Chapter 14A of the Listing Rules. The highest applicable percentage ratio for these deposit services exceeds 5% but is below 25%, constituting both non-exempt continuing connected transactions and discloseable transactions. The proposed caps for the maximum daily deposit balance (including accrued interest) stand at HK$1.6 billion through to 2028.

Fees for settlement services are expected to remain below the de minimis threshold. Credit services will be on normal commercial terms, fully exempt from reporting requirements when no security over the Group’s assets is provided. Subject to independent shareholders’ approval, a shareholder meeting will be convened. CITIC Limited and its associates will abstain from voting. A related circular is anticipated to be dispatched on or before 14 November 2025.

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