Hilong Renews Leases With Entities Controlled by Chairman

MT Newswires Live12-16 11:27

Hilong (HKG:1623) said it was renewing a number of leases and intra-group supply and service deals with entities controlled by its chairman Zhang Jun, according to a Hong Kong bourse filing Monday.

Shares of the oil and gas drilling equipment manufacturer gained over 3% in morning trade Tuesday.

The firm said it was renewing its tenancy agreements covering office and manufacturing plant premises with terms ranging from one year to three years.

The company set an annual cap of 47.3 million yuan for 2026, and 21.5 million yuan for 2027 and 2028.

Meanwhile, an existing agreement covering coating and related services as well as the supply of welding wire was renewed for an additional year with an annual cap of 307.8 million yuan.

Lastly, the firm amended an earlier tenancy agreement with Longshi Investment to continuing leasing its existing office space.

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