China Pacific Insurance renews connected transactions with Hwabao parties

China Pacific Insurance (Group) (HKEX: 2601) has announced the renewal of its framework agreement for continuing connected transactions with Hwabao Trust, Hwabao Fund, and Hwabao Securities. Effective January 1, 2025, the renewed agreement regulates routine transactions related to fund utilization and financial product businesses. These transactions include the sale and purchase of bonds, pledge-style bond repurchase, securities investment fund subscriptions and redemptions, and other financial products permitted by the National Financial Regulatory Administration (NFRA). The agreement will automatically renew for up to two additional one-year terms after the initial year. The proposed annual caps for transactions are set at RMB11,900 million for each of the years 2025, 2026 and 2027. The highest applicable percentage ratio exceeds 0.1% but is less than 5%. Therefore, the transactions are subject to announcement, reporting, and annual review requirements, but are exempt from independent shareholder approval under Hong Kong Listing Rules. Ms. LU Qiaoling, a non-executive Director, abstained from voting on the matter due to her directorship at Hwabao Trust.