GCL Technology extends leases, secures future rental income through 2027

GCL Technology Holdings Limited (3800) has entered into new and extended lease agreements for various premises, with terms primarily running through 2025, 2026, and 2027. These agreements involve Suzhou GCL Research as landlord and several GCL Energy Technology Group subsidiaries as tenants. The monthly rent for all agreements is calculated at RMB75 per square meter.

The transactions, which are continuing connected transactions under Chapter 14A of the Listing Rules, are subject to reporting, annual review, and announcement requirements, but are exempt from independent Shareholders' approval as the highest applicable percentage ratio is between 0.1% and 5%. The total aggregate rents received and to be received by the Group are projected to be RMB8,102,242.50 for 2023, RMB26,812,176.00 for 2024, RMB24,552,319.50 for 2025, RMB16,296,012.00 for 2026, and RMB867,375.00 for 2027.

The lease agreements are deemed fair and reasonable, negotiated on an arm's length basis, and in the ordinary course of business, providing additional rental income to the Group from its spare property spaces. The rent was determined with reference to historical unit rent and prevailing market rates for comparable properties.