China Jinmao extends HR services framework with connected firm

China Jinmao Holdings Group Limited has entered into a Human Resources Services Framework Agreement with Sinochem Fangsheng on December 18, 2025. This agreement allows the Group to utilize various human resources services, including outsourcing, agency, and labor dispatch, on a voluntary and non-exclusive basis. The framework will expire on December 31, 2027.

The estimated annual caps for the services are RMB58.0 million for the period ending December 31, 2025, and RMB750.0 million for each of the years ending December 31, 2026, and December 31, 2027. These caps were determined based on factors such as demand, labor costs, employee numbers, and Sinochem Fangsheng's quotations. Sinochem Fangsheng is considered a connected person of China Jinmao as it is 49% owned by Sinochem Petroleum, an indirect non-wholly owned subsidiary of Sinochem Holdings, which is China Jinmao's ultimate controlling shareholder.

The transactions under this agreement are classified as continuing connected transactions under Chapter 14A of the Listing Rules. Given that the applicable percentage ratios are between 0.1% and 5%, the transactions are subject to reporting, announcement, and annual review requirements but are exempt from independent shareholders' approval. The board believes the terms are fair and reasonable and in the interests of the company and its shareholders.