Selected deal experience
Shimao Services — 2025 continuing connected transactions renewal
Acted as the responsible officer signing off on Oriental Patron's work for the Chapter 14A renewal of seven master agreements, all exempt from independent-shareholder approval.
- Geography
- Hong Kong and Mainland China
- Employer
- Oriental Patron Asia Limited
- My role
- Responsible officer at Oriental Patron Asia Limited, financial adviser to Shimao Services Holdings Limited.
Context
Shimao Services Holdings Limited (Hong Kong stock code: 873) entered into seven master agreements with Shimao Group Holdings Limited on 5 November 2025. They renewed arrangements for property leasing, carpark sales agency services, sales-office operations, IoT services, engineering services, property-management services, and value-added services to non-property owners. The agreements took effect on 1 January 2026 and run through 31 December 2028.
Shimao Group Holdings indirectly held approximately 54.95% of Shimao Services and remained its controlling shareholder. The renewed arrangements were therefore continuing connected transactions under Chapter 14A of the Hong Kong Listing Rules.
Unlike the 2022 renewal, none of the 2025 agreements required independent-shareholder approval. The annual caps for leasing and carpark sales agency services each produced applicable percentage ratios above 0.1% but below 5%. The other five service categories exceeded 5% when aggregated, but the Company concluded that they were different in nature, not interdependent and should be treated separately; each category remained below 5%. All seven agreements were subject to reporting, announcement and annual-review requirements but exempt from independent-shareholder approval.
My contribution
I acted as the responsible officer for Oriental Patron’s work as financial adviser on the 2025 renewal and signed off on the deal in that capacity. This was the only transaction I signed as a responsible officer.
Published structure
The 2025 renewal covered seven of the nine arrangements entered into in 2022. The information-technology services and procurement-and-supply agreements were not renewed because Shimao Services anticipated minimal or no transactions under them after expiry.
The announcement also addressed credit risk arising from approximately RMB754.5 million of unaudited gross trade receivables due from Shimao Group Holdings at 30 September 2025. It described the monitoring measures adopted after Shimao Group Holdings’ offshore debt restructuring became effective in July 2025.