Securities code: 688039 securities abbreviation: Hangzhou Arcvideo Technology Co.Ltd(688039) Announcement No.: 2022-001 Hangzhou Arcvideo Technology Co.Ltd(688039)
Announcement on signing major sales contracts for daily operation
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and bear legal liabilities for the authenticity, accuracy and integrity of its contents according to law. Important content tips:
Contract type: Sales Contract
Contract amount: USD 17931665.76
Conditions for the effectiveness of the contract: the contract shall come into force as of the date when it is signed and sealed by both parties
Contract performance period: from the date when the contract is signed and takes effect to the date when the products involved in the contract are transported to the place designated by the buyer and installed online
Impact on the current performance of listed companies:
This contract is a sales contract related to the company’s daily business activities. The performance of the contract will have a positive impact on the company’s operating performance in 2022 and help to improve the company’s sustainable profitability and core competitiveness. Risk tips:
The contract amount, payment method, transportation mode, technical standard, warranty period and other contents have been clearly agreed in the contract terms, and all parties to the contract have the ability to perform the contract. However, since the place of performance of the contract is overseas (Doha, capital of Qatar), the performance of the contract may be delayed, changed, suspended or terminated due to force majeure or other reasons. Please pay attention to investment risks.
1、 Review procedure
Hangzhou Arcvideo Technology Co.Ltd(688039) (hereinafter referred to as “the company”) recently signed a product sales contract (hereinafter referred to as “the contract” or “the contract”) with Yichao (Asia Pacific) Co., Ltd. on “technical fit out for Al Arab television network wll (lusail tower, Doha Qatar)”, with the contract amount of USD 17931665.76, This contract is a daily operating contract of the company, and the company has fulfilled the internal approval procedures for signing the contract. According to the Listing Rules of science and Innovation Board of Shanghai Stock Exchange and the articles of association, it is not necessary to be deliberated and approved by the board of directors and the general meeting of shareholders of the company.
2、 Subject matter of the contract and the other party
(I) subject matter of the contract
The company sells a complete set of video processing technology system including software and hardware to Yichao (Asia Pacific) Co., Ltd., with a contract amount of 17931665.76 US dollars.
(II) information of the other party to the contract
1. Company name: Yichao (Asia Pacific) Co., Ltd
2. Company nature: private company limited by shares
3. Person in charge: James Pius Butler
4. Date of establishment: August 13, 1991
5. Registered address: 28a, block B, Yijing center, 1 Hung Kwong Road, Kowloon Bay, Hong Kong, China
6. Main business: led by the optimization of program production process, it provides a series of consulting, involving, integrating and maintaining end-to-end one-stop solutions for enterprises and institutions in various fields such as radio and television, social media, telecommunications, finance, hospitals, hotels, catering, retail, government, education and so on.
Due to the confidentiality of the other party’s information, it is impossible to provide the main financial data of the latest fiscal year.
(III) relationship between the counterparty and the company and its holding subsidiaries
There is no relationship between the counterparty and the company and its holding subsidiaries.
(IV) transactions between the counterparty and the company and its holding subsidiaries in the last three fiscal years. The company has no business transactions with the counterparty in the last three fiscal years, and the business transactions with Yichao (Guangzhou) New Media Technology Co., Ltd., the wholly-owned subsidiary of the counterparty in the last three fiscal years are as follows:
Annual contract amount including tax (10000 yuan)
169.00 in 2018
1184.72 in 2019
262.00 in 2020
Total 1615.72
3、 Main terms of the contract
1. Contract amount: USD 17931665.76;
2. Settlement method: the buyer shall pay the seller the corresponding proportion of the contract price according to the contract performance time node; 3. Place of performance: Doha, capital of Qatar;
4. Performance period: from the date when the contract is signed and takes effect to the date when the products involved in the contract are transported to the place designated by the buyer and installed online;
5. Conditions for effectiveness of the contract: it shall take effect from the date of signature and seal by both parties;
6. Liability for breach of contract: during the execution of the contract, there is a risk that the company will bear the liability for breach of contract due to the company’s failure to supply, install or provide services on time and as required;
7. Dispute resolution: any dispute arising from the performance of this contract shall be settled by both parties through negotiation. If the negotiation fails, it may apply to the Arbitration Commission where the company is located for arbitration.
4、 The impact of contract performance on Listed Companies
1. The performance of this contract will have a positive impact on the company’s operating performance in 2022 and help to improve the company’s sustainable profitability and core competitiveness. At the same time, the implementation of this contract will have a positive impact on the company’s expansion of overseas markets.
2. The performance of this contract will not affect the independence of the company’s business and will not rely on the other party of the above contract due to the performance of this contract.
5、 Risk analysis of contract performance
The contract amount, payment method, transportation mode, technical standard, warranty period and other contents have been clearly agreed in the contract terms, and all parties to the contract have the ability to perform the contract. However, since the contract is performed overseas (Doha, capital of Qatar), the performance of the contract may be delayed, changed, suspended or terminated due to force majeure or other reasons. The company will actively take corresponding countermeasures and strive to perform and complete the contract on time. Please pay attention to investment risks.
It is hereby announced.
Hangzhou Arcvideo Technology Co.Ltd(688039) board of directors January 10, 2022
