Recently, NVC Lighting announced that due to better-than-expected demand for DHL Runda products, the company expects that the annual original cap of the relevant transactions under the DeHao Runda Procurement Agreement will not be sufficient to meet the company's needs.
Accordingly, the Board of Directors approved an increase in the annual cap for the relevant transactions under the DeHao Runda Procurement Agreement.
The original annual caps for the purchase price payable by the Group for the three years ended December 31, 2018 were RMB 100 million, RMB 100 million and RMB 100 million, respectively. The revised annual caps are RMB 120 million, RMB 130 million and RMB 140 million respectively.
Pursuant to the DeHao Runda Purchasing Agreement, the Group agreed to source finished products and raw materials from DeHao Runda and its affiliates on a non-exclusive basis, including but not limited to LED chips and LED light source products.
The quality, quantity and technical standards of the products delivered by DeHao Runda and its affiliates are subject to the company standards set out in the individual contract for each purchase order.
In October this year, Dehao Runda announced that the shareholding company NVC Lighting indirectly holds a 10% stake in Wuhu Rex Oulu Lighting Trading Co., Ltd. (hereinafter referred to as “Rishio Oralâ€).
Due to the business needs of both parties, the company and its subsidiaries expect to sell LED lighting products to NVC Orr in 2016-2017 no more than RMB 500,000 (including tax) and RMB 500,000. Yuan (including tax), the number of products, unit price and amount of specific transactions will be confirmed separately by specific orders or contracts.
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