Doyen International : Announcements and Notices - Discloseable Transaction - Tenancy Agreement

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

DOYEN INTERNATIONAL HOLDINGS LIMITED ؇ვ਷ყછٰϞࠢʮ̡

(incorporated in Hong Kong with limited liability)

(Stock Code: 668)

DISCLOSEABLE TRANSACTION

TENANCY AGREEMENT

TENANCY AGREEMENT

The Board announces that on 9 May 2018 (after trading hours), the Company entered into the Tenancy Agreement, as tenant, with the Landlord, as landlord, to lease the Office for a term of one year commencing from 1 June 2018 until 31 May 2019 (both days inclusive) for an aggregate rent and management fee of HK$3,637,980.

LISTING RULES IMPLICATION

As one of the applicable percentage ratios calculated in respect of the Tenancy Agreement exceeds 5% but is less than 25%, the transaction contemplated under the Tenancy Agreement is a disclosable transaction for the Company and is subject to the reporting and announcement requirements, but is exempted from the shareholders' approval requirement under Chapter 14 of the Listing Rules.

The Board announces that on 9 May 2018 (after trading hours), the Company entered into the Tenancy Agreement, as tenant, with the Landlord, as landlord, to lease the Office for a term of one year commencing from 1 June 2018 until 31 May 2019 (both days inclusive) for an aggregate rent and management fee of HK$3,637,980.

TENANCY AGREEMENT

The principal terms of the Tenancy Agreement for the leasing of the Office are set out as below:

Date:	9 May 2018 (after trading hours)
Parties:	1. the Company, as the tenant
2. the Landlord, as the landlord
Term:	One year from 1 June 2018 to 31 May 2019
(both days inclusive)
Rent and management fee:	The aggregate rent and management fee during the term of the
Tenancy Agreement is HK$3,637,980 (exclusive of government rent,
rates, air-conditioning charges and all other outgoings).
Among the rent and management fee of HK$3,637,980:
Deposit:

• 1. An aggregate of HK$3,257,280, representing the total of the rent of the Office during the term of the Tenancy Agreement, is payable monthly in advance (HK$271,440) on the first day of each month.

• 2. An aggregate of HK$380,700, representing the total of the rent of the Office during the term of the Tenancy Agreement, is payable monthly in advance (HK$31,725) on the first day of each month, subject to increase from time to time imposed by the Landlord in accordance with the increase in the cost of the management company and/or the Landlord in providing the service.

The rent and the management fee were arrived after arm's length negotiations between the Company and the Landlord and by reference to the prevailing rate of similar properties in the nearby areas when the Tenancy Agreement was entered into.

HK$932,595.00 representing 3 months' rental and management fee and one quarter's government rates.

REASONS AND BENEFITS OF ENTERING INTO THE TENANCY AGREEMENT

Having considered the business needs of the Group and that stable sources of office spaces are required for the operation and growth of the Group in Hong Kong, the Board is of the view that the entering into the Tenancy Agreement is beneficial to the Group and the shareholders of the Company as a whole since it facilitates the business operations of the Group.

The Board is of the view that the terms of the Tenancy Agreement (including the rent) are on normal commercial terms, fair and reasonable and in the interests of the Company and the shareholders of the Company as a whole.

INFORMATION OF THE PARTIES

The Company

The Company is principally engaged in investment holding, and its subsidiaries are principally engaged in property investment business including operation of a shopping mall and financial leasing.

The Landlord

The Landlord is a company incorporated in Hong Kong with limited liability which is principally engaged in property developments and management. To the best knowledge, information and belief of the Directors, having made all reasonable enquires, the Landlord and its ultimate beneficial owner(s) are Independent Third Parties.

LISTING RULES IMPLICATIONS

As one of the applicable percentage ratios calculated in respect of the Tenancy Agreement exceeds 5% but is less than 25%, the transaction contemplated under the Tenancy Agreement is a disclosable transaction for the Company and is subject to the reporting and announcement requirements, but is exempted from the shareholders' approval requirement under Chapter 14 of the Listing Rules.

DEFINITIONS

"Board"	the board of Directors
"Company"	Doyen International Holdings Limited (Stock code: 668), a company
incorporated in Hong Kong with limited liability, the issued shares of
which are listed on the Main Board of the Stock Exchange
"connected person(s)"	has the meaning ascribed to it under the Listing Rules
"Directors"	directors of the Company
3

"Group"	the Company and its subsidiaries
"HK$"	Hong Kong dollars, the lawful currency of Hong Kong
"Hong Kong"	Hong Kong Special Administrative Region of the PRC
"Independent Third Party(ies)"	party(ies) who, together with his/her ultimate beneficial owner(s) is/
are persons independent of the Company and its connected persons
"Landlord"	Circle Property Development Limited, a company incorporated in
Hong Kong with limited liability
"Listing Rules"	the Rules Governing the Listing of Securities on The Stock
Exchange
"Office"	the two units used for office and located in Wanchai, Hong Kong
"percentage ratios"	has the meaning ascribed thereto under Chapter 14 of the Listing
Rules
"Stock Exchange"	The Stock Exchange of Hong Kong Limited
"Tenancy Agreement"	a tenancy agreement dated 9 May 2018 entered into between the
Landlord and the Company, the details of which are set out in the
section headed "Tenancy Agreement" in this announcement
"%"	per cent
Hong Kong, 9 May 2018

By order of the Board

Doyen International Holdings Limited

Cho Chun Wai

Company Secretary and Executive DirectorAs at the date of this announcement, the Board comprises Mr. Lo Siu Yu (Chairman), Mr. Tai Xing (Chief Executive Officer) and Mr. Cho Chun Wai as executive Directors; Ms. Luo Shaoying (Vice Chairman), Mr. Wang Xiaobo and Mr. Qin Hong as non-executive Directors; and Mr. Chan Ying Kay, Dr. Zhu Wenhui and Mr. Wang Jin Ling as independent non-executive Directors.