On 8 October 2026, Chu Kong Shipping Enterprises (Group) Company Limited (“Chu Kong Shipping”) issued a supplemental announcement to its 29 September 2026 filing, clarifying the commercial terms, pricing mechanisms and internal controls tied to the proposed revisions of annual caps under two continuing connected-transaction frameworks with GDPS Group for 2025-2027.
Master Passenger Transportation Agency Services Agreement • Date & Term: Signed on 25 November 2024; effective from 1 January 2025 to 31 December 2027. • Scope: Chu Kong Shipping, acting as exclusive agent or sub-agent, will provide ferry operations, ticketing, berthing and technical support services for GDPS-operated or ‑owned ferries running between Hong Kong and the Pearl River Delta. • Pricing: Service fees are calculated as a percentage of ticket sales, reflecting costs for ticketing, passenger handling, ferry maintenance and labour, plus an agreed profit margin. Rates must be no more favourable than those offered to at least two comparable independent ferry operators. • Settlement: GDPS Group will remit monthly payments within 30 days of month-end after confirming amounts with Chu Kong Shipping.
Master Rental Agreement • Date & Term: Signed on 25 November 2024; effective from 1 January 2025 to 31 December 2027. • Scope: GDPS Group may lease warehouses, offices, car parks and staff quarters to Chu Kong Shipping entities under separate short-term contracts (≤12 months) without purchase options. • Pricing: Rentals and management fees are set through arm’s-length negotiations with reference to market rates for comparable properties; at least two market quotations will be obtained to ensure terms are not less favourable than those available from independent landlords. • Settlement: Rentals are paid monthly.
Internal Control Framework To prevent preferential terms and monitor cap utilisation, Chu Kong Shipping has: 1. Implemented “Measures for the Implementation of Connected Transactions.” 2. Embedded supervision of these transactions in its internal control manual. 3. Assigned its internal audit team to review the process annually. 4. Tasked the finance department with quarterly tracking; alerts are triggered when 80% of any annual cap is utilised. 5. Engaged external auditors for annual compliance reviews under Hong Kong Listing Rules. 6. Mandated yearly assessment by independent non-executive directors in accordance with Rule 14A.55.
The supplemental disclosure does not alter other information contained in the 29 September 2026 announcement. The board currently comprises one executive director (Mr Zhou Jun), one non-executive director (Ms Zhong Yan) and four independent non-executive directors (Mr Chan Kay-cheung, Ms Yau Lai Man, Hon. Rock Chen Chung-nin and Mr Tang Yi Hoi).