the director(s) of the Company; As such, the Assets Purchase Transaction constitutes a connected transaction for the Company under Chapter 14A of the Listing Rules and the transactions contemplated under each of the Supplemental BE Processing Services Agreement and the Supplemental Processing Services Agreement constitute continuing connected transactions of the Company under Chapter 14A of the Listing Rules, respectively.
The Directors, including the independent non-executive Directors, believe that the Assets Purchase Transaction has been entered into in the ordinary and usual course of the business of the Company on normal commercial terms and the terms of the Assets Purchase Agreement are fair and reasonable and in the interests of the Company and the Shareholders as a whole. The proposed annual cap for the year ending 31 December 2020 was determined based on arm's length negotiations between the Company and BYD having considered, among others, the following factors and assumptions: The Group is principally engaged in the business of the manufacture and sales of handset components and modules, the provision of handset design and assembly services, and the provision of parts and assembly services of other electronic products. As at 30 June 2020, the unaudited net asset value of the assets was approximately RMB16,020,000, which is expected to be subject to a downward adjustment as at the day of delivery of the assets due to depreciation accrued up to delivery. BYD Electronic (International) Company Limited, an investment holding company, designs, manufactures, assembles, and sells mobile handset components and modules in the People’s Republic of China, the Asia Pacific, the United States, and internationally. Pursuant to the Supplemental Processing Services Agreement, the existing annual cap for the year ending 31 December 2020 of RMB512,774,000 is amended to RMB809,537,000. details, please refer to the announcement of the Company dated "Assets Purchase Agreement" the purchase agreement dated 23 July 2020 entered into between the Company and BYD for the purchase of assets by the Group from the BYD Group; The aggregate original acquisition cost of the said assets paid by the BYD Group was approximately RMB78,461,000. "February 2020 Assets Purchase the transaction contemplated under the purchase agreement the transaction contemplated under the purchase agreement dated Reference is made to the announcement of the Company dated 26 November 2018 in relation to, among others, (i) the provision of design services, certain processing services, testing services and research and development support by the Group to the BYD Group for a term commencing from 1 January 2019 to 31 December 2021 in accordance with the Existing BE Processing Services Agreement; and (ii) the provision of certain processing services by the BYD Group for certain products and facilities (including waste water treatment) of the Group for a term commencing from 1 January 2019 to 31 December 2021 in accordance with the Existing Processing Services Agreement. The Company and BYD therefore entered into the Supplemental BE Processing Services Agreement to amend the annual cap for the year ending 31 December 2020 to ensure that the Group and BYD Group can continue the transactions under the Existing BE Processing Services Agreement. In particular, the actual transaction amounts incurred under the Existing Processing Services Agreement were approximately RMB374,660,000 and RMB 466,216,000 for the year ended 31 December 2019 and for the six months ended 30 June 2020, which accounted for approximately 73.18% and 90.92% of the annual cap for the year ended 31 December 2019 and for the year ending 31 December 2020, respectively;the business needs, production plan and capacity of the Group;the conditions of the plants and production facilities of the Group and the expected development plan including but not limited to the renovation, up keeping, fitting out and/or maintenance plan for the said facilities by reference to the Group's operational and production needs; andthe estimated market rate of the processing services, including but not limited to renovation, up keeping, fitting out and/or maintenance, which the Group may require.approximately 2.76% of the entire equity interests of BYD is owned by Himalaya Capital Investors, L.P. (formerly known as LL Investment Partners, L.P.) which is indirectly controlled by Li Lu.
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