Yiyi Group (00406) issued an announcementgimmegoldmegaways, the company and its wholly-owned subsidiary, PCW Engineering Co., Ltd., entered into medical insurance agreements with Asia Insurance on May 10, 2024. Under the agreement, Asia Insurance agreed to provide group medical insurance for a period of one year from June 1, 2024 to May 31, 2025.
During the twelve months immediately preceding and as of the date of the Medical Insurance Agreement, PCW Engineering Co., Ltd. has entered into a life insurance agreement with Asia Insurance for the provision of life insurance services for a term of one year from April 1, 2024 to March 31, 2025.
The Board considers that medical insurance and life insurance as specified in the insurance agreements are essential components of the Group's competitive remuneration package to attract and retain talents. Every year, the company recruits service providers through independent licensed insurance intermediaries, which invite multiple medical and life insurance companies to participate in the recruitment selection process. The Board reviewed the quotations submitted based on price, service quality and policy coverage, and Asia Insurance was selected based on the company's requirements. The Board considers that the transactions contemplated under the insurance agreement are carried out in the ordinary course of the company's daily business, and the terms of the insurance agreement are normal commercial terms, are fair and reasonable, and are in the overall interests of the company and shareholders.