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Litong Electronics has made an announcement stating that its holding grandchild company, Haina Litong, is set to enter into a software licensing agreement with Rafay Systems, Inc. Under the terms of this agreement, Haina Litong will take on the role of a reseller. It will integrate Rafay's software into its computing power products and offer the combined solution to end customers. In return, Haina Litong will pay licensing fees, which will be calculated based on the proportion of sublicense revenue it generates. This transaction is classified as a related-party transaction and, as such, necessitates approval from the shareholders' meeting. The agreement bestows upon Haina Litong an exclusive one-year license. Moreover, there is an option to extend this license for an additional year, provided that the revenue generated in the first year meets or surpasses US$6 million.
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