China Hongqiao (01378) subsidiary plans to acquire all shares of Weiqiao Xinchuang for 240 million yuan

According to the Zhitong Finance App, China Hongqiao (01378) announced that on September 11, 2026, Yunnan Hongqiao, an indirect subsidiary of the company, plans to acquire all shares of Weiqiao Xinchuang from Binzhou Public Construction at a total cost of about 240 million yuan. Weiqiao Xinchuang is mainly engaged in photovoltaic new energy power generation business in Yunnan, China. As of the date of this announcement, it has a total of 2 grid-connected photovoltaic power generation projects, with a total fixed installed capacity of 170 MW.

Yunnan Hongqiao is wholly owned by Shandong Hongqiao Holdings, which is engaged in a complete aluminum industry chain business integrating alumina, electrolytic aluminum and aluminum deep processing. Shandong Hongqiao Holdings continues to relocate and put into operation electrolytic aluminum production capacity, and the key to the stable and efficient operation of its business is high-quality and reliable electricity supply. In this context, the board of directors believes that the proposed acquisition under the Xinchuang Equity Transfer Agreement will enable Shandong Hongqiao Holdings to gain greater autonomy in power supply, thereby reducing dependence on external power sources and reducing operational risks caused by power supply interruptions. Therefore, strengthening Shandong Hongqiao Holdings' ability to independently supply electricity is a key driving force in its broader industrial integration strategy.