China Electric Power (02380): Complete asset restructuring proposal

According to the Zhitong Finance App, China Electric Power (02380) issued an announcement that all prerequisites under the share transfer agreement have been met and/or exempted (if applicable), and the delivery has been officially completed. Yuanda Environmental Protection has completed allotments and issued 2,017 million shares, 1,184 million shares and 398 million new shares to the Company, Xiangtou International and Guangxi Company respectively.

After delivery, the Company directly and through its wholly-owned subsidiary Guangxi Company held a total of 2,415 billion shares of Yuanda Environmental Protection, accounting for approximately 55.13% of Yuanda Environmental's issued share capital on the date of this announcement. Yuanda Environmental Protection has become a subsidiary of the Company, and its financial results and financial position have been consolidated into the Group's financial statements. Wuling Electric Power and Cheung Chau Hydropower (target companies) have also been transferred to Yuanda Environmental Protection, and currently Yuanda Huan maintains 100% of Wuling Electric Power's shares and 64.93% of Cheung Chau Hydropower. The target company remains a subsidiary of the Company and will continue to be consolidated in the Group's financial statements.

To reflect the issuance of new shares and the significant expansion of its hydropower business, Yuanda Environmental Protection's board of directors has proposed to amend its articles of association in accordance with the applicable regulatory requirements of China and the Shanghai Stock Exchange, including amending its registered capital from RMB 780.8 million to RMB 4.38 billion (RMB 1.00 per share), and changing its company name to SPIC Hydropower Co., Ltd. (SPIC Hydropower Co., Ltd.). Ltd.).

As of the date of this announcement, Yuanda Environmental's proposed placement has not been carried out. As no binding agreement has been concluded with respect to the proposed placement as of the date of this announcement, the proposed placement may or may not be implemented. The Company will comply with the relevant listing rules in due course.