CHINA POWER INTERNATIONAL DEVELOPMENT CO., LTD. (CHINA POWER) ANNOUNCED THAT ITS NON-WHOLLY OWNED INDIRECT SUBSIDIARY LINGWAN NEW ENERGY SIGNED AN ENGINEERING GENERAL CONTRACT WITH SHANGHAI AND SHIPPING ON FEBRUARY 26, 2024. Located in Qiqihar, Heilongjiang Province, China, the flycrane project involved in the contract is a planned distributed photovoltaic power project with an installed capacity of 18.92 MW. Shanghai and Shipping will provide design, equipment procurement, construction and installation, and other technical support services for the project, with a total contract cost of approximately RMB7058 million, equivalent to approximately HK$756 million. The transaction constitutes a connected transaction, as National Telecom is the ultimate controlling shareholder of China Electric, and Shanghai and Sun are non-wholly-owned indirect subsidiaries of National Electric Power. The...Show More

CHINA POWER INTERNATIONAL DEVELOPMENT CO., LTD. (CHINA POWER) ANNOUNCED THAT ITS NON-WHOLLY OWNED INDIRECT SUBSIDIARY LINGWAN NEW ENERGY SIGNED AN ENGINEERING GENERAL CONTRACT WITH SHANGHAI AND SHIPPING ON FEBRUARY 26, 2024. Located in Qiqihar, Heilongjiang Province, China, the flycrane project involved in the contract is a planned distributed photovoltaic power project with an installed capacity of 18.92 MW. Shanghai and Shipping will provide design, equipment procurement, construction and installation, and other technical support services for the project, with a total contract cost of approximately RMB7058 million, equivalent to approximately HK$756 million. The transaction constitutes a connected transaction, as National Telecom is the ultimate controlling shareholder of China Electric, and Shanghai and Sun are non-wholly-owned indirect subsidiaries of National Electric Power. The applicable percentage of the transaction is greater than 0.1% but less than 5%. Under Chapter 14A of the Listing Rules, the transaction is subject to the rules of announcement and declaration, but is exempt from those approved by independent shareholders. The Board considers that the terms of the contract are fair and reasonable and are in the overall interests of the company and its shareholders.