China Datang Group New Energy Co., Ltd. announced the renewal of the Datang framework agreement and factoring business cooperation agreement, significantly increasing the annual limits associated with them. The annual limit for purchasing trades under the Datang framework agreement rises from 4.5 billion RMB in 2024 to 10-12.2 billion RMB from 2025 to 2027, while the annual limit for the factoring business cooperation agreement increases from 2 billion RMB to 6 billion RMB.The company stated that the increase in the purchasing trade limit is mainly in response to the expected addition of about 3,000 megawatts of new capacity in 2025-2027, resulting in a significant increase in the demand for purchasing services and products. The increase in the factoring business limit aims to revitalize accounts receivable for electricity subsidies...Show More

China Datang Group New Energy Co., Ltd. announced the renewal of the Datang framework agreement and factoring business cooperation agreement, significantly increasing the annual limits associated with them. The annual limit for purchasing trades under the Datang framework agreement rises from 4.5 billion RMB in 2024 to 10-12.2 billion RMB from 2025 to 2027, while the annual limit for the factoring business cooperation agreement increases from 2 billion RMB to 6 billion RMB.The company stated that the increase in the purchasing trade limit is mainly in response to the expected addition of about 3,000 megawatts of new capacity in 2025-2027, resulting in a significant increase in the demand for purchasing services and products. The increase in the factoring business limit aims to revitalize accounts receivable for electricity subsidies and improve cash flow. The company is also adjusting the financial budget, operational investment plan, and financing budget for 2024 to meet the needs of business development.The Board of Directors believes that the related transactions are conducted on general commercial terms, with fair and reasonable pricing, in the overall interest of the company and its shareholders. The independent director committee and independent financial advisor have also expressed opinions on this matter. The company will hold an extraordinary general meeting on December 27 to seek independent shareholder approval for the above matters.