On December 19, Glonghui reported that TG SMART ENERGY (01083.HK) announced that on December 19, 2024, the buyer (a wholly-owned subsidiary of the company) and the seller entered into a transfer agreement to acquire 55% equity in the target company Changzhou Gangneng Investment SMART ENERGY Co., Ltd. from the seller for a consideration of RMB 57.1369 million.

It is reported that the target company is a limited company established in China, with the seller owning 55% of the equity and Changzhou Ganghua Gas holding 45%. The target group primarily engages in renewable energy projects (mainly photovoltaic projects) and integrated smart energy photovoltaic projects.

The announcement indicates that the target group mainly engages in renewable energy projects (mainly photovoltaic projects) and integrated smart energy projects in Changzhou and nearby areas. With the state-owned indirect equity of the target company, the target group enjoys advantages over competitors by implementing distributed photovoltaic systems on state-owned property rooftops and in zero-carbon industrial parks. The target company can leverage the group's expertise in energy planning, program design, operation management, and quality service to develop renewable energy and smart energy businesses in the Changzhou area.