TG Smart Energy (01083.HK) announced that it has entered into a transfer agreement with its controlling shareholder HK & China Gas (00003.HK) and its subsidiary, Ming Qi Jia. According to the agreement, China Gas and Ming Qi Jia will facilitate Ming Qi Jia and its affiliated companies to hold the extension business of China Gas and own the extension business assets of China Gas in China, making Ming Qi Jia the holding company of China Gas's extension business. Ming Qi Jia will acquire 49% equity of the company under TG Smart Energy that holds companies engaged in extension business for 22.432 million yuan, making these companies wholly owned by Ming Qi Jia.

TG Smart Energy will undergo a restructuring, consolidating the equity of companies engaged in extension business under it and the companies with higher value functions into the target companies of the holding company. The equity of the target companies will then be transferred in full to a subsidiary of Ming Qi Jia, and companies holding interests in the group will transfer the extension business to new suppliers in exchange for 12% equity in Ming Qi Jia. In addition, companies holding interests in the group will transfer their target assets to new suppliers in exchange for cash.