November 19th, GeLongHui ︱ Sunshine Power Group (02459.HK) announced that it has established a joint venture company with the Huixian government to expand the group's production capacity in China through Huixian construction. Due to the continuous changes in the market and economic environment, the company and Huixian Construction have reached an agreement to voluntarily terminate the joint venture agreement and dissolve the joint venture company in a friendly manner. Neither party has the right to claim any losses, damages, or expenses incurred by the termination from the other party. The dissolution of the joint venture company shall be completed and come into effect after obtaining approval from the relevant Chinese government departments.

It is expected that the dissolution will be completed in the first quarter of 2025. The board of directors believes that the termination of the joint venture company will not have a significant adverse impact on the group's financial performance and operations. Despite the termination of the joint venture company, the group remains optimistic about its future long-term business prospects and will continue to pursue its business plans with caution to gain a greater advantage, seizing opportunities when the industry grows.