CGN NEW ENERGY(01811): Meiya Electric signs equity transfer agreement with Nantong Nengda Construction Investment.

CGN NEW ENERGY (01811) announced on March 10, 2025, Meiya Electric entered into a share transfer agreement with the buyer (Nantong Nengda Construction Investment Co., Ltd.), where Meiya Electric conditionally agreed to sell and the buyer conditionally agreed to purchase the equity interests for a cash consideration of RMB 475 million. After the completion of the sale, Meiya Electric will no longer have any interests in Nantong Meiya, and Nantong Meiya will no longer be a subsidiary of the company. The announcement stated that the continuous development of clean and renewable energy has always been the group's top priority. In order to achieve this goal and considering the decline in the business performance of Nantong Meiya due to environmental protection measures by local governments and changes in cogeneration planning, the board of directors plans to sell Nantong Meiya. The sale will also help to optimize resources and streamline the group's structure, thus further developing the group's core business.