CN ENGY STORAGE (01143) plans to acquire all the equity of Circuit Development.

CN Energy Storage (01143) announced that on September 17, 2025, the buyer (a wholly-owned subsidiary of the company, Telefield Holdings Limited) intends to purchase all of the issued share capital of the target company (Circuit Development Limited) from the seller (Longfeng International Limited), together with the rights and interests to the debt, for a consideration of HK$20.8 million (subject to adjustments). The target company is a limited company registered in Hong Kong, primarily holding the property located at Unit D, 2/F, Vanta Industrial Centre, 2-12 Au Pui Wan Street, Sha Tin, New Territories, Hong Kong, with a total floor area of approximately 7,352 square feet. It is currently leased to the company's wholly-owned subsidiary, Telefield Limited, under a lease agreement from January 1, 2025, to December 31, 2025, for a term of one year, at a monthly rent of HK$56,000 (excluding rates, government rent, and management fees). The group currently uses this property as one of its offices in Hong Kong. Given the recent increase in rent, the directors believe that the acquisition will enable the group to secure the use of the property, saving on office rental and relocation costs, and improving operational efficiency in the long run. Additionally, the board believes that following recent adjustments in property prices, the acquisition provides the group with an opportunity to acquire quality assets at an attractive price, strengthening its asset base in the long term and potentially realizing capital appreciation when the market recovers in the future.