China Longyuan Power Group Corporation (00916) and State Grid Electric Power will transfer the 30% stake in Suzhou Inovance Automotive that they each hold to State Grid New Energy.

China Longyuan Power Group Corporation (00916) announced that on November 14, 2025, the company, State Power Electric, State Power New Energy, and Suzhou Inovance Automotive signed a transfer agreement. The company and State Power Electric agreed to transfer their respective 30% stakes in Suzhou Inovance Automotive to State Power New Energy (meaning State Power New Energy will collectively acquire 60% of Suzhou Inovance Automotive's equity), with a price of 1 yuan each. After the transfer is completed, the company will no longer hold any equity in Suzhou Inovance Automotive, and Suzhou Inovance Automotive will no longer be an associated enterprise of the company. Considering Suzhou Inovance Automotive's long-term losses, the company will transfer its stake in Suzhou Inovance Automotive to State Power New Energy, separating Suzhou Inovance Automotive's equity from the company and completely resolving the potential impact of Suzhou Inovance Automotive's related risks on the company.