CHINA POWER (02380) plans to sell a 24.8726% stake in Qiyuan Xindongli to Contemporary Amperex Technology for 2.2557 billion yuan.

CHINA POWER (02380) announced that the company is conducting a potential sale of a 24.8726% equity stake in Qiyuan Xindongli (an associated company of the company) through a public listing on the Shanghai United Assets and Equity Exchange. On August 18, 2026, after the expiration of the public listing period, the company entered into an equity transaction contract with the purchaser, Contemporary Amperex Technology. The company agrees to sell, and the purchaser agrees to acquire the equity interest for approximately RMB 2.5557 billion (approximately HKD 2.9717 billion). Upon completion of the sale, the company will no longer hold any equity in Qiyuan Xindongli. Qiyuan Xindongli is a limited liability company established in China in October 2020, primarily engaged in the construction and operation of charging and battery swapping stations for heavy-duty electric vehicles, as well as the sales and leasing of vehicle batteries and related equipment, and providing digital platform services to support battery swapping ecosystems in China. In recent years, the competition in China's heavy-duty electric vehicle battery charging and swapping industry has become increasingly fierce as market participants, including battery manufacturers and other companies within the industry value chain, continue to enter and expand their businesses. As a result, to maintain competitiveness, continuous investment in battery swapping, charging, and related infrastructure and technological capabilities is essential. In light of the above circumstances and after considering the overall business strategy and capital allocation priorities of the group, the sale presents a suitable opportunity for the company to monetize its investment in Qiyuan Xindongli. The anticipated transaction is also expected to optimize the group's investment portfolio, strengthen its capital structure, and facilitate the reallocation of financial resources to its core power generation businesses (including hydroelectric, wind, photovoltaic power, and clean thermal power), thereby supporting the group's strategic goal of becoming a leading green and low-carbon energy supplier.