Summary by Moomoo AI
China Shenhua and Guomeng Insurance Company signed a new warranty service agreement on March 22, 2024, replacing the agreement originally signed on April 28, 2023 and expiring on December 31, 2025. The new agreement, effective from 1 January 2024 to 31 December 2025, has revised the annual cap on the maximum daily balance of underwriting services provided to the Group's member units, with the other transaction year caps remaining unchanged. The transaction is subject to the declaration and announcement requirements of Chapter 14A of the Hong Kong Listing Rules, but without the approval of independent shareholders, due to an applicable percentage of more than 0.1% but less than 5%. The new agreement will help the Group expand its financing channels, in particular new power plants, improve its capital efficiency and reduce financing costs and risks. National Energy Insurance Corporation is an indirect wholly-owned subsidiary of National Energy Group Corporation, while National Energy Group Corporation is the controlling shareholder of Shenhua China.