Shuifa Industrial Energy (00750) announced that the company sold 100% of the shares of the target company (Tongyu Qiangfeng Electric Power Co., Ltd.) through a listing sale. On January 23, 2024, the Shandong Property Exchange Center notified Tongyu Gaodeng (a non-wholly-owned indirect subsidiary of the company) that CNNC Huineng was confirmed as the successful bidder.
On January 23, 2024, Tongyu Gordon signed a property rights transaction contract with CNNC Huineng. Tongyu Gordon agreed to sell all of the shares in the target company at a cost of 85.55 million yuan.
According to reports, the target company is a limited liability company established in China, which is mainly engaged in wind power generation. As of the date of this announcement, Tongyu Gordon held all of the shares in the target company. The total unaudited asset value and net asset value of the target company as at 31 December 2023 were $1,017.6 million and $505.31 million respectively.
According to the announcement, the sale is expected to generate book revenue of approximately 3501.9 million yuan. The sale will enable the Group to reallocate resources to other businesses with higher returns and development prospects and help streamline its business, thereby achieving better returns and value for the company and its shareholders as a whole.