Gelonghui, March 18, 丨 Haiyuan Composites (002529.SZ) announced that the company held the 3rd meeting of the 6th board of directors on March 18, 2024 to review and pass the “Bill on Termination of Investment Cooperation Agreements and Transfer of Shares in Wholly-owned Subsidiaries”. The company signed a “Cancellation Agreement” after friendly negotiations with the Quanjiao County People's Government (“Quanjiao Government”) and decided to terminate the project cooperation; and transferred 100% of the shares of Chuzhou Saiwei Energy Technology Co., Ltd. (“Chuzhou Energy”) at a price of 38 million yuan “Aixu Technology”). After the transfer is completed, the company will no longer hold shares in Chuzhou Energy Company.
In view of major changes in the photovoltaic industry and market environment during the progress of the Chuzhou project, after careful research by the company, in order to reduce investment risks and management costs and optimize resource allocation, it was decided to terminate the Chuzhou project after friendly negotiations with the Quanjiao government.