Summary by Moomoo AI
CHINA POWER INTERNATIONAL DEVELOPMENT CO., LTD. (“CHINA POWER”) ANNOUNCED THAT ITS NON-WHOLLY OWNED SUBSIDIARY XINYUAN CHI RESERVE SIGNED A CONTRACT FOR THE PURCHASE AND SALE OF ENERGY STORAGE SYSTEM EQUIPMENT ON APRIL 15, 2024 WITH A TOTAL CONTRACT VALUE OF APPROXIMATELY RMB3.82 MILLION, EQUIVALENT TO APPROXIMATELY HK$4.2 BILLION. The contract involves the provision of equipment and related services for an overseas energy storage project in the Atacama region of Chile. Since Shandong Luoelectric is an indirect subsidiary of National Electric Power and the ultimate controlling shareholder of China Electric Power, this transaction constitutes a connected transaction. Under the Listing Rules, the applicable percentage of the transaction is greater than 0.1% but less than 5% and is therefore subject to the rules of the announcement and declaration, but does not require the approval of independent shareholders. China Power said the transaction would help it enter overseas markets and meet its strategic goals of transforming into a green low-carbon energy supplier.
