Summary by Moomoo AI
China Longyuan Electric Power Group Co., Ltd. held its 5th board of directors' 9th meeting on October 22, 2024, approving the acquisition of the equity of 8 new energy companies held by the wholly-owned subsidiary of the controlling shareholder National Energy Investment Group Co., Ltd. in cash, with a total consideration of RMB 1685.7088 million. This acquisition will help reduce the intra-industry competition between the company and the controlling shareholder, expand market share, and enhance profitability. Additionally, National Energy Group has proposed to extend the commitment period to avoid intra-industry competition until January 24, 2028, and within 3 years after the expiration of this period, it will inject qualified wind power generation business assets into China Longyuan Electric Power. Furthermore, National Energy Group has issued a...Show More