On November 26, Gelon Hui Shanghai Electric Group (601727.SH) announced that on November 25, 2024, the company's board of directors' 103rd meeting of the fifth session approved the proposal "Regarding the public listing transfer of 100% equity of Shanghai Electric Group (Suning) Eco-Technology Co., Ltd. by Shanghai Electric Group Co., Ltd.", agreeing to publicly transfer the 100% equity of Suning Company held by the company through the Hong Kong Stock Exchange. The listing price is the evaluation value of all equity of Suning Company's shareholders as of March 31, 2024, which was RMB 157 million (subject to the evaluation value filed by the competent state-owned assets department).
The purpose of this transaction is to gradually exit the operation-related assets in the company's eco-friendly sector, focus on independent research and development of core equipment and product technology, and promote the transformation and development of the eco-friendly sector.
