Shanghai Electric relists subsidiary's assets at reduced price

Shanghai Electric Group Company Limited (HKEX: 2727) announced it will proceed with a second listing, via public tender, of the state-owned land use rights and related construction works of its subsidiary, Ningbo Hi-Firm Environmental Protection Company. The assets, located in Yuyao City, will be relisted on the Shanghai United Assets and Equity Exchange after an initial tender period ending January 13, 2025, failed to solicit any interested transferees. The new tender price is set at RMB81.5940 million, a 10% reduction from the original appraised value of RMB90.66 million as of May 31, 2024, which included value-added tax. The decision was approved at a board meeting on March 13, 2025. Shanghai Electric advises shareholders and potential investors to exercise caution when trading the company's securities.