Shanghai Electric subsidiary completes asset transfer via tender

Shanghai Electric Group Company Limited (HKEX:2727) announced the completion of the asset transfer of its wholly-owned subsidiary, Ningbo Hi-Firm Environmental Protection Company Limited. The Target Assets, consisting of state-owned land use rights and related construction works, were successfully transferred to Ningbo Haosite Metal Materials Co., Ltd. following a third public tender. The transaction price was RMB73.4346 million. Ningbo Haosite, established in February 2018 and primarily engaged in metal materials manufacturing, reported total assets of RMB28.5599 million and a net profit of RMB127,120 for the period from January to March 2025. The Board advises caution to shareholders and potential investors when trading the Company's securities.