CGN Power to acquire four nuclear power companies for 9.38 bn yuan

CGN Power Co., Ltd. will acquire 82% of Huizhou Nuclear Power, 100% of Huizhou No. 2 Nuclear Power, 100% of Huizhou No. 3 Nuclear Power, and 100% of Zhanjiang Nuclear Power. The total cash consideration for this transaction is approximately 9.38 billion yuan, which includes 8.02 billion yuan for Huizhou Nuclear Power and 1.35 billion yuan for Huizhou No. 2 Nuclear Power. This acquisition is a connected and discloseable transaction, as CGN holds approximately 58.89% of CGN Power's issued share capital, requiring Independent Shareholders' approval.

The acquisition is expected to enhance CGN Power's market position and expand its operating, constructing, and potential installed nuclear power capacity. Additionally, CGN Power announced a revision of annual caps for continuing connected transactions with the CGN Group for general services and technical support. The revised annual caps for general services will increase to 2,200 million yuan for 2025, 2,500 million yuan for 2026, and 2,600 million yuan for 2027. For technical support and maintenance services, the revised annual caps are 5,400 million yuan for 2025, 5,500 million yuan for 2026, and 6,000 million yuan for 2027.