China energy storage subsidiary acquires Hong Kong property for HK$20.8m

Telefield Holdings Limited, a wholly-owned subsidiary of China Energy Storage Technology Development Limited, has agreed to acquire the entire equity interest in Circuit Development Limited for HK$20,800,000, subject to adjustments. This acquisition, dated September 17, 2025, includes the sale shares and the sale debt, representing amounts the target company owes to the seller, approximately HK$3,914,625 as of the announcement date.

The target company principally holds a property located at Workshop D, 2nd Floor, Valiant Industrial Centre, Shatin, with a gross floor area of approximately 7,352 square feet. This property is currently leased to Telefield Limited for HK$56,000 per month. The acquisition will allow the group to secure its use of the property, saving on rentals and relocation expenses.

As per the listing rules, the acquisition constitutes a discloseable transaction given that applicable percentage ratios exceed 5% but are less than 25%. Additionally, it is a connected transaction, but exempt from circular, independent financial adviser, and shareholders' approval requirements under Rule 14A.101, as the board and independent non-executive directors have confirmed the terms are fair and reasonable.