Xinte Energy acquires wind power project from controlling shareholder for 136.8m yuan

Xinte Energy announced that its subsidiary, Sunoasis, will acquire 100% equity interest in Xuyi High Drive Wind Power Co. Ltd. from TBEA, Xinte Energy’s controlling shareholder, for a consideration of 136.8m yuan. The transaction, dated September 26, 2025, will see Xuyi High Drive become a subsidiary of Xinte Energy. The consideration was determined based on arm’s length negotiations and a valuation report.

Sunoasis will pay 60% of the consideration by September 30, 2025, and the remaining 40% upon completion of industrial and commercial changes, no later than October 30, 2025, utilizing its internal cash reserves. This acquisition aims to enhance Xinte Energy's new energy power station operations, rectifying previous land use defects and boosting overall competitiveness and profitability.

Given TBEA’s approximate 66.61% direct and indirect stake in Xinte Energy, the acquisition constitutes a connected transaction. However, it is subject only to reporting and announcement requirements under Listing Rules Chapter 14A.