China Gas seeks shareholder approval for connected transaction renewals with HBIS Group

China Gas Industry Investment Holdings will hold an Extraordinary General Meeting (EGM) on December 31, 2025, to seek Independent Shareholder approval for the renewal of its Master Gas Products and Related Services Agreement and Master Utilities and Related Services Agreement with HBIS Group. These agreements, initially entered into on June 17, 2020, are set to be renewed for a further three-year term, from January 1, 2026, to December 31, 2028. HBIS Group, a controlling shareholder, and its associates will abstain from voting.

The proposed annual caps for Gas Products and Related Services Transactions are yuan 1,810.0m for 2026, yuan 1,991.0m for 2027, and yuan 2,190.0m for 2028. For Utilities and Related Services, the proposed annual caps are yuan 1,320.0m for 2026, yuan 1,452.0m for 2027, and yuan 1,597.0m for 2028. These caps reflect expected demand increases due to HBIS Group's production plans and economic growth.

Historical transaction amounts for Gas Products were yuan 1,094.9m in 2023, yuan 1,058.7m in 2024, and yuan 916.2m up to October 31, 2025. For Utilities, historical amounts were yuan 952.6m in 2023, yuan 812.4m in 2024, and yuan 739.2m up to October 31, 2025. The company's independent board committee and independent financial adviser recommend voting in favor of the renewals, deeming them fair and reasonable.