Zhuzhou CRRC Times Electric appoints new director, extends supply deals

Zhuzhou CRRC Times Electric Co., Ltd. (HKEX:3898) announced the appointment of Ms. Chen Zhiman as an employee director, effective December 15, 2025. She will also join the board’s Strategy and ESG Committee and the Science and Technology Innovation Committee. The company’s board structure remains consistent, with Li Donglin as chairman and Shang Jing as vice chairman.

The company entered into the 2026-2028 Qingdao Mutual Supply Agreement with Qingdao Company on December 15, 2025, for a three-year term starting January 1, 2026. This agreement covers mutual supply of products, technical, and management services. Amounts paid to Qingdao Group were RMB1.93 million in 2023, RMB0.04 million in 2024, and RMB0.14 million for the nine months ended September 30, 2025. Amounts paid by Qingdao Group to the company were RMB26.62 million in 2023, RMB31.38 million in 2024, and RMB24.66 million for the nine months ended September 30, 2025. Annual caps for amounts paid to Qingdao Group are RMB40 million (2026), RMB50 million (2027), and RMB60 million (2028), while caps for amounts paid by Qingdao Group are RMB50 million (2026), RMB60 million (2027), and RMB70 million (2028).

Additionally, independent non-executive directors reviewed continuing connected transactions for the third quarter ended September 30, 2025. They confirmed these were conducted in the ordinary course of business, on normal commercial terms, in accordance with pricing policies, and within the 2025 annual cap amounts. This review included a mutual supply framework agreement with CRRC Group Co., Ltd. from March 29, 2022, valid until December 31, 2025.