Shanghai Electric to sell subsidiary equity for $2.17m

Shanghai Electric Group Co. (SSE: 601727) announced it will transfer 100% equity of its subsidiary, Shanghai Electric Group (Suning) Environmental Technology Co., through a public listing process via the Shanghai United Assets and Equity Exchange. Shanghai Environment Group Co. has been identified as the acquirer. The transaction will proceed at the listed price of RMB 15,700, equivalent to the appraised value of the subsidiary's shareholder equity as of March 31, 2024.