Ming Yang Smart Energy sells subsidiary equity for CNY 9.68m

Ming Yang Smart Energy Group (SSE:601615) has announced the sale of its subsidiary, Beijing Jiyuan Xineng Investment Co., Ltd, which in turn owns Taonan Baiqiang New Energy Co., Ltd, to Guangzhou Yuexiu New Energy Investment Co., Ltd for a consideration of CNY 9,683,010.00. The decision, approved by the board of directors, aligns with Ming Yang's strategy of rotating wind farm development. Upon completion of the sale, Taonan Baiqiang will no longer be consolidated into Ming Yang's financial statements. The transaction is not a related party transaction or a material asset restructuring. The deal is expected to positively impact Ming Yang's 2025 profits and cash flow. The completion of the transaction is subject to creditor approval.