Shanghai Electric subsidiary completes asset transfer

Shanghai Electric Group Company (SSE:601727) announced that its subsidiary, Ningbo Haifeng Environmental Protection, has completed the transfer of its project assets located in Yuyao City, Zhejiang Province. The asset transfer, initially approved in November 2024, involved multiple attempts to find a buyer. The final agreement was reached with Ningbo Haost Metal Materials, identified as the acquirer on May 16, 2025. A property transaction contract has been signed, with the final transaction price for the assets valued at CNY 7,343.46 million. Ningbo Haost Metal Materials is reported to be in good financial standing and unrelated to Shanghai Electric Group in terms of ownership, debt, or personnel.