Chint Electric to donate up to CNY 3.5m

Zhejiang Chint Electrics (SSE:601877) announced plans to donate a maximum of CNY 3.5 million to the Zhejiang Chint Charity Foundation. These funds will support various public welfare and charitable activities. The donation was approved at the company's 10th Board of Directors 3rd meeting. The effective period of the donation is 12 months from the date of board approval. As the Chint Foundation is initiated by Chint Group, the controlling shareholder, this transaction is considered a related party transaction but does not constitute a major asset restructuring. The company stated that the donation will be funded from its own capital and will not have a significant impact on the company's current or future operating results.