Taiyuan Heavy Industry completes asset sale to Parent Group

Taiyuan Heavy Industry (SSE:600169) has completed the sale of its wind power assets to its parent company, Taiyuan Heavy Machinery Group, fulfilling the terms outlined in previous announcements. The transaction, initially approved in December 2024, involved the transfer of Taiyuan Heavy Industry’s equity in wind power-related subsidiaries. These subsidiaries were the holdings of Taiyuan Heavy Industry New Energy Equipment (39.782% equity) and Dingxiang County Nengyu New Energy (100% equity). The total transaction value was CNY 466.56 million. Taiyuan Heavy Machinery Group fulfilled its payment obligations by remitting the initial 51% installment which was equivalent to CNY 237.94 million, upon signing the agreement. The parent group then recently paid the remaining 49% tranche, which was equivalent to CNY 228.61 million. The sale allows Taiyuan Heavy Industry to streamline its operations, while Taiyuan Heavy Machinery Group consolidates its position in the wind power sector.