Zheneng Electric Power adjusts performance compensation payment terms

Zhejiang Zheneng Electric Power and Mr. Lin Jianwei have amended their performance compensation agreement after Suzhou C&P New Energy failed to meet its 2022-2024 cumulative net profit target of RMB 1.6 billion, achieving only RMB 71,538,482.27.

Mr. Lin must now pay Zheneng Electric Power total performance compensation of RMB 148,260,767.22 in four installments, with the first due by June 30, 2026 (at least RMB 40,000,000) and full payment by December 31, 2027.

To secure payment, Mr. Lin has pledged 26 million shares of Suzhou C&P New Energy to Zheneng Electric Power.