Guizhou Energy merges with Wujiang Energy, updates shareholder structure

Guizhou Panjiang Refined Coal Co., Ltd. announced on September 9, 2025, that its controlling shareholder, Guizhou Energy Group Co., Ltd., has received approval from the Guizhou Provincial People's Government State-owned Assets Supervision and Administration Commission to absorb Guizhou Wujiang Energy Group Co., Ltd. An absorption merger agreement was signed on September 8, 2025. Post-merger, Wujiang Energy will be dissolved and deregistered, with all its assets, liabilities, and equity transferred to Guizhou Energy.

Following the merger, Guizhou Energy’s capital structure will be updated. The Guizhou Provincial People's Government State-owned Assets Supervision and Administration Commission will hold a 51.0005% stake, equating to a subscribed capital of CNY 1,020,010.00. Guizhou Qiansheng State-owned Asset Management Co., Ltd. will hold 39.4207%, and Guizhou Financial Holdings Group Co., Ltd. will hold 6.7762%. Southwest Energy & Mining Group Co., Ltd. will hold the remaining 2.8026%, bringing the total subscribed capital to CNY 2,000,000.00.

Guizhou Energy will remain Panjiang Refined Coal's controlling shareholder, with the Guizhou Provincial SASAC as the ultimate controller. Guizhou Energy acknowledges potential new competition with Panjiang Refined Coal in some business areas and commits to taking measures, including asset injection, transfer, or divestiture, to avoid such competition in compliance with laws and regulations.