Shanghai Electric Power terminates K-Electric acquisition, no insider trading found

Shanghai Electric Power Company Limited (Shanghai Electric Power) has announced the termination of its proposed acquisition of 18,335,542,678 shares, representing 66.40% of K-Electric Limited (KE Company), for a total consideration of $1.70 bn, with a potential earn-out of up to $0.27 bn. The decision was approved by the company's Ninth Board of Directors at its fifth meeting on September 9, 2025.

Following the termination, Shanghai Electric Power conducted a self-inspection of share trading by relevant parties from March 9, 2025, to September 9, 2025. Guotai Junan Securities Co., Ltd., acting as an independent financial advisor, reported various share trading activities, including purchases, sales, and holding 714,100 shares in a securities lending account. Its subsidiaries also reported trading activities.

The company concluded that, based on self-inspection reports and shareholding verification documents, the share trading activities by relevant parties, including Guotai Junan, did not constitute insider trading. All other entities within the self-inspection's scope also showed no trading of the company's shares during the specified period.