Shaangu power announces leadership change, seeks 3bn yuan in financing

Shaangu Power announced the retirement of vice chairman and general manager Chen Dangmin, effective October 10, 2025. Chen Dangmin, having reached statutory retirement age, resigned from his positions on the Ninth Board of Directors and will not hold other roles within the company or its subsidiaries. Concurrently, Liu Haijun has been elected as the new vice chairman and appointed as general manager, effective from the board's approval on October 10, 2025, until the end of the Ninth Board's term. Liu Haijun currently holds 477,130 company shares.

The company also announced plans to secure external financing of up to 3 bn yuan. This financing will support green manufacturing, intelligent manufacturing, technological innovation, replacement of existing loans, and daily operational needs, with an annual interest rate not exceeding 2.3% and a term of up to three years. Additionally, its controlled subsidiary, Shaanxi Fengqi Gas Co., Ltd., is seeking bank loans up to 121m yuan at an interest rate not exceeding the LPR, for working capital purposes.

These proposals were approved at the Ninth Board of Directors' Sixteenth Meeting on October 10, 2025. The external financing proposal will be submitted to shareholders for approval at the Third Extraordinary General Meeting of 2025, scheduled for October 28, 2025.