Keda Clean Energy waives preemptive right, extends employee stock plan

Keda Clean Energy Co., Ltd. announced it will waive its preemptive right to acquire a 1.50% equity stake in its controlled subsidiary, Guangdong TeFu International Holdings Co., Ltd. The shares, previously held indirectly by board member Li Yuejin through two limited partnerships, will now be directly held by Li Yuejin. This adjustment, valued at RMB 57,003,700, supports the long-term incentive mechanism for Guangdong TeFu's operations. The waiver constitutes a related-party transaction and does not alter Keda Clean Energy’s 48.45% stake or its consolidation of the subsidiary.

Keda Clean Energy extended its 2020 employee stock ownership plan by 12 months, moving its expiration to February 11, 2027. This decision, made after two previous extensions, aims to stabilize the plan amid market conditions. Concurrently, the company addressed regulatory concerns outlined by the Guangdong Regulatory Bureau, implementing rectifications for issues such as off-book capital management, unapproved executive compensation, and related-party financial assistance.

Furthermore, Keda Clean Energy appointed Luo Lin as its new chief financial officer, succeeding Zeng Fei, who resigned due to work adjustments. The company also disclosed new credit facility applications totaling RMB 246,000,000 from multiple banks and revised its investment management policy to enhance governance and regulatory compliance.