CSIC power boosts financial services limit ahead of EGM

China Shipbuilding Industry Group Power Co., Ltd. (CSIC Power) is convening its third extraordinary general meeting for 2025 on December 19, 2025, to address a crucial amendment to its financial services agreement. The meeting, to be held in Beijing, will also allow for online voting for shareholders. The key agenda item is the approval of a supplementary agreement to the 2025 Financial Services Agreement with China Shipbuilding Industry Group Finance Co., Ltd. (CSIC Finance).

This supplementary agreement proposes two main changes. Firstly, it seeks to increase the daily maximum deposit balance limit from the original 360 billion yuan to 450 billion yuan, reflecting an increase of 90 billion yuan. This adjustment is driven by a projected increase in diesel engine sales, sales recovery, and advance receipts for goods in 2025, necessitating higher financial service capacity. Secondly, the agreement's validity period will be extended from "until December 31, 2025" to "until the date of approval of the next year's financial services agreement by the Shareholders' Meeting."

The proposed changes were reviewed and approved by the company's eighth board of directors at its eighteenth meeting. Associated shareholders, including China Shipbuilding Group Co., Ltd. and its concerted parties, are required to abstain from voting on this related-party transaction, ensuring compliance with regulatory guidelines. This highlights the company's proactive financial management in anticipation of future operational needs.