Zhejiang Zheneng increases stake in Ningbo Marine, reinforcing control

Zhejiang Zheneng Fuel Group Co., Ltd. (Zheneng Fuel) has increased its stake in Ningbo Marine Company Limited. From April 15, 2025, to December 15, 2025, Zheneng Fuel acquired 2,194,900 shares of Ningbo Marine A-shares through concentrated bidding on the Shanghai Stock Exchange, totaling CNY 7,352,856. This transaction raised Zheneng Fuel’s direct ownership from 0.88% to 1.07% of Ningbo Marine's total share capital.

Including its consistent acting parties—Zhejiang Provincial Energy Group Co., Ltd., Ningbo Marine Group Co., Ltd., and Ningbo Yongtong Marine Industry Development Co., Ltd.—the total combined shareholding increased from 44.81% to 45.00%. This acquisition falls under the exemption from a tender offer, as it involves increasing ownership by less than 2% within a 12-month period, following an initial stake of over 30%.

Zheneng Fuel’s latest financial data for 2024 shows total assets of CNY 3,544,655,249.17 and net profit of CNY 239,115,220.65. The increase in stake by Zheneng Fuel is driven by confidence in Ningbo Marine's future development and long-term investment value. This action aims to safeguard investor interests and promote sustained, stable, and healthy growth for Ningbo Marine.