Ginlong Technologies to transfer project subsidiary equity

Ningbo Ginlong Technologies (SZSE:300763) announced that its wholly-owned subsidiary, Ningbo Ginlong Smart Energy, plans to transfer its 100% stake in Suzhou Shi Yuan Si Power New Energy to Kunshan Kunye New Energy for RMB 6,509,532.36 (approximately $900,000). The transaction, approved by the board on March 21, 2025, will remove Suzhou Shi Yuan Si Power from Ginlong's consolidated financial statements. The equity transfer involves distributed photovoltaic power station projects, with a combined installed capacity of 4.11MW. The deal includes projects under Ginlong's 2022 convertible bond offering. The sale is expected to generate a pre-tax profit of approximately RMB 101,490.00 ($14,000).