Hangzhou Turbine to delist in Hirisun merger; cash option offered

Hangzhou Turbine Power Group Co., Ltd. announced its stock will be suspended from trading on November 5, 2025, with November 4, 2025, as its last trading day. This is part of a share swap merger with Hangzhou Hirisun Technology Incorporated. The merger, approved by Hangzhou Turbine shareholders in June 2025 and by the CSRC in September 2025, will result in the company's delisting. Its shares will convert to Hirisun shares, which will then be listed on the Shenzhen Stock Exchange.

To protect dissenting shareholders, a cash option is being offered by Hangzhou Capital at HK$7.54 per share. This price was adjusted to RMB6.90 per share after Hangzhou Turbine's 2024 profit distribution plan. Investors are cautioned that exercising this option may lead to losses as the current trading price of Hangzhou Turbine shares is higher than the cash option price. The exercise period, consisting of five trading days, will begin after the cash option record date of November 4, 2025.

The share exchange ratio for the merger is 1:1, meaning each Hangzhou Turbine share converts to one Hirisun share. Shareholders holding shares with restricted rights or those who have waived their cash option are not eligible for the cash option and their shares will automatically convert to Hirisun shares. Hangzhou Capital, a state-owned investment platform with RMB10bn in registered capital, will provide the cash option and manage its fulfillment.