Henan Yicheng's controlling shareholder strategic restructuring moves forward

Henan Yicheng New Energy Co., Ltd. announced on November 11, 2025, the progress of the strategic restructuring involving its controlling shareholder. This follows a September 25, 2025, announcement regarding the strategic restructuring of Henan Energy Group Co., Ltd. ("Henan Energy Group") and China Pingmei Shenma Holding Group Co., Ltd. ("Pingmei Shenma Group"), as decided by the Henan Provincial Party Committee and Provincial Government.

On November 7, 2025, the Henan Provincial People's Government State-owned Assets Supervision and Administration Commission (Henan SASAC) signed a "Strategic Restructuring Framework Agreement" with Henan Energy Group and Pingmei Shenma Group. Under this agreement, Henan SASAC will inject its 100% equity in Henan Energy Group into Pingmei Shenma Group, based on an appraised fair value. Post-increment, Henan Energy Group will become a wholly-owned subsidiary of Pingmei Shenma Group.

The strategic restructuring requires further audit and appraisal procedures, the signing of a formal "Capital Increase Agreement," and approvals for anti-monopoly review of business concentration and other necessary regulatory processes. The company noted that the restructuring currently does not involve a major asset reorganization for the listed company, nor does it impact its normal production and operation. The controlling shareholder remains unchanged, and the company's control will not shift.