Hangzhou Steam Turbine offers cash option amid merger

Hangzhou Steam Turbine Co., Ltd. has announced a cash option for dissenting shareholders as part of its share exchange absorption merger with Hangzhou Hailianxun Technology Co., Ltd. A total of 33,079,662 cash options have been distributed. Dissenting shareholders can declare their intention to exercise the cash option for all or part of their shares at a price of HK$7.54 per share between November 19 and November 25, 2025.

The company's shares will be suspended from trading starting November 5, 2025, and will cease trading after the cash option implementation. The reference share price for Hangzhou Steam Turbine was HK$13.09 per share, based on the closing price on the last trading day before the cash option announcement, representing a 73.61% premium over the exercise price. As of November 4, 2025, the closing price was HK$13.30, marking a 76.39% premium.

Hangzhou Capital, a state-owned capital investment and operation platform, will act as the provider for the cash option. Dissenting shareholders who successfully declare their intention to exercise the cash option will receive the cash payment from Hangzhou Capital, which will then acquire the corresponding shares.