Hangzhou Steam Turbine to delist from Shenzhen exchange after Hirisun merger

Hangzhou Turbine Power Group Co., Ltd. (HTC) is set to voluntarily terminate its listing on the Shenzhen Stock Exchange as a result of its absorption merger with Hangzhou Hirisun Technology Incorporated (Hirisun). This transaction, which involves Hirisun issuing A-shares to all HTC shareholders, has received approval from the China Securities Regulatory Commission (CSRC). Following the merger, HTC will cease to exist as an independent legal entity.

China Securities Co., Ltd., acting as the independent financial advisor, confirmed that HTC's delisting aligns with the "Shenzhen Stock Exchange Listing Rules" and other relevant regulations. The delisting process and merger have secured the necessary approvals and authorizations at the current stage. HTC has provided comprehensive disclosures regarding the delisting rationale and post-delisting share arrangements.

Special cash options have been arranged for dissenting shareholders. The exercise price for the cash option is HK$7.54 per share. The Shenzhen Stock Exchange's approval is still pending for the voluntary delisting. Investors are advised to monitor further announcements regarding the delisting application.