On 3 November 2025, TL Natural Gas Holdings Limited (the Group) entered into a memorandum of understanding with Whitecell Power (China) Limited (WCP) and Yang Shui for the proposed establishment of a joint venture. The joint venture aims to oversee the management and operation of methanol-hydrogen fuel cell off-grid power supply systems and liquid-cooled supercharging stations across various regions.

According to the memorandum, the new entity is expected to be owned 51% by TL Natural Gas Holdings Limited, 24.5% by WCP, and 24.5% by Yang Shui. The Group is principally engaged in the sales of compressed natural gas and liquefied natural gas, as well as the provision of transmission services in the People’s Republic of China, and the initiative may broaden its reach into the electricity charging market.

The final details of the proposed establishment are subject to a formal agreement. The transaction may or may not proceed, and shareholders are advised to exercise caution. Further announcements will be made in accordance with applicable listing rules should any definitive agreement be reached or should material developments occur.