GD Power Development (SHA:600795) directors approved the acquisition of a 35% stake in Guoneng Jiangsu New Energy Technology Development by subsidiary Beijing Guodian Power from China Energy Group New Energy through a non-public agreement.

Upon completion of the transaction, Jiangsu New Energy will become a wholly owned subsidiary of Beijing Guodian Power.

As of Dec. 31, 2024, the valuation of a 35% stake in Jiangsu New Energy, a power generation company, is 282.3 million yuan.