CHINA HK POWER (00931) announced that on April 19, 2026, it entered into a cooperation agreement with Al-Qimmah. Under this agreement, the two parties will establish a long-term strategic partnership in the areas of capital cooperation and oil and gas trading, working together to advance the company's international energy business. The company has applied to the Stock Exchange for the resumption of trading of its shares, effective from 9:00 a.m. on Tuesday, April 21, 2026.
Pursuant to the agreement, Al-Qimmah will supply the company with high-quality oil and gas resources sourced from a diversified range of global suppliers. CHINA HK POWER will be responsible for the international sales and market development of these resources. The two parties intend to pursue investment cooperation in premium global oil and gas assets. Proposed project reserves include: (i) a new coastal liquefied natural gas (LNG) receiving terminal project in China; (ii) an enhanced oil recovery (EOR) project in Southeast Asia; and (iii) a large-scale LNG infrastructure project in North America. Al-Qimmah will subscribe for new shares in the company.
It is reported that Al-Qimmah is a company duly incorporated and validly existing under the laws of the Dubai Multi Commodities Centre (DMCC), with registration number DMCC203710. It is wholly owned and controlled by His Royal Highness Prince Fahad bin Abdulrahman bin Abdulaziz Al Saud, who also serves as the company's Chairman. Al-Qimmah is an international energy trading and supply platform with established contractual relationships and supply access arrangements with upstream oil and gas producers, national oil companies, international oil companies, and LNG portfolio suppliers across multiple jurisdictions.
The Board believes that the collaboration with Al-Qimmah will enable the two parties to establish a long-term and solid strategic presence in the global oil and gas sector, covering upstream resource acquisition, midstream infrastructure investment, and downstream trading and market expansion. This is expected to further enhance the Group's level of international development. The Board is highly encouraged by this cooperation, which introduces global upstream oil and gas resources and international project funding support.
The Board is of the view that this partnership will bring substantial, sustainable, and recurring growth to the company's trading business and significantly improve the Group's post-tax profitability. Furthermore, through in-depth synergy with the partner in the upstream asset sector, the Group has the potential to gradually build a significant international portfolio of upstream assets, thereby refining its layout across the entire oil and gas industry chain and ensuring the stability and sustainable development of its future operations.
Additionally, the proposed equity investment is expected to help optimize the Group's capital structure, strengthen its financial capacity, and support the continued advancement of its global energy strategy. By combining Al-Qimmah's strengths in resource supply with the Group's capabilities in market channels and end sales, the two parties aim to achieve synergies, further expand business scale, enhance profitability, and create long-term value for shareholders.
Simultaneously, by participating in the investment and development of high-quality global oil and gas assets, the Group will further optimize its asset portfolio, bolster long-term profitability and risk resilience, thereby generating more stable and sustainable returns for its shareholders.