CGN New Energy Holdings Co., Ltd. (1811) disclosed that on 26 November 2025, its wholly owned subsidiary CGN Shenzhen entered into a Power Sale Services Framework Agreement with CGN Wind Energy, a non-wholly owned subsidiary of China General Nuclear Power Corporation (CGN). The agreement will run from 1 January 2026 to 31 December 2028, covering Electricity Sale Services, Green Certificate Sale Services, CCER Sale Services, International Emission Reduction Sale Services, and related Advisory Services.
Under the arrangement, CGN Shenzhen (or its subsidiaries) will facilitate sales of electricity, green certificates, and carbon credits on behalf of CGN Wind Energy (or its subsidiaries). The pricing policies are tied to prevailing market rates, confirmed either through external tendering processes or third-party quotes, ensuring a benchmark against local trading centers and platforms.
The total maximum service fees (Annual Caps) for these continuing connected transactions are set at RMB269.9 million for 2026, RMB315.0 million for 2027, and RMB345.8 million for 2028. Historically, CGN Shenzhen provided similar electricity trading services, recording transaction amounts of RMB6.8 million from 1 September to 31 December 2023, RMB18.9 million in 2024, and RMB4.6 million for the nine months ended 30 September 2025.
Since CGN Wind Energy is ultimately controlled by CGN, which holds about 72.30% of CGN New Energy, the deal constitutes a continuing connected transaction under the Hong Kong Listing Rules. As the highest applicable percentage ratio falls below 5% but exceeds 0.1%, the agreement is subject to reporting, annual review, and announcement requirements and is exempt from circular and independent shareholders’ approval. The board of CGN New Energy states that the arrangement provides an additional income source and broadens market reach in the electricity and emission reduction trading segments. No director with overlapping positions at CGN participated in the voting on this transaction. The agreement may be renewed in writing, subject to compliance with regulatory requirements.