Zhuzhou CRRC Times Electric Co., Ltd. (“Times Electric”) reported that its independent non-executive directors have completed the first-quarter review of continuing connected transactions conducted under the three-year Mutual Supply Framework Agreement signed with CRRC Group Co., Ltd. (“CRRC Group”) on 30 October 2025.

Key findings for the three months ended 31 March 2026 are as follows:

1. Ordinary Course and Fair Terms • All mutual supply dealings—covering products, equipment, raw materials, technical and after-sales services, maintenance, engineering contracting and related R&D facilities—were executed in the ordinary and usual course of Times Electric’s business. • Transactions were carried out on normal commercial terms considered fair and reasonable to shareholders as a whole.

2. Compliance with Pricing Policies • The directors confirmed every transaction adhered to the company’s established pricing mechanisms and to the contractual clauses set in the 2026-2028 framework agreement.

3. Adherence to Approved Caps • Aggregate transaction values for Q1 2026 remained within the 2026 annual cap limits previously authorised by independent shareholders at the 15 December 2025 annual general meeting.

Governance Measures Times Electric reiterated that quarterly reviews by independent non-executive directors and public disclosure via announcement form part of its wider governance safeguards to protect minority shareholder interests. The company will continue these quarterly assessments throughout the agreement’s term, which runs until 31 December 2028.

The board is chaired by Li Donglin; other executive directors are Shang Jing and Xu Shaolong. Independent non-executive directors include Li Kaiguo, Zhong Ninghua, Lam Siu Fung and Feng Xiaoyun, with Chen Zhiman serving as employee director.