Hong Kong-listed GCL New Energy Holdings Limited (GCL New Energy, 00451) disclosed that its wholly owned subsidiary, Dynasty Digital International Energy Management, signed the “2026 Ethiopia Operation Services Agreement” with Peak Grow Holdings on 13 April 2026. The deal is classified as a continuing connected transaction under Chapter 14A of the Hong Kong Listing Rules.

Key commercial terms • Scope: Dynasty Digital International will operate and maintain natural-gas generator sets and AI computing equipment at Peak Grow’s 10 MW facility in Ethiopia, covering routine inspection, preventive maintenance, repairs, spare-parts procurement and technical support. • Service period: from completion of performance acceptance tests and handover to the earlier of (i) three years or (ii) accumulation of 24,000 operating hours. • Pricing: pay-per-use model of RMB0.10 per kWh, embedding an 18% management mark-up on cost and implying an estimated RMB8.00 million revenue per full year. • Aggregate consideration: about RMB24.00 million over the three-year term. • Security deposit: Dynasty Digital will post USD0.17 million, refundable at contract expiry. • Liability caps: RMB0.44 million per generator set (up to RMB4.40 million in total) for generator-related defaults; 50% of the c.RMB2.00 million annual computing-equipment fee (≈RMB1.00 million) for IT-related breaches.

Annual caps (service-fee receipts) • 13 Apr – 31 Dec 2026: RMB6.31 million • FY 2027: RMB8.76 million • FY 2028: RMB8.76 million • 1 Jan – 12 Apr 2029: RMB2.45 million

Connected-transaction status Peak Grow is wholly owned by Golden Concord Group, itself controlled by the Zhu Family Trust, of which GCL New Energy Chairman Mr. Zhu Gongshan and his family are beneficiaries. As a result, Peak Grow is an associate of a connected person. The highest applicable percentage ratio for the transaction and annual caps exceeds 0.1% but is below 5%; hence the agreement requires exchange reporting, public disclosure and annual review, but not independent shareholder approval. Directors with deemed interests abstained from voting on the board resolution approving the deal.

Strategic rationale GCL New Energy positions the agreement as a step toward expanding its power-plant operation and maintenance (O&M) services into overseas markets, leveraging digital and AI technologies to deliver full-cycle energy O&M solutions. Management expects the contract to enhance recurring income and generate scale efficiencies.

Internal controls The company will monitor transaction amounts against annual caps through its compliance department, subject connected-transaction reviews by independent non-executive directors and annual assurance from external auditors to ensure pricing and terms remain on normal commercial footing.