Perennial Energy Holdings Ltd. has announced a major transaction involving a proposed capital increase in a target company. Under the terms of the agreement, an indirect wholly-owned subsidiary of Perennial Energy will subscribe for new equity in the target company, resulting in a minority shareholding. The preliminary valuation of the target company is approximately RMB1.2 billion as of 30 November 2025, based on an income approach by an independent valuer. Completion of the capital increase is subject to several conditions precedent, including the rectification of any historical business, financial, or legal defects and the termination of certain affiliation arrangements prior to registration completion. The transaction is structured to ensure all compliance requirements are met before finalization.

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