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China National Complete Engineering Corporation (CNCEC) intends to issue shares in order to acquire the entire 100% equity of CNTEC Jiangsu Clean Energy Co., Ltd. currently held by China National Technical Import and Export Corporation, with a transaction value set at RMB 151 million. Concurrently, CNCEC will raise additional funds to support this endeavor. While this transaction does not qualify as a major asset restructuring or a listing activity, it is considered a related-party transaction. Upon completion, CNTEC Jiangsu will transition into a fully-owned subsidiary of CNCEC, fostering synergies and complementary strengths in the development and operation of energy storage projects. This move will facilitate CNCEC's expansion into new sectors, enhancing its industrial chain portfolio.
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