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*ST Quanwei announced that its wholly-owned subsidiary, Quanwei Electric Power, had previously signed three photovoltaic power station EPC general contracting contracts and cooperation agreements with PowerChina and Puding Lianxin, with a total contract value of approximately RMB 1.125 billion. Due to complicating factors such as land acquisition approvals and financing disbursements, the projects failed to meet the conditions required for commencement and on-site construction. After deliberation and approval at the sixth meeting of the fifth board of directors, Quanwei Electric Power plans to negotiate its withdrawal from the three photovoltaic projects and to coordinate with Puding Lianxin to promptly settle and refund the prior financial transactions.
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