China Suntien (00956) Plans Full Acquisition of Two Wind Energy Companies in Chongli and Zhangbei to Expand Scale and Enhance Management Efficiency

Stock News

Aug 26

China Suntien (00956) announced that its wholly-owned subsidiary, Hebei Jiantou New Energy Co., Ltd. (hereinafter referred to as "Jiantou New Energy"), plans to participate in acquiring the 49% equity stakes held by minority shareholders of Chongli Jiantou Huashi Wind Energy Co., Ltd. (hereinafter referred to as "Chongli Wind Energy Company") and Zhangbei Jiantou Huashi Wind Energy Co., Ltd. (hereinafter referred to as "Zhangbei Wind Energy Company", collectively referred to as "Target Companies") through public competitive bidding.

Upon successful acquisition, the company will hold 100% equity in both target companies. Chongli Wind Energy Company and Zhangbei Wind Energy Company will become wholly-owned subsidiaries of the company and will be included in the company's consolidated financial statements.

The announcement stated that following the completion of acquiring the 49% stakes in Chongli Wind Energy Company and Zhangbei Wind Energy Company, Jiantou New Energy will have 100% control of both companies. The inclusion of Chongli Wind Energy Company and Zhangbei Wind Energy Company in the consolidated reporting scope will expand the company's asset scale, increase equity capacity, improve management efficiency, facilitate the development of surrounding resources in the future, promote the company's scaled development in the region, and accumulate strength for the company's 15th Five-Year Plan development.

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(hereinafter referred to as \"Zhangbei Wind Energy Company\", collectively referred to as \"Target Companies\") through public competitive bidding.\nUpon successful acquisition, the company will hold 100% equity in both target companies. Chongli Wind Energy Company and Zhangbei Wind Energy Company will become wholly-owned subsidiaries of the company and will be included in the company's consolidated financial statements.\nThe announcement stated that following the completion of acquiring the 49% stakes in Chongli Wind Energy Company and Zhangbei Wind Energy Company, Jiantou New Energy will have 100% control of both companies. 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