Core Viewpoint - Shanghai Electric has decided to terminate the acquisition of a stake in KE Company due to unmet closing conditions and changes in the business environment in Pakistan [1] Group 1: Acquisition Termination - The termination of the acquisition is not a sudden decision; it was indicated in mid-August that the transaction conditions were not being met [1] - The acquisition was initiated in August 2016, with plans to acquire 18.336 billion shares of KE Company, representing 66.40% of its total equity, for approximately $1.77 billion [1] - The transaction included potential performance bonuses of up to $2.7 million, which had received multiple departmental approvals [1] Group 2: New Investment Plans - Concurrently with the termination announcement, Shanghai Electric disclosed new investment plans in the renewable energy sector [1] - The company has approved investments in the Fengxian No. 1 offshore photovoltaic project and a 400,000 kW wind power project in Heilongjiang, with total investments not exceeding 3.78 billion yuan and 2.26 billion yuan, respectively, totaling over 6 billion yuan [1][2] Group 3: Shift to Clean Energy - The decision to abandon the KE Company stake and focus on renewable energy reflects Shanghai Electric's acceleration towards optimizing its energy structure and transitioning to clean energy [3] - According to the latest financial report, the construction of renewable energy projects is progressing steadily, with a significant increase in the proportion of clean energy generation [3] - As of June 30, the company's installed capacity was 25.8013 million kW, with clean energy accounting for 61.83% of the total, including 5.2356 million kW of wind power (20.29%) and 7.0975 million kW of photovoltaic power (27.51%) [3]

Core Viewpoint - Shanghai Electric has terminated its major asset acquisition of K-Electric Limited due to unmet closing conditions and changes in the business environment in Pakistan, which no longer align with the company's international development strategy [1][2][3]. Group 1: Termination of Acquisition - The decision to terminate the acquisition was not made impulsively but followed a rigorous internal decision-making process [2]. - Shanghai Electric had been disclosing the progress of the acquisition every 30 days since March 2017, indicating ongoing challenges in meeting the necessary conditions for the deal [2]. - The final announcement to terminate the acquisition was made on September 9, 2023, after the board of directors reviewed and approved the decision [2][4]. Group 2: Reasons for Termination - The primary reasons for the termination include the failure to meet the closing conditions outlined in the share purchase agreement and the changing business environment in Pakistan [2][3]. - Since the acquisition process began in 2016, KES Energy Company has consistently failed to meet the required conditions, allowing Shanghai Electric to terminate the agreement [3]. - Changes in the electricity pricing mechanism in Pakistan significantly reduced K-Electric's profitability and equity value, leading to a reassessment of the transaction [3]. Group 3: Impact on Shanghai Electric - Shanghai Electric stated that the termination of the acquisition would not have a significant adverse impact on its operations or financial status, as the deal had not yet met the closing conditions [4]. - The company emphasized that the termination would not harm the interests of the company or its minority shareholders [4]. - The company has experienced significant changes in its internal operations and the external industry environment over the nine years since the acquisition was initiated [5]. Group 4: Industry Context - The domestic energy structure in China has undergone notable changes, with a shift from traditional coal-fired power to a focus on clean energy [6]. - As of mid-2023, the total installed power generation capacity in China reached 3.65 billion kilowatts, reflecting an 18.7% year-on-year increase [6]. - Renewable energy sources, particularly wind and solar, have seen substantial growth, with non-fossil energy accounting for over 60% of the installed capacity [6].

公告指出，奉贤1号海上光伏项目位于上海市奉贤区海域，装机规模为50万千瓦，总投资不高于37.80亿 元实施建设，资本金为计划总投资的20%，剩余部分以贷款形式解决。黑龙江牡丹江40万千瓦风电项 目，总投资不高于22.61亿元实施建设，资本金为计划总投资的20%，剩余部分以贷款形式解决。 2025年9月10日，上海电力(600021.SH)公告称，公司会议审议并通过了关于上电绿能奉贤1号海上光伏 项目和新疆臻元黑龙江牡丹江40万千瓦风电项目的投资决策，两个项目的动态含税总投资分别不高于 37.80亿元和22.61亿元。 ...

上海电力（600021）10日跳水跌停，截至发稿，该股报20.79元/股，跌停板上封单达18万手。至昨日收 盘，该股年内已累计涨约160%。 公司称，自筹划本次重大资产购买事项以来，公司严格按照相关法律、法规及规范性文件的规定，积极 推进本次重大资产购买所涉及的各项工作。鉴于交易对方始终未能达成交割先决条件及巴基斯坦营商环 境变化导致本次交易不再符合公司国际化发展方向，经审慎研究分析，为切实维护公司及全体股东利 益，公司决定终止本次重大资产购买事项。因KES能源公司未能满足《股份买卖协议》第4.1条规定的 先决条件，上海电力有权依据《股份买卖协议》第4.8条终止该协议。 公司表示，本次交易从启动到终止，未对上市公司生产经营产生重大不利影响，未导致上市公司经营环 境产生重大不利变化。同时，本次重大资产购买尚未达成交割先决条件，本次交易终止对上市公司未产 生实质性影响，不会对上市公司现有生产经营活动、财务状况造成重大不利影响，不存在损害上市公司 及中小股东利益的情形。 上海电力9日晚间公告，9月9日，公司召开第九届董事会第五次会议，审议通过了《关于终止并核销巴 基斯坦KE公司股权收购事项的议案》，同意公司终止本次 ...

Group 1: Shareholder Reductions - Dabeinong's actual controller plans to reduce holdings by no more than 1.99% [1] - Best Idea, JSR, and GPTMT intend to collectively reduce holdings by no more than 6% [1] - Yang Enguang from Guanzhong Ecological plans to reduce holdings by no more than 1.50% [1] - Jinan Hongdao New Energy intends to reduce holdings in Linuo Pharmaceutical Packaging by no more than 3.00% [1] - Yuxin Investment plans to reduce holdings in Yuma Technology by no more than 3% [1] - The actual controller's concerted action party in Redik plans to reduce holdings by no more than 2% [1] - The National Integrated Circuit Fund intends to reduce holdings in Zhongshen Port by no more than 3% [1] - Kaihong Investment plans to reduce holdings in Chunguang Technology by no more than 801,600 shares [1] - Ningxing Asset intends to reduce holdings in Yongxin Optical by no more than 1% [1] - Zhou Donglian plans to collectively reduce holdings in Xinjieneng by no more than 152,500 shares [1] - The actual controller and its concerted action party in Tianzheng Electric plan to reduce holdings by no more than 2.36% [1] - Chen Lirong, the actual controller of Baihehua, plans to reduce holdings by no more than 0.7% [1] - Wang Xiuyun and Liu Guoliang plan to collectively reduce holdings in Zhongyan Co., Ltd. by 1.9825% [1] Group 2: Other Corporate Actions - Shanghai Shenli has terminated a major asset purchase [1] - Boyuan Co., Ltd. has not yet achieved sales of iodide products in the solid-state application field [1]

Mergers and Acquisitions - Shanghai Electric announced the termination of the acquisition of K-Electric Limited, which involved purchasing 183.36 billion shares, accounting for 66.40% of the total issued share capital, with an original planned consideration of $1.77 billion [1] Shareholding Changes - Yongxin Optical's major shareholder, Ningxing Asset Management Co., Ltd., plans to reduce its stake by no more than 1%, equating to a maximum of 1.1094 million shares [2] - Tianzheng Electric's actual controller, along with associated parties, intends to reduce their holdings by a total of up to 2.36%, which includes a maximum of 1.194 million shares through centralized bidding and 6.879 million shares through block trading [3] - China Integrated Circuit Industry Investment Fund Co., Ltd., a shareholder with a 7.3747% stake in Zhongdian Port, plans to reduce its holdings by no more than 3% through centralized bidding or block trading [4] Company Operations - China National Gold Group's Inner Mongolia Mining Co., Ltd. has resumed production, and the suspension did not significantly impact the company's overall production operations and performance [5] - The actual controller of Juran Smart Home has changed from Wang Linpeng to Yang Fang due to the former's passing, with the new controller inheriting shares without affecting the company's operational stability and independence [6] Fundraising Activities - Guangxun Technology plans to issue no more than 242 million shares to specific investors, including its actual controller, China Information Communication Technology Group, with expected total fundraising not exceeding 3.5 billion yuan. The funds will be used for the construction of optical connection and high-speed optical transmission product production projects, as well as for research and development of high-speed optical interconnection and emerging optoelectronic technologies [7]

Core Viewpoint - Shanghai Electric has terminated the major asset acquisition of K-Electric Limited due to unmet closing conditions and changes in the business environment in Pakistan, marking the end of an 8-year disclosure requirement for the transaction [1][2][3]. Group 1: Termination Reasons - The termination of the acquisition was not a sudden decision but followed a rigorous internal decision-making process [2]. - The core reasons for termination include the failure to meet closing conditions and changes in the business environment in Pakistan [2][3]. - Since the initiation of the acquisition in 2016, KES Energy Company has consistently failed to meet the closing conditions outlined in the share purchase agreement [3]. Group 2: Impact on Company Operations - The termination of the acquisition is stated to have no significant adverse impact on the company's operations or financial status, as the closing conditions were never met [3]. - The company has maintained that the termination will not harm the interests of the company or its minority shareholders [3]. Group 3: Changes in Industry Environment - The energy structure in China has undergone significant changes, impacting the acquisition's viability [4]. - The domestic power industry is transitioning from traditional coal-based power to clean energy, with substantial government support for renewable energy sources [5][6]. - As of mid-2025, the company reported that clean energy accounted for 61.83% of its installed capacity, reflecting the broader industry trend towards green energy [6].

Core Viewpoint - Shanghai Electric has terminated its plan to acquire 66.4% of K-Electric Limited in Pakistan after over nine years of planning, citing changes in the business environment and unmet conditions for the deal [2][6][8]. Group 1: Termination of Acquisition - On September 9, Shanghai Electric announced the termination of its acquisition of 183.36 billion shares of K-Electric, originally valued at $1.77 billion [2][3]. - The decision was made during the company's ninth board meeting, where the proposal to terminate the acquisition was approved [3]. - The company stated that the termination of the transaction would not have a substantial impact on its operations or financial status [5][7]. Group 2: Reasons for Termination - The termination was attributed to the failure of the counterparty to meet the closing conditions and changes in the business environment in Pakistan, which no longer aligned with the company's international development strategy [6][8]. - Shanghai Electric emphasized that the acquisition had been in planning since 2016, with multiple disclosures made over the years regarding the transaction [6]. Group 3: New Investment Plans - Concurrently, Shanghai Electric announced plans to invest 6 billion yuan in two new projects: the Fengxian No. 1 offshore photovoltaic project and a 400,000 kW wind power project in Mudanjiang, Heilongjiang [8]. - The Fengxian project will have a capacity of 500,000 kW and a total investment of up to 3.78 billion yuan, while the wind power project will require up to 2.26 billion yuan [8]. - Both projects will be financed with 20% equity and the remainder through loans, reinforcing the company's commitment to green energy initiatives [8].

Group 1 - The core point of the article is that Shanghai Electric Power announced the investment decision for the "Shangdian Green Energy Fengxian No. 1 Offshore Photovoltaic Project" during its board meeting held on September 9, 2025 [1] - For the first half of 2025, the company's revenue composition was 98.98% from the power industry and 1.02% from other industries [1] - As of the report date, Shanghai Electric Power has a market capitalization of 65.1 billion yuan [1]

Mergers and Acquisitions - Shanghai Electric has announced the termination of its acquisition of K-Electric Limited, which involved purchasing 18.336 billion shares, representing 66.40% of the total issued share capital, for a planned consideration of $1.77 billion [1] Shareholding Changes - Yongxin Optical's major shareholder, Ningxing Asset Management Co., plans to reduce its stake by no more than 1%, equating to a maximum of 1.1094 million shares [2] - Tianzheng Electric's actual controller, along with associated parties, intends to reduce their holdings by a total of up to 2.36%, which includes a maximum of 1.194 million shares through centralized bidding and 6.879 million shares through block trading [3] - China Integrated Circuit Industry Investment Fund, holding 7.3747% of China Electric Port, plans to reduce its stake by up to 3% through centralized bidding or block trading [4] Company Operations - Zhongjin Gold has reported that its subsidiary, China Gold Group Inner Mongolia Mining Co., has resumed production, and the suspension did not significantly impact the company's overall operations and performance [5] - Juran Smart Home has announced a change in its actual controller from Wang Linpeng to Yang Fang due to the former's passing, with no significant adverse impact on the company's operational stability and independence [6] Fundraising Activities - Guangxun Technology plans to issue up to 242 million shares to specific investors, including its actual controller, China Information Communication Technology Group, with expected total fundraising of up to 3.5 billion yuan, aimed at funding production projects and supplementing working capital [7]