Core Points - The announcement details the cash option distribution for dissenting shareholders of Hangzhou Steam Turbine Power Group Co., Ltd. (杭汽轮) in relation to its merger with Hangzhou Hailianxun Technology Co., Ltd. [2][6][27] - The cash option allows dissenting shareholders to choose cash compensation instead of shares in the merged entity, with a specified exercise price of 7.54 HKD per share [4][15][26] - The stock of Hangzhou Steam Turbine will be suspended from trading starting November 5, 2025, and will enter the cash option distribution and exercise phase [2][5][26] Summary by Sections Merger Approval and Cash Option - The merger plan was approved at the second extraordinary general meeting of shareholders on June 6, 2025, and received regulatory approval on September 2025 [2][3] - Dissenting shareholders will be provided with a cash option to protect their interests, with Hangzhou Capital acting as the cash option provider [2][3][26] Cash Option Eligibility and Conditions - Eligible dissenting shareholders must have voted against the merger and held their shares continuously until the cash option implementation date [3][8] - The cash option will be distributed based on the number of shares held, with a total of 33,079,662 cash options to be issued [12][26] Cash Option Exercise Details - The cash option can be exercised between November 19 and November 25, 2025, during specified trading hours [4][17] - The closing price of Hangzhou Steam Turbine's stock on November 4, 2025, was 13.30 HKD, representing a 76.39% premium over the cash option exercise price [5][6] Cash Option Processing and Settlement - The cash option exercise will be conducted manually, and shareholders must submit the required documentation during the exercise period [19][20] - After successful exercise, the cash option provider will pay the cash compensation within 10 working days [23][26] Company and Financial Stability - Hangzhou Capital, the cash option provider, is a state-owned investment platform with a registered capital of 10 billion CNY, indicating strong financial capability [26][27]

Stock Code: 200771 Stock ID: Hangqilun B Announcement No.:2025-123 Hangzhou Turbine Power Group Co., Ltd. Announcement on the Distribution of Cash Option in Relation to the Share Swap Merger of The Company by Hangzhou Hirisun Technology Incorporated. The members of the Board and the Company acknowledge being responsible for the truthfulness, accuracy, and completeness of the announcement. There are no false records, misleading statements, or significant omissions in this announcement. Special Reminder: As t ...

2、为充分保护杭汽轮全体股东的利益，本次换股吸收合并将向杭汽轮 异议股东提供现金选择权，并由杭州资本担任本次交易现金选择权的提供方。 于现金选择权股权登记日在中国结算深圳分公司登记在册的异议股东均可按 本公告的规定在现金选择权申报期间对其所持有的全部或部分杭汽轮股票申 报行使现金选择权。若异议股东在现金选择权申报期间未申报或未有效申报 行使现金选择权，则其所持杭汽轮股票将强制转换为海联讯股票。 3、本公司股票（股票代码：200771）自 2025 年 11 月 5 日开始连续停牌， 此后进入现金选择权派发、行权申报、行权清算交收阶段，不再交易。现金 选择权实施完毕后，本公司将向深交所申请终止上市，本公司股东所持股份 将在实施换股后，转换成海联讯股份在深交所上市及挂牌交易。 4、杭汽轮已向异议股东派发现金选择权。登记在册的杭汽轮异议股东 行使现金选择权需同时满足以下条件：1、在本次换股吸收合并的股东会上 就关于本次合并方案的相关议案及逐项表决的各项子议案、就关于签订本次 合并协议的相关议案表决时均投出有效反对票；2、自杭汽轮审议本次换股 吸收合并的股东会的股权登记日起，作为有效登记在册的杭汽轮股东，持续 持有代 ...

Core Viewpoint - The company announced that its subsidiary, Hangzhou Turbine Casting and Forging Co., Ltd., supplies gas turbine product-related castings and forgings to the company [2] Group 1 - The company is involved in the production of gas turbine components through its subsidiary [2]

Core Viewpoint - The conference highlighted Hangzhou Steam Turbine's advancements in heavy-duty gas turbine technology, strategic layout in smart energy, and the significant progress of the "B to A" transition, attracting attention from both industry professionals and capital market investors [1][4]. Group 1: Company Achievements - Hangzhou Steam Turbine has made significant technological breakthroughs, including the successful ignition of a domestically developed 50MW heavy-duty gas turbine, which fills a gap in the domestic market and enhances the high-end equipment manufacturing sector [2]. - The company has evolved from a single equipment manufacturer to a comprehensive service provider, integrating R&D, production, and service across various industries, including oil, chemicals, textiles, and papermaking [2]. Group 2: Strategic Transformation - The company is actively pursuing a strategic transformation by extending its focus from steam turbines to the entire turbine industry, with gas turbines identified as a new growth engine [3]. - It is also expanding into the new energy equipment sector to seize opportunities in green development and transitioning from a manufacturing company to a service-oriented enterprise [3]. Group 3: Capital Market Engagement - The "B to A" transition is a critical phase for the company, aimed at broadening financing channels to support technological R&D and industrial upgrades, ultimately providing advanced energy solutions to clients [4]. - The upcoming stock swap with Hangzhou Hailianxun marks a significant step in the "B to A" process, which is expected to complete by Q1 2026, allowing the company to leverage capital market resources for accelerated development [4]. Group 4: Industry Impact - The company's transition to A-share listing is anticipated to enhance the efficiency of the cogeneration industry, promoting new avenues such as waste heat power generation and distributed energy solutions [5]. - The "B to A" transition is expected to reshape the company's valuation and attract mainstream investment, injecting new momentum into the high-end equipment manufacturing sector [5].

Core Viewpoint - Hangzhou Steam Turbine Company B will suspend trading of its shares starting November 5, 2025, transitioning to share conversion into Hailianxun shares listed on the Shenzhen Stock Exchange [1] Summary by Sections - **Trading Suspension**: The company announced that its stock will be suspended from trading on November 5, 2025, following a series of related announcements starting October 28, 2025 [1] - **Cash Option Distribution**: After the trading suspension, the company will enter a phase for cash option distribution, exercise declaration, and settlement [1] - **Share Conversion**: Following the completion of the above phases, the shares will be converted into Hailianxun shares for listing and trading on the Shenzhen Stock Exchange [1]

证券代码：200771 证券简称：杭汽轮B 公告编号：2025-121 杭州汽轮动力集团股份有限公司 关于公司股票连续停牌直至终止上市的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示：本公司股票（证券代码：200771）将自 2025 年 11 月 5 日起 开始停牌，此后将进入现金选择权派发、行权申报、行权清算交收阶段，不 再交易，直至实施换股后，转换成海联讯股份在深圳证券交易所上市及挂牌 交易。敬请广大投资者注意。 杭州海联讯科技股份有限公司（以下简称"海联讯"）向杭州汽轮动力 集团股份有限公司（以下简称"公司"、"本公司"或"杭汽轮"）全体换股 股东发行 A 股股票换股吸收合并杭汽轮的交易行为（以下简称"本次换股吸 收合并"）已于 2025 年 9 月获得中国证券监督管理委员会同意注册的批复 （证监许可［2025］2141 号）。 根据《深圳证券交易所股票上市规则（2025 年修订）》9.7.1 条第（四） 项的规定，公司符合主动终止上市的情形，后续将向深圳证券交易所申请公 司股票（证券简称：杭汽轮 B，证券代码：200771）终止上市。 ...

From October 28, 2025, the Company consecutively published for six trading days the "Prompting Announcement of Hangzhou Turbine Power Group Co., Ltd. Regarding the Share Exchange Absorption Merger of Hangzhou Turbine Power Group Co., Ltd.by Hangzhou Hirisun Technology Incorporated.", the "Prompt Announcement of Hangzhou Turbine Power Group Co., Ltd. Regarding the Continuous Suspension of the Company's Stock Until Delisting and the Implementation of the Share Exchange Absorption Merger", and the "Prompting A ...

Core Viewpoint - Hailianxun (300277.SZ) announced a stock suspension starting November 5, 2025, until the completion of the acquisition request period and related information disclosure obligations [1][2] Group 1: Acquisition Details - Hailianxun will conduct a share swap to absorb Hangzhou Turbine Power Group Co., Ltd. (Hangqilun) as approved by the China Securities Regulatory Commission [1] - The share swap will involve Hailianxun issuing A-shares to all shareholders of Hangqilun in exchange for their shares [1] - Following the completion of the merger, Hangqilun will be delisted and its legal entity will be dissolved, with Hailianxun inheriting all assets, liabilities, and rights of Hangqilun [1] Group 2: Shareholder Rights and Pricing - To protect shareholder interests, Hangzhou State-owned Capital Investment Operation Co., Ltd. will provide the acquisition request rights [2] - The record date for the acquisition request rights is set for November 4, 2025, with a potential loss for investors if they exercise these rights, as the closing price of Hailianxun shares was 14.06 yuan per share, representing a 50.37% premium over the exercise price [2] - Hailianxun will convert Hangqilun shares held by investors into Hailianxun shares based on the agreed swap ratio [2]

Core Points - The company Hangzhou Steam Turbine Co., Ltd. (stock code: 200771) will suspend trading of its shares starting from November 5, 2025 [1] - Following the suspension, the company will enter a phase of cash option distribution, exercise declaration, and settlement, after which trading will cease until the share conversion into Hailianxun shares listed on the Shenzhen Stock Exchange [1]