Zheng Quan Zhi Xing·2025-08-27 15:14Core Viewpoint - China General Nuclear Power Corporation (CGN) is acquiring equity stakes in four companies, including Huizhou Nuclear Power, as part of a related party transaction, which requires approval from the company's shareholders' meeting [1][2][23] Related Party Transaction Overview - The transaction involves CGN transferring 82% of Huizhou Nuclear Power, 100% of Huizhou Second Nuclear Power, 100% of Huizhou Third Nuclear Power, and 100% of Zhanjiang Nuclear Power to the company [1][2] - The transaction has been approved by CGN's internal decision-making body and does not constitute a major asset restructuring as defined by relevant regulations [2][3] Basic Information of Related Parties - CGN is the controlling shareholder of the company, with a registered capital of 1,487,337 million RMB and a primary business focus on clean and renewable energy [2][4] - The major shareholders include the State-owned Assets Supervision and Administration Commission (holding 81%) and other entities [4] Transaction Targets Overview - The transaction targets include: - Huizhou Nuclear Power: 82% stake, with total assets of approximately 42.16 billion RMB and net assets of about 8.30 billion RMB [5][6][17] - Huizhou Second Nuclear Power: 100% stake, with total assets of approximately 6.74 billion RMB [10][11][17] - Huizhou Third Nuclear Power: 100% stake, with no financial data available as it has not commenced operations [13][14] - Zhanjiang Nuclear Power: 100% stake, also with no financial data available [14][15] Valuation and Pricing - The total transaction price is set at 937,543.25 million RMB, based on asset valuation reports, with specific prices for each stake: 802,270.21 million RMB for Huizhou Nuclear Power and 135,273.04 million RMB for Huizhou Second Nuclear Power [17][18] - The valuation reflects an increase in net asset value for Huizhou Nuclear Power, with an increase rate of 17.91% [17] Transaction Agreement Highlights - The agreement stipulates that the company will pay the transaction price in cash within five working days after the agreement takes effect [19][20] - The transaction will not involve personnel placement or land leasing and will maintain operational independence post-transaction [20][21] Purpose and Impact of the Transaction - The acquisition aims to enhance the company's position in the nuclear power sector and contribute to future growth in nuclear energy generation [21] - The transaction is expected to have a neutral impact on the company's financial status and operational results, integrating the acquired companies into the company's consolidated financial statements [21][22] Review Procedures - The transaction has undergone necessary review procedures, including approval from independent directors and the board of directors, and is pending approval from the shareholders' meeting [22][23]