SEP(SH:600021) Huan Qiu Lao Hu Cai Jing·2025-09-10 03:41Core 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]