HANGZHOU ZHONGHENG(SZ:002364) Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2025-09-16 02:11Core Viewpoint - The company has approved a joint investment with related parties to establish a new joint venture, SuperX Digital Power Pte. Ltd., aimed at expanding its overseas business in the HVDC product market [5][24]. Summary by Sections 1. Meeting and Approval - The company's ninth board meeting was held on September 15, 2025, where the proposal for the joint investment was approved with 5 votes in favor, 0 against, and 2 abstentions [1][9]. 2. Investment Details - The total investment for the joint venture is SGD 2 million, with the company's subsidiary, Enervell Power Pte. Ltd., contributing SGD 400,000 [2][6]. - The shareholding structure post-investment will be: Enervell (20%), Super X (40%), Zhu Yikun (10%), Xu Feifei (10%), and Jovail (20%) [6][17]. 3. Related Parties - Zhu Yikun and Xu Feifei are identified as related parties due to their connections to the company's actual controller and chairman [7][11]. 4. Purpose of the Investment - The investment aims to leverage the strengths of all parties involved to explore opportunities in the overseas data center market and enhance the company's international competitiveness [24]. 5. Governance and Management - The joint venture will have a board of directors and will be managed by a CEO appointed jointly by Super X and Enervell [18][20]. 6. Financial Implications - The joint venture will not be consolidated into the company's financial statements and will not affect the company's overall financial condition significantly [6][23]. 7. Independent Directors' Opinion - Independent directors support the investment, stating it aligns with the company's long-term strategy and does not harm the interests of minority shareholders [26].