CEI(SH:688128) Shang Hai Zheng Quan Bao·2025-09-26 19:46Core Viewpoint - The report details the results of a share transfer by Guangzhou Kaitian Investment Management Center (Limited Partnership), which is a significant shareholder of China Electric Power Research Institute Co., Ltd. (China Electric Research) [2][3]. Group 1: Share Transfer Details - The share transfer price is set at 24.09 yuan per share, with a total of 8,090,000 shares being transferred [2]. - Following the transfer, Kaitian Investment's shareholding will decrease from 21.16% to 19.16%, marking a change that touches the 5% threshold [4][7]. - The transfer will not result in a change of control for the company, as Kaitian Investment is not the controlling shareholder or actual controller of China Electric Research [3][9]. Group 2: Transferor Information - Kaitian Investment is an employee stock ownership platform for China Electric Research, holding more than 5% of the company's shares, with some directors and senior management holding shares indirectly through Kaitian Investment [5]. - There are no concerted action relationships associated with the transferor [5]. Group 3: Transfer Process - The transfer process involved a pricing mechanism where the lower limit for the transfer price was set at no less than 70% of the average trading price over the previous 20 trading days [8]. - A total of 173 institutional investors received the subscription invitation, including 45 fund management companies and 35 securities firms [8]. - The final transfer price was confirmed at 24.09 yuan per share, with 15 investors successfully allocated shares from the total of 21 valid bids received [8]. Group 4: Regulatory Compliance - The transfer process was reviewed by CITIC Securities Co., Ltd., which confirmed that it adhered to fair and just principles and complied with relevant regulations [10].