Shang Hai Zheng Quan Bao·2025-11-12 18:19Core 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]