长江电力266亿元“修船闸”引争议，超5.7亿股反对

Core Viewpoint - Changjiang Electric Power announced a plan to invest approximately 26.6 billion yuan in the Gezhouba shipping capacity expansion project, which has faced criticism from small and medium-sized investors, leading to a 3% drop in stock price following the announcement [1][2]. Summary by Sections Investment Decision - The board resolution for the "repairing the ship lock" project was approved with 175.20 billion shares in favor, accounting for 96.0174% of the votes, while opposing and abstaining votes were 5.72 billion shares and 1.55 billion shares, representing 3.1358% and 0.8468% respectively [1]. Shareholder Concerns - Some shareholders expressed dissatisfaction, with one investor reporting a loss of one million yuan in market value since the announcement of the project. Another long-term investor indicated that the proposal is detrimental to the interests of small shareholders [2]. Company Governance and Economic Benefits - The company’s secretary, Xue Ning, stated that as a state-owned listed company, Changjiang Electric Power is significantly influenced by national policies. The economic benefits should not be limited to the Gezhouba project alone, as potential offsets or support from national projects may arise [4]. - Xue emphasized that the company and the Three Gorges Group approached the proposal with caution, having conducted extensive internal discussions to arrive at the optimal solution. The company remains committed to high cash dividends and the interests of small shareholders [4]. Dividend Policy - Changjiang Electric Power maintains a robust financial position, with a commitment to a dividend payout ratio of no less than 70% since the 14th Five-Year Plan, distributing over 20 billion yuan in dividends annually for the past three years. The company plans to continue this policy during the 15th Five-Year Plan [4]. Leadership Participation - The absence of the chairman, Liu Weiping, from shareholder meetings was explained by Xue as due to his dual role as chairman of the Three Gorges Group, which has a broad business scope. Xue assured that shareholder opinions would be communicated to the leadership for future meetings [4].