Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Concord New Energy Group Limited
協合新能源集團有限公司

(Incorporated in Bermuda with limited liability)

(Stock Code: 182)

MAJOR TRANSACTION

DISPOSAL OF PROJECT COMPANY

The Board hereby announces that after trading hours on 27 January 2025, several subsidiaries of the Company (namely Xinyuan Juneng, Concord Wind Power, Taiming Company and Juting Company) entered into the Disposal Agreement with ACWA to dispose of the 100% interest in Taiming Company to ACWA at the Total Consideration of approximately RMB636,241,000.

IMPLICATIONS UNDER THE LISTING RULES

The highest Applicable Percentage Ratio for the Disposal is more than 5% but less than 25%. As the agreements for the Previous Disposals were entered into within a 12-month period before the date of the Disposal Agreement, the Disposal and the Previous Disposals shall be aggregated under Chapter 14 of the Listing Rules resulting in the highest Applicable Percentage Ratio on an aggregated basis exceeding 25% but less than 75%. Hence, the Disposal and the Previous Disposals on an aggregated basis constitutes a major transaction for the Company under Chapter 14 of the Listing Rules and the Disposal Agreement is thus subject to the notification, publication and shareholders' approval requirements under Chapter 14 of the Listing Rules.

A special general meeting will be convened by the Company to consider and, if thought fit, approve the Disposal by the Shareholders. A circular containing, among other things, details of the Disposal and a notice of special general meeting of the Company is expected to be despatched to the Shareholders on or before 7 March 2025 as additional time is required to prepare the relevant information in the circular.

INTRODUCTION

The Board hereby announces that after trading hours on 27 January 2025, several subsidiaries of the Company (namely Xinyuan Juneng, Concord Wind Power, Taiming Company and Juting Company) entered into the Disposal Agreement with ACWA for the Disposal. Details of the Disposal and the principal terms of the Disposal Agreement are set out below.

DISPOSAL AGREEMENT

Date: 27 January 2025

Parties:
(i) Xinyuan Juneng as the seller;
(ii) ACWA as the purchaser;
(iii) Taiming Company as the target company;
(iv) Juting Company as the project company, its 60% interest being owned by Taiming Company; and
(v) Concord Wind Power as the guarantor.

Subject matter: Sale Shares, representing the 100% interest in Taiming Company, comprising the First Tranche Sale Shares (representing 66.67% interest in Taiming Company) and the Second Tranche Sale Shares (representing 33.33% interest in Taiming Company).

Consideration

The Total Consideration payable by ACWA for the purchase of the Sale Shares shall be approximately RMB636,241,000, subject to adjustment as set out below. The First Tranche Consideration is approximately RMB424,182,000 and the initial Second Tranche Consideration is approximately RMB212,059,000 (the "Initial Second Tranche Consideration") subject to adjustment as set out below. 66.67% of the profit of the Target Group during the Transitional Period shall belong to ACWA.

The Total Consideration was arrived at after arm's length negotiation between Xinyuan Juneng and ACWA with reference to (i) the unaudited consolidated net asset value of Taiming Company attributable to equity shareholders as at 31 August 2024 of approximately RMB185,078,000; (ii) the past business performance and future business prospects of the Target Group; and (iii) the reasons and benefits set out in the paragraph headed "Reasons for and Benefits of the Disposal" below.

As at the date of this announcement, Concord Wind Power has already given a guarantee (the "Guarantee") for the loan owed by Taiming Company to a financial institution (which is an independent third party) amounting to approximately RMB826,408,000 as at 31 December 2024. Taiming Company shall arrange for the release of the Guarantee after the First Tranche Completion. In the event that the Guarantee fails to be released within the five-month period from the First Tranche Completion, Juting Company shall pay a guarantee fee to Concord Wind Power for the period commencing from the expiry of the said five-month period and ending on the date of release of the Guarantee (the "Guarantee Period"), which is accrued on a daily basis equal to (i) the outstanding amount of the principal of the loan subject to the Guarantee multiplied by (ii) an annual rate of 2%. The guarantee fee shall be payable within 10 working days after the release of the Guarantee, and, if the Guarantee Period being more than 1 year, shall also be payable within 10 working days after the anniversary of the commencement of the Guarantee Period.

Conditions Precedent and Completion

The First Tranche Completion shall take place within 10 working days or such other longer period as agreed by the parties after the fulfillment or waiver by ACWA of the conditions as described below ("Conditions I"):

a. the shareholders' agreement in respect of Taiming Company having been duly signed by ACWA and Xinyuan Juneng in the form as stipulated in the Disposal Agreement;

b. Xinyuan Juneng having procured Juting Company to obtain a consent letter in relation to the First Tranche Disposal from a financial institution (being an independent third party), and the said consent letter consents to the continuous performance of the existing financing documents without any unfavorable additional requirements or conditions;

c. Juting Company having obtained the written consent letter from the holder of the environmental interest (which is an independent third party) consenting to the acquisition of control of Juting Company by ACWA;

d. Juting Company having agreed with the existing service provider (not being a connected person of the Company) on the termination of the operation & maintenance contract; and Xinyuan Juneng having procured the said service provider to agree on the new operation & maintenance contract with ACWA's related party as designated by ACWA (being an independent third party);

e. Xinyuan Juneng and its affiliates having settled all outstanding payables and receivables between them and the Target Group; and as at the date of the First Tranche Completion, there being no outstanding disputes or claims between the Target Group and its historical and/or existing related parties;

f. the representations and warranties of Xinyuan Juneng and the Target Group being true, accurate and complete in all respects and free from all omissions and not misleading in any material respects, and Xinyuan Juneng and the Target Group having performed and complied with all their covenants, undertakings and obligations on or prior to the date of the First Tranche Completion;

g. the Target Group not having experienced any significant adverse effect under the Disposal Agreement during the Transitional Period (or, although such a significant adverse effect has occurred, it has been remedied within thirty days from the date of its occurrence, or the parties have reached an agreement in writing to address such significant adverse effect (or an event related to such significant adverse effect)); and

h. Xinyuan Juneng having procured designated agreements having been signed by Juting Company with the suppliers of wind power turbines and tower tubes (being independent third parties), which shall provide warranty services to Juting Company for the wind power turbines and tower tubes of Juting Company.

In the event that any of the Conditions I is not fulfilled, or waived by ACWA, by 30 June 2025 or such other date as agreed in writing by the parties, each of Xinyuan Juneng and ACWA has the right to terminate the Disposal Agreement, whereupon the First Tranche Completion and the Second Tranche Completion shall not take place and the Disposal Agreement shall no longer have any effect or be binding on any of the parties thereto.

After three years having passed since the First Tranche Completion and the obtaining of all necessary consent from the financial institution (if any), the Second Tranche Completion shall take place within 10 working days or such other longer period as agreed by the parties after the fulfillment or waiver by ACWA of the conditions as described below (“Conditions II”):

a. there being no circumstances (such as non-fulfillment of the Conditions I, force majeure, etc.) having occurred which entitles ACWA to terminate the Disposal Agreement and/or to require Xinyuan Juneng to purchase the First Tranche Sale Shares as mentioned below; and

b. there being no serious breaches by Xinyuan Juneng of its obligations or warranties under any of the Transaction Documents.

Payment

The First Tranche Consideration shall be paid by ACWA to Xinyuan Juneng in cash in the following manner:

Within 7 working days after the following conditions having been fulfilled or waived by ACWA, which is expected to be before mid-April 2025, 50% of the First Tranche Consideration (i.e. approximately RMB212,091,000) shall be paid to Xinyuan Juneng:
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a. the First Tranche Completion having been completed; and
b. Xinyuan Juneng having completed the handover to ACWA of the Target Group's commerce materials and financial materials (such as business licence and other certificates, company seal and etc.) (the "First Batch Materials").

Within 7 working days after Xinyuan Juneng having completed the handover of the documents and records relating to the Target Group or the Target Project other than the First Batch Materials, or such condition having been waived by ACWA, which is expected to be before early May 2025, 30% of the First Tranche Consideration (i.e. approximately RMB127,255,000) shall be paid to Xinyuan Juneng.
Within 7 working days after ACWA and Xinyuan Juneng having agreed on the financial position of the Target Group for the Transitional Period as verified and confirmed by an accounting firm appointed by ACWA, or such condition having been waived by ACWA, which is expected to be before mid-June 2025, approximately RMB18,736,000 (minus all deductions (if any) from the First Tranche Consideration entitled by ACWA under the Disposal Agreement) shall be paid to Xinyuan Juneng.
Within 7 working days after each defect stipulated in the Disposal Agreement having been rectified (including obtaining compliance documentation, completing certain technical tests and installations, extending the warranty period for gearboxes, turbine blades and gears and etc.), or waived by ACWA, a specified sum shall be paid to Xinyuan Juneng totalling RMB66,100,000 for all defects.

The Second Tranche Consideration shall be paid by ACWA to Xinyuan Juneng in cash within 10 working days after the Second Tranche Completion. The Second Tranche Consideration is to be adjusted based on the following formula:

$$
P = S - D + A - C
$$

Notes:

"P" means the final amount of the Second Tranche Consideration.

"S" means the Initial Second Tranche Consideration.

"D" means the dividends received by Xinyuan Juneng from the Target Group or dividends declared but not yet paid by the Target Group to Xinyuan Juneng during the period from the date of the First Tranche Completion to the date of the Second Tranche Completion.

"A" means the difference between A1 and A2: "A1" being the capital utilization fee in respect of the Initial Second Tranche Consideration accrued on a daily basis at a simple interest rate of 3.5% per annum, and "A2" being the capital utilization fee in respect of all the dividends paid by the Target Group to Xinyuan Juneng between the date of the First Tranche Completion and the date of the Second Tranche Completion plus C accrued on a daily basis at a simple interest rate of 3.5% per annum.

"C" means all deductions from the Second Tranche Consideration entitled by ACWA under the Disposal Agreement.

It is expected that the Second Tranche Conditions will be fulfilled before June 2028, and the final amount of the Second Tranche Consideration will not exceed RMB236,000,000. Accordingly, the Total Consideration is expected to be not exceeding RMB660,182,000.

Shareholders' Agreement

The Shareholders' Agreement will take effect on the date of the First Tranche Completion, which governs the management and corporate affairs of Taiming Company and the rights of its shareholders, and its principal terms are as follows:

a. Taiming Company shall have one director to be nominated by ACWA;

b. the voting power of each shareholder of Taiming Company at its shareholders' meetings shall be in proportion to the contributed capital in Taiming Company owned by each shareholder;

c. apart from certain important corporate matters (such as changes in registered capital and articles of association, and the dissolution and merger of Taiming Company, provision of material guarantees and loans, and etc.) requiring the approval of not less than two-third of the voting power, the remaining matters at shareholders' meetings of Taiming Company require the approval of more than half of the voting power at shareholders' meetings;

d. if any shareholder of Taiming Company proposes to transfer its interest to any third party, other shareholders of Taiming Company shall have a pre-emptive right to acquire the same;

e. if Taiming Company proposes to increase its registered capital, its shareholders shall have the pre-emptive right to acquire portions of the amount of the registered capital to be increased in proportion to the registered capital in Taiming Company owned by them;

f. there are no capital commitments imposed on any of the shareholders of Taiming Company; and

g. the total annual salary and other remuneration of the Target Group shall not exceed RMB1.5 million, and where this limit is exceeded, Xinyuan Juneng shall have the right to veto.

Termination and Rescission

ACWA has the right to terminate and rescind the Disposal Agreement by requiring Xinyuan Juneng to purchase the First Tranche Sale Shares and/or the Second Tranche Sale Shares (the “Returned Shares”) from ACWA if any of the following events occurs after the First Tranche Completion:

the following events occurs, for which Xinyuan Juneng fails to remedy or pay compensation to ACWA within 180 days after receiving the relevant notice from ACWA:

a. Xinyuan Juneng having committed a material breach of any of its obligations or warranties under any of the Transaction Documents, which materially affects the continuous operation of the Target Project or results in the dismantling of more than 20% of the Target Project’s approved capacity;

b. the occurrence of any cause or event prior to the date of the First Tranche Completion resulting in a material adverse effect on the Target Group or Juting Company being demanded to pay a total sum of RMB50 million or more by the relevant governmental authorities or other third parties for the use of land by the Target Group after the First Tranche Completion (other than as a result of changes in laws, regulations or policies after the date of the First Tranche Completion);

c. due to the use of land by the Target Project, the relevant government authorities requiring the dismantling of the tower foundations involving more than 20% of the Target Project’s approved capacity, or causing continuous shutdown of wind turbines accounting for more than 20% of the Target Project’s approved capacity for more than 30 consecutive days, or Juting Company incurring a total loss of more than RMB50 million (other than as a result of changes in laws, regulations or policies after the date of the First Tranche Completion); and

the use of land by the Target Project being subject to criminal investigation or sanction.

In the event of the said termination and rescission, Xinyuan Juneng shall return all amounts paid by ACWA within 30 days after receiving the written notice from ACWA. The returned amount shall be: the consideration paid by ACWA, the capital increase paid to the Target Group, the fees paid for resolving the issues of the Target Project, and the related capital utilisation fee for each payment calculated at a simple interest rate of 6% per annum; minus the actual dividends received by ACWA (or its designated related parties) from the Target Group, the actual compensation amount paid by Xinyuan Juneng directly to ACWA, and the related capital utilisation fee for each payment calculated at a simple interest rate of 6% per annum. On the date of return of all amounts by Xinyuan Juneng to ACWA, ACWA shall return the Returned Shares to Xinyuan Juneng, and Xinyuan Juneng and ACWA shall cooperate to complete the relevant filing and registration procedures. Further announcement will be made if the said right to terminate/rescind is exercised by ACWA.

Agreement Effective Date

The Disposal Agreement shall not take effect until the Company having published an announcement disclosing that the Disposal Agreement having been approved by the Shareholders at the special general meeting of the Company. If the Shareholders do not approve the said agreement at the said special general meeting, the Disposal Agreement will have no legal effect, and will thus not be legally binding against the parties.

INFORMATION ON THE TARGET GROUP

Juting Company is principally engaged in the operation of a 300 MW wind power plant project located in Tonghe County, Harbin City, Heilongjiang Province, the PRC, and was established as a limited liability company in the PRC on 9 September 2020 with a contributed registered capital of RMB160,000,000, which is owned as to 60% by Taiming Company and as to 40% by a non-connected person of the Company. Juting Company had no revenue for the year ended 31 December 2023 as the Target Project has only been operational since January 2024.

Taiming Company was established as a limited liability company in the PRC on 23 April 2021 with a registered capital of RMB96,012,000. Taiming Company does not carry on any other business other than holding of a 60% interest in Juting Company. The unaudited consolidated net profit/(loss) before and after taxation of Taiming Company for the two financial years ended 31 December 2024 were approximately RMB7,300 (loss) (2023 before and after tax), RMB133,502,000 (2024 before tax) and RMB131,750,000 (2024 after tax) respectively. The unaudited consolidated net asset value of Taiming Company attributable to equity shareholders as at 31 August 2024 was approximately RMB185,078,000.

GENERAL INFORMATION

The Company is an investment holding company. The Group is principally engaged in (i) investing in wind and solar power projects; and (ii) offering professional technical services and integrated solutions to wind and solar power generation projects.

Xinyuan Juneng is a wholly-owned subsidiary of the Company and is principally engaged in the investment and holding of wind power projects in the PRC.

Concord Wind Power is principally engaged in investing in wind and solar power projects in the PRC.

ACWA is principally engaged in the businesses of development and investment in new energy, seawater desalination and green hydrogen. Insofar as the Company is aware, as at the date of this announcement, ACWA is wholly-owned by ACWA Power Global Services Limited, a company wholly-owned by the Saudi Arabian government through the Saudi Arabia sovereign wealth fund. To the best of the Directors' knowledge, information and belief after having made all reasonable enquiries, ACWA and its ultimate beneficial owners are third parties independent of the Company and its connected persons.

FINANCIAL EFFECTS OF THE DISPOSAL

After the First Tranche Completion, Taiming Company will be held as to 66.67% by ACWA and as to 33.33% by Xinyuan Juneng. According to the accounting standards applicable to the Company, the Second Tranche Sale Shares will be treated as if they are being disposed of simultaneously with the First Tranche Sale Shares at a consideration equal to the Initial Second Tranche Consideration. Thus, the Group will account for as having no interest in the Target Group in its consolidated financial statements after the First Tranche Completion. After the First Tranche Completion and before the Second Tranche Completion, the Group will account for the Initial Second Tranche Consideration as an other receivables.

The Company estimates that it will recognise a total unaudited gain of approximately RMB457,224,000 from the Disposal in the financial year in which the First Tranche Completion takes place (which is expected to be 2025), being the amount equal to (i) the First Tranche Consideration of approximately RMB424,182,000; plus (ii) the Initial Second Tranche Consideration of approximately RMB212,059,000; minus (iii) the unaudited net asset value of the Target Group at the consolidated statement level as at 31 December 2024 attributable to the Company of approximately RMB179,017,000. The actual gain arising from the Disposal is subject to audit. The capital utilization fee in respect of the Initial Second Tranche Consideration (which is accrued on a daily basis at a simple interest rate of 3.5% per annum) will be accounted for as other income in each of the financial years from the date of the First Tranche Completion to the date of the Second Tranche Completion (which is expected to be 2028).

The proceeds generated from the Disposal will be used as general working capital to finance the business operation and activities of the Group within its ordinary course of business.

PREVIOUS DISPOSALS

On 15 January 2025, several wholly-owned subsidiaries of the Company (namely Xinyuan Juneng, Yilan Century Concord and Concord Wind Power) entered into a disposal agreement with ACWA to dispose of the 100% interest in Yilan Century Concord to ACWA, details of which are set out in the announcement of the Company dated 15 January 2025 (the "Yilan Disposal").

On 17 January 2025, several wholly-owned subsidiaries of the Company (namely, Hubei Yinhe New Energy Technology Co., Ltd. (湖北銀合新能源技術有限公司) ("Hubei Yinhe"), Qinghai Shunting New Energy Technology Co., Ltd. (青海順遲新能源技術有限公司) ("Qinghai Shunting"),

Dachaidan Century Concord Wind Power Co., Ltd.* (大柴旦協合風力發電有限公司) and Concord Wind Power) entered into a disposal agreement with ACWA, pursuant to which Hubei Yinhe has disposed of the 100% interest in Qinghai Shunting to ACWA (the “Qinghai Disposal”) in two tranches at a consideration of RMB65,000,000 (which is subject to adjustment, the adjusted consideration expected to be not exceeding RMB68,000,000). The registration of the industrial and commercial changes with the relevant government authority and the obtaining of new business license (if any) for the two tranches of the said disposal is expected to take place before end of March 2025 and April 2028 respectively.

REASONS FOR AND BENEFIT OF THE DISPOSAL

The Group has adopted a “build and transfer” strategy, whereby the Group builds power plants and disposes of its interests therein upon completion or commencement of the operation of the power plants. The Directors consider that the “build and transfer” strategy allows the Group to fully leverage its strengths in wind and solar power plant development and power plant construction, to achieve more attractive investment returns and improve the Group’s cash flow returns, thus reducing the debt ratio to support the stable and rapid growth of the Group.

The Board considers that the terms of the Disposal are fair and reasonable, and will provide an additional capital resource to the Company so as to support other investment opportunities, and is in the interests of the Shareholders as a whole.

IMPLICATIONS UNDER THE LISTING RULES

The highest Applicable Percentage Ratio for the Disposal is more than 5% but less than 25%. The highest Applicable Percentage Ratio for the Qinghai Disposal is less than 5%. The highest Applicable Percentage Ratio for the Yilan Disposal and the Qinghai Disposal on an aggregated basis is more than 5% but less than 25%. As the agreements for the Previous Disposals were entered into within a 12-month period before the date of the Disposal Agreement, the Disposal and the Previous Disposals shall be aggregated under Chapter 14 of the Listing Rules resulting in the highest Applicable Percentage Ratio on an aggregated basis exceeding 25% but less than 75%. Hence, the Disposal and the Previous Disposals on an aggregated basis constitutes a major transaction for the Company under Chapter 14 of the Listing Rules and the Disposal Agreement is thus subject to the notification, publication and shareholders’ approval requirements under Chapter 14 of the Listing Rules.

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DEFINITIONS

In this announcement, the following terms and expressions have the following meanings unless the context otherwise requires:

“ACWA” ACWA (Shanghai) New Energy Co., Ltd.* (沙電(上海)新能源有限公司), a company established in the PRC with limited liability;

“Applicable Percentage Ratio”, “connected person(s)” and “subsidiary(ies)” have the meanings ascribed to them under the Listing Rules;

“Board” board of Directors;

“Company” Concord New Energy Group Limited (協合新能源集團有限公司*) (stock code:182), a company incorporated in Bermuda with limited liability, the ordinary shares of which are listed on the Main Board of the Stock Exchange;

“Concord Wind Power” Century Concord Wind Power Investment Co., Ltd.* (協合風電投資有限公司), a company established in the PRC with limited liability and a wholly-owned subsidiary of the Company;

“Director(s)” the director(s) of the Company;

“Disposal” the First Tranche Disposal and the Second Tranche Disposal;

“Disposal Agreement” the disposal agreement dated 27 January 2025 between Xinyuan Juneng, ACWA, Concord Wind Power, Taiming Company and Juting Company for the Disposal;

“First Tranche Completion” completion of the First Tranche Disposal, which involves the registration of the industrial and commercial changes and the obtaining of new business licence (if any) in respect thereof;

“First Tranche Consideration” the consideration payable by ACWA for the purchase of the First Tranche Sale Shares;

“First Tranche Disposal” the disposal of the First Tranche Sale Shares by Xinyuan Juneng to ACWA;

“First Tranche Sale Shares” the 66.67% interest in Taiming Company;

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“Group” the Company and its subsidiaries;

“Hong Kong” the Hong Kong Special Administrative Region of the PRC;

“Juting Company” Tonghe County Juting New Energy Co., Ltd.* (通河縣聚霆新能源有限公司), a company established in the PRC with limited liability and a 60%-owned subsidiary of the Company;

“Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange;

“MW” megawatt;

“PRC” the People’s Republic of China, which, for the purposes of this announcement, excludes Hong Kong, the Macao Special Administrative Region of the PRC and Taiwan;

“Previous Disposals” the previous disposals set out in the paragraph headed “Previous Disposals” in this announcement;

“RMB” Renminbi, the lawful currency of the PRC;

“Sale Shares” the First Tranche Sale Shares and the Second Tranche Sale Shares;

“Second Tranche Completion” completion of the Second Tranche Disposal, which involves the registration of the industrial and commercial changes and the obtaining of new business licence (if any) in respect thereof;

“Second Tranche Consideration” the consideration payable by ACWA for the purchase of the Second Tranche Sale Shares;

“Second Tranche Disposal” the disposal of the Second Tranche Sale Shares by Xinyuan Juneng to ACWA;

“Second Tranche Sale Shares” the 33.33% interest in Taiming Company;

“Shareholder(s)” holder(s) of the shares of the Company;

“Shareholders’ Agreement” the shareholders’ agreement to be entered into by Xinyuan Juneng and ACWA prior to the First Tranche Completion in the form as stipulated by the Disposal Agreement, details of which are set out in the paragraph headed “Shareholders’ Agreement” in this announcement;

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“Stock Exchange”
The Stock Exchange of Hong Kong Limited;

“Taiming Company”
Heilongjiang Taiming New Energy Technology Co., Ltd.* (黑龍江泰鳴新能源技術有限公司), a company established in the PRC with limited liability and a wholly-owned subsidiary of the Company;

“Target Group”
Taiming Company and Juting Company;

“Target Project”
the 300 MW wind power project situated in Tonghe County, Harbin City, Heilongjiang Province, the PRC;

“Total Consideration”
the First Tranche Consideration and the Second Tranche Consideration (subject to adjustment as mentioned above);

“Transaction Documents”
the Disposal Agreement, the new articles of association of Taiming Company, the Shareholders’ Agreement and other ancillary documents specified in any of them;

“Transitional Period”
the period from 31 August 2024 to the date of the First Tranche Completion;

“Xinyuan Juneng”
Xinyuan Juneng (Wuhan) Technology Co., Ltd.* (新源聚能(武漢)科技有限公司), a company established in the PRC with limited liability and a wholly-owned subsidiary of the Company;

“Yilan Century Concord”
Yilan County Century Concord Wind Power Co., Ltd.* (依蘭縣協合風力發電有限公司), a company established in the PRC with limited liability and a wholly-owned subsidiary of the Company; and

“%”
per cent.

For and on behalf of
Concord New Energy Group Limited
Liu Shunxing
Chairman

Hong Kong, 27 January 2025

As at the date of this announcement, the Board comprises Mr. Liu Shunxing (Chairman), Ms. Liu Jianhong (Vice Chairperson), Mr. Gui Kai (Chief Executive Officer), Mr. Niu Wenhui, Mr. Zhai Feng, Ms. Shang Jia and Mr. Chan Kam Kwan, Jason (who are executive Directors), Mr. Wang Feng (who is a non-executive Director) and Mr. Jesse Zhixi Fang, Ms. Li Yongli, Mr. Chua Pin, Ms. Huang Jian and Mr. Zhang Zhong (who are independent non-executive Directors).

For identification purposes only
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AI assistant

Bloks Group Limited M&A Activity 2025

49127_rns_2025-01-27_f395cb17-e98b-44f3-a989-2a3db2a8f9c8.pdf

MAJOR TRANSACTION

DISPOSAL OF PROJECT COMPANY

IMPLICATIONS UNDER THE LISTING RULES

Conditions Precedent and Completion

Shareholders' Agreement

Termination and Rescission

Agreement Effective Date

INFORMATION ON THE TARGET GROUP

GENERAL INFORMATION

FINANCIAL EFFECTS OF THE DISPOSAL

PREVIOUS DISPOSALS

REASONS FOR AND BENEFIT OF THE DISPOSAL

IMPLICATIONS UNDER THE LISTING RULES

DEFINITIONS

AI assistant

Bloks Group Limited — M&A Activity 2025

49127_rns_2025-01-27_f395cb17-e98b-44f3-a989-2a3db2a8f9c8.pdf

MAJOR TRANSACTION

DISPOSAL OF PROJECT COMPANY

IMPLICATIONS UNDER THE LISTING RULES

Conditions Precedent and Completion

Shareholders' Agreement

Termination and Rescission

Agreement Effective Date

INFORMATION ON THE TARGET GROUP

GENERAL INFORMATION

FINANCIAL EFFECTS OF THE DISPOSAL

PREVIOUS DISPOSALS

REASONS FOR AND BENEFIT OF THE DISPOSAL

IMPLICATIONS UNDER THE LISTING RULES

DEFINITIONS

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Bloks Group Limited M&A Activity 2025