CGN New Energy: Subsidiary intends to sell all equity of Nantong Meiya, with a preliminary open bidding price of approximately 475 million yuan.

On February 7, Jinshi Data reported that CGN New Energy (01811.HK) announced on the Hong Kong Stock Exchange that due to the decline in the business performance of Nantong Meiya caused by the environmental protection measures of local governments and changes in cogeneration planning, Meiya Electric, a wholly-owned subsidiary of the company, plans to sell all the shares held by Nantong Meiya (a wholly-owned subsidiary of Meiya Electric). Meiya Electric plans to carry out a potential sale through the public bidding process on the Shanghai United Exchange. The preliminary public bidding is expected to start on February 8, 2025, and will last for 20 working days. The preliminary public bidding price for the potential sale is approximately 475 million yuan, based on the valuation as of November 30, 2024. The final price will depend on the final bid of the successful bidder.