TGWC: Plans to publicly list and transfer all shares of its affiliated company, Tiantai Energy

TGWC announced that in order to further enhance asset operation efficiency and continuously optimize the company's strategic layout, its wholly-owned subsidiary Changxing Electric Power intends to publicly transfer all of its 41.0071% equity stake in the affiliated company Tiantai Energy. The minimum transfer price for this public offering shall not be less than the assessed value of RMB 641 million as provided in the appraisal report issued by the appraisal agency corresponding to the 41.0071% equity held by Changxing Electric Power, with an appreciation rate of 123.60%. After the completion of this equity transfer, Changxing Electric Power will no longer hold any equity in Tiantai Energy. This transaction is intended to be conducted through a public offering, and the transaction counterpart has not yet been determined, thus it does not constitute a related party transaction. This transaction does not constitute a major asset reorganization as defined by the "Administrative Measures for Major Asset Restructuring of Listed Companies."