Securities Code: 000899 Securities Abbreviation: Ganneng Co., Ltd. Announcement No.: 2026-31
Jiangxi Ganneng Co., Ltd.
Announcement on Signing the Equity Custody Agreement for Jiangxi Suichuan Pumped Storage Power Generation Co., Ltd. with Controlling Shareholder and Related Party Transaction
The Company and all members of the Board of Directors guarantee that the information disclosed is true, accurate, and complete, and contains no false records, misleading statements, or major omissions.
I. Overview of Related Party Transactions
(I) Basic Situation of Related Party Transactions
The Jiangxi Suichuan Pumped Storage Power Station Project (hereinafter referred to as the "Project") is located in Kengxiang Township, Wujian Township, and Wudoujiang Township, Ji'an City. It is a key project of the national "Medium and Long-Term Development Plan for Pumped Storage Power Generation (2021-2035)" and the "14th Five-Year Plan." The project has a total installed capacity of 1.2 million kilowatts. On December 5, 2025, the Jiangxi Provincial Development and Reform Commission announced the list of selected units. Jiangxi Investment Group Co., Ltd. (hereinafter referred to as "Jiangtou Group"), the controlling shareholder of Jiangxi Ganneng Co., Ltd. (hereinafter referred to as the "Company"), was selected as the investment entity for the Jiangxi Suichuan Pumped Storage Power Station Project. On March 4, 2026, Jiangtou Group established Jiangxi Suichuan Pumped Storage Power Generation Co., Ltd. (hereinafter referred to as "Suichuan Pumped Storage Company") with a registered capital of RMB 200 million, wholly owned by Jiangtou Group. On March 26, 2026, Jiangtou Group received the "Approval for the Project Nuclear Power of Jiangxi Suichuan Pumped Storage Power Station Project" issued by the Jiangxi Provincial Development and Reform Commission.
To further coordinate resources and development, the Company will sign the "Equity Custody Agreement for Jiangxi Suichuan Pumped Storage Power Generation Co., Ltd." with Jiangtou Group. Under this agreement, the Company will undertake the custody of 100% of the equity in Suichuan Pumped Storage Company held by Jiangtou Group, to promote the construction and operation of the pumped storage project. The custody period will be from the date of approval by the Board of Directors until one year thereafter.
(II) Related Party Relationship
As Suichuan Pumped Storage Company is a wholly-owned subsidiary of Jiangtou Group, and Jiangtou Group is the controlling shareholder of the Company, this transaction constitutes a related party transaction.
(III) Deliberation Procedures
The transaction was deliberated and approved by the Company's Fourth Extraordinary Board Meeting in 2026 on July 3, 2026. Directors Song Heping, Zhou Yuan, and Li Shengyi, who are related parties, abstained from voting. The remaining seven directors unanimously approved the related party transaction. This matter has also been deliberated and approved by the Company's Independent Directors' Special Meeting.
(IV) This related party transaction is within the scope of the Company's Board of Directors' approval authority and does not require submission to the shareholders' meeting for approval. According to the "Administrative Measures for Major Asset Restructuring of Listed Companies," this transaction does not constitute a major asset restructuring or a restructuring for backdoor listing.
II. Basic Information of the Related Party
(I) Basic Information