Haohua Energy: Subsidiary bids 330 million yuan for related party assets

Haohua Energy announced that its wholly-owned subsidiary, Haohua Sales, successfully acquired assets including inventory, fixed assets, and intangible assets belonging to Shenghua Coal, a subsidiary of the controlling shareholder, Jingneng Group, through judicial auction for 330 million yuan. This marks the fourth auction attempt, with three previous attempts failing to attract bids. The starting price has been reduced from 508 million yuan to 330 million yuan. This transaction constitutes a related party transaction but does not qualify as a significant asset restructuring and has been approved by the board of directors and independent directors without the need for shareholder approval. The assets are related to the company's coal business expansion but may face market and operational risks in the future.