Sinovel New Energy (01250.HK): A joint venture company has proposed to issue A shares to a subsidiary of the controlling shareholder.

Zhitong Finance APP news, Shanggao New Energy (01250.HK) and Shanggao Holdings (00412.HK) jointly announced that Shanggao Environmental Energy Group Co., Ltd. (Shanggao Environmental Energy, a joint venture company indirectly owned by Shanggao New Energy Group holding 23.94% equity, with A shares listed on the Shenzhen Stock Exchange under stock code: 000803) will hold the 21st meeting of the 11th Board of Directors on July 16, 2025. The meeting passed proposals regarding (including): (i) proposing to issue A shares to a specific entity, Shandong High-Speed Industry Investment Co., Ltd. (High-Speed Industry Investment); and (ii) the proposal for Shanggao Environmental Energy and High-Speed Industry Investment (a wholly-owned subsidiary of Shandong High-Speed Group Co., Ltd. (Shandong High-Speed Group), Shandong High-Speed Group is the controlling shareholder of Shanggao Holdings and the indirect controlling shareholder of Shanggao New Energy) to enter into a subscription agreement.