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(and )0.5 (a )]TJ 0 Tc 0 Tw 18.583 0 Td (w)Tj 0.025 Tc -0.025 Tw 0.747 0 Td (holly-owned )Tj 0 Tw -19.33 -1.231 Td (subsidiary of China Datang)Tj -0.025 Tw -11.993 -2.898 Td (\223Director\(s\)\224)Tj 0 Tw 11.993 0 Td (director\(s\) of the Company)Tj ET endstreamendobj39 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 16 \226)Tj 0.038 Tw 13 0 0 13 56.6929 776.3179 Tm (Datang Jiangsu Power is a company established on )Tj (13 March 2015)Tj ( in accordance with )Tj 0.05 Tc 0.07 Tw 0 -1.231 Td [(PRC)12.1 ( laws)12 ( and)12 ( a)12.1 ( )]TJ 0 Tc 0 Tw (w)Tj 0.05 Tc 0.07 Tw 8.37 0 Td [(holly-owned)12 ( subsidiary)12 ( )]TJ 0 Tc 0 Tw (o)Tj 0.05 Tc 0.07 Tw 11.491 0 Td [(f)12.1 ( China)12 ( Datang.)12 ( Its)12.1 ( principal)12.1 ( business)25 ( )]TJ 0.025 Tc -0.025 Tw -19.861 -1.231 Td (includes )Tj 0 Tc 0 Tw 3.808 0 Td (p)Tj 0.025 Tc 0.525 0 Td (roduction and supply of electricity and heat energy)Tj 0 Tc (.)Tj 0.022 Tc -4.333 -2.462 Td 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Third Party of the Company )Tj 0 Tw 0 -1.231 Td (and its connected persons. )Tj /T1_1 1 Tf -0.025 Tw 0 -2.462 Td (DEFINITIONS)Tj /T1_0 1 Tf 0.053 Tw 0 -2.462 Td (In this announcement, unless the context otherwise requires, the followi\ng terms shall )Tj 0 Tw 0 -1.231 Td (have the meanings set out below:)Tj 0.436 -2.462 Td (\223Appraisal Reference )Tj -0.025 Tw 1 -1.231 Td (Date\224)Tj 0 Tw 10.993 1.231 Td (30 June 2025)Tj -11.993 -4.128 Td (\223Asset Transfer )Tj -0.025 Tw 1 -1.231 Td (Agreement\224)Tj 0.073 Tc 0.07 Tw 10.993 1.231 Td [(the)12.7 ( agreement)12.7 ( entered)12.7 ( into)12.7 ( by)12.7 ( Water)12.8 ( Engineering)12.8 ( &)48 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(Technology)12 ( )0.5 (and)12 ( )0.5 (Jiangsu)12 ( )0.5 (Lvsigang)12.1 ( )0.5 (Power)12 ( )0.5 (Generation)11.9 ( )0.6 (on)12 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (26 J)Tj -0.025 Tw (une)Tj 0 Tw ( 2026)Tj -11.993 -2.898 Td (\223Asset Valuation Report\224)Tj 0.071 Tc 0.07 Tw 11.993 0 Td [(The)12.6 ( Asset)12.6 ( Valuation)12.6 ( Repor)]TJ 0.059 Tc -0.059 Tw [(t)0.6 ( )]TJ 0.071 Tc 0.07 Tw 13.589 0 Td [(on)12.6 ( the)12.6 ( Market)12.5 ( Value)12.6 ( of)46.1 ( )]TJ 0.066 Tc -13.589 -1.231 Td [(the)12.6 ( Assets)12.6 ( under)12.6 ( the)12.7 ( Proposed)12.6 ( Transfer)12.6 ( of)12.6 ( Assets)12.6 ( by)41 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(Datang)8 ( )0.5 (\(Beijing\))8 ( )0.5 (Water)8 ( )0.5 (Engineering)8 ( )0.5 (&)8 ( )0.5 (Technology)8 ( )0.5 (Co.,)8 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(Ltd.*)7 ( )0.5 (in)7 ( )0.5 (relation)7 ( )0.5 (to)7 ( )0.5 (the)7 ( )]TJ -0.032 Tw 10.366 0 Td (Lvsi)Tj 0.076 Tw 1.899 0 Td [( )0.5 (Long-term)7 ( )0.5 (Contract)6.9 ( )0.6 (Energy)7 ( )]TJ 0.035 Tc 0.073 Tw -12.266 -1.231 Td [(Management)10 ( )0.5 (Project)10 ( )0.5 (\(Guozhonglian)10 ( )0.5 (Ping)10 ( )0.5 (Bao)10 ( )0.5 (Zi)10 ( )0.5 ([)10 (2)10 (0)10 (2)10 (5)10 (])10.1 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td [(N)-12.5 (o)-12.5 (.2-1161\))-12.5 (* )]TJ /C0_0 1 Tf 0.345 Tc -0.345 Tw 5.308 0 Td [<0090>170.3 <027D0865>740 <0080>170.3 <030F052F>170.3 <0081>590.3 <02E50A1502880CFB04A60B9403DE082202AE>]TJ 0.313 Tc -0.313 Tw -5.308 -1.231 Td <032113DD0D8604110F1F0B2A1537172B05D4091202BF06590450032C10C30C8203A5039D0990>Tj 0 -1.231 Td <0E55104D0B230DB0036607B415EB0F1F0B2A065903390C191106083D0F1F0B2A0D59041F0C1C>Tj 0.096 Tc -0.096 Tw 0 -1.231 Td <04530091>Tj /T1_0 1 Tf 0 Tc 0 Tw 1.746 0 Td (\()Tj /C0_0 1 Tf 0.282 Tc -0.282 Tw 0.483 0 Td <0A370B3A144C0D590C1C03BF>Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 7.559 0 Td (\(2025\))Tj /C0_0 1 Tf 0 Tc 0 Tw 2.941 0 Td <0B4B>Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 1.15 0 Td (2-1161)Tj /C0_0 1 Tf 0 Tc 0 Tw 3.108 0 Td <0EEE>Tj /T1_0 1 Tf 0.038 Tc 0.07 Tw 1.15 0 Td [(\))13 ( )0.5 (i)0.5 (s)0.5 (s)0.5 (u)0.5 (e)0.5 (d)13 ( )0.5 (b)0.5 (y)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )]TJ 0.025 Tc 0.047 Tw -18.137 -1.231 Td (PRC Independent Valuer )Tj (on 4 January 2026 )Tj (based on the )Tj 0 Tw 0 -1.231 Td (Appraisal Reference Date)Tj -0.025 Tw -11.993 -2.898 Td (\223Board\224)Tj 0 Tw 11.993 0 Td (the board of Directors of the Company)Tj -11.993 -2.898 Td (\223China\224 or \223PRC\224)Tj 11.993 0 Td (the People\222s Republic of China excluding, for the purpose )Tj 0.091 Tc 0.07 Tw 0 -1.231 Td [(of)13 ( th)0.5 (is)12.9 ( )0.5 (ann)0.5 (oun)0.5 (cem)0.5 (en)0.5 (t,)12.9 ( )0.5 (Hon)0.5 (g)12.9 ( K)0.5 (ong)0.5 (,)12.9 ( M)0.5 (ac)0.5 (au)12.9 ( )0.5 (Spe)0.5 (cia)0.5 (l)66 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Administrative Region and Taiwan)Tj ET endstreamendobj38 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 15 \226)Tj /T1_1 1 Tf 13 0 0 13 56.6929 776.409 Tm (GENERAL INFORMATION)Tj /T1_0 1 Tf 0.041 Tc 0.07 Tw 0 -2.462 Td [(China)12.5 ( Datang)12.6 ( is)12.5 ( a)12.6 ( state-owned)12.5 ( enterprise)12.6 ( established)12.5 ( in)12.5 ( the)12.6 ( PRC)12.6 ( in)12.5 ( April)12.5 ( 2)12.5 (0)12.5 (0)12.5 (3)12.5 ( and)16 ( )]TJ 0.045 Tc 0 -1.231 Td [(is)12.6 ( the)12.6 ( controlling)12.6 ( shareholder)12.6 ( of)12.6 ( the)12.6 ( Company.)12.5 ( China)12.6 ( Datang)12.6 ( is)12.5 ( primarily)12.5 ( engaged)20 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(in)11 ( )0.5 (the)11 ( )0.5 (development,)11 ( )0.5 (investment,)11 ( )0.5 (construction,)11 ( )0.5 (operation)11 ( )0.5 (and)11 ( )0.5 (management)11 ( )0.5 (of)11.1 ( )0.5 (electric)11 ( )]TJ 0.045 Tc 0.07 Tw 0 -1.231 Td [(power)12.5 ( energy;)12.4 ( organisation)12.5 ( of)12.4 ( power)12.4 ( \(thermal\))12.4 ( production)12.4 ( and)12.4 ( sales;)12.5 ( manufacture,)20 ( )]TJ 0.058 Tc 0 -1.231 Td [(maintenance)12.6 ( and)12.6 ( commissioning)12.7 ( of)12.7 ( electric)12.7 ( power)12.6 ( equipment;)12.6 ( power)12.7 ( technology)33 ( )]TJ 0.088 Tc 0 -1.231 Td [(development)12.2 ( and)12.2 ( consultation;)12.2 ( contracting)12.2 ( and)12.2 ( consulting)12.2 ( of)12.2 ( electric)12.3 ( power)63 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(engineering)1 ( )0.5 (and)1 ( )0.5 (environmental)1 ( )0.5 (protection)1 ( )0.5 (projects;)1 ( )0.5 (development)1 ( )0.6 (of)1 ( )0.5 (renewable)1 ( )0.5 (power;)1 ( )]TJ 0.025 Tc 0.061 Tw 0 -1.231 Td (and self-operating and being an agent for import and export of any kind \of goods and )Tj 0.052 Tw 0 -1.231 Td (technology save for those where the import or export of the goods and te\chnology are )Tj 0 Tw 0 -1.231 Td (restricted or prohibited by national laws and regulations.)Tj 0.05 Tc 0.07 Tw 0 -2.462 Td [(The)12.6 ( Company)12.6 ( is)12.5 ( a)12.5 ( non-wholly-owned)12.5 ( subsidiary)12.6 ( of)12.5 ( China)12.5 ( Datang,)12.5 ( and)12.5 ( is)12.6 ( the)12.6 ( sole)25 ( )]TJ 0.043 Tc 0 -1.231 Td [(pl)0.5 (atf)0.5 (orm)12.9 ( )0.5 (for)13 ( th)0.5 (e)12.9 ( d)0.5 (eve)0.5 (lopm)0.5 (ent)13 ( of)13 ( en)0.5 (viro)0.5 (nme)0.5 (nta)0.5 (l)12.9 ( p)0.5 (rote)0.5 (cti)0.5 (on)12.9 ( )0.5 (and)13 ( en)0.5 (ergy)13 ( c)0.5 (onse)0.5 (rva)0.5 (tio)0.5 (n)18 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.231 Td (business under China Datang Group, one of the five major state wholly-ow\ned power )Tj 0 Tw 0 -1.231 Td (generation groups in the PRC.)Tj 0.029 Tc 0.079 Tw 0 -2.462 Td [(Water)4 ( )0.5 (Engineering)4 ( )0.5 (&)4 ( )0.5 (Technology)4 ( )0.6 (is)4 ( )0.5 (a)4 ( )0.5 (wholly-owned)4 ( )0.5 (subsidiary)4 ( )0.5 (of)4.1 ( )0.5 (the)4 ( )0.5 (Company)4 ( )0.5 (and)4 ( )]TJ 0.025 Tc 0.032 Tw 0 -1.231 Td (was established on 11 June 2015 in accordance with PRC laws. The princip\al business )Tj 0.04 Tc 0.07 Tw 0 -1.231 Td [(of)12 ( Water)12.1 ( Engineering)12 ( &)12.1 ( Technology)12 ( includes)12.1 ( the)12.1 ( provision)12.1 ( of)12.1 ( technology)12 ( services,)15 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (energy saving technology promotion services and water engineering busine\ss.)Tj 0.073 Tc 0.07 Tw 0 -2.462 Td [(Jiangsu)12.3 ( Lvsigang)12.3 ( Power)12.3 ( Generation)12.3 ( was)12.3 ( established)12.3 ( on)12.3 ( 1)12.3 (8)12.3 ( September)12.3 ( 2)12.3 (0)12.3 (0)12.4 (3)12.3 ( in)48 ( )]TJ 0.048 Tc 0 -1.231 Td [(a)0.5 (c)0.5 (c)0.6 (o)0.5 (r)0.5 (d)0.5 (a)0.5 (n)0.5 (c)0.5 (e)13.1 ( )0.5 (w)0.5 (i)0.5 (t)0.5 (h)13 ( )0.5 (P)0.5 (R)0.5 (C)13.1 ( )0.5 (l)0.5 (a)0.5 (w)0.5 (s)0.5 (.)13 ( )0.6 (I)0.5 (t)13 ( )0.5 (i)0.5 (s)13 ( )0.5 (o)0.5 (w)0.6 (n)0.5 (e)0.5 (d)13 ( )0.5 (a)0.5 (s)13 ( )0.6 (t)0.5 (o)13 ( )0.5 (5)13 (5)13 (%)13 ( )0.5 (b)0.5 (y)13 ( )0.6 (D)0.5 (a)0.5 (t)0.5 (a)0.5 (n)0.5 (g)13 ( )0.6 (I)0.5 (n)0.5 (t)0.5 (e)0.5 (r)0.5 (n)0.5 (a)0.5 (t)0.5 (i)0.6 (o)0.5 (n)0.5 (a)0.5 (l)13 ( )0.5 (P)0.5 (o)0.5 (w)0.5 (e)0.6 (r)0.5 (,)23 ( )]TJ 0.025 Tc 0.048 Tw 0 -1.231 Td [(35% )0.5 (by )0.5 (Datang )0.6 (Jiangsu )0.6 (Power )0.5 (and )0.5 (10% )0.5 (by )0.5 (Nantong )0.5 (Investment )0.5 (Holding. )0.5 (Its )0.5 (principal )]TJ 0 Tw 0 -1.231 Td (business includes power generation and heat supply)Tj 0 Tc (.)Tj 0.025 Tc 0.033 Tw 0 -2.462 Td [(Datang )0.5 (International )0.5 (Power )0.5 (is )0.5 (a company )0.5 (established in )0.5 (December )0.5 (1994 in )0.5 (accordance )]TJ 0.054 Tc 0.07 Tw 0 -1.231 Td [(with)12.2 ( PRC)12.2 ( laws,)12.2 ( the)12.2 ( H)12.2 ( shares)12.3 ( of)12.2 ( which)12.2 ( are)12.2 ( listed)12.2 ( on)12.2 ( the)12.2 ( Main)12.2 ( Board)12.2 ( of)12.2 ( the)12.2 ( Stock)29 ( )]TJ 0.06 Tc 0 -1.231 Td [(E)0.5 (x)0.5 (c)0.6 (h)0.5 (a)0.6 (n)0.5 (g)0.5 (e)13 ( )0.6 (\()0.5 (s)0.5 (t)0.5 (o)0.6 (c)0.5 (k)13 ( )0.5 (c)0.6 (o)0.5 (d)0.5 (e)0.6 (:)13 ( )0.5 (9)13 (9)13 (1)13.1 (\))13 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (L)0.6 (o)0.5 (n)0.5 (d)0.5 (o)0.6 (n)13 ( )0.5 (S)0.5 (t)0.5 (o)0.6 (c)0.5 (k)13 ( )0.6 (E)0.5 (x)0.5 (c)0.5 (h)0.6 (a)0.5 (n)0.5 (g)0.5 (e)13.1 ( )0.5 (\()0.5 (s)0.6 (t)0.5 (o)0.5 (c)0.5 (k)13 ( )0.6 (c)0.5 (o)0.5 (d)0.6 (e)0.5 (:)13 ( )0.5 (D)0.6 (A)0.5 (T)0.5 (\))35.1 ( )]TJ 0.044 Tc 0 -1.231 Td [(a)0.5 (n)0.5 (d)13 ( )0.5 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (A)13 ( )0.5 (s)0.5 (h)0.5 (a)0.5 (r)0.5 (e)0.6 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (w)0.5 (h)0.5 (i)0.5 (c)0.5 (h)13 ( )0.5 (a)0.6 (r)0.5 (e)13 ( )0.5 (l)0.5 (i)0.5 (s)0.5 (t)0.5 (e)0.5 (d)13 ( )0.5 (o)0.6 (n)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (S)0.5 (h)0.5 (a)0.5 (n)0.5 (g)0.5 (h)0.5 (a)0.5 (i)13 ( )0.6 (St)0.6 (o)0.5 (c)0.5 (k)13 ( )0.5 (E)0.5 (x)0.5 (c)0.5 (h)0.5 (a)0.5 (n)0.5 (g)0.5 (e)13 ( )0.6 (\()0.5 (s)0.5 (t)0.5 (o)0.5 (c)0.5 (k)13 ( )0.5 (c)0.5 (o)0.5 (d)0.5 (e)0.6 (:)19 ( )]TJ 0.039 Tc 0 -1.231 Td [(6)12.2 (0)12.2 (1)12.2 (9)12.2 (9)12.2 (1)12.2 (\).)12.2 ( It)12.2 ( is)12.2 ( owned)12.2 ( as)12.2 ( to)12.2 ( 3)12.2 (5)12.2 (.)12.2 (3)12.2 (4)12.2 (%)12.2 ( by)12.2 ( China)12.2 ( Datang.)12.2 ( Its)12.2 ( principal)12.2 ( business)12.3 ( includes)14 ( )]TJ 0.025 Tc 0.064 Tw 0 -1.231 Td (the development and operation of power plants and the sale of electricit\y and thermal )Tj -0.025 Tw 0 -1.231 Td (power. )Tj ET endstreamendobj36 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 14 \226)Tj /T1_1 1 Tf 13 0 0 13 56.6929 776.409 Tm (LISTING RULES IMPLICATIONS)Tj /T1_0 1 Tf 0.029 Tc 0.079 Tw 0 -2.462 Td [(As)4 ( )0.5 (China)4 ( )0.5 (Datang)4 ( )0.6 (directly)4.1 ( held)4.1 ( )0.5 (approximately)4 ( )0.5 (7)4 (8)4 (.)4.1 (1)4 (7)4 (%,)4 ( )0.5 (and)4 ( )0.5 (through)4 ( )0.5 (its)4 ( )0.5 (wholly-owned)4 ( )]TJ 0.025 Tc 0.021 Tw 0 -1.231 Td (subsidiary, China Datang Group Capital Holding Co., Ltd.* \()Tj /C0_0 1 Tf 0.225 Tc -0.225 Tw 26.268 0 Td <02950A37027D08650DAB0FA00F1F03490A9B>Tj -26.268 -1.231 Td <067003DE082202AE0321>Tj /T1_0 1 Tf 0.025 Tc 0 Tw 6.05 0 Td (\), held 0.79% of the issued share capital of the Company as at the date\ of )Tj -6.05 -1.231 Td (this announcement, it is a controlling shareholder of the Company.)Tj 0.056 Tc 0.07 Tw 0 -2.462 Td [(Jiangsu)12.3 ( Lvsigang)12.3 ( Power)12.3 ( Generation)12.3 ( is)12.3 ( owned)12.3 ( as)12.3 ( to)12.3 ( 5)12.3 (5)12.3 (%)12.3 ( by)12.2 ( Datang)12.3 ( International)31 ( )]TJ 0.055 Tc 0 -1.231 Td [(Power,)12.5 ( 3)12.4 (5)12.5 (%)12.5 ( by)12.5 ( Datang)12.5 ( Jiangsu)12.5 ( Power)12.5 ( and)12.5 ( 1)12.5 (0)12.5 (%)12.4 ( by)12.4 ( Nantong)12.5 ( Investment)12.5 ( Holding.)30 ( )]TJ 0 -1.231 Td [(Datang)12.3 ( International)12.4 ( Power)12.4 ( is)12.3 ( in)12.3 ( turn)12.3 ( owned)12.3 ( as)12.3 ( to)12.3 ( 3)12.3 (5)12.3 (.)12.3 (3)12.3 (4)12.3 (%)12.4 ( by)12.3 ( China)12.3 ( Datang,)12.3 ( and)30 ( )]TJ 0 Tc 0 Tw 0 -1.231 Td (D)Tj 0.025 Tc 0.057 Tw 0.747 0 Td (atang Jiangsu Power is wholly-owned by China Datang)Tj 0 Tc 0 Tw (.)Tj 0.025 Tc 0.057 Tw 24.139 0 Td ( Pursuant to Chapter 14A of )Tj 0.03 Tw -24.886 -1.231 Td (the Listing Rules, Jiangsu Lvsigang Power Generation is an associate of \China Datang )Tj 0.054 Tc 0.07 Tw 0 -1.231 Td [(and)12.1 ( a)12.1 ( connected)12 ( person)12.1 ( of)12.1 ( the)12.1 ( Company.)12.1 ( Accordingly,)12.1 ( the)12.1 ( Disposal)12 ( constitutes)12.1 ( a)29 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (connected transaction of the Company under the Listing Rules.)Tj 0.017 Tw 0 -2.462 Td (Given that one or more of the applicable percentage ratios \(as defined \in Rule 14.07 of )Tj 0.074 Tw 0 -1.231 Td (the Listing Rules\) of the Disposal exceed 0.1% but all are less than 5%\)Tj 0 Tc 0 Tw (,)Tj 31.398 0 Td ( )Tj 0.349 0 Td (t)Tj 0.025 Tc 0.074 Tw 0.303 0 Td (he Disposal )Tj 0.034 Tc -32.05 -1.231 Td [(i)0.5 (s)9 ( )0.5 (su)0.5 (b)0.5 (je)0.5 (c)0.5 (t)9 ( )0.5 (t)0.5 (o)9 ( )0.5 (re)0.5 (p)0.5 (or)0.5 (t)0.5 (i)0.5 (ng)9 ( )0.5 (a)0.5 (n)0.5 (d)9 ( )0.5 (a)0.5 (nn)0.5 (o)0.5 (un)0.5 (c)0.5 (e)0.5 (me)0.5 (n)0.5 (t)9 ( )0.5 (re)0.5 (q)0.5 (u)0.5 (ir)0.5 (e)0.5 (me)0.5 (n)0.5 (t)0.5 (s)9 ( )0.5 (bu)0.5 (t)9 ( )0.5 (e)0.5 (xe)0.5 (m)0.5 (p)0.5 (t)8.9 ( )0.5 (f)0.5 (r)0.5 (o)0.5 (m)9 ( )0.5 (th)0.5 (e)9 ( )0.5 (c)0.5 (i)0.5 (rc)0.5 (u)0.5 (la)0.5 (r)9 ( )]TJ 0.052 Tc 0.07 Tw 0 -1.231 Td [(\(including)12.1 ( independent)12.1 ( financial)12 ( advice\))12.1 ( and)12.1 ( independent)12.1 ( Shareholders\222)12.1 ( approval)27.1 ( )]TJ 0.061 Tc 0 -1.231 Td [(requirements)12.1 ( pursuant)12.1 ( to)12.1 ( Rule)12.1 ( 1)12.2 (4)12.1 (A.)12.1 (7)12.1 (6)12.1 (\()12.2 (2)12.1 (\)\(a\))12.1 ( of)12.1 ( the)12.1 ( Listing)12.1 ( Rules.)12.1 ( Mr.)12.1 ( Xu)12.1 ( Chun,)36 ( )]TJ 0.052 Tc 0 -1.231 Td [(Mr.)12.8 ( Pang)12.8 ( Xiaojin,)12.8 ( Mr.)12.7 ( Xia)12.8 ( Huaixiang)12.8 ( and)12.7 ( Mr.)12.8 ( Chu)12.7 ( Hongbo)12.8 ( are)12.8 ( holding)12.7 ( positions)27 ( )]TJ 0.041 Tc 0 -1.231 Td [(in)12.6 ( China)12.6 ( Datang)12.6 ( or)12.6 ( its)12.6 ( subsidiaries)12.6 ( and)12.6 ( therefore)12.6 ( have)12.6 ( abstained)12.6 ( from)12.6 ( voting)12.6 ( at)12.6 ( the)16 ( )]TJ 0.047 Tc 0 -1.231 Td [(relevant)12.6 ( Board)12.6 ( meeting)12.6 ( approving)12.6 ( the)12.6 ( Asset)12.6 ( Transfer)12.6 ( Agreement)12.6 ( and)12.5 ( the)12.6 ( Disposal)22 ( )]TJ 0.034 Tc -0.034 Tw 0 -1.231 Td (thereunder)Tj 0.074 Tw [(.)9 ( )0.5 (Save)9 ( )0.5 (as)9 ( )0.5 (disclosed)9.1 ( above,)9 ( )0.5 (all)9 ( )0.5 (Directors)9.1 ( )0.5 (have)9 ( )0.5 (confirmed)9 ( )0.5 (that)9 ( )0.5 (they)8.9 ( )0.5 (have)9 ( )0.5 (no)9 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (material interests in the Asset Transfer Agreement and the Disposal ther\eunder.)Tj ET endstreamendobj35 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 13 \226)Tj 0.045 Tc 0.07 Tw 13 0 0 13 56.6929 776.3179 Tm [(Upon)12.3 ( reviewing)12.3 ( the)12.3 ( Asset)12.2 ( Valuation)12.3 ( Report,)12.3 ( the)12.3 ( Board)12.3 ( \(including)12.3 ( the)12.3 ( independent)20 ( )]TJ 0.043 Tc 0 -1.231 Td [(n)0.5 (o)0.6 (n)0.5 (-)0.5 (e)0.6 (x)0.5 (e)0.6 (c)0.5 (u)0.5 (t)0.6 (i)0.5 (v)0.5 (e)13.1 ( )0.5 (D)0.6 (i)0.5 (r)0.5 (e)0.6 (c)0.5 (t)0.6 (o)0.5 (r)0.6 (s)0.5 (\))13 ( )0.6 (i)0.5 (s)13 ( )0.6 (o)0.5 (f)13.1 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.6 (v)0.5 (i)0.5 (e)0.6 (w)13 ( )0.6 (t)0.5 (h)0.5 (a)0.6 (t)13 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.6 (v)0.5 (a)0.6 (l)0.5 (u)0.5 (a)0.6 (t)0.5 (i)0.6 (o)0.5 (n)13 ( )0.6 (c)0.5 (o)0.5 (n)0.6 (c)0.5 (l)0.5 (u)0.6 (s)0.5 (i)0.6 (o)0.5 (n)0.5 (s)13 ( )0.6 (m)0.5 (a)0.6 (d)0.5 (e)13.1 ( )0.5 (b)0.5 (y)13.1 ( )0.5 (t)0.5 (h)0.6 (e)18 ( )]TJ 0.048 Tc 0 -1.231 Td [(PRC)12.7 ( Independent)12.6 ( Valuer)12.6 ( on)12.7 ( the)12.7 ( Target)12.6 ( Assets)12.6 ( using)12.6 ( the)12.6 ( Cost)12.6 ( Method)12.7 ( are)12.7 ( fair)12.6 ( and)23 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (reasonable.)Tj /T1_1 1 Tf 0.041 Tc 0.07 Tw 0 -2.462 Td [(FINANCIAL)12.6 ( EFFECTS)12.5 ( OF)12.5 ( THE)12.5 ( TRANSFER)12.5 ( OF)12.5 ( TARGET)12.5 ( ASSETS)12.5 ( ON)12.5 ( THE)16 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (GROUP)Tj /T1_0 1 Tf 0.018 Tw 0 -2.462 Td (Upon completion of the Disposal, the Group will no longer have any right\s or interests )Tj 0.064 Tw 0 -1.231 Td (in the Target Assets. The exact financial effect of the Disposal is subj\ect to audit and )Tj 0.035 Tw 0 -1.231 Td (will be determined based on the difference between the consideration rec\eived and the )Tj 0.054 Tw 0 -1.231 Td (audited net book value of the Target Assets at the time of completion, a\fter deducting )Tj 0 Tw 0 -1.231 Td (relevant taxes and expenses in relation to the Disposal.)Tj 0.071 Tc 0.07 Tw 0 -2.462 Td [(For)12.4 ( illustration)12.4 ( purpose,)12.4 ( the)12.4 ( audited)12.4 ( net)12.4 ( book)12.4 ( value)12.4 ( of)12.4 ( the)12.4 ( Target)12.4 ( Assets)12.4 ( as)12.4 ( at)46 ( )]TJ 0 Tc 0 Tw 37.093 0 Td ( )Tj 0.052 Tc -0.052 Tw -37.093 -1.231 Td (31 )Tj 0.064 Tc -0.064 Tw 1.488 0 Td [(December)12.2 ( )]TJ 0.052 Tc -0.052 Tw 4.996 0 Td (2025)Tj 0.064 Tc 0.07 Tw [( was)12.2 ( )]TJ -0.064 Tw [(approximately)12.2 ( )]TJ 11.697 0 Td (RMB)Tj 0.052 Tc -0.052 Tw 2.404 0 Td (52,730,000)Tj 0.064 Tc 0.07 Tw [(,)12.1 ( and)12.2 ( after)12.1 ( deducting)12.2 ( the)39 ( )]TJ 0.025 Tc 0.023 Tw -20.584 -1.231 Td (relevant expenses in relation to the Disposal, the Group is expected to \record an actual )Tj -0.025 Tw 0 -1.231 Td (gain)Tj 0 Tw ( of approximately RMB)Tj -0.025 Tw (13,9)Tj (00,000)Tj 0 Tw ( \(before tax\), subject to )Tj -0.025 Tw (audit)Tj 0 Tc 0 Tw (.)Tj /T1_1 1 Tf 0.025 Tc 0 -2.462 Td (USE OF PROCEEDS FROM THE TRANSFER OF TARGET ASSETS)Tj /T1_0 1 Tf 0.034 Tc 0.074 Tw 0 -2.462 Td [(The)9 ( )0.5 (proceeds)9 ( )0.5 (from)9 ( )0.5 (the)9.1 ( )0.5 (Disposal)9 ( )0.5 (are)9 ( )0.5 (expected)8.9 ( )0.6 (to)9 ( )0.5 (be)9 ( )0.5 (used)9 ( )0.5 (for)9 ( )0.5 (general)9 ( )0.5 (working)9 ( )0.5 (capital)8.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (and other business investments of the Group.)Tj /T1_1 1 Tf 0 Tc 13 0 3.4833 13 305.3287 424.3179 Tm ( )Tj 0.025 Tc 13 0 0 13 56.6929 392.3179 Tm (REASONS FOR AND BENEFITS OF THE DISPOSAL)Tj /T1_0 1 Tf 0.056 Tw 0 -2.462 Td (The Target Assets are assets under the Lvsi Project located at the premi\ses of Jiangsu )Tj 0.023 Tc 0 Tw 0 -1.231 Td [(Lvsigang Power Generation. The Directors are of the view that the Dispos\al will enable)-2 ( )]TJ 0.025 Tc 0.062 Tw 0 -1.231 Td (the Group to )Tj -0.025 Tw (optimise )Tj 0.062 Tw 9.796 0 Td (its asset structure, revitalise existing assets, recover investment )Tj 0.027 Tc 0.081 Tw -9.796 -1.231 Td [(funds)2 ( )0.5 (and)2 ( )0.5 (improve)2 ( the)2 ( )0.5 (overall)2 ( )0.5 (asset)1.9 ( )0.5 (utilisation)2 ( )0.5 (efficiency)2 ( )0.5 (of)2 ( )0.5 (the)2 ( )]TJ -0.027 Tw 28.065 0 Td (Group)Tj 0.081 Tw [(.)1.9 ( )0.5 (The)2 ( )0.5 (Disposal)2 ( )]TJ 0.025 Tc 0.021 Tw -28.065 -1.231 Td (will also allow the Group to allocate the recovered funds to its general\ working capital )Tj 0 Tw 0 -1.231 Td (needs and other potential business investments. )Tj 0.028 Tw 0 -2.462 Td (Based on the above, the Directors \(including independent non-executive \Directors\) are )Tj 0.024 Tc 0 Tw 0 -1.231 Td [(of the view that the terms of the Asset Transfer Agreement and the Dispo\sal thereunder)-1 ( )]TJ 0.025 Tc 0.074 Tw 0 -1.231 Td (are entered into based on arm\222s length negotiations and on normal com\mercial terms, )Tj 0 Tw 0 -1.231 Td [(a)0.5 (n)0.6 (d)0.5 ( )0.5 (a)0.5 (r)0.6 (e)0.5 ( )0.5 (f)0.5 (a)0.6 (i)0.5 (r)0.5 ( )0.5 (a)0.6 (n)0.5 (d)0.5 ( )0.5 (r)0.5 (e)0.6 (a)0.5 (s)0.5 (o)0.6 (n)0.5 (a)0.5 (b)0.5 (l)0.5 (e)0.6 ( )0.5 (a)0.5 (n)0.6 (d)0.5 ( )0.5 (i)0.5 (n)0.5 ( )0.6 (t)0.5 (h)0.5 (e)0.5 ( )0.5 (i)0.6 (n)0.5 (t)0.5 (e)0.5 (r)0.6 (e)0.5 (s)0.5 (t)0.5 (s)0.6 ( )0.5 (o)0.5 (f)0.5 ( )0.5 (t)0.6 (h)0.5 (e)0.5 ( )0.5 (C)0.6 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.6 (y)0.5 ( )0.5 (a)0.5 (n)0.6 (d)0.5 ( )0.5 (t)0.5 (h)0.5 (e)0.6 ( )0.5 (S)0.5 (h)0.5 (a)0.6 (r)0.5 (e)0.5 (h)0.5 (o)0.5 (l)0.6 (d)0.5 (e)0.5 (r)0.5 (s)0.6 ( )0.5 (a)0.5 (s )]TJ 0 -1.231 Td (a whole.)Tj ET endstreamendobj34 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 12 \226)Tj /T1_1 1 Tf 13 0 3.4833 13 55.3588 776.409 Tm [(\(4\) )-664.5 (Key assumption)]TJ 0 Tc (s)Tj /T1_0 1 Tf 0.041 Tc 0.07 Tw 13 0 0 13 85.0394 744.409 Tm [(According)12 ( to)12 ( the)12.1 ( Asset)12 ( Valuation)12.1 ( Report,)12.1 ( the)12.1 ( following)12.1 ( key)12 ( assumptions)12.1 ( have)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (been made for the valuation:)Tj 0.023 Tc 0 -2.462 Td [(1)-2 (.)-2 ( )-1107.5 (Open market assumption: the valuation assumes that the Target Assets wou\ld)-2 ( )]TJ 0.051 Tc 0.07 Tw 2.181 -1.231 Td [(enter)12.8 ( an)12.8 ( open,)12.8 ( fully)12.8 ( developed)12.8 ( and)12.8 ( competitive)12.8 ( market)12.9 ( in)12.8 ( which)12.8 ( willing)26 ( )]TJ 0.041 Tc 0 -1.231 Td [(buyers)12.5 ( and)12.4 ( sellers)12.4 ( act)12.4 ( voluntarily)12.4 ( and)12.4 ( rationally,)12.4 ( have)12.5 ( equal)12.4 ( standing)12.5 ( and)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (possess sufficient time and access to market information.)Tj 0.061 Tw -2.181 -2.462 Td [(2. )-1044.5 (Continued use assumption: the valuation assumes that the Target Assets a\re )]TJ 0.079 Tw 2.181 -1.231 Td (currently in use and will continue to be used for their current purposes\ and )Tj 0 Tw 0 -1.231 Td (in their current manner following the transaction.)Tj 0.045 Tc 0.07 Tw -2.181 -2.462 Td [(3)20 (.)20 ( )-1015.5 (Tra)0.5 (nsa)0.5 (ction)12.9 ( assu)0.5 (mpti)0.5 (on:)12.9 ( the)12.9 ( valuati)0.5 (on)12.9 ( assumes)12.9 ( tha)0.5 (t)12.9 ( all)12.9 ( Targe)0.5 (t)12.9 ( Assets)12.9 ( )0.5 (are)20 ( )]TJ 0.025 Tc 0.056 Tw 2.181 -1.231 Td (already in the process of being transacted, and the PRC Independent Valu\er )Tj 0 Tw 0 -1.231 Td (valued the Target Assets by simulating market transaction conditions.)Tj 0.039 Tc 0.07 Tw -2.181 -2.462 Td [(4)14 (.)14 ( )-1021.5 (External)12.7 ( environment)12.8 ( assumption:)12.7 ( the)12.8 ( valuation)12.8 ( assumes)12.7 ( that)12.7 ( the)12.8 ( external)14 ( )]TJ 0.089 Tc 2.181 -1.231 Td [(economic)12.3 ( environment)12.3 ( as)12.2 ( at)12.2 ( the)12.3 ( Appraisal)12.3 ( Reference)12.3 ( Date)12.3 ( remains)64 ( )]TJ 0.022 Tc 0 Tw 0 -1.231 Td [(unchanged, and does not take into account the impact of potential guaran\tees,)-3 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(s)0.6 (p)0.5 (e)0.6 (c)0.5 (i)0.6 (a)0.5 (l)7 ( )0.5 (p)0.6 (r)0.5 (e)0.6 (m)0.5 (i)0.6 (u)0.5 (m)0.6 (s)7 ( )0.5 (p)0.5 (a)0.6 (y)0.5 (a)0.6 (b)0.5 (l)0.6 (e)7 ( )0.5 (b)0.5 (y)7 ( )0.5 (p)0.6 (a)0.5 (r)0.6 (t)0.5 (i)0.6 (c)0.5 (u)0.6 (l)0.5 (a)0.6 (r)7 ( )0.5 (c)0.6 (o)0.5 (u)0.5 (n)0.6 (t)0.5 (e)0.6 (r)0.5 (p)0.6 (a)0.6 (r)0.5 (t)0.5 (i)0.6 (e)0.6 (s)0.5 (,)7 ( )0.5 (c)0.6 (h)0.5 (a)0.6 (n)0.5 (g)0.6 (e)0.5 (s)7 ( )0.5 (i)0.6 (n)7 ( )0.5 (n)0.5 (a)0.6 (t)0.5 (i)0.6 (o)0.5 (n)0.6 (a)0.5 (l)7 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (macroeconomic policies, natural forces or other force majeure events.)Tj 0.063 Tc 0.07 Tw -2.181 -2.462 Td [(5)38 (.)38 ( )-997.5 (Scope)12.3 ( assumption:)12.2 ( the)12.2 ( valuation)12.3 ( scope)12.3 ( is)12.2 ( based)12.2 ( on)12.3 ( the)12.2 ( asset)12.3 ( valuation)38 ( )]TJ 0.086 Tc 2.181 -1.231 Td [(declaration)12.6 ( forms)12.6 ( and)12.5 ( asset)12.5 ( lists)12.6 ( provided)12.5 ( by)12.5 ( Water)12.5 ( Engineering)12.6 ( &)61 ( )]TJ 0.056 Tc 0 -1.231 Td [(Technology,)12.6 ( and)12.6 ( the)12.6 ( valuation)12.5 ( assumes)12.5 ( that)12.6 ( all)12.5 ( important)12.5 ( and)12.5 ( potential)31 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(factors)2 ( )0.5 (that)2 ( )0.5 (may)1.9 ( )0.5 (affect)2 ( )0.5 (the)2 ( )0.5 (valuation)2 ( )0.5 (analysis)2 ( )0.5 (were)2 ( )0.5 (sufficiently)2.1 ( disclosed)2 ( to)2 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (the PRC Independent Valuer.)Tj 0.056 Tc 0.069 Tw -2.181 -2.462 Td [(6)31 (.)31 ( )-1005.5 (Q)0.5 (u)0.5 (an)0.5 (t)0.5 (i)0.5 (ty)0.5 (,)13 ( )-0.6 (c)0.5 (o)0.5 (nd)0.5 (i)0.5 (ti)0.5 (o)0.5 (n)13 ( )-0.6 (a)0.5 (n)0.5 (d)12.9 ( p)0.5 (ri)0.5 (c)0.5 (i)0.5 (ng)13 ( a)0.5 (ss)0.5 (u)0.5 (mp)0.5 (t)0.5 (io)0.5 (n)0.5 (:)13 ( )-0.6 (t)0.5 (h)0.5 (e)12.9 ( v)0.5 (a)0.5 (lu)0.5 (a)0.5 (t)0.5 (io)0.5 (n)13 ( )-0.6 (a)0.5 (s)0.5 (s)0.5 (um)0.5 (e)0.5 (s)13 ( )-0.6 (t)0.5 (h)0.5 (at)31 ( )]TJ 0.036 Tc 0.072 Tw 2.181 -1.231 Td [(t)0.5 (h)0.5 (e)11 ( )0.5 (a)0.5 (c)0.6 (tu)0.5 (a)0.6 (l)11 ( q)0.6 (ua)0.6 (n)0.5 (t)0.5 (i)0.5 (t)0.5 (y)11 ( )0.5 (o)0.5 (f)11 ( )0.5 (t)0.5 (h)0.5 (e)11 ( )0.5 (T)0.5 (a)0.5 (r)0.5 (g)0.5 (e)0.5 (t)11 ( )0.5 (A)0.5 (s)0.5 (s)0.5 (e)0.6 (t)0.5 (s)11 ( )0.5 (i)0.5 (s)11 ( )0.5 (t)0.5 (h)0.5 (e)11 ( )0.5 (q)0.5 (u)0.5 (a)0.5 (n)0.5 (t)0.5 (i)0.5 (t)0.5 (y)11 ( )0.5 (a)0.5 (s)11 ( )0.5 (a)0.5 (t)11 ( )0.5 (t)0.5 (h)0.5 (e)11 ( )0.5 (A)0.6 (p)0.5 (p)0.5 (r)0.5 (a)0.5 (i)0.5 (s)0.5 (a)0.5 (l)11 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(Reference)5 ( )0.5 (Date,)5 ( )0.5 (that)5 ( )0.5 (the)5.1 ( )0.5 (condition)5 ( )0.5 (of)5 ( )0.5 (the)5 ( )0.5 (Target)4.9 ( )0.6 (Assets)5 ( )0.5 (as)5 ( )0.5 (at)5 ( )0.5 (the)5 ( )0.5 (Appraisal)5 ( )]TJ 0.063 Tc 0.07 Tw 0 -1.231 Td [(Reference)12.5 ( Date)12.5 ( was)12.5 ( consistent)12.5 ( with)12.4 ( the)12.5 ( condition)12.5 ( observed)12.4 ( during)12.4 ( the)38.1 ( )]TJ 0.064 Tc 0 -1.231 Td [(physical)12.9 ( site)12.9 ( inspection,)12.9 ( a)0.5 (nd)12.9 ( that)12.9 ( current)12.9 ( market)12.9 ( prices)12.9 ( were)12.9 ( based)12.9 ( on)39 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (domestic valid prices as at the Appraisal Reference Date.)Tj 0.047 Tc 0.07 Tw -2.181 -2.462 Td [(7)22 (.)22 ( )-1013.5 (Rights)12.4 ( assumption:)12.3 ( the)12.3 ( valuation)12.3 ( assumes)12.3 ( that)12.4 ( the)12.3 ( Target)12.3 ( Assets)12.4 ( and)12.4 ( the)22 ( )]TJ 0.045 Tc 2.181 -1.231 Td [(u)0.5 (n)0.5 (de)0.5 (r)0.5 (l)0.5 (y)0.5 (i)0.5 (ng)13 ( )0.5 (a)0.5 (s)0.5 (s)0.5 (e)0.5 (t)0.5 (s)13 ( a)0.5 (r)0.5 (e)13 ( )0.5 (f)0.5 (r)0.5 (e)0.5 (e)13 ( )0.5 (f)0.5 (ro)0.5 (m)13 ( )0.5 (r)0.5 (i)0.5 (gh)0.5 (t)0.5 (s)13 ( )0.5 (d)0.5 (ef)0.5 (e)0.5 (c)0.5 (t)0.5 (s)13 ( )0.5 (a)0.5 (n)0.5 (d)12.9 ( )0.5 (r)0.5 (e)0.5 (s)0.5 (t)0.5 (r)0.5 (ic)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (s)12.9 ( )0.5 (t)0.5 (h)0.5 (a)0.5 (t)13 ( )0.5 (w)0.5 (ou)0.5 (l)0.5 (d)20 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (affect their value.)Tj ET endstreamendobj30 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 11 \226)Tj 0.035 Tc 0.073 Tw 13 0 0 13 85.0394 776.3179 Tm [(The)10 ( )0.5 (newness)10.1 ( )0.5 (rate)10 ( )0.6 (was)10 ( )0.5 (determined)10.1 ( )0.5 (with)10 ( )0.5 (reference)10 ( )0.5 (to)10 ( )0.5 (the)10 ( )0.5 (economic)10 ( )0.5 (useful)10 ( )0.5 (life)10 ( )0.5 (of)10 ( )]TJ 0.025 Tc 0.043 Tw 0 -1.231 Td (the Machinery Equipment and on-site inspection of its usage condition. F\or large )Tj 0.038 Tc 0.07 Tw 0 -1.231 Td [(and)12.7 ( key)12.7 ( Machinery)12.7 ( Equipment,)12.6 ( the)12.6 ( newness)12.7 ( rate)12.6 ( was)12.6 ( determined)12.7 ( by)12.7 ( taking)12.6 ( the)13 ( )]TJ 0.048 Tc 0 -1.231 Td [(weighted)12.5 ( average)12.5 ( of)12.5 ( the)12.5 ( theoretical)12.6 ( newness)12.5 ( rate,)12.5 ( based)12.5 ( on)12.5 ( the)12.5 ( economic)12.6 ( life)23 ( )]TJ 0.043 Tc 0 -1.231 Td [(of)12.3 ( the)12.3 ( equipment,)12.2 ( and)12.2 ( the)12.3 ( on-site)12.2 ( inspection)12.2 ( newness)12.2 ( rate,)12.2 ( based)12.2 ( on)12.2 ( operating)18 ( )]TJ 0.023 Tc 0 Tw 0 -1.231 Td [(environment, current technical condition, recent technical data, and rel\evant repair)-2 ( )]TJ 0.039 Tc 0.07 Tw 0 -1.231 Td [(and)12.3 ( operation)12.3 ( records.)12.3 ( For)12.2 ( general)12.3 ( small)12.3 ( Machinery)12.3 ( Equipment,)12.3 ( the)12.2 ( composite)14 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(newness)10.1 ( )0.5 (rate)10 ( )0.6 (was)10 ( )0.5 (determined)10 ( )0.5 (based)9.9 ( )0.6 (on)10 ( )0.5 (the)10 ( )0.5 (equipment\222s)10 ( )0.5 (operating)10 ( )0.5 (environment,)10 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (current technical condition and economic useful life)Tj 0 Tc (.)Tj /T1_1 1 Tf 0.025 Tc 13 0 3.4833 13 55.3588 616.3179 Tm [(\(3\) )-664.5 (Main reasons for difference from book value)]TJ /T1_0 1 Tf 0.044 Tc 0.07 Tw 13 0 0 13 85.0394 584.3179 Tm [(According)12.6 ( to)12.6 ( the)12.6 ( Asset)12.6 ( Valuation)12.7 ( Report,)12.6 ( as)12.7 ( at)12.7 ( the)12.6 ( Appraisal)12.6 ( Reference)12.6 ( Date,)19 ( )]TJ 0.058 Tc 0 -1.231 Td [(the)12.1 ( tax-inclusive)12.1 ( market)12.1 ( value)12.1 ( of)12.1 ( the)12.1 ( Target)12 ( Assets)12.1 ( was)12 ( RMB)12.1 (7)12 (6)12.1 (,)12.1 (5)12 (2)12.1 (8)12.1 (,)12.1 (4)12 (5)12.1 (6)12.1 (.)12.1 (7)12 (4)33 ( )]TJ 0.05 Tc 0 -1.231 Td [(\()0.5 (o)0.5 (r)13 ( )0.5 (R)0.5 (M)0.5 (B)13 (6)13.1 (7)12.9 (,)13 (7)13 (2)13 (4)13 (,)13 (2)13 (9)13.1 (8)13 (.)13 (0)13 (0)13 ( )0.5 (\()0.5 (t)0.5 (a)0.5 (x)13 ( )0.5 (e)0.5 (x)0.5 (c)0.5 (l)0.5 (u)0.5 (s)0.5 (i)0.5 (v)0.5 (e)0.6 (\))0.5 (\))0.5 (.)13 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (r)0.5 (e)0.5 (d)13 ( )0.5 (w)0.6 (it)0.5 (h)13 ( )0.6 (t)0.5 (h)0.5 (e)13 ( )0.5 (a)0.5 (u)0.5 (d)0.5 (i)0.5 (t)0.5 (e)0.5 (d)13 ( )0.5 (n)0.5 (e)0.5 (t)13 ( )0.5 (b)0.5 (o)0.5 (o)0.5 (k)25 ( )]TJ 0 -1.231 Td [(value)12.4 ( of)12.4 ( approximately)12.3 ( RMB)12.4 (5)12.4 (9)12.4 (,)12.4 (4)12.4 (8)12.4 (8)12.4 (,)12.4 (6)12.4 (5)12.3 (5)12.4 (.)12.4 (2)12.4 (2)12.4 (,)12.4 ( the)12.4 ( appraised)12.4 ( value)12.4 ( increased)12.3 ( by)25 ( )]TJ 0.051 Tc 0 -1.231 Td [(a)0.5 (p)0.5 (p)0.5 (r)0.5 (o)0.6 (x)0.5 (i)0.5 (m)0.5 (a)0.5 (t)0.5 (e)0.5 (l)0.5 (y)13 ( )0.5 (R)0.6 (M)0.5 (B)13 (1)13 (7)13 (.)13 (0)13 (4)13 ( )0.5 (m)0.5 (i)0.5 (l)0.5 (l)0.5 (i)0.5 (o)0.6 (n)0.5 (,)13 ( )0.5 (r)0.5 (e)0.5 (p)0.5 (r)0.5 (e)0.5 (s)0.6 (e)0.5 (n)0.5 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (a)0.5 (n)13 ( )0.6 (i)0.5 (n)0.5 (c)0.5 (r)0.5 (e)0.5 (a)0.5 (s)0.5 (e)13.1 ( )0.5 (o)0.5 (f)13 ( )0.5 (a)0.5 (p)0.5 (p)0.6 (r)0.5 (o)0.5 (x)0.5 (i)0.5 (m)0.5 (a)0.5 (t)0.5 (e)0.5 (l)0.5 (y)26 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (28.64%)Tj 0 Tc 0 Tw (.)Tj 0.025 Tc 0 -2.462 Td (The principal reasons for the valuation difference are summarised as fol\lows:)Tj 0.03 Tc 0.078 Tw 0 -2.462 Td [(1)5 (.)5 ( )-1022.5 (Buildings)5 ( )0.5 (and)5 ( )0.5 (Building)5 ( )0.5 (Structures)5 ( )0.5 (and)5 ( )0.5 (Others:)5 ( )0.5 (the)5.1 ( )0.5 (appraised)5 ( )0.5 (original)5 ( )0.5 (value)5 ( )]TJ 0.028 Tc 0.08 Tw 2.181 -1.231 Td [(increased)3 ( )0.5 (slightly)3 ( )0.5 (due)3 ( )0.6 (to)3 ( )0.5 (changes)3 ( )0.5 (in)3 ( )0.5 (labour,)3 ( )0.5 (material)3 ( )0.5 (and)3 ( )0.5 (machinery)3 ( )0.5 (prices,)3 ( )]TJ 0.025 Tc 0.037 Tw 0 -1.231 Td (which increased replacement cost. The appraised net value increased main\ly )Tj 0.044 Tc 0.07 Tw 0 -1.231 Td [(because)12.4 ( the)12.5 ( economic)12.5 ( durable)12.4 ( lives)12.5 ( adopted)12.5 ( in)12.4 ( the)12.4 ( valuation)12.4 ( were)12.4 ( longer)19 ( )]TJ 0.056 Tc 0 -1.231 Td [(than)12.1 ( the)12.1 ( accounting)12.1 ( depreciation)12.1 ( periods)12.1 ( used)12.1 ( by)12.1 ( Water)12.1 ( Engineering)12.1 ( &)31 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Technology. The valuation conclusion also includes VAT.)Tj 0.069 Tc 0.07 Tw -2.181 -2.462 Td [(2)44 (.)44 ( )-991.5 (Machinery)12.2 ( Equipment:)12.2 ( the)12.2 ( appraised)12.2 ( original)12.2 ( value)12.2 ( decreased)12.2 ( mainly)44 ( )]TJ 0.049 Tc 2.181 -1.231 Td [(because)12.1 ( the)12.1 ( equipment)12.1 ( had)12 ( been)12.1 ( purchased)12.1 ( for)12.1 ( some)12.1 ( time)12 ( and,)12.1 ( in)12.1 ( recent)23.9 ( )]TJ 0.065 Tc 0 -1.231 Td [(years,)12.5 ( productivity)12.5 ( improvements)12.6 ( and)12.6 ( technological)12.6 ( upgrades)12.6 ( reduced)40 ( )]TJ 0.062 Tc 0 -1.231 Td [(purchase)12.4 ( prices)12.3 ( for)12.3 ( relevant)12.4 ( equipment.)12.4 ( The)12.3 ( valuation)12.3 ( conclusion)12.3 ( also)37 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (includes VAT.)Tj ET endstreamendobj10 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj11 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj12 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj13 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj19 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj59 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 18.7502 Tm (\226 10 \226)Tj 0.023 Tc 13 0 0 13 85.0394 776.3179 Tm [(As at the Appraisal Reference Date, the full replacement cost of the Bui\ldings was)-2 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(approximately)10 ( )0.5 (RMB)10 (6)10 (.)10.1 (0)10 (9)10 (9)10 (2)10 ( )0.5 (million)]TJ 0 Tc 0 Tw (,)Tj 0.035 Tc 0.073 Tw 15.568 0 Td [( )0.5 (and)10 ( )0.5 (the)10 ( )0.5 (appraised)9.9 ( )0.6 (value)10 ( )0.5 (was)10 ( )0.5 (approximately)10 ( )]TJ 0.041 Tc 0.07 Tw -15.568 -1.231 Td [(RMB)12.4 (5)12.3 (.)12.3 (0)12.4 (4)12.3 (0)12.4 (6)12.3 ( million)12.4 ( \(tax-exclusive\).)12.3 ( The)12.3 ( full)12.4 ( replacement)12.4 ( cost)12.3 ( of)12.4 ( the)12.4 ( Building)16 ( )]TJ 0.025 Tc 0.015 Tw 0 -1.231 Td [(Structures )0.5 (and )0.5 (Others )0.6 (was )0.5 (approximately )0.5 (RMB30.7818 )0.5 (million)]TJ 0 Tc 0 Tw (,)Tj 0.025 Tc 0.015 Tw 27.172 0 Td [( )0.5 (and )0.5 (the )0.6 (appraised )]TJ 0 Tw -27.172 -1.231 Td (value was approximately RMB22.1651 million )Tj 0 Tc (\()Tj 0.025 Tc -0.025 Tw 20.544 0 Td (tax-exclusive)Tj (\).)Tj /T1_1 1 Tf 0 Tw 13 0 3.4833 13 55.3588 680.3179 Tm [(\(2\) )-664.5 (Machinery Equipment)]TJ /T1_0 1 Tf 0.107 Tc 0.07 Tw 13 0 0 13 85.0394 648.3179 Tm [(The)12 ( appraised)12.1 ( value)12.1 ( of)12 ( the)12.1 ( Machinery)12 ( Equipment)12 ( was)12.1 ( approximately)82 ( )]TJ 0.047 Tc 0 -1.231 Td [(RMB)12.7 (4)12.8 (0)12.7 (.)12.7 (5)12.8 (1)12.7 (8)12.8 (6)12.7 ( million)12.7 ( \(tax-exclusive\))12.7 ( and)12.7 ( approximately)12.8 ( RMB)12.8 (4)12.7 (5)12.7 (.)12.8 (7)12.7 (8)12.8 (6)12.7 (0)12.7 ( million)22 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(\(tax-inclusive\).)3 ( )0.5 (The)3 ( )0.5 (PRC)3 ( )0.5 (Independent)3 ( )0.5 (Valuer)3 ( )0.6 (adopted)3 ( )0.5 (the)3 ( )0.5 (following)3 ( )0.5 (formula)3 ( )0.5 (for)3.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (each item of Machinery Equipment)Tj 0 Tc (:)Tj 0.025 Tc 13 0 3.4833 13 83.7052 568.3179 Tm (Appraised value = Replacement cost )Tj /C0_0 1 Tf 0 Tc <00D2>Tj /T1_0 1 Tf 0.025 Tc 16.822 0 Td ( Newness rate)Tj 0.026 Tc 0.082 Tw 13 0 0 13 85.0394 536.3179 Tm [(For)1 ( )0.5 (Machinery)1 ( )0.5 (Equipment)1 ( )0.5 (requiring)1 ( )0.5 (installation,)1 ( )0.5 (replacement)1 ( )0.5 (cost)1 ( )0.5 (was)1 ( )0.5 (generally)1 ( )]TJ 0.079 Tc 0.07 Tw 0 -1.231 Td [(calculated)12.6 ( as)12.6 ( a)12.6 ( sum)12.6 ( of)12.6 ( purchase)12.6 ( price)12.6 ( \(tax)12.6 ( inclusive\),)12.6 ( transportation)12.6 ( and)53.9 ( )]TJ 0.059 Tc 0 -1.231 Td [(miscellaneous)12.6 ( fees,)12.7 ( installation,)12.7 ( commissioning)12.7 ( fees,)12.6 ( equipment)12.7 ( foundation)34 ( )]TJ 0.058 Tc 0 -1.231 Td [(fees,)12.2 ( preliminary)12.2 ( and)12.3 ( other)12.2 ( fees,)12.2 ( capital)12.2 ( costs,)12.3 ( to)12.2 ( be)12.2 ( deducted)12.2 ( by)12.2 ( creditable)33 ( )]TJ 0.025 Tc 0 -1.231 Td (VAT. For Machinery Equipment not requiring installation, replacement cos\t was )Tj 0.021 Tw 0 -1.231 Td (generally calculated as a sum of purchase price \(tax inclusive\), trans\portation and )Tj 0 Tw 0 -1.231 Td (miscellaneous fees, to be deducted by creditable VAT)Tj 0 Tc (.)Tj 0.092 Tc 0.07 Tw 0 -2.462 Td [(Purchase)12.2 ( prices)12.1 ( were)12.2 ( determined)12.1 ( through)12.2 ( inquiries)12.2 ( with)12.2 ( manufacturers)67 ( )]TJ 0.039 Tc 0 -1.231 Td [(regarding)12.3 ( market)12.3 ( prices)12.4 ( as)12.3 ( at)12.3 ( the)12.3 ( Appraisal)12.3 ( Reference)12.3 ( Date,)12.3 ( or)12.3 ( by)12.4 ( reference)12.4 ( to)14 ( )]TJ 0.05 Tc 0 -1.231 Td [(contract)12.6 ( prices)12.7 ( of)12.7 ( similar)12.6 ( equipment)12.6 ( transacted)12.6 ( near)12.6 ( the)12.6 ( Appraisal)12.6 ( Reference)25.1 ( )]TJ 0.041 Tc 0 -1.231 Td [(Date.)12.6 ( For)12.6 ( small)12.6 ( equipment,)12.6 ( market)12.6 ( quotations)12.7 ( were)12.6 ( used.)12.6 ( If)12.6 ( market)12.6 ( quotations)16.1 ( )]TJ 0.042 Tc 0 -1.231 Td [(w)0.5 (e)0.5 (r)0.5 (e)13 ( )0.5 (n)0.5 (o)0.5 (t)13 ( )0.5 (a)0.5 (v)0.5 (a)0.5 (i)0.5 (la)0.6 (bl)0.5 (e)0.5 (,)13 ( )0.5 (p)0.5 (r)0.5 (i)0.5 (c)0.5 (e)0.5 (s)13 ( )0.5 (w)0.5 (e)0.5 (r)0.5 (e)13 ( )0.5 (d)0.5 (e)0.5 (t)0.5 (e)0.5 (r)0.5 (m)0.5 (i)0.5 (n)0.5 (e)0.5 (d)13 ( )0.5 (by)13 ( )0.5 (r)0.5 (e)0.5 (f)0.5 (e)0.5 (r)0.5 (e)0.5 (n)0.5 (c)0.5 (e)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (s)0.5 (i)0.5 (m)0.5 (i)0.5 (l)0.5 (a)0.5 (r)13 ( )0.5 (e)0.5 (q)0.5 (ui)0.5 (p)0.5 (m)0.5 (e)0.5 (n)0.5 (t)0.5 (.)17 ( )]TJ 0.055 Tc 0 -1.231 Td [(Transportation)12.4 ( and)12.4 ( miscellaneous)12.5 ( fees)12.4 ( were)12.5 ( typically)12.4 ( calculated)12.5 ( at)12.4 ( a)12.4 ( certain)30 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(rate)2 ( )0.5 (by)2 ( )0.5 (reference)2 ( )0.5 (to)2 ( )0.5 (purchase)2 ( )0.5 (price,)2 ( )0.5 (relevant)2 ( )0.5 (industry)2 ( or)2 ( )0.5 (governmental)2 ( )0.5 (guidance,)2 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.231 Td (market surveys and other factors. Installation and commissioning fees, e\quipment )Tj 0.043 Tc 0.07 Tw 0 -1.231 Td [(foundation)12.2 ( fees,)12.1 ( preliminary)12.2 ( and)12.2 ( other)12.2 ( fees)12.2 ( and)12.1 ( capital)12.1 ( costs)12.2 ( were)12.1 ( determined)18 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.231 Td [(by)9 ( )0.5 (reference)9 ( )0.5 (to)9 ( )0.5 (project)9 ( )0.5 (budget)9 ( )0.5 (or)9 ( )0.5 (final)9 ( )0.5 (account)9 ( )0.5 (data,)9 ( )0.5 (verified)9 ( )0.5 (project)9 ( )0.5 (settlement)9 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(amounts,)4 ( )0.5 (local)4 ( )0.5 (fee)4 ( )0.6 (standards)4 ( )0.5 (and)4 ( )0.5 (the)4 ( )0.6 (characteristics)4 ( )0.6 (of)4 ( )0.5 (the)4 ( )0.5 (equipment.)4 ( )0.5 (As)4 ( )0.5 (Water)4 ( )]TJ 0.05 Tc 0.07 Tw 0 -1.231 Td [(E)0.5 (n)0.5 (g)0.5 (i)0.5 (n)0.5 (e)0.5 (e)0.5 (r)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (&)12.9 ( )0.5 (T)0.5 (e)0.5 (c)0.6 (hn)0.5 (o)0.5 (l)0.5 (o)0.5 (g)0.5 (y)13 ( )0.5 (i)0.5 (s)13 ( )0.5 (a)13 ( )0.5 (g)0.5 (e)0.5 (n)0.5 (e)0.5 (r)0.5 (a)0.5 (l)13 ( )0.5 (V)0.5 (A)0.5 (T)13 ( )0.5 (t)0.5 (a)0.5 (x)0.5 (p)0.5 (a)0.5 (y)0.5 (e)0.5 (r)0.5 (,)13 ( )0.5 (r)0.5 (ep)0.6 (la)0.5 (c)0.6 (e)0.5 (m)0.5 (e)0.5 (nt)13 ( )0.5 (c)0.5 (o)0.5 (s)0.5 (t)13 ( )0.5 (w)0.5 (a)0.5 (s)25.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (calculated on a VAT-exclusive basis by deducting creditable VAT)Tj 0 Tc (.)Tj ET endstreamendobj58 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 9 \226)Tj 0.023 Tc 13 0 0 13 85.0394 776.3179 Tm [(The full replacement cost was determined as the sum of tax-exclusive con\struction)-2.1 ( )]TJ 0.062 Tc 0.07 Tw 0 -1.231 Td [(and)12.5 ( installation)12.4 ( costs,)12.4 ( tax-exclusive)12.5 ( preliminary)12.5 ( and)12.5 ( other)12.5 ( project)12.4 ( fees)12.5 ( and)36.9 ( )]TJ 0.043 Tc 0 -1.231 Td [(c)0.5 (a)0.5 (p)0.5 (i)0.5 (t)0.5 (a)0.5 (l)13 ( )0.5 (c)0.5 (o)0.5 (s)0.5 (ts)0.6 (.)12.9 ( )0.5 (C)0.5 (o)0.5 (n)0.5 (s)0.5 (t)0.5 (r)0.5 (u)0.5 (c)0.5 (t)0.5 (i)0.5 (o)0.5 (n)12.9 ( )0.5 (a)0.6 (nd)13 ( )0.5 (i)0.5 (n)0.5 (s)0.5 (t)0.5 (a)0.5 (l)0.5 (l)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)12.9 ( )0.5 (c)0.5 (o)0.5 (s)0.5 (t)0.5 (s)13 ( )0.5 (i)0.5 (n)0.5 (c)0.5 (l)0.5 (u)0.5 (d)0.5 (e)0.5 (d)13 ( d)0.5 (i)0.5 (r)0.5 (e)0.5 (c)0.5 (t)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (j)0.5 (e)0.5 (c)0.5 (t)13 ( )0.5 (c)0.5 (o)0.5 (s)0.5 (t)0.5 (s)0.5 (,)18 ( )]TJ 0.025 Tc 0.057 Tw 0 -1.231 Td [(indirect )0.5 (project )0.5 (costs, )0.5 (planned )0.5 (profits, )0.5 (taxes )0.5 (and )0.6 (fees. )0.5 (For )0.5 (projects )0.5 (with )0.5 (complete )]TJ 0.028 Tw 0 -1.231 Td (engineering data, the adjusted budget or final account method was used b\y taking )Tj 0 Tw 0 -1.231 Td (the verified project settlement amount as the basis. For relatively simp\le buildings )Tj 0 -1.231 Td (and structures, the unit cost method was used)Tj 0 Tc (.)Tj 0.058 Tc 0.07 Tw 0 -2.462 Td [(The)12.5 ( preliminary)12.5 ( and)12.5 ( other)12.5 ( project)12.5 ( fees)12.5 ( were)12.5 ( determined)12.4 ( by)12.5 ( reference)12.4 ( to)12.5 ( the)33 ( )]TJ 0.072 Tc 0 -1.231 Td [(relevant)12.5 ( PRC)12.5 ( regulatory)12.5 ( documents)12.5 ( and)12.5 ( local)12.5 ( fee)12.5 ( standards,)12.5 ( and)12.5 ( included)47 ( )]TJ 0.025 Tc 0.056 Tw 0 -1.231 Td (construction entity management fees, survey and design fees, project sup\ervision )Tj 0.074 Tc 0.07 Tw 0 -1.231 Td [(fees,)12.3 ( tender)12.2 ( agency)12.2 ( fees,)12.2 ( feasibility)12.2 ( study)12.3 ( fees)12.2 ( and)12.3 ( environmental)12.2 ( impact)49 ( )]TJ 0.083 Tc 0 -1.231 Td [(assessment)12.7 ( fees.)12.7 ( Capital)12.7 ( costs)12.7 ( were)12.7 ( determined)12.7 ( based)12.7 ( on)12.7 ( the)12.8 ( reasonable)58 ( )]TJ 0.025 Tc 0.013 Tw 0 -1.231 Td (construction period, assuming capital was invested evenly during the con\struction )Tj 0 Tw 0 -1.231 Td (period, with reference to the loan prime rate as at the Appraisal Refere\nce Date)Tj 0 Tc (.)Tj 0.054 Tc 0.07 Tw 0 -2.462 Td [(The)12.4 ( composite)12.3 ( newness)12.3 ( rate)12.3 ( for)12.3 ( the)12.4 ( Buildings)12.4 ( was)12.4 ( determined)12.4 ( by)12.3 ( taking)12.3 ( the)29 ( )]TJ 0.057 Tc 0 -1.231 Td [(weighted)12.2 ( average)12.2 ( of)12.2 ( \(i\))12.2 ( the)12.2 ( theoretical)12.2 ( newness)12.2 ( rate,)12.2 ( which)12.2 ( was)12.2 ( determined)32 ( )]TJ 0.039 Tc 0 -1.231 Td [(based)12.8 ( on)12.9 ( the)12.9 ( remaining)12.9 ( useful)12.9 ( life)12.9 ( of)12.8 ( the)12.9 ( relevant)12.9 ( building,)12.9 ( and)12.9 ( \(ii\))12.9 ( the)12.9 ( on-site)14 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.231 Td [(inspection )0.5 (newness )0.5 (rate, which )0.5 (was )0.5 (derived from )0.5 (the )0.5 (PRC )0.5 (Independent Valuer\222s )]TJ 0.016 Tw 0 -1.231 Td [(assessment of the structural, decorative and equipment )0.5 (components )0.5 (during on-site )]TJ 0 Tw 0 -1.231 Td (inspections. The formulae are:)Tj 0.044 Tc 0.07 Tw 13 0 3.4833 13 83.7052 408.3179 Tm [(T)0.5 (he)0.5 (o)0.5 (r)0.5 (e)0.5 (ti)0.5 (c)0.5 (al)13 ( )0.5 (n)0.5 (e)0.5 (wn)0.5 (e)0.5 (s)0.5 (s)12.9 ( )0.5 (r)0.5 (a)0.5 (te)13 ( )0.5 (=)13 ( )]TJ 0.049 Tc -0.049 Tw 12.41 0 Td [(R)0.5 (em)0.5 (a)0.5 (in)0.5 (in)0.5 (g)13 ( )]TJ 0.044 Tc 0.07 Tw 5.182 0 Td [(u)0.5 (se)0.5 (f)0.5 (u)0.5 (l)12.9 ( )0.5 (l)0.5 (if)0.5 (e)13 ( )]TJ /C0_0 1 Tf 0 Tc 0 Tw 4.914 0 Td <00D3>Tj /T1_0 1 Tf 0.044 Tc 0.07 Tw 1.031 0 Td [( )0.5 (\()0.5 (Re)0.5 (m)0.5 (a)0.5 (in)0.5 (i)0.5 (ng)13 ( )0.5 (us)0.5 (e)0.5 (f)0.5 (ul)13 ( )0.5 (l)0.5 (if)0.5 (e)13 ( )0.5 (+)19 ( )]TJ 0.025 Tc 0 Tw -23.208 -1.231 Td (elapsed years of use)Tj 0 Tc (\))Tj 8.985 0 Td ( )Tj /C0_0 1 Tf 0.275 0 Td <00D2>Tj /T1_0 1 Tf 0.025 Tc 1.025 0 Td ( 100%)Tj 0.053 Tw -9.626 -2.462 Td (Composite newness rate = Theoretical newness rate )Tj /C0_0 1 Tf 0 Tc 0 Tw <00D2>Tj /T1_0 1 Tf 0.025 Tc 0.053 Tw 23.623 0 Td ( 40% + On-site inspection )Tj 0 Tw -23.293 -1.231 Td (newness rate )Tj /C0_0 1 Tf 0 Tc <00D2>Tj /T1_0 1 Tf 0.025 Tc 6.737 0 Td ( 60%)Tj 0.075 Tc 0.07 Tw 13 0 0 13 85.0393 312.3179 Tm [(For)12.8 ( major)12.7 ( or)12.7 ( large-scale)12.8 ( Building)12.7 ( Structures)12.7 ( and)12.7 ( Others,)12.7 ( the)12.7 ( method)12.7 ( was)50 ( )]TJ 0.025 Tc 0.023 Tw 0 -1.231 Td (consistent with that for Buildings. For auxiliary or structurally simple\ small-scale )Tj 0.038 Tc 0.07 Tw 0 -1.231 Td [(structures,)12.5 ( the)12.5 ( composite)12.6 ( newness)12.6 ( rate)12.6 ( was)12.5 ( determined)12.5 ( based)12.5 ( on)12.6 ( the)12.6 ( remaining)13 ( )]TJ 0.025 Tc 0.019 Tw 0 -1.231 Td (useful life and adjusted by reference to on-site inspection, usage and m\aintenance )Tj -0.025 Tw 0 -1.231 Td (status)Tj 0 Tc 0 Tw (.)Tj ET endstreamendobj57 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 8 \226)Tj /T1_1 1 Tf 9.1 0 0 13 56.6929 738.8479 Tm (Asset class)Tj 9.469 1.231 Td (No. of )Tj -0.025 Tw 0.303 -1.231 Td (items)Tj 3.623 2.462 Td (Audited )Tj 0 Tw 3.895 0 Td (net book )Tj 0 Tc 9.1 0 0 13 251.9736 770.8479 Tm ( )Tj 0.025 Tc -0.025 Tw 9.1 0 0 13 178.5827 754.8479 Tm (value)Tj 0 Tw ( as at Appraisal )Tj 0 -1.231 Td (Reference Date)Tj 13.394 2.462 Td (Full replacement )Tj 0 -1.231 Td (cost/valuation base )Tj -0.025 Tw 0 -1.231 Td (\(tax-exclusive\))Tj 0 Tw 13.394 0 Td (Appraised value)Tj 0 Tc -40.183 -1.231 Td ( )Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 0 -1.231 Td (Buildings)Tj 0 Tc 0 Tw 11.648 0 Td (2)Tj 0.025 Tc 1.746 0 Td (Approx. RMB2.74 million)Tj 13.394 0 Td (Approx. RMB6.10 million)Tj 13.394 0 Td (Approx. RMB5.04 million )Tj -0.025 Tw 0.997 -1.231 Td (\(tax-exclusive\))Tj 0 Tw -0.997 -1.231 Td (Approx. RMB5.70 million )Tj -0.025 Tw 0.997 -1.231 Td (\(tax-inclusive\))Tj -41.18 -1.231 Td (Building )Tj 0 Tw 1.433 -1.231 Td (Structures and )Tj -0.025 Tw 0 -1.231 Td (Others)Tj 0 Tc 0 Tw 10.216 2.462 Td (8)Tj 0.025 Tc 1.746 0 Td (Approx. RMB13.83 million)Tj 13.394 0 Td (Approx. RMB30.78 million)Tj 13.394 0 Td (Approx. RMB22.17 million )Tj -0.025 Tw 0.997 -1.231 Td (\(tax-exclusive\))Tj 0 Tw -0.997 -1.231 Td (Approx. RMB25.05 million )Tj -0.025 Tw 0.997 -1.231 Td (\(tax-inclusive\))Tj -41.18 -1.231 Td (Machinery )Tj 1.433 -1.231 Td (Equipment)Tj 9.166 1.231 Td (226)Tj 0 Tw 2.796 0 Td (Approx. RMB42.91 million)Tj 13.394 0 Td (Approx. RMB86.51 million)Tj 13.394 0 Td (Approx. RMB40.52 million )Tj -0.025 Tw 0.997 -1.231 Td (\(tax-exclusive\))Tj 0 Tw -0.997 -1.231 Td (Approx. RMB45.79 million )Tj -0.025 Tw 0.997 -1.231 Td (\(tax-inclusive\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 136.063 526.4379 cm 0 0 m 31.181 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 130.3937 527.8389 Tm ( )Tj ET q 1 0 0 1 178.5827 526.4379 cm 0 0 m 110.551 0 l S Q BT 13 0 0 13 178.5827 527.8389 Tm ( )Tj ET q 1 0 0 1 300.4724 526.4379 cm 0 0 m 110.551 0 l S Q BT 13 0 0 13 300.4724 527.8389 Tm ( )Tj ET q 1 0 0 1 422.3622 526.4379 cm 0 0 m 110.551 0 l S Q BT 13 0 0 13 422.3622 527.8389 Tm ( )Tj 0.025 Tc -0.025 Tw 9.1 0 0 13 56.6929 495.8388 Tm (Total)Tj 10.598 0 Td (236)Tj 0 Tw 2.796 0 Td (Approx. RMB59.49 million)Tj 13.394 0 Td (Approx. RMB123.39 million)Tj 13.394 0 Td (Approx. RMB67.72 million )Tj -0.025 Tw 0.997 -1.231 Td (\(tax-exclusive\))Tj 0 Tw -0.997 -1.231 Td (Approx. RMB76.53 million )Tj -0.025 Tw 0.997 -1.231 Td (\(tax-inclusive\))Tj ET 2.5 w q 1 0 0 1 136.063 442.2743 cm 0 0 m 31.181 0 l S Q 0.835 w q 1 0 0 1 136.063 438.9418 cm 0 0 m 31.181 0 l S Q BT 0 Tc 0 Tw 13 0 0 13 160.0941 440.1753 Tm ( )Tj ET 2.5 w q 1 0 0 1 178.5827 442.2743 cm 0 0 m 110.551 0 l S Q 0.835 w q 1 0 0 1 178.5827 438.9418 cm 0 0 m 110.551 0 l S Q BT 13 0 0 13 178.5827 440.1753 Tm ( )Tj ET 2.5 w q 1 0 0 1 300.4724 442.2743 cm 0 0 m 110.551 0 l S Q 0.835 w q 1 0 0 1 300.4724 438.9418 cm 0 0 m 110.551 0 l S Q BT 13 0 0 13 300.4724 440.1753 Tm ( )Tj ET 2.5 w q 1 0 0 1 422.3622 442.2743 cm 0 0 m 110.551 0 l S Q 0.835 w q 1 0 0 1 422.3622 438.9418 cm 0 0 m 110.551 0 l S Q BT 13 0 0 13 422.3622 440.1753 Tm ( )Tj 0.025 Tc -0.025 Tw 11 0 2.9474 11 55.564 411.8263 Tm (Note: )Tj 0.069 Tw 11 0 0 11 85.0393 411.8263 Tm (Figures in the above table are rounded to two decimal places in RMB mill\ion and may not add )Tj 0.038 Tc 0.07 Tw 0 -1.273 Td [(exactly)12.2 ( to)12.2 ( totals.)12.2 ( The)12.2 ( Asset)12.2 ( Valuation)12.3 ( Report)12.3 ( states)12.2 ( the)12.3 ( appraised)12.3 ( market)12.2 ( value)12.3 ( of)12.3 ( the)12.3 ( Target)13 ( )]TJ 0.025 Tc 0 Tw 0 -1.273 Td (Assets as RMB67,724,298.00 \(tax-exclusive\) and RMB76,528,456.74 millio\n \(tax-inclusive\).)Tj /T1_1 1 Tf 13 0 3.4833 13 55.3587 351.8263 Tm [(\(1\) )-664.5 (Buildings and Building Structures and Others)]TJ /T1_0 1 Tf 0.059 Tc 0.07 Tw 13 0 0 13 85.0393 319.8263 Tm [(The)12.7 ( appraised)12.8 ( tax-exclusive)12.7 ( value)12.7 ( of)12.7 ( the)12.8 ( Buildings)12.7 ( and)12.7 ( Building)12.7 ( Structures)34 ( )]TJ 0.041 Tc 0 -1.231 Td [(and)12.4 ( Others)12.4 ( was)12.3 ( approximately)12.3 ( RMB)12.3 (2)12.4 (7)12.4 (.)12.3 (2)12.3 (0)12.4 (5)12.4 (7)12.3 ( million)12.3 ( in)12.4 ( aggregrate,)12.4 ( comprising)16 ( )]TJ 0.086 Tc 0 -1.231 Td [(approximately)12.6 ( RMB)12.6 (5)12.5 (.)12.6 (0)12.6 (4)12.5 (0)12.6 (6)12.6 ( million)12.6 ( for)12.6 ( the)12.5 ( Buildings)12.5 ( and)12.6 ( approximately)61 ( )]TJ 0.094 Tc 0 -1.231 Td [(RMB)12.7 (2)12.8 (2)12.7 (.)12.7 (1)12.7 (6)12.7 (5)12.7 (1)12.7 ( million)12.8 ( for)12.7 ( the)12.8 ( Building)12.7 ( Structures)12.7 ( and)12.7 ( Others.)12.7 ( The)12.7 ( PRC)69 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Independent Valuer adopted the following formula:)Tj 13 0 3.4833 13 83.7052 223.8263 Tm (Appraised value = Full replacement cost )Tj /C0_0 1 Tf 0 Tc <00D2>Tj /T1_0 1 Tf 0.025 Tc 18.475 0 Td ( Composite newness rate)Tj ET endstreamendobj56 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 7 \226)Tj 0.047 Tc 0.07 Tw 13 0 0 13 56.6929 776.3179 Tm [(The)12.4 ( PRC)12.3 ( Independent)12.3 ( Valuer)12.4 ( adopted)12.3 ( market)12.3 ( value)12.3 ( as)12.3 ( the)12.3 ( value)12.3 ( type)12.3 ( and)12.3 ( the)12.3 ( cost)22 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(method)5 ( )0.5 (\(the)5 ( )0.5 (\223)]TJ /T1_1 1 Tf [(Cost)5 ( )0.5 (Method)]TJ /T1_0 1 Tf [(\224\))5 ( )0.5 (as)5 ( )0.5 (the)5 ( )0.5 (valuation)5 ( )0.5 (method.)5 ( )0.5 (The)5 ( )0.5 (PRC)5 ( )0.5 (Independent)5 ( )0.5 (Valuer)5 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(considered)12.6 ( that)12.6 ( the)12.6 ( market)12.6 ( approach)12.6 ( was)12.5 ( not)12.5 ( appropriate)12.5 ( because)12.6 ( the)12.5 ( Target)12.5 ( Assets)15 ( )]TJ 0.045 Tc 0 -1.231 Td [(a)0.6 (r)0.5 (e)13.1 ( )0.5 (s)0.6 (p)0.5 (e)0.6 (c)0.6 (i)0.5 (f)0.6 (i)0.5 (c)13.1 ( )0.5 (i)0.6 (n)0.5 (d)0.6 (u)0.5 (s)0.6 (t)0.5 (r)0.6 (i)0.5 (a)0.6 (l)13 ( )0.6 (b)0.5 (u)0.6 (i)0.5 (l)0.6 (d)0.5 (i)0.6 (n)0.5 (g)0.6 (s)0.5 (,)13.1 ( )0.5 (s)0.6 (t)0.5 (r)0.6 (u)0.5 (c)0.6 (t)0.5 (u)0.6 (r)0.5 (e)0.6 (s)0.6 (,)13 ( )0.6 (e)0.5 (q)0.6 (u)0.5 (i)0.6 (p)0.5 (m)0.6 (e)0.5 (n)0.6 (t)13 ( )0.6 (a)0.5 (n)0.6 (d)13 ( )0.6 (a)0.6 (n)0.5 (c)0.5 (i)0.6 (l)0.6 (l)0.5 (a)0.6 (r)0.5 (y)13.1 ( )0.5 (f)0.6 (a)0.5 (c)0.6 (i)0.5 (l)0.6 (i)0.6 (t)0.5 (i)0.5 (e)0.6 (s)0.6 (,)13 ( )0.6 (a)0.5 (n)0.6 (d)20 ( )]TJ 0.043 Tc 0 -1.231 Td [(c)0.5 (ompa)0.5 (ra)0.5 (ble)13 ( ma)0.5 (rk)0.5 (et)12.9 ( )0.5 (tr)0.5 (ans)0.5 (ac)0.5 (tio)0.5 (ns)12.9 ( )0.5 (we)0.5 (re)13 ( di)0.5 (ffi)0.5 (cul)0.5 (t)12.9 ( t)0.5 (o)12.9 ( o)0.5 (bta)0.5 (in.)13 ( T)0.5 (he)12.9 ( )0.5 (inc)0.5 (ome)13 ( a)0.5 (ppr)0.5 (oa)0.5 (ch)12.9 ( )0.5 (wa)0.5 (s)18 ( )]TJ 0.025 Tc 0.065 Tw 0 -1.231 Td (not appropriate because the Target Assets were constructed and used unde\r a contract )Tj 0.03 Tc 0.078 Tw 0 -1.231 Td [(energy)5 ( )0.5 (management)5 ( )0.5 (model,)4.9 ( )0.6 (their)5 ( )0.5 (returns)5 ( )0.5 (depend)5 ( )0.5 (on)5 ( )0.5 (the)5 ( )0.5 (relevant)5 ( )0.5 (service)5 ( )0.5 (contract,)5 ( )0.5 (the)5 ( )]TJ 0.025 Tc 0.006 Tw 0 -1.231 Td (parties to that service contract had differences regarding settlement co\nditions as at the )Tj 0.074 Tw 0 -1.231 Td [(Appraisal )0.5 (Reference )0.5 (Date, settlement )0.5 (terms for future )0.5 (years had not )0.5 (been )0.5 (determined, )]TJ 0.06 Tc 0.07 Tw 0 -1.231 Td [(and)12.8 ( annual)12.9 ( energy-saving)12.9 ( revenue)12.9 ( was)12.9 ( lower)12.9 ( than)12.8 ( operating)12.9 ( costs.)12.9 ( Accordingly,)35 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(revenue,)7 ( )0.5 (expected)7 ( )0.5 (future)7 ( )0.5 (cash)6.9 ( )0.6 (flows)7 ( )0.5 (and)7 ( )0.5 (other)7 ( )0.5 (financial)7 ( )0.5 (data)7 ( )0.5 (could)7 ( )0.5 (not)7 ( )0.5 (be)7 ( )0.5 (accurately)7 ( )]TJ 0.066 Tc 0.07 Tw 0 -1.231 Td [(forecasted.)12.5 ( The)12.6 ( Cost)12.5 ( Method)12.5 ( was)12.5 ( considered)12.5 ( appropriate)12.5 ( because)12.5 ( construction,)41 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(engineering,)8 ( )0.5 (purchase,)8 ( )0.5 (cost)8 ( )0.5 (and)8 ( )0.5 (market)8 ( )0.5 (quotation)8 ( )0.5 (information)8 ( )0.5 (was)8 ( )0.5 (available,)8 ( )0.5 (and)8 ( )0.5 (the)8 ( )]TJ 0.053 Tc 0.07 Tw 0 -1.231 Td [(replacement)12.3 ( cost)12.4 ( and)12.4 ( relevant)12.4 ( depreciation)12.4 ( or)12.4 ( obsolescence)12.4 ( adjustments)12.4 ( could)12.3 ( be)28 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (reasonably estimated)Tj 0 Tc (.)Tj 0.044 Tc 0.07 Tw 0 -2.462 Td [(For)12.3 ( the)12.2 ( purpose)12.2 ( of)12.2 ( applying)12.2 ( the)12.3 ( Cost)12.2 ( Method,)12.2 ( the)12.3 ( PRC)12.3 ( Independent)12.2 ( Valuer)12.3 ( valued)19 ( )]TJ 0.025 Tc 0.056 Tw 0 -1.231 Td (the Target Assets on an item-by-item basis, having regard to the nature,\ specification, )Tj 0.024 Tc 0 Tw 0 -1.231 Td [(p)0.5 (h)0.6 (y)0.5 (s)0.5 (i)0.5 (c)0.6 (a)0.5 (l)0.6 ( )0.5 (c)0.5 (o)0.6 (n)0.5 (d)0.5 (i)0.5 (t)0.6 (i)0.5 (o)0.5 (n)0.6 (,)0.5 ( )0.5 (a)0.5 (c)0.6 (t)0.5 (u)0.5 (a)0.6 (l)0.5 ( )0.5 (u)0.6 (s)0.5 (e)0.5 (,)0.6 ( )0.5 (o)0.5 (p)0.6 (e)0.5 (r)0.5 (a)0.6 (t)0.5 (i)0.5 (n)0.6 (g)0.5 ( )0.5 (e)0.6 (n)0.5 (v)0.5 (i)0.5 (r)0.6 (o)0.5 (n)0.5 (m)0.6 (e)0.5 (n)0.5 (t)0.6 (,)0.5 ( )0.5 (t)0.5 (e)0.6 (c)0.5 (h)0.5 (n)0.6 (i)0.5 (c)0.5 (a)0.6 (l)0.5 ( )0.5 (s)0.6 (t)0.5 (a)0.5 (t)0.6 (u)0.5 (s)0.5 ( )0.6 (a)0.5 (n)0.5 (d)0.6 ( )0.5 (m)0.5 (a)0.5 (i)0.6 (n)0.5 (t)0.5 (e)0.6 (n)0.5 (a)0.6 (n)0.5 (c)0.5 (e)-1 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(status)4 ( )0.5 (of)4 ( )0.5 (each)4 ( )0.5 (asset.)4.1 ( )0.5 (The)4 ( )0.5 (appraised)4 ( )0.5 (value)4 ( )0.5 (of)4 ( )0.5 (each)4 ( )0.5 (asset)4.1 ( )0.5 (item)4 ( )0.5 (was)4 ( )0.5 (generally)4 ( )0.5 (calculated)4 ( )]TJ 0.025 Tc 0.033 Tw 0 -1.231 Td (by multiplying its full replacement cost or replacement cost by the appl\icable newness )Tj 0.001 Tw 0 -1.231 Td (rate. The appraised values of individual asset items were then aggregate\d by asset class )Tj 0 Tw 0 -1.231 Td (to arrive at the appraised market value of the Target Assets.)Tj 0.03 Tc 0.078 Tw 0 -2.462 Td [(As)5 ( )0.5 (at)5 ( )0.5 (the)5 ( )0.5 (Appraisal)5 ( )0.5 (Reference)5 ( )0.5 (Date,)5 ( )0.5 (the)5.1 ( appraised)5.1 ( )0.5 (market)5 ( )0.5 (value)5 ( )0.5 (of)5 ( )0.5 (the)5 ( )0.5 (Target)5 ( )0.5 (Assets)5 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(was)12.9 ( RMB)12.9 (6)12.8 (7)12.9 (,)12.8 (7)12.9 (2)12.8 (4)12.9 (,)12.8 (2)12.9 (9)12.8 (8)12.9 (.)12.9 (0)12.8 (0)12.9 ( \(tax)12.9 ( exclusive\))12.9 ( and)12.9 ( RMB)12.8 (7)12.9 (6)12.8 (,)12.9 (5)12.9 (2)12.8 (8)12.9 (,)12.8 (4)12.9 (5)12.8 (6)12.9 (.)12.8 (7)12.9 (4)12.9 ( \(tax)12.9 ( inclusive,)12.9 ( with)16 ( )]TJ 0.053 Tc 0 -1.231 Td [(VAT)12.9 ( at)12.8 ( 1)12.8 (3)12.8 (%\).)12.9 ( The)12.9 ( parties)12.9 ( agreed)12.8 ( that)12.8 ( the)12.8 ( consideration)12.9 ( under)12.9 ( the)12.8 ( Asset)12.9 ( Transfer)28.1 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(A)0.5 (g)0.5 (r)0.6 (e)0.5 (e)0.5 (m)0.6 (e)0.5 (n)0.5 (t)8 ( )0.5 (i)0.5 (s)8 ( )0.6 (R)0.5 (M)0.5 (B)8 (7)8 (6)8 (,)8 (5)8 (2)8 (8)8 (,)8 (4)8.1 (5)8 (6)8 (.)8 (7)8 (4)8 ( )0.5 (\()0.5 (t)0.5 (a)0.6 (x)8 ( )0.5 (i)0.5 (n)0.5 (c)0.5 (l)0.6 (u)0.5 (s)0.5 (i)0.5 (v)0.5 (e)0.6 (\))0.5 (,)8 ( )0.5 (o)0.5 (r)8.1 ( a)8.1 ( )0.5 (t)0.5 (a)0.5 (x)0.5 (-)0.6 (e)0.5 (x)0.5 (c)0.6 (l)0.5 (u)0.5 (s)0.5 (i)0.5 (v)0.6 (e)8 ( )0.5 (t)0.5 (r)0.5 (a)0.6 (n)0.5 (s)0.5 (f)0.5 (e)0.6 (r)8 ( )0.5 (p)0.5 (r)0.5 (i)0.5 (c)0.6 (e)8 ( )0.5 (o)0.5 (f)8 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(RMB)12.5 (6)12.4 (7)12.5 (,)12.5 (7)12.4 (2)12.5 (4)12.4 (,)12.5 (2)12.5 (9)12.4 (8)12.5 (.)12.4 (0)12.5 (0)12.4 (.)12.5 ( The)12.5 ( minor)12.4 ( difference)12.5 ( from)12.5 ( the)12.4 ( rounded)12.4 ( appraised)12.5 ( tax-inclusive)15 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (figure is due to rounding.)Tj 0.056 Tc 0.07 Tw 0 -2.462 Td [(A)12.7 ( summary)12.6 ( of)12.6 ( the)12.7 ( principal)12.7 ( quantitative)12.6 ( inputs)12.6 ( adopted)12.6 ( by)12.7 ( the)12.7 ( PRC)12.7 ( Independent)31 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Valuer and the valuation results by asset class is set out below:)Tj ET endstreamendobj55 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 6 \226)Tj /T1_1 1 Tf 13 0 0 13 56.6929 776.409 Tm (Information on profit or loss attributable to the Target Assets)Tj /T1_0 1 Tf 0.04 Tc -0.04 Tw 0 -2.462 Td [(The)12.8 ( )]TJ 0.07 Tw 2.021 0 Td [(Target)12.8 ( Assets)12.8 ( are)12.8 ( fixed)12.8 ( assets)12.8 ( used)12.8 ( in)12.8 ( the)12.8 ( Lvsi)12.8 ( Project)12.8 ( and)12.8 ( did)12.8 ( not)12.8 ( constitute)12.9 ( a)15 ( )]TJ 0.025 Tc 0.026 Tw -2.021 -1.231 Td (standalone business or cash-generating unit with separate revenue, cost,\ administrative )Tj 0.034 Tc 0.074 Tw 0 -1.231 Td [(expenses,)9 ( )0.5 (finance)9 ( )0.5 (costs)9 ( )0.5 (or)9 ( )0.5 (taxation)9 ( )0.5 (records.)9 ( )0.5 (Accordingly,)9 ( )0.6 (the)9 ( )0.5 (net)9 ( )0.5 (profit/\(loss\))9.1 ( )0.5 (before)9 ( )]TJ 0.07 Tc 0.07 Tw 0 -1.231 Td [(a)0.5 (n)0.5 (d)12.9 ( )0.5 (a)0.5 (f)0.5 (te)0.5 (r)13 ( )0.5 (t)0.5 (ax)0.5 (a)0.5 (t)0.5 (io)0.5 (n)13 ( )0.5 (a)0.5 (tt)0.5 (r)0.5 (ib)0.5 (u)0.5 (t)0.5 (ab)0.5 (l)0.5 (e)13 ( t)0.5 (o)13 ( )0.5 (th)0.5 (e)13 ( )0.5 (T)0.5 (ar)0.5 (g)0.5 (e)0.5 (t)13 ( A)0.5 (s)0.5 (s)0.5 (e)0.5 (ts)13 ( )0.5 (f)0.5 (or)13 ( )0.5 (t)0.5 (he)13 ( )0.5 (t)0.5 (w)0.5 (o)12.9 ( )0.5 (y)0.5 (e)0.5 (ar)0.5 (s)13 ( )0.5 (e)0.5 (nd)0.5 (e)0.5 (d)13 ( )0.5 (3)12.9 (1)45 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (December 2024 and 2025 is not available.)Tj -0.025 Tw 0 -2.462 Td (As )Tj 0.064 Tw 1.5 0 Td (for the net profit/\(loss\) before taxation, administrative expenses, fi\nance costs and )Tj 0.04 Tc 0.07 Tw -1.5 -1.231 Td [(ot)0.5 (h)0.5 (er)13 ( i)0.5 (nd)0.5 (ir)0.5 (e)0.5 (ct)13 ( e)0.5 (xp)0.5 (e)0.5 (ns)0.5 (es)13 ( )0.5 (we)0.5 (re)13 ( )0.5 (ce)0.5 (nt)0.5 (r)0.5 (al)0.5 (ly)13 ( m)0.5 (an)0.5 (a)0.5 (ge)0.5 (d)12.9 ( )0.5 (an)0.5 (d)13 ( b)0.5 (or)0.5 (ne)13 ( )]TJ [(b)0.5 (y)12.9 ( )0.5 (W)0.5 (at)0.5 (e)0.5 (r)12.9 ( )0.5 (En)0.5 (gi)0.5 (ne)0.5 (er)0.5 (i)0.5 (ng)13 ( &)15 ( )]TJ 0.038 Tc -0.038 Tw 0 -1.231 Td (Technology)Tj 0.07 Tw 5.145 0 Td [( without)12.4 ( allocation)12.4 ( to)12.4 ( individual)12.4 ( projects,)12.4 ( it)12.5 ( is)12.4 ( unable)12.4 ( to)12.5 ( determine)12.4 ( such)13 ( )]TJ 0.025 Tc 0.001 Tw -5.145 -1.231 Td (expenses attributable to the Lvsi Project and the net profit/\(loss\) be\fore taxation cannot )Tj 0.029 Tc 0.079 Tw 0 -1.231 Td [(be)4 ( )0.5 (derived.)4 ( )0.5 (Accordingly,)4 ( )0.5 (the)4 ( )0.5 (net)4 ( )0.5 (profit/\(loss\))4 ( )0.5 (before)4 ( )0.5 (and)4 ( )0.5 (after)4 ( )0.5 (taxation)4 ( )0.5 (attributable)4 ( )0.5 (to)4 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (the Lvsi Project for the two years ended 31 December 2024 and 2025 is no\t )Tj -0.025 Tw (available.)Tj 0 -2.462 Td (For )Tj 0.083 Tw 1.822 0 Td [(Shareholders\222 )0.5 (reference )0.5 (only, )0.5 (based )0.5 (on )0.5 (the )0.5 (unaudited )0.5 (internal )0.5 (records )0.5 (of )0.5 (the )0.5 (Lvsi )]TJ 0.033 Tc 0.075 Tw -1.822 -1.231 Td [(Project,)8 ( )0.5 (the)8 ( )0.5 (unaudited)8 ( )0.5 (gross)8 ( )0.5 (profit/\(loss\))8 ( )0.5 (of)8.1 ( )0.5 (the)8.1 ( )0.5 (Lvsi)8 ( )0.5 (Project)8 ( )0.5 (for)8.1 ( )0.5 (the)8.1 ( )0.5 (two)8 ( )0.5 (years)8 ( )0.5 (ended)8 ( )]TJ 0.025 Tc 0.073 Tw 0 -1.231 Td (31 December 2024 and 2025 was a gross )Tj -0.025 Tw (loss)Tj 0.073 Tw ( of )Tj -0.025 Tw (approximately )Tj 27.886 0 Td (RMB)Tj (5,151,400)Tj 0.073 Tw ( and a )Tj 0 Tw -27.886 -1.231 Td (gross loss of )Tj -0.025 Tw (approximately )Tj 11.977 0 Td (RMB)Tj (13,513,400)Tj 0 Tw (, respectively)Tj 0 Tc (.)Tj /T1_1 1 Tf 0.025 Tc 0.018 Tw -11.977 -2.462 Td (Input parameters, calculation process and key assumptions of the Asset V\aluation )Tj -0.025 Tw 0 -1.231 Td (Report)Tj /T1_0 1 Tf 0.073 Tw 0 -2.462 Td (The Target Assets are fixed assets owned by Water Engineering & Technolo\gy under )Tj 0.045 Tc 0.07 Tw 0 -1.231 Td [(the)12.3 ( Lvsi)12.3 ( Project,)12.3 ( located)12.2 ( at)12.3 ( the)12.3 ( premises)12.3 ( of)12.3 ( Jiangsu)12.2 ( Datang)12.3 ( International)12.3 ( Lvsigang)20 ( )]TJ 0.025 Tc 0.079 Tw 0 -1.231 Td (Power Generation in Qintan Village, Lvsigang Town, Qidong City, Jiangsu \Province, )Tj 0.041 Tc 0.07 Tw 0 -1.231 Td [(the)12.7 ( PRC.)12.7 ( The)12.7 ( Target)12.7 ( Assets)12.7 ( comprise)12.7 ( 2)12.6 (3)12.7 (6)12.7 ( fixed)12.7 ( asset)12.6 ( items,)12.7 ( including)12.7 ( 2)12.7 ( Buildings,)16 ( )]TJ 0.052 Tc 0 -1.231 Td [(8)12.7 ( Building)12.7 ( Structures)12.7 ( and)12.7 ( Others,)12.8 ( and)12.7 ( 2)12.8 (2)12.7 (6)12.7 ( items)12.8 ( of)12.7 ( Machinery)12.8 ( Equipment,)12.7 ( which)27 ( )]TJ 0.025 Tc 0.073 Tw 0 -1.231 Td (includes equipment and pipelines for the heat supply network system, che\mical water )Tj 0 Tw 0 -1.231 Td (treatment system, electrical system and thermal instrumentation and cont\rol system)Tj 0 Tc (.)Tj 0.025 Tc 0.003 Tw 0 -2.462 Td [(As )0.5 (at )0.5 (the )0.5 (Appraisal )0.6 (Reference )0.5 (Date, )0.5 (the )0.5 (audited )0.5 (net )0.5 (book )0.5 (value )0.5 (and )0.5 (original )0.5 (book )0.5 (value )]TJ 0.083 Tw 0 -1.231 Td [(of )0.5 (t)-0.6 (he )0.5 (Tar)-0.6 (get )0.5 (As)-0.6 (sets )0.5 (we)-0.6 (re )0.5 (RMB59,488,655.22 )0.5 (an)-0.6 (d )0.5 (RMB138,848,111.88, )0.5 (res)-0.6 (pect)-0.6 (ivel)-0.6 (y. )]TJ 0.046 Tc 0.07 Tw 0 -1.231 Td [(According)12.7 ( to)12.7 ( the)12.7 ( Asset)12.8 ( Valuation)12.8 ( Report,)12.7 ( the)12.8 ( Target)12.7 ( Assets)12.8 ( were)12.8 ( owned)12.8 ( by)12.7 ( Water)21.1 ( )]TJ 0.068 Tc 0 -1.231 Td [(Engineering)12.5 ( &)12.5 ( Technology)12.5 ( and)12.5 ( there)12.6 ( were)12.5 ( no)12.5 ( mortgages,)12.5 ( guarantees,)12.5 ( financial)43 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (commitments or other contingencies over the Target Assets)Tj 0 Tc (.)Tj ET endstreamendobj5 0 obj<>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/Properties<>>>/TrimBox[0.0 0.0 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1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj9 0 obj<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDToLocationDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>>endobj72 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 5 \226)Tj /T1_1 1 Tf 13 0 0 13 56.6929 776.409 Tm (INFORMATION ABOUT THE TARGET ASSETS)Tj /T1_0 1 Tf 0.032 Tw 0 -2.462 Td (The Target Assets are all assets owned by Water Engineering & Technology\ under the )Tj 0.058 Tw 0 -1.231 Td (Lvsi Project, located at the premises of Jiangsu Lvsigang Power Generati\on in Qintan )Tj -0.025 Tw 0 -1.231 Td (Village, )Tj 3.751 0 Td (Lvsigang)Tj 0.082 Tw ( Town, Qidong City, Jiangsu Province, the PRC. The Target Assets )Tj 0.039 Tc 0.07 Tw -3.751 -1.231 Td [(comprise)12.4 ( 2)12.4 (3)12.3 (6)12.4 ( fixed)12.3 ( asset)12.3 ( items,)12.4 ( including)12.4 ( 2)12.4 ( buildings)12.3 ( \(the)12.4 ( \223)]TJ /T1_1 1 Tf -0.039 Tw (Buildings)Tj /T1_0 1 Tf 0.07 Tw [(\224\),)12.3 ( 8)12.3 ( building)14 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(structures)2 ( )0.5 (and)2 ( other)2 ( )0.5 (ancillary)2 ( )0.5 (facilities)2 ( )0.5 (\(the)2 ( )0.5 (\223)]TJ /T1_1 1 Tf [(Building)2 ( )0.5 (Structures)2 ( )0.5 (and)2 ( )0.5 (Others)]TJ /T1_0 1 Tf [(\224\),)2 ( and)2 ( )]TJ 0.042 Tc 0.07 Tw 0 -1.231 Td [(2)12.7 (2)12.7 (6)12.7 ( items)12.8 ( of)12.7 ( machinery)12.7 ( equipment)12.7 ( \(the)12.7 ( \223)]TJ /T1_1 1 Tf [(Machinery)12.7 ( Equipment)]TJ /T1_0 1 Tf [(\224\),)12.7 ( which)12.7 ( includes)17 ( )]TJ 0.025 Tc 0.03 Tw 0 -1.231 Td (equipment and pipelines for the heat supply network system, chemical wat\er treatment )Tj 0.064 Tw 0 -1.231 Td (system, electrical system and thermal instrumentation and control system\. For details, )Tj 0.052 Tc 0.07 Tw 0 -1.231 Td [(please)12.4 ( refer)12.4 ( to)12.4 ( the)12.4 ( section)12.4 ( headed)12.4 ( \223Input)12.3 ( parameters,)12.4 ( calculation)12.4 ( process)12.4 ( and)12.4 ( key)27 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (assumptions of the Asset Valuation Report\224 below.)Tj 0.052 Tc 0.07 Tw 0 -2.462 Td [(The)12.2 ( Target)12.2 ( Assets)12.2 ( shall)12.2 ( be)12.2 ( transferred)12.1 ( on)12.1 ( an)12.1 ( as-is)12.1 ( basis.)12.1 ( Jiangsu)12.2 ( Lvsigang)12.1 ( Power)27 ( )]TJ 0.025 Tc 0.03 Tw 0 -1.231 Td (Generation has acknowledged and accepted the ownership and the current u\sage status )Tj 0 Tw 0 -1.231 Td (of the Target Assets.)Tj 0.026 Tc 0.082 Tw 0 -2.462 Td [(The)1 ( )0.5 (Target)1 ( )0.5 (Assets)1 ( )0.5 (are)1 ( )0.5 (free)1 ( )0.5 (from)1.1 ( )0.5 (any)1 ( )0.5 (form)1 ( )0.5 (of)1 ( )0.5 (guarantee,)1 ( )0.5 (mortgage,)1 ( )0.5 (or)1 ( )0.5 (any)1 ( )0.5 (restrictions)1 ( )]TJ 0.025 Tc 0.036 Tw 0 -1.231 Td (or obligations that would affect the transfer of the assets, and have no\t been subject to )Tj 0 Tw 0 -1.231 Td (any compulsory measures such as seizure by any competent authority.)Tj 0.039 Tc 0.07 Tw 0 -2.462 Td [(The)12.2 ( Target)12.2 ( Assets)12.2 ( were)12.2 ( appraised)12.2 ( by)12.1 ( Guozhonglian)12.2 ( Asset)12.1 ( Appraisal)12.1 ( Land)12.2 ( and)12.2 ( Real)14 ( )]TJ 0.038 Tc 0 -1.231 Td [(E)0.5 (s)0.5 (t)0.5 (a)0.5 (t)0.5 (e)13 ( )0.5 (A)0.5 (p)0.5 (p)0.5 (r)0.5 (a)0.5 (i)0.5 (s)0.5 (a)0.5 (l)13 ( )0.5 (C)0.5 (o)0.5 (.)0.5 (,)13 ( )0.5 (L)0.5 (t)0.5 (d)0.5 (.)0.5 (*)13 ( )0.5 (\()]TJ /C0_0 1 Tf 0.269 Tc -0.269 Tw 12.901 0 Td <0A370B3A144C0F1F0B2A0D59041F027A03AE05D203AE0B2A041F110603DE082202AE0321>Tj /T1_0 1 Tf 0.025 Tc 0.083 Tw 22.721 0 Td [(\))-12.5 (, )0.5 (a )]TJ 0.034 Tc 0.074 Tw -35.621 -1.231 Td [(qualified)9 ( )0.5 (independent)9 ( )0.5 (valuer,)9 ( )0.5 (which)9 ( )0.5 (issued)9 ( )0.5 (the)9.1 ( )0.5 (Asset)9 ( )0.5 (Valuation)9 ( )0.5 (Report)9 ( )0.5 (with)9 ( )0.5 (3)9 (0)9 ( )0.5 (June)9 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (2025 as the Appraisal Reference Date. The appraised market value of the \Target Assets )Tj 0.032 Tc 0.076 Tw 0 -1.231 Td [(was)7 ( )0.5 (RMB)7 (6)7 (7)7 (,)7 (7)7 (2)7 (4)7 (,)7 (2)7 (9)7 (8)7 (.)7 (0)7 (0)7 ( )0.5 (\(tax)7 ( )0.5 (exclusive\))7 ( )0.5 (on)7 ( )0.5 (the)7 ( )0.5 (Appraisal)7 ( )0.5 (Reference)7 ( )0.5 (Date,)7 ( )0.5 (which)7 ( )0.5 (was)7 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (appraised by the PRC Independent Valuer using the Cost Method.)Tj 0.003 Tw 0 -2.462 Td [(As )0.5 (at )0.5 (the )0.5 (Appraisal )0.6 (Reference )0.5 (Date, )0.5 (the )0.5 (audited )0.5 (net )0.5 (book )0.5 (value )0.5 (and )0.5 (original )0.5 (book )0.5 (value )]TJ 0 Tw 0 -1.231 Td (of the Target Assets were RMB59,488,655.22 and RMB138,848,111.88, respec\tively.)Tj ET endstreamendobj71 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 4 \226)Tj 11.7 0 0 13 62.3622 768.0132 Tm (Terms of performance:)Tj 0.062 Tc 0.07 Tw 14.537 0 Td [(After)12.9 ( the)12.9 ( Asset)12.8 ( Transfer)12.8 ( Agreement)12.9 ( becomes)12.9 ( effective,)36.9 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(Water)2 ( )0.5 (Engineering)2 ( )0.5 (&)2 ( )0.5 (Technology)2 ( )0.5 (shall)2 ( issue)2 ( )0.5 (a)2 ( full)2 ( )0.5 (invoice)2 ( )]TJ 0.045 Tc 0.07 Tw 0 -1.231 Td [(to)12.9 ( Jiangsu)12.9 ( Lvsigang)12.8 ( Power)12.8 ( Generation.)12.9 ( Jiangsu)12.8 ( Lvsigang)20 ( )]TJ 0.025 Tc 0.009 Tw 0 -1.231 Td (Power Generation shall complete the asset book-entry of the )Tj 0.042 Tw 0 -1.231 Td [(Target )0.5 (Assets )0.5 (within 15 )0.5 (days )0.5 (thereafter, and )0.5 (simultaneously )]TJ 0.002 Tw 0 -1.231 Td (the parties shall complete the handover of the Target Assets, )Tj 0.024 Tc 0 Tw 0 -1.231 Td [(t)0.5 (h)0.6 (e)0.5 ( )0.6 (r)0.5 (e)0.6 (l)0.5 (e)0.6 (v)0.5 (a)0.6 (n)0.5 (t)0.5 ( )0.6 (t)0.5 (i)0.6 (t)0.5 (l)0.6 (e)0.5 ( )0.6 (p)0.5 (r)0.5 (o)0.6 (o)0.5 (f)0.6 ( )0.5 (d)0.6 (o)0.5 (c)0.6 (u)0.5 (m)0.5 (e)0.6 (n)0.6 (t)0.5 (s)0.5 ( )0.6 (a)0.5 (n)0.6 (d)0.5 ( )0.6 (t)0.5 (e)0.6 (c)0.5 (h)0.6 (n)0.5 (i)0.5 (c)0.6 (a)0.6 (l)0.5 ( )0.5 (i)0.6 (n)0.5 (f)0.6 (o)0.5 (r)0.6 (m)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.6 (n)0.5 (.)-1 ( )]TJ 0.045 Tc 0.07 Tw 0 -1.231 Td [(O)0.5 (wn)0.5 (e)0.5 (rs)0.5 (h)0.5 (ip)13 ( o)0.5 (f)13 ( t)0.5 (he)13 ( )0.5 (Ta)0.5 (r)0.5 (ge)0.5 (t)13 ( )0.5 (As)0.5 (se)0.5 (t)0.5 (s)12.9 ( )0.5 (s)0.5 (ha)0.5 (l)0.5 (l)12.9 ( )0.5 (be)13 ( )0.5 (tr)0.5 (a)0.5 (ns)0.5 (f)0.5 (er)0.5 (r)0.5 (ed)13 ( )0.5 (fr)0.5 (o)0.5 (m)19.9 ( )]TJ 0.025 Tc 0.036 Tw 0 -1.231 Td (the date on which the handover confirmation documents are )Tj -0.025 Tw 0 -1.231 Td (signed.)Tj 0.066 Tc 0.07 Tw 0 -2.462 Td [(J)0.5 (i)0.5 (a)0.5 (n)0.6 (g)0.5 (s)0.5 (u)13 ( )0.5 (L)0.5 (v)0.6 (s)0.5 (i)0.5 (g)0.5 (a)0.5 (n)0.5 (g)13 ( )0.6 (P)0.5 (o)0.5 (w)0.5 (e)0.5 (r)13 ( )0.6 (G)0.5 (e)0.5 (n)0.5 (e)0.6 (r)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.6 (s)0.5 (h)0.5 (a)0.5 (l)0.5 (l)13 ( )0.6 (c)0.5 (o)0.5 (m)0.5 (p)0.5 (l)0.5 (e)0.5 (t)0.6 (e)13 ( )0.5 (t)0.5 (h)0.5 (e)41 ( )]TJ 0.068 Tc 0 -1.231 Td [(registration)12.2 ( of)12.1 ( certificates)12.2 ( in)12.2 ( respect)12.2 ( of)12.2 ( the)12.2 ( transfer)12.2 ( of)43 ( )]TJ 0.025 Tc 0.068 Tw 0 -1.231 Td (ownership of the Target Assets in accordance with relevant )Tj 0.042 Tc 0.07 Tw 0 -1.231 Td [(PRC)12.4 ( requirements,)12.4 ( and)12.5 ( Water)12.4 ( Engineering)12.4 ( &)12.4 ( Technology)17 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (shall provide the necessary assistance and cooperation.)Tj 0.078 Tw 0 -2.462 Td (Taxes and transaction expenses arising from the transfer of )Tj 0.076 Tw 0 -1.231 Td (the Target Assets shall be borne by the parties respectively )Tj 0 Tw 0 -1.231 Td (in accordance with applicable requirements.)Tj -14.537 -1.885 Td (Conditions precedent:)Tj 0.041 Tw 14.537 0 Td (The transfer of the Target Assets is subject to the following )Tj -0.025 Tw 0 -1.231 Td (conditions:)Tj 0.034 Tc 0.074 Tw 0 -2.462 Td [(1)9 (.)9 ( )-1264.8 (Water)9 ( )0.5 (Engineering)8.9 ( )0.5 (&)9.1 ( )0.5 (Technology)9 ( )0.5 (has,)9 ( )0.5 (in)8.9 ( )0.6 (accordance)9 ( )]TJ 0.12 Tc 0.07 Tw 2.423 -1.231 Td [(wi)0.5 (th)12.9 ( )0.5 (the)13 ( ap)0.5 (pli)0.5 (cab)0.5 (le)13 ( la)0.5 (ws,)13 ( co)0.5 (mpl)0.5 (ete)0.5 (d)12.9 ( r)0.5 (el)0.5 (eva)0.5 (nt)95 ( )]TJ 0.052 Tc 0 -1.231 Td [(procedures)12.3 ( including)12.3 ( internal)12.3 ( approval)12.3 ( process)12.3 ( and)27 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (asset evaluation regarding the Target Assets;)Tj 0.114 Tc 0.07 Tw -2.423 -2.462 Td [(2)89 (.)89 ( )-1188.8 (Jiangsu)12.7 ( Lvsigang)12.7 ( Power)12.7 ( Generation)12.7 ( has)12.7 ( fully)89 ( )]TJ 0.034 Tc 0.074 Tw 2.423 -1.231 Td [(u)0.5 (n)0.5 (d)0.5 (e)0.5 (r)0.5 (s)0.5 (t)0.5 (o)0.5 (o)0.5 (d)9 ( )0.5 (t)0.5 (h)0.5 (e)9.1 ( )0.5 (i)0.5 (n)0.5 (f)0.5 (o)0.5 (r)0.5 (m)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)9 ( )0.5 (i)0.5 (n)9 ( )0.5 (r)0.5 (e)0.5 (l)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)9 ( )0.5 (t)0.5 (o)9 ( )0.6 (th)0.5 (e)9.1 ( )0.5 (t)0.5 (r)0.5 (a)0.5 (n)0.5 (s)0.5 (f)0.5 (e)0.5 (r)9 ( )]TJ 0.081 Tc 0.07 Tw 0 -1.231 Td [(of)12.7 ( Target)12.6 ( Assets,)12.7 ( and)12.6 ( agreed)12.6 ( with)12.6 ( the)12.6 ( terms)12.6 ( and)56 ( )]TJ 0.117 Tc 0 -1.231 Td [(c)0.5 (ond)0.5 (iti)0.5 (ons)13 ( p)0.5 (rop)0.5 (os)0.5 (ed)13 ( by)13 ( W)0.5 (at)0.5 (er)13 ( En)0.5 (gin)0.5 (ee)0.5 (ri)0.5 (ng)12.9 ( )0.5 (&)92 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Technology under the Asset Transfer Agreement; and)Tj 0.067 Tw -2.423 -2.462 Td [(3. )-1280.8 (Jiangsu Lvsigang Power Generation agreed to acquire )]TJ 0.064 Tc 0.07 Tw 2.423 -1.231 Td [(the)12.4 ( Target)12.3 ( Assets)12.3 ( owned)12.3 ( by)12.3 ( Water)12.3 ( Engineering)12.3 ( &)39 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.231 Td [(Technology)11 ( )0.5 (in)11 ( )0.5 (accordance)11 ( )0.6 (with)11 ( )0.5 (the)11 ( )0.5 (provisions)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Asset Transfer Agreement.)Tj -16.959 -1.885 Td (Method of transfer:)Tj 0.039 Tc 0.07 Tw 14.537 0 Td [(The)12.4 ( transaction)12.5 ( under)12.5 ( the)12.5 ( Asset)12.4 ( Transfer)12.5 ( Agreement)12.5 ( )]TJ -0.039 Tw [(shall)14 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (be conducted by way of non-public agreement.)Tj ET endstreamendobj70 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 3 \226)Tj 11.7 0 0 13 62.3622 768.0132 Tm (Consideration and basis of )Tj -0.025 Tw 0 -1.231 Td (determination:)Tj 0.019 Tc 0 Tw 14.537 1.231 Td [(The consideration of the Target Assets is RMB76,528,456.74)-6 ( )]TJ 0.108 Tc 0.07 Tw 0 -1.231 Td [(\()0.5 (t)0.6 (a)0.5 (x)13.1 ( )0.5 (i)0.6 (n)0.5 (c)0.5 (l)0.6 (u)0.5 (s)0.6 (i)0.5 (v)0.5 (e)0.6 (\))0.5 (.)13.1 ( )0.5 (T)0.6 (h)0.5 (e)13 ( )0.6 (t)0.5 (a)0.6 (x)0.5 (-)0.6 (e)0.5 (x)0.6 (c)0.5 (l)0.5 (u)0.6 (s)0.5 (i)0.6 (v)0.5 (e)13.1 ( )0.5 (t)0.5 (r)0.6 (a)0.5 (n)0.6 (s)0.5 (f)0.6 (e)0.5 (r)13.1 ( )0.5 (p)0.5 (r)0.6 (i)0.5 (c)0.6 (e)13 ( )0.6 (i)0.5 (s)83 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (RMB67,724,298.00.)Tj 0.058 Tc 0.07 Tw 0 -2.462 Td [(The)12.7 ( aforesaid)12.7 ( consideration)12.6 ( was)12.7 ( determined)12.7 ( after)12.6 ( arm\222s)33 ( )]TJ 0.116 Tc 0 -1.231 Td [(l)0.5 (en)0.5 (g)0.5 (t)0.5 (h)12.9 ( )0.5 (n)0.5 (e)0.5 (g)0.5 (ot)0.5 (i)0.5 (a)0.5 (ti)0.5 (o)0.5 (n)0.5 (s)13 ( b)0.5 (e)0.5 (t)0.5 (we)0.5 (e)0.5 (n)13 ( )0.5 (W)0.5 (a)0.5 (te)0.5 (r)13 ( )0.5 (E)0.5 (ng)0.5 (i)0.5 (ne)0.5 (e)0.5 (r)0.5 (i)0.5 (n)0.5 (g)12.9 ( )0.5 (&)91 ( )]TJ 0.041 Tc 0 -1.231 Td [(Technology)12.8 ( and)12.7 ( Jiangsu)12.8 ( Lvsigang)12.8 ( Power)12.8 ( Generation)12.7 ( with)15.9 ( )]TJ 0.078 Tc 0 -1.231 Td [(reference)12.4 ( to)12.4 ( the)12.4 ( appraised)12.4 ( market)12.4 ( value)12.4 ( of)12.4 ( the)12.4 ( Target)53 ( )]TJ 0.098 Tc 0 -1.231 Td [(Assets)12.7 ( of)12.7 ( RMB)12.7 (6)12.7 (7)12.7 (,)12.7 (7)12.7 (2)12.7 (4)12.7 (,)12.6 (2)12.7 (9)12.7 (8)12.7 (.)12.7 (0)12.7 (0)12.7 ( \(tax)12.7 ( exclusive\))12.7 ( on)12.7 ( the)73 ( )]TJ 0.025 Tc 0.036 Tw 0 -1.231 Td (Appraisal Reference Date, which was appraised by the PRC )Tj 0.066 Tc 0.07 Tw 0 -1.231 Td [(Independent)12.5 ( Valuer)12.4 ( using)12.5 ( the)12.5 ( Cost)12.5 ( Method)12.5 ( \(as)12.5 ( defined)40.9 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (below\) )Tj 3.202 0 Td (in)Tj 0 Tw ( the Asset Valuation Report)Tj 0 Tc (.)Tj 0.025 Tc -17.739 -1.885 Td (Payment terms:)Tj 0.058 Tc 0.07 Tw 14.537 0 Td [(The)12.4 ( consideration)12.3 ( of)12.3 ( the)12.4 ( Target)12.3 ( Assets)12.3 ( shall)12.3 ( be)12.3 ( paid)12.4 ( by)33 ( )]TJ 0.038 Tc 0 -1.231 Td [(Jiangsu)12.6 ( Lvsigang)12.6 ( Power)12.6 ( Generation)12.6 ( to)12.6 ( Water)12.6 ( Engineering)13 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (& Technology in two instalments:)Tj 0.074 Tc 0.07 Tw 0 -2.462 Td [(1)49 (.)49 ( )-1228.8 (The)12.9 ( first)12.9 ( instalment)12.8 ( in)12.9 ( the)12.8 ( amount)12.8 ( of)12.9 ( 5)12.9 (0)12.8 (%)12.8 ( of)12.9 ( the)49 ( )]TJ 0.024 Tc 0 Tw 2.423 -1.231 Td [(consideration \(being RMB38,264,228.37\) shall be paid)-1 ( )]TJ 0.056 Tc 0.069 Tw 0 -1.231 Td [(t)0.5 (o)12.9 ( th)0.5 (e)13 ( )-0.6 (a)0.5 (c)0.5 (c)0.5 (ou)0.5 (n)0.5 (t)12.9 ( de)0.5 (s)0.5 (ig)0.5 (n)0.5 (at)0.5 (e)0.5 (d)12.9 ( by)13 ( Wa)0.5 (t)0.5 (e)0.5 (r)12.9 ( En)0.5 (g)0.5 (in)0.5 (e)0.5 (e)0.5 (ri)0.5 (ng)13 ( &)31 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(T)0.5 (e)0.5 (c)0.5 (h)0.5 (n)0.5 (o)0.5 (l)0.5 (o)0.5 (g)0.5 (y)1 ( )0.5 (w)0.5 (i)0.5 (th)0.5 (i)0.5 (n)1 ( )0.5 (o)0.5 (n)0.5 (e)1 ( )0.5 (m)0.5 (o)0.5 (n)0.5 (t)0.5 (h)1 ( )0.5 (f)0.5 (r)0.5 (o)0.5 (m)1 ( )0.5 (t)0.5 (h)0.5 (e)1 ( )0.5 (e)0.5 (f)0.5 (f)0.5 (e)0.5 (c)0.5 (t)0.5 (i)0.5 (v)0.5 (e)1 ( )0.5 (d)0.5 (a)0.5 (t)0.5 (e)1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (of the Asset Transfer Agreement;)Tj 0.047 Tw -2.423 -2.462 Td [(2. )-1300.8 (The second instalment in the amount of the remaining )]TJ 0.083 Tw 2.423 -1.231 Td [(50% )0.5 (o)-11.8 (f )0.5 (t)-11.8 (h)-11.8 (e )0.5 (c)-11.8 (o)-11.8 (n)-11.8 (s)-11.8 (i)-11.8 (d)-11.7 (e)-11.8 (r)-11.8 (a)-11.8 (t)-11.8 (i)-11.8 (o)-11.8 (n )0.5 (\()-11.8 (b)-11.8 (e)-11.7 (i)-11.8 (n)-11.8 (g )0.5 (R)-11.8 (M)-11.8 (B38,264,228.37\) )]TJ 0.096 Tc 0.07 Tw 0 -1.231 Td [(shall)12.2 ( be)12.2 ( paid)12.3 ( within)12.2 ( five)12.3 ( months)12.2 ( after)12.3 ( the)12.3 ( first)71 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(instalment)4 ( )0.5 (is)4 ( )0.5 (paid,)4 ( )0.5 (and)4 ( )0.5 (the)4 ( )0.5 (total)4.1 ( )0.5 (payment)4 ( )0.5 (period)4 ( )0.5 (shall)4 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (not exceed six months.)Tj ET endstreamendobj69 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 2 \226)Tj ET 0 0 0 1 K 0.5 w /GS1 gs q 1 0 0 1 56.6929 784.9469 cm 0 0 m 482.39 0 l S Q q 1 0 0 1 538.8326 779.2776 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 538.8326 699.2776 cm 0 0 m 0 80 l S Q q 1 0 0 1 538.8326 691.0237 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.9429 779.2776 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 56.9429 699.2776 cm 0 0 m 0 80 l S Q q 1 0 0 1 56.9429 691.0237 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.6929 690.7737 cm 0 0 m 482.39 0 l S Q BT /GS0 gs 0.008 Tw 13 0 0 13 65.4468 764.9286 Tm (Given that one or more of the applicable percentage ratios \(as defined \in Rule 14.07 )Tj 0.048 Tc 0.07 Tw 0 -1.231 Td [(of)12.4 ( the)12.4 ( Listing)12.3 ( Rules\))12.3 ( of)12.3 ( the)12.3 ( Disposal)12.3 ( exceed)12.4 ( 0)12.3 (.)12.3 (1)12.4 (%)12.3 ( but)12.3 ( all)12.3 ( are)12.4 ( less)12.3 ( than)12.4 ( 5)12.3 (%)]TJ 0 Tc 0 Tw (,)Tj 0.048 Tc 0.07 Tw 34.074 0 Td [( the)23 ( )]TJ 0.032 Tc 0.076 Tw -34.074 -1.231 Td [(Disposal)7 ( )0.5 (is)7 ( )0.5 (subject)7 ( )0.5 (to)7 ( )0.5 (reporting)7 ( )0.5 (and)7 ( )0.5 (announcement)7 ( )0.5 (requirements)7 ( )0.5 (but)7 ( )0.5 (exempt)7 ( )0.5 (from)7 ( )]TJ 0.025 Tc 0.013 Tw 0 -1.231 Td (the circular \(including independent financial advice\) and independent \Shareholders\222 )Tj 0 Tw 0 -1.231 Td (approval requirements pursuant to Rule 14A.76\(2)Tj -0.025 Tw (\)\()Tj 0 Tw (a\) of the Listing Rules.)Tj /T1_1 1 Tf -0.025 Tw -0.673 -3.008 Td (INTRODUCTION)Tj /T1_0 1 Tf 0 -2.462 Td (On )Tj 0.042 Tw 1.589 0 Td (26 J)Tj -0.025 Tw (une)Tj 0.042 Tw ( 2026, Water Engineering & Technology, as vendor, entered into the Asset\ )Tj 0.003 Tw -1.589 -1.231 Td (Transfer Agreement with Jiangsu Lvsigang Power Generation, as purchaser.\ According )Tj 0.077 Tw 0 -1.231 Td (to the Asset Transfer Agreement, Water Engineering & Technology has cond\itionally )Tj 0.046 Tc 0.07 Tw 0 -1.231 Td [(agreed)12.5 ( to)12.4 ( sell)12.5 ( and)12.5 ( Jiangsu)12.4 ( Lvsigang)12.4 ( Power)12.5 ( Generation)12.5 ( has)12.5 ( conditionally)12.5 ( agreed)12.5 ( to)21 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (acquire the Target Assets at a consideration of RMB76,528,456.74 \(tax i\nclusive\).)Tj /T1_1 1 Tf 0 -2.462 Td (ASSET TRANSFER AGREEMENT)Tj /T1_0 1 Tf 0 -2.462 Td (The principal terms of the Asset Transfer Agreement are summarized as fo\llows:)Tj -0.025 Tw 11.7 0 0 13 62.3622 466.991 Tm (Date:)Tj 0 Tw 13 0 0 13 232.4409 466.991 Tm (26 J)Tj -0.025 Tw (une )Tj 0 Tw 11.7 0 0 13 278.3696 466.991 Tm (2026 \(after trading hours\))Tj -0.025 Tw -18.462 -1.885 Td (Parties:)Tj 0 Tw 14.537 0 Td [(\(1\) )-906.8 (Water Engineering & Technology \(as the vendor\); and)]TJ 0 -2.462 Td [(\(2\) )-906.8 (Jiangsu Lvsigang Power Generation \(as the purchaser\))]TJ -14.537 -1.885 Td (Principal terms:)Tj 0.104 Tc 0.07 Tw 14.537 0 Td [(According)12.9 ( to)12.8 ( the)12.9 ( Asset)12.9 ( Transfer)12.8 ( Agreement,)12.9 ( Water)79 ( )]TJ 0.076 Tc 0 -1.231 Td [(Engineering)12.3 ( &)12.3 ( Technology)12.3 ( agreed)12.3 ( to)12.3 ( sell)12.3 ( and)12.3 ( Jiangsu)51 ( )]TJ 0.049 Tc 0 -1.231 Td [(Lvsigang)12.6 ( Power)12.6 ( Generation)12.6 ( agreed)12.6 ( to)12.6 ( acquire)12.6 ( the)12.6 ( Target)24 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (Assets.)Tj 0 Tw -14.537 -1.885 Td (Target Assets:)Tj 0.126 Tc 0.07 Tw 14.537 0 Td [(The)12.8 ( Target)12.8 ( Assets)12.8 ( are)12.8 ( all)12.8 ( assets)12.8 ( owned)12.7 ( by)12.8 ( Water)101 ( )]TJ 0.08 Tc 0 -1.231 Td [(Engineering)12.6 ( &)12.5 ( Technology)12.5 ( under)12.5 ( the)12.5 ( )]TJ -0.08 Tw (Lvsi)Tj 0.07 Tw 20.365 0 Td [( Long-term)55 ( )]TJ 0.038 Tc -20.365 -1.231 Td [(C)0.5 (o)0.5 (n)0.5 (t)0.5 (r)0.5 (a)0.5 (c)0.5 (t)13 ( )0.5 (E)0.5 (n)0.5 (e)0.5 (r)0.5 (g)0.5 (y)13 ( )0.5 (M)0.5 (a)0.5 (n)0.5 (a)0.5 (g)0.5 (e)0.5 (m)0.5 (e)0.6 (nt)13 ( )0.5 (P)0.5 (r)0.5 (o)0.5 (j)0.5 (e)0.5 (c)0.6 (t)13 ( )0.5 (\()]TJ /C0_0 1 Tf 0.454 Tc -0.454 Tw 17.411 0 Td <0450032C10C30C8203A5039D>Tj 0.287 Tc -0.287 Tw -17.411 -1.231 Td <09900E55104D0B230DB00366>Tj /T1_0 1 Tf 0.038 Tc 0.07 Tw 7.583 0 Td [(\))13 ( )0.5 (o)0.5 (f)13 ( )0.5 (J)0.5 (i)0.5 (a)0.5 (n)0.5 (g)0.5 (s)0.5 (u)13 ( )0.5 (L)0.5 (v)0.5 (s)0.5 (i)0.5 (g)0.5 (a)0.5 (n)0.5 (g)13 ( )0.5 (P)0.5 (o)0.5 (w)0.5 (e)0.5 (r)13 ( )0.5 (G)0.5 (e)0.5 (n)0.5 (e)0.6 (r)0.5 (a)0.5 (t)0.5 (io)0.5 (n)0.5 (,)13 ( )]TJ 0.049 Tc -7.583 -1.231 Td [(including)12.7 ( fixed)12.7 ( assets,)12.7 ( buildings,)12.7 ( building)12.7 ( structures)12.7 ( and)24 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(o)0.6 (t)0.5 (h)0.5 (e)0.6 (r)7 ( )0.5 (a)0.6 (n)0.5 (c)0.6 (i)0.5 (l)0.6 (l)0.5 (a)0.6 (r)0.6 (y)6.9 ( )0.5 (f)0.6 (a)0.6 (c)0.5 (i)0.6 (l)0.5 (i)0.6 (t)0.5 (i)0.6 (e)0.5 (s)0.6 (,)7 ( )0.5 (a)0.5 (n)0.6 (d)7 ( )0.5 (m)0.6 (a)0.5 (c)0.6 (h)0.5 (i)0.6 (n)0.5 (e)0.6 (r)0.5 (y)7 ( )0.5 (e)0.6 (q)0.5 (u)0.6 (i)0.5 (p)0.6 (m)0.5 (e)0.6 (n)0.5 (t)0.6 (.)7 ( )0.5 (P)0.5 (l)0.6 (e)0.6 (a)0.5 (s)0.6 (e)7 ( )]TJ 0.043 Tc 0.07 Tw 0 -1.231 Td [(refer)12.7 ( to)12.8 ( the)12.7 ( section)12.8 ( headed)12.8 ( \223Information)12.7 ( about)12.8 ( the)12.7 ( Target)18 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Assets\224 in this announcement for further details.)Tj ET endstreamendobj64 0 obj<>endobj60 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 18.7502 Tm (\226 1 \226)Tj 0.065 Tc 0.07 Tw 13 0 3.4833 13 55.3588 773.5878 Tm [(Hong)12.1 ( Kong)12.1 ( Exchanges)12 ( and)12.1 ( Clearing)12 ( Limited)12 ( and)12 ( The)12 ( Stock)12.1 ( Exchange)12.1 ( of)12.1 ( Hong)40 ( )]TJ 0.03 Tc 0.078 Tw 0.33 -1.231 Td [(Kong)5 ( )0.5 (Limited)5 ( )0.5 (take)5 ( )0.5 (no)5 ( )0.5 (responsibility)5 ( )0.5 (for)5 ( )0.5 (the)5 ( )0.5 (contents)5 ( )0.5 (of)5 ( )0.6 (this)5 ( )0.5 (announcement,)5 ( )0.5 (make)5 ( )0.5 (no)5 ( )]TJ 0.027 Tc 0.081 Tw 0.33 -1.231 Td [(representation)2 ( )0.5 (as)2 ( )0.5 (to)2 ( )0.5 (its)2 ( )0.5 (accuracy)2 ( )0.5 (or)2 ( )0.5 (completeness)2 ( )0.5 (and)1.9 ( )0.5 (expressly)2 ( )0.5 (disclaim)2 ( any)2 ( )0.5 (liability)2 ( )]TJ 0.025 Tc 0.077 Tw 0.33 -1.231 Td (whatsoever for any loss howsoever arising from or in reliance upon the w\hole or any )Tj 0 Tw 0.33 -1.231 Td (part of the contents of this announcement.)Tj ET /PlacedGraphic /MC0 BDC EMC BT /CS0 cs 1 scn /T1_1 1 Tf 18 0 0 18 103.0108 627.6563 Tm (Datang Environment Industry Group Co., Ltd.)Tj 0 Tc 21.169 0 Td (*)Tj /CS1 cs 0.08 1 scn /C0_0 1 Tf 0.275 Tc -0.275 Tw -19.115 -1.222 Td <027D086514110FA40B2A0E380DAB0FA00670038503DE082202AE0321>Tj ET q 88.163 566.192 418.95 127.656 re W n BT /CS0 cs 1 scn /T1_1 1 Tf 0.033 Tc 0 Tw 13 0 0 13 241.9837 569.0258 Tm (\(Stock Code: 1272\))Tj /T1_2 1 Tf 0.025 Tc 10.5 0 2.7176 10.1423 88.7554 588.9657 Tm (\(A joint stock company incorporated in the People\222s Republic of Chin\a with limited liability\))Tj ET 0 1 1 0 k /GS1 gs q 1 0 0 1 295.0587 693.8477 cm 0 0 m 0 -1.57 l -14.023 -1.607 l -19.332 -2.616 -19.706 -7.736 v -19.631 -46.343 l -14.321 -46.343 l -14.321 -8.447 l -14.171 -7.138 -13.05 -6.988 v 0 -6.988 l 0 -9.642 l -11.143 -9.642 l -11.143 -15.024 l 0 -15.024 l 0 -17.341 l -11.143 -17.341 l -11.143 -22.947 l 0 -22.947 l 0 -25.226 l -11.143 -25.226 l -11.143 -30.759 l 0 -30.759 l 0 -33.038 l -11.143 -33.038 l -11.143 -43.727 l -10.769 -45.97 -8.264 -46.343 v 16.937 -46.343 l 16.937 -33.038 l 5.682 -33.038 l 5.682 -30.683 l 16.862 -30.683 l 16.862 -13.455 l 16.789 -9.716 13.722 -9.493 v 5.608 -9.493 l 5.608 -6.877 l 18.433 -6.877 l 19.817 -6.802 20.003 -8.334 v 20.191 -46.231 l 25.65 -46.231 l 25.426 -8.073 l 25.163 -2.503 19.368 -1.495 v 5.458 -1.495 l 5.458 0 l h 5.682 -14.911 m 10.88 -14.911 l 11.254 -14.8 11.329 -15.397 v 11.329 -17.341 l 5.646 -17.341 l h 5.758 -22.76 m 11.403 -22.76 l 11.403 -25.152 l 5.682 -25.152 l h -5.684 -38.458 17.125 -2.317 re f Q Q BT 0 0 0 1 k /T1_3 1 Tf 0.025 Tc -0.025 Tw 15 0 0 15 229.7489 530.1917 Tm (ANNOUNCEMENT)Tj 0 Tw -8.517 -1.333 Td (CONNECTED TRANSACTION \226 DISPOSAL OF ASSET)Tj ET 0 0 0 1 K 0.5 w /GS2 gs q 1 0 0 1 56.6929 492.2907 cm 0 0 m 482.39 0 l S Q q 1 0 0 1 538.8327 486.6214 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 538.8327 470.6214 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 454.6214 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 342.6214 cm 0 0 m 0 112 l S Q q 1 0 0 1 538.8327 326.6214 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 310.6214 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 294.6214 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 230.6214 cm 0 0 m 0 64 l S Q q 1 0 0 1 538.8327 214.6214 cm 0 0 m 0 16 l S Q q 1 0 0 1 538.8327 102.6214 cm 0 0 m 0 112 l S Q q 1 0 0 1 538.8327 94.3675 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.9429 486.6214 cm 0 0 m 0 5.419 l S Q q 1 0 0 1 56.9429 470.6214 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 454.6214 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 342.6214 cm 0 0 m 0 112 l S Q q 1 0 0 1 56.9429 326.6214 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 310.6214 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 294.6214 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 230.6214 cm 0 0 m 0 64 l S Q q 1 0 0 1 56.9429 214.6214 cm 0 0 m 0 16 l S Q q 1 0 0 1 56.9429 102.6214 cm 0 0 m 0 112 l S Q q 1 0 0 1 56.9429 94.3675 cm 0 0 m 0 8.254 l S Q q 1 0 0 1 56.6929 94.1175 cm 0 0 m 482.39 0 l S Q BT /GS0 gs 13 0 0 13 65.4469 472.2724 Tm (ASSET TRANSFER AGREEMENT)Tj /T1_0 1 Tf 0.045 Tc 0.07 Tw 0 -2.462 Td [(T)0.5 (he)13 ( )0.5 (Bo)0.5 (a)0.5 (rd)13 ( a)0.5 (n)0.5 (no)0.5 (u)0.5 (nc)0.5 (e)0.5 (s)12.9 ( )0.5 (th)0.5 (a)0.5 (t,)13 ( )0.5 (on)13 ( )]TJ 0.032 Tc 0.083 Tw (26 J)Tj 0.045 Tc -0.045 Tw 15.661 0 Td [(u)0.5 (ne)13 ( )]TJ 0.07 Tw 1.93 0 Td [(2)13 (0)12.9 (2)13 (6)12.9 (,)13 ( )0.5 (Wa)0.5 (t)0.5 (er)13 ( )0.5 (En)0.5 (gi)0.5 (n)0.5 (ee)0.5 (r)0.5 (in)0.5 (g)13 ( &)13 ( T)0.5 (e)0.5 (c)0.5 (hn)0.5 (ol)0.5 (og)0.5 (y)0.5 (,)20 ( )]TJ 0.067 Tc -17.591 -1.231 Td [(a)12.4 ( wholly-owned)12.4 ( subsidiary)12.4 ( of)12.4 ( the)12.5 ( Company,)12.4 ( entered)12.4 ( into)12.4 ( the)12.4 ( Asset)12.5 ( Transfer)42 ( )]TJ 0.063 Tc 0 -1.231 Td [(Agreement)12.5 ( as)12.5 ( vendor)12.5 ( with)12.6 ( Jiangsu)12.5 ( Lvsigang)12.5 ( Power)12.5 ( Generation)12.5 ( as)12.5 ( purchaser.)38 ( )]TJ 0.05 Tc 0 -1.231 Td [(According)12.8 ( to)12.8 ( the)12.8 ( Asset)12.7 ( Transfer)12.7 ( Agreement,)12.7 ( Water)12.7 ( Engineering)12.7 ( &)12.7 ( Technology)25 ( )]TJ 0.093 Tc 0 -1.231 Td [(ha)0.5 (s)13 ( c)0.5 (o)0.5 (nd)0.5 (it)0.5 (io)0.5 (na)0.5 (ll)0.5 (y)13 ( a)0.5 (gr)0.5 (e)0.5 (ed)13 ( t)0.5 (o)12.9 ( )0.5 (s)0.5 (el)0.5 (l)12.9 ( )0.5 (a)0.5 (nd)13 ( J)0.5 (ia)0.5 (n)0.5 (gs)0.5 (u)12.9 ( )0.5 (Lv)0.5 (si)0.5 (g)0.5 (an)0.5 (g)12.9 ( )0.5 (Po)0.5 (w)0.5 (er)13 ( )0.5 (Ge)0.5 (ne)0.5 (r)0.5 (at)0.5 (io)0.5 (n)68 ( )]TJ 0.075 Tc 0 -1.231 Td [(has)12.5 ( conditionally)12.5 ( agreed)12.5 ( to)12.5 ( acquire)12.5 ( the)12.5 ( Target)12.5 ( Assets)12.5 ( at)12.5 ( a)12.5 ( consideration)12.5 ( of)50 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (RMB76,528,456.74 \(tax inclusive\).)Tj /T1_3 1 Tf 0 -2.462 Td (LISTING RULES IMPLICATIONS)Tj /T1_0 1 Tf 0.022 Tc 0 -2.462 Td [(As China Datang directly held approximately 78.17%, and through its whol\ly-owned)-3 ( )]TJ 0.025 Tc 0.011 Tw 0 -1.231 Td (subsidiary, China Datang Group Capital Holding Co., Ltd.* \()Tj /C0_1 1 Tf 0.225 Tc -0.225 Tw 26.185 0 Td <02950A37027D08650DAB0FA00F1F0349>Tj -26.185 -1.231 Td <0A9B067003DE082202AE0321>Tj /T1_0 1 Tf 0.025 Tc 0.052 Tw 7.275 0 Td [(\), held 0.79% of )0.5 (the issued share )0.5 (capital )0.5 (of the Company as )0.5 (at the )]TJ 0 Tw -7.275 -1.231 Td (date of this announcement, it is a controlling shareholder of the Compan\y.)Tj 0.039 Tc 0.07 Tw 0 -2.462 Td [(Jiangsu)12.7 ( Lvsigang)12.7 ( Power)12.7 ( Generation)12.7 ( is)12.7 ( owned)12.7 ( as)12.7 ( to)12.7 ( 5)12.7 (5)12.7 (%)12.8 ( by)12.8 ( Datang)12.7 ( International)14.1 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(P)0.5 (o)0.5 (w)0.5 (e)0.6 (r)0.5 (,)12 ( )0.5 (3)12 (5)12 (%)12 ( )0.5 (b)0.5 (y)12 ( )0.5 (D)0.5 (a)0.5 (t)0.5 (a)0.5 (n)0.6 (g)12 ( )0.5 (J)0.5 (i)0.5 (a)0.5 (n)0.5 (g)0.5 (s)0.5 (u)12 ( )0.5 (P)0.5 (o)0.5 (w)0.6 (e)0.5 (r)12 ( )0.5 (a)0.5 (n)0.5 (d)12 ( )0.5 (1)12 (0)12 (%)12 ( )0.5 (b)0.5 (y)12 ( )0.5 (N)0.6 (a)0.5 (n)0.5 (t)0.5 (o)0.5 (n)0.5 (g)12 ( )0.5 (I)0.5 (n)0.5 (v)0.5 (e)0.5 (s)0.5 (t)0.6 (m)0.5 (e)0.5 (n)0.5 (t)12 ( )0.5 (H)0.5 (o)0.5 (l)0.5 (d)0.5 (i)0.5 (n)0.5 (g)0.5 (.)12 ( )]TJ 0.038 Tc 0.07 Tw 0 -1.231 Td [(Datang)12.5 ( International)12.6 ( Power)12.6 ( is)12.6 ( in)12.6 ( turn)12.5 ( owned)12.5 ( as)12.5 ( to)12.5 ( 3)12.5 (5)12.5 (.)12.6 (3)12.5 (4)12.5 (%)12.5 ( by)12.5 ( China)12.5 ( Datang,)12.5 ( and)13 ( )]TJ 0 Tc 0 Tw 0 -1.231 Td (D)Tj 0.053 Tc 0.07 Tw 0.775 0 Td [(atang)12.3 ( Jiangsu)12.3 ( Power)12.4 ( is)12.3 ( wholly-owned)12.3 ( by)12.3 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