China Shenhua (01088) no longer buys 100% of the shares in e-commerce companies held by China Energy Group Corporation

Zhitong Finance App News, China Shenhua (01088) announced that on December 19, 2025, the company signed a “Supplementary Asset Purchase Agreement” with China Energy Group Corporation and Western Energy. According to this, (i) after the scope of the underlying assets under this transaction was revised, 100% of the e-commerce company's shares held by China Energy Group Corporation were no longer included, and (ii) certain terms of the transaction (including transaction consideration and payment arrangements) were further revised and added.

On August 15, 2025, the company signed an “Asset Purchase Agreement” with China Energy Group Corporation and its wholly-owned subsidiary Western Energy. According to this, the company conditionally agreed to (i) acquire 100% of Guoyuan Electric Power's shares, 100% shares of Xinjiang Energy, 100% shares of chemical companies, 100% shares of Wuhai Energy, 100% shares of Pingzhuang Coal, 41% shares of Jinshen Coal, 49% of Jinshen Energy's shares, 49% shares of Baotou Mining, 100% shares of Shipping Company, and coal distribution company 100% of the shares, 100% of the shares of e-commerce companies and 100% of the shares in port companies; and (ii) the purchase of 100% shares of Inner Mongolia Construction Investment held by Western Energy through cash payment.

The company intends to issue new A shares to no more than 35 eligible selected investors. The total amount of supporting capital to be raised will not exceed RMB 20 billion, all of which will be used to pay cash consideration, intermediary agency fees and related taxes for this transaction. The number of new A shares to be issued shall not exceed 30% of the total share capital of the company after the issuance of consideration shares is completed. All issuers subscribe in cash for the new A shares to be issued under the proposed issuance of A shares at the same price. The number of A-shares proposed to be issued has been reviewed by the Shanghai Stock Exchange and registered by the China Securities Regulatory Commission, and finally determined based on the results of the inquiry. The proposed issuance of A shares is conditional on the implementation of this transaction, and this transaction is not conditional on completion of the proposed issuance of A shares.