Yunnan Energy Investment (002053.SZ): Signed a "Custody Cultivation Agreement" with a new energy company

Gelonghui March 20丨Yunnan Energy Investment (002053.SZ) announced that on April 8, 2022, the board of directors of Yunnan Energy Investment Co., Ltd. approved the proposal on signing the “Framework Agreement for Cultivation on Behalf” and related transactions with the controlling shareholder and its subsidiaries during the third extraordinary meeting of 2022. The company agreed to sign the “Framework Agreement for Cultivation on Behalf” with the controlling shareholder Yunnan Energy Group Co., Ltd. (referred to as “Yunnan Energy Group”) and its subsidiaries. After this proposal is approved by the company’s shareholders’ meeting, for future new projects to be implemented through the cultivation method determined by both parties, the company and the specific project implementation entity will sign a separate “Cultivation Agreement.” On April 8, 2022, the company signed the “Framework Agreement for Cultivation on Behalf” with Yunnan Energy Group and its subsidiary Yunnan Green Energy Industry Group Co., Ltd. (referred to as “Green Energy Group”).

On March 20, 2026, the board of directors passed the proposal on signing the “Cultivation Agreement on Behalf” and related transactions with Yunnan Energy Investment New Energy Investment Development Co., Ltd. through a registered vote of all non-related directors at the third extraordinary meeting of 2026, with 7 votes in favor, 0 votes against, and 0 abstentions. Green Energy Group’s wholly-owned subsidiary Yunnan Energy Investment New Energy Investment Development Co., Ltd. (referred to as “New Energy Company”) intends to invest in the construction of the Jian Shui Tang Liang Zi Wind Power (Phase II) project and the Ba La Me Wind Power project. In accordance with the requirements of the State-owned Assets Supervision and Administration Commission of the State Council and the China Securities Regulatory Commission on promoting state-owned shareholders and their controlled listed companies to resolve industry competition and standardize related transactions (Guo Zi Fa Chan Quan [2013] No. 202), and based on the resolutions of the company’s board of directors’ third extraordinary meeting in 2022 and the company’s second extraordinary shareholders’ meeting in 2022, to effectively avoid industry competition between the company’s controlling shareholder and its controlled subsidiaries and the company, reduce investment risks, enable the company to seize business opportunities in fierce market competition, and maximize the protection of the company and all shareholders, especially minority shareholders’ interests, while fully leveraging the resource advantages of the controlling shareholder in the new energy industry, the company agreed to sign the “Cultivation Agreement on Behalf” with the New Energy Company, entrusting the New Energy Company to cultivate the projects. Once the above projects meet the agreed injection conditions, the method of injection will be determined according to the applicable regulatory rules at that time. On March 20, 2026, the company signed the “Cultivation Agreement on Behalf” with the New Energy Company in Kunming City, Yunnan Province.

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