The Board announced that, on 4 March 2024, China Datang Corporation Renewable Power Co., Limited and Datang Guizhou entered into the Joint Venture Agreement in relation to, among others, the establishment of the JV Company with joint contribution by the parties to jointly develop Zunyi Wuchuan New Energy Project. Pursuant to the Joint Venture Agreement, the total project investment amounts to RMB 500,000,000, and the project capital accounts for 20% of the total investment, representing an amount of RMB 100,000,000, among which, the Company will contribute RMB 51,000,000 in cash, representing 51% of the project capital; and Datang Guizhou will contribute RMB 49,000,000 in cash. On 4 March 2024, the company and Datang Guizhou enter into the Joint Venture Agreement in related to, among others, the established of the JV company with joint contribution by the parties To jointly develop Zunyi Wuhuan New Energy Project.

The major terms of the Joint Venture Agreement are as follows: Date: 4 March 2024. The project capital and the amount of capital contribution by both parties under the Joint Venture Agreement have been determined after arm's length negotiation between both parties and with reference to various factors, including nature of the business, demand for working capital and future development plans of the JV Company. The Directors (excluding connected Directors, but including the independent non-executive Directors) are of the view that the terms of the Joint Venture Agreement were entered into on normal commercial terms, which are fair and reasonable and in the interests of the Company and the Shareholders as a whole, notwithstanding that the Transaction is not conducted in the ordinary and usual course of business of the Company.

Mr. Li Kai, Mr. Yu Fengwu, Ms. Zhu Mei, Mr. Wang Shaoping and Mr. Shi Feng, being Directors, have abstained from voting on the resolution in relation to the Joint Venture Agreement considered and approved at the Board meeting by virtue of their positions in CDC Group thus being connected Directors.