en.Wedoany.com Reported - Wedoany News, June 18, 2026 – China National Nuclear Power Co., Ltd. (hereinafter referred to as "CNNP") issued an announcement on the non-public agreement transfer of assets and liabilities related to Units 5 and 6 of the Sanmen Nuclear Power Project.
The announcement states that CNNP's controlled subsidiary, Sanmen Nuclear Power Co., Ltd., plans to transfer the assets and liabilities of its branch company for Units 5 and 6 of the Sanmen Nuclear Power Project to Sanmen Second Nuclear Power Co., Ltd. through a non-public agreement, at a price of 702,210,287.71 yuan.
Sanmen Second Nuclear Power Co., Ltd. is jointly established by Sanmen Nuclear Power Co., Ltd. and Zhejiang Tianhuang Pharmaceutical Co., Ltd., with Sanmen Nuclear Power holding 90% and Tianhuang Pharmaceutical holding 10%. As the investment, construction, and operation entity for Units 5 and 6 of Sanmen Nuclear Power, it is a subsidiary within CNNP's consolidated financial statements.
The subject of this transfer comprises the assets and liabilities of the branch company for Units 5 and 6 of the Sanmen Nuclear Power Project held by Sanmen Nuclear Power. As of the evaluation base date of June 30, 2025, the net book value of the subject assets was 655.51 million yuan, with an appraised value of 702.2103 million yuan, reflecting an appreciation of 46.7003 million yuan, or an appreciation rate of 7.12%. The property rights of the subject assets are clear, with no mortgages, pledges, or other third-party encumbrances, and no significant disputes, litigation, or arbitration seizures or freezes. Sanmen Nuclear Power has completed preliminary communications with various financial institutions involved, and as of the date of the announcement, all bank loan transfers have received corresponding commitments.
The transfer agreement stipulates that within 15 working days after the assets listed in the asset appraisal report have been inventoried and a delivery confirmation letter signed, and the transferor has provided the transferee with legally valid tax vouchers (or, if applicable under the tax-free policy for asset restructuring, corresponding tax-free filing certificates or compliant invoices), the transferee shall pay the total net asset transfer price of 702,210,287.71 yuan to the transferor in a lump sum. Unless due to the transferee or force majeure, the transferor shall complete the delivery of the subject assets within 20 days after the contract takes effect. From the date of asset delivery, the transferee shall unconditionally assume all subject liabilities in full. In accordance with the principle of "personnel following assets and business," all labor relations of employees to be transferred from the branch company for Units 5 and 6 of Sanmen Nuclear Power shall be fully transferred to the transferee, with the labor relations inherited and seniority continuously calculated.
On June 16, 2026, the 11th meeting of the 5th Board of Directors of CNNP reviewed and approved the proposal on the non-public agreement transfer of assets and liabilities related to Units 5 and 6 of the Sanmen Nuclear Power Project, with 12 votes in favor, 0 against, and 0 abstentions. According to the Company Law and the Company's Articles of Association, this proposal does not require submission to the company's shareholders' meeting for approval but still needs to be submitted to the shareholders' meeting of Sanmen Nuclear Power Co., Ltd. for review. This transaction does not constitute a related-party transaction or a major asset restructuring.
The announcement notes that the third phase of the Sanmen Nuclear Power Project is concurrently advancing two main lines of work: licensing review and engineering preparation. Unit 6 is planned to start construction within 2026. This transaction is conducted within the company's consolidated scope and will not materially impact the company's financial or operational condition. It does not create related-party transactions or horizontal competition and does not harm the interests of the company or its shareholders.
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