Guangzhou Development (600098.SH) subsidiary plans to participate in the bidding for 50% equity of CEEC (Fumin) Pumped Storage Development Co., Ltd.

Zhijin Finance and Economics APP News, Guangzhou Development (600098.SH) announced that in order to implement the national strategy and achieve the "dual carbon" target to build a new type of power system, the company has identified high-quality pumped storage energy projects resources to promote the company's industrial transformation and upgrading and synergistic development. The company's wholly-owned subsidiary Guangzhou Development Electric Power Group Co., Ltd. (referred to as "Electric Power Group") plans to participate in the bidding for 50% equity of China Electric Power Construction (Fumin) Pumped Storage Energy Development Co., Ltd. (referred to as "Fumin Company"), with a transfer price of 53.2284 million yuan.