CSG Technology: The controlling shareholder plans to become CSG Technology Industrial Group
CSG Technology announced that its controlling shareholder, China Southern Power Grid Co., Ltd., is planning to establish a wholly-owned subsidiary, CSG Technology Industrial Group, and intends to transfer the equity held by Guangdong Power Grid and CSG Industrial Development Group to the new company without compensation. After the transfer is completed, the controlling shareholder will change from Guangdong Power Grid to CSG Technology Industrial Group, while the actual controller will remain the State-owned Assets Supervision and Administration Commission of the State Council
According to the announcement from Zhitong Finance APP, CSG Technology (688248.SH) has released a notice stating that its indirect controlling shareholder, China Southern Power Grid Co., Ltd. (referred to as "Southern Power Grid"), is planning to establish a wholly-owned subsidiary, Southern Power Grid Technology Industry Group Co., Ltd. (tentative name, subject to approval by the market supervision and administration authority, referred to as "Southern Grid Technology Industry Group"). After the registration of Southern Grid Technology Industry Group, it is intended to gradually transfer 23.06% of the company's shares held by Guangdong Power Grid Co., Ltd. (referred to as "Guangdong Power Grid") and 16.49% of the shares held by Southern Power Grid Industry Development Group Co., Ltd. (referred to as "Southern Grid Industry Development Group") to Southern Grid Technology Industry Group without compensation, in accordance with relevant legal provisions.
After the completion of the above-mentioned transfer, the shareholding ratio of the company's controlling shareholder and its concerted parties will remain unchanged, still accounting for 59.55% of the company's total share capital. The company's direct controlling shareholder will change from Guangdong Power Grid to Southern Grid Technology Industry Group, while the actual controller will still be the State-owned Assets Supervision and Administration Commission of the State Council (referred to as "State-owned Assets Commission")
