CHINA STATE CON (03311.HK): Subsidiary to Jointly Bid for Fuzhou Land Plot with 80% Funding Share

NewTimeSpace News: CHINA STATE CON (03311.HK) released a connected transaction announcement on 14 July 2026. Putian Haiyue, an indirectly wholly-owned subsidiary of the Company, entered into a joint bidding agreement with China State Construction Jiahe to jointly bid for the land plot at respective funding proportions of 80% and 20%.

The total bidding deposit for the land plot stands at RMB153.2 million, to be paid by both parties in accordance with their respective funding ratios. Putian Haiyue will contribute approximately RMB123 million and China State Construction Jiahe will contribute RMB30.64 million. Should the bid be unsuccessful, the deposit will be refunded separately to each party and the joint bidding agreement shall terminate automatically.

China State Construction Jiahe is an indirectly wholly-owned subsidiary of China State Construction Co., Ltd., which is the intermediate holding company of the Company. Accordingly, China State Construction Jiahe constitutes a connected person of the Company and the transaction therefore forms a connected transaction. As the applicable percentage ratios in respect of the portion of bidding deposit payable by Putian Haiyue exceed 0.1% but are below 5%, the transaction is subject to reporting and announcement requirements and exempt from independent shareholders’ approval.