HARBIN ELECTRIC (01133.HK): Buys 100% of Ocean Smart Equipment from Parent for RMB 14.86mn; Connected Transaction

NewTimeSpace News: On 24 September 2026, Harbin Electric Company Limited (the "Company") announced that after trading hours on 24 September 2026, Harbin Electric Machinery Company ("Dianji"), a wholly-owned subsidiary of the Company, entered into an equity transfer agreement with Harbin Electric Corporation, the controlling shareholder of the Company holding approximately 69.79% of the issued share capital as of the date of the announcement, pursuant to which Harbin Electric Corporation agreed to transfer, by way of a non-public agreement, and Dianji agreed to acquire, 100% equity interest in Ocean Smart Equipment Company held by Harbin Electric Corporation, for a transfer price of RMB 14,861,446.02 (approximately HKD 17,269,907.29); upon completion, Ocean Smart Equipment Company will become a wholly-owned subsidiary of Dianji.

The announcement disclosed that Dianji will pay the transfer price in a lump sum in cash into a designated account of Harbin Electric Corporation after the agreement takes effect, and the equity change registration may only be processed after payment in full. The transfer price is based on the asset appraisal report issued by Beijing Zhongqihua Asset Appraisal Co., Ltd. (valuation base date: 30 September 2025): the net assets of Ocean Smart Equipment Company had a book value of RMB 9.2554 million and an appraised value of RMB 14.8614 million, an appreciation of RMB 5.606 million or 60.57%. Ocean Smart Equipment Company is mainly engaged in the R&D and manufacturing of underwater unmanned intelligent equipment technology, still at an early cultivation stage with an immature market and its future earnings cannot be reasonably estimated; hence the asset-based approach was adopted, which the board considers to fairly reflect its market value.

The Company stated that Harbin Electric Corporation is a controlling shareholder and a connected person of the Company, and the transfer therefore constitutes a connected transaction under Chapter 14A of the Listing Rules; as one or more applicable percentage ratios exceed 0.1% but are all below 5%, the Company is required to make a declaration and announcement under Chapter 14A but is exempt from the circular (including independent financial advice) and independent shareholders' approval requirements.

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