Focusing on core responsibilities and main businesses, Three Gorges Water Conservancy plans to transfer the equity of two of its mining companies.

Source: Shanghai Securities Journal · China Securities Journal

Shanghai Securities Journal China Securities Journal News: Three Gorges Water Conservancy announced on the evening of April 2 that, to meet the requirements of state-owned asset supervision and management regulations and the company’s strategic development needs, further focus on main responsibilities and core businesses, improve the operational development capacity of core industries, and stabilize operating performance, according to relevant transaction rules for state-owned assets, the company’s wholly owned subsidiary—Chongqing Wujiang Industrial (Group) Co., Ltd. (referred to as “Wujiang Industrial”)—has disclosed information in advance through the Chongqing United Property Rights Exchange regarding the transfer of its 67% equity stake in its wholly owned subsidiary Guizhou Wuling Manganese Industry Co., Ltd. (referred to as “Wuling Manganese”) and the equity and related debts of its controlling subsidiary Guizhou Wuling Mining Co., Ltd. (referred to as “Wuling Mining”), and authorized the company’s management to lawfully and compliantly advance the pre-listing related work.

Data shows that Wuling Manganese was established on January 25, 2011, with its registered location at the Economic Development Zone Management Committee of Songtao Miao Autonomous County, Tongren City, Guizhou Province. Its registered capital is approximately 294 million yuan, mainly engaged in the production and sales of electrolytic manganese metal, procurement, sales, and processing of raw and auxiliary materials for electrolytic manganese metal; power generation; power transmission; power supply (distribution); energy-saving management services; contract energy management; energy storage technology services; and emerging energy technology research and development. As of February 28, 2026, its total assets are 711 million yuan, with owner’s equity of 377 million yuan; in 2025 and January-February 2026, it achieved operating revenues of 720 million yuan and 192 million yuan, respectively, with net profits of 14.89 million yuan and 30.65 million yuan. Wujiang Industrial currently holds 100% of its equity.

Wuling Mining was established on July 3, 2012, with its registered location at the Economic Development Zone Management Committee (Enterprise Service Center) of Songtao Miao Autonomous County, Tongren City, Guizhou Province. Its registered capital is 97.6942 million yuan, mainly engaged in manganese ore mining, processing, and sales. As of February 28, 2026, its total assets are approximately 506 million yuan, with owner’s equity of -134 million yuan; in 2025 and January-February 2026, it achieved revenues of 71.39 million yuan and 10.81 million yuan, respectively, with net profits of -39.02 million yuan and -3.06 million yuan.

Three Gorges Water Conservancy stated that the pre-listing of this equity transfer is conducive to the company further focusing on main responsibilities and core businesses, optimizing asset allocation, preventing operational risks, and aligns with the requirements of state-owned asset supervision and management regulations and the company’s strategic development needs. Since the valuation work is still ongoing, the impact on the company’s financial status for this year cannot be determined for the time being.

The company also reminds that this pre-listing is only an information disclosure and solicitation of interested transferees, and does not constitute a transaction. Currently, the transaction counterparties, transaction price, payment methods, and other main transaction details are not yet determined. Before the formal listing and transfer, the company will perform relevant review procedures based on the actual valuation results. (Wang Yi)