ENN Natural Gas Co., Ltd. Announces Entry into Equity Transfer Agreement

LANGFANG, China, Sept. 27, 2023 /PRNewswire/ -- ENN Natural Gas Co., Ltd. ("ENN Natural Gas" or the "company", stock code 600803.SH) has entered into an equity transfer agreement with Guangdong Kaihong Technology Co., Ltd. ("Kaihong Technology"), a subsidiary of Inner Mongolia Hongdong Energy Group Co., Ltd. ("Hongdong Energy"). Under the agreement, ENN Natural Gas will transfer its 100% equity interest in Xinneng Mining Co., Ltd ("Xinneng Mining") at a price of CNY 6.67 billion, meanwhile, Kaihong Technology will pay the net debt on Xinneng Mining amounting to CNY 3.835 billion. This equity transfer helps the company further effectively concentrate on its main business, natural gas, and optimize its asset structure, which is in line with the company's development strategy of becoming an intelligent ecological operator in the natural gas industry.

ENN Natural Gas Co., Ltd.

As one of the largest private energy companies in China, ENN Natural Gas operates over 250 city gas projects nationwide, has annual LNG distribution capacity over 10 bcm, runs the first large-scale private LNG receiving terminal in China – ENN Zhoushan LNG Receiving Terminal. Its business layout covers the entire natural gas value chain, including distribution, trading, storage and transportation, production and engineering. Based upon the innovation practices in the field, ENN Natural Gas has built an intelligent operation platform for natural gas industry – GreatGas. It accelerates the aggregation of demand, resources, reserves, and delivery ecology of the natural gas industry, innovates and develops digital intelligence services, and committed to become an intelligent ecological operator in the natural gas industry. In 2022, ENN Natural Gas's total natural gas sales volume was 36.2 bcm, accounting for approximately 10% of China's total natural gas consumption.

Inner Mongolia Hongdong Energy Group Co., Ltd.

Hongdong Energy Group focuses on coal mining, open-pit stripping, washing, shipping, and integrates real estate, eco-tourism development and project investment. It has over 20 member enterprises and has invested in four coal mines in Ordos with a coal production capacity of 10 million tons per year and a railway shipping capacity of 4 million tons per year.

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