Wasion Holdings Limited (3393) Announces Continuing Connected Transactions with Renox

Wasion Holdings Limited (3393) announced that on 14 November 2025, its non-wholly-owned subsidiary Wayon Energy Technology Co., Ltd. (Wayon Energy) signed a Master Agreement with Renox Technology Pty Ltd. (Renox). The arrangement involves supplying various energy storage system products to Renox over a term ending on 31 December 2027.

Renox is indirectly owned as to 34.30% by Wasion Holdings Limited’s Executive Director and Chairman, Ji Wei, and Executive Director, Kat Chit (who is also Ji Wei’s son). As a result, Renox is classified as an associate of a connected person under the Listing Rules, making this transaction a continuing connected transaction. According to the announcement, the highest applicable percentage ratio for the annual caps ranges from above 0.1% but below 5%, leading to requirements for reporting, disclosure, and annual review under Chapter 14A of the Listing Rules.

Under the Master Agreement, the Wayon Energy Group will supply general products at market prices, while exclusively developed items will use cost-plus pricing with margins of 20% to 30%. The annual transaction amounts are capped at RMB15 million from 14 November 2025 to 31 December 2025, RMB150 million for the year ending 31 December 2026, and RMB300 million for the year ending 31 December 2027. The announcement indicates that the figures are based on the estimated needs of the Renox Group’s ongoing projects and anticipated demand in the Australian market.

The primary rationale for the agreement is to facilitate Wayon Energy’s expansion in Australia by leveraging Renox’s established local channels and compliance licenses. Internal controls such as regular checks of pricing terms, market references, and half-yearly audits have been established to ensure that the transactions adhere to the agreement’s provisions.

Wasion Holdings Limited confirmed that the agreement terms are on normal commercial terms and that the proposed annual caps are fair and reasonable. The company will comply with relevant Listing Rules provisions if any annual caps are exceeded or if there are material amendments to the Master Agreement.