Triumph New Energy Terminates Entrusted Management Agreements with Shengshi and Jiangsu Affiliates

Bulletin Express04-29 21:26

Triumph New Energy Company Limited announced that its Eighth Meeting of the Eleventh Board, held on 29 April 2026, approved the termination of all entrusted management arrangements with Shengshi New Energy, Shengshi New Materials, Shuyang Xinda and Jiangsu Guangnian. Formal notice of termination will be issued to the four counterparties, with the agreements ending on 30 April 2026.

The cancelled arrangements originated on 19 January 2022, when Triumph New Energy entered into: • Entrusted Management Agreement A with Shengshi New Energy and Shengshi New Materials; and • Entrusted Management Agreement B with Shuyang Xinda and Jiangsu Guangnian.

Key factors prompting the withdrawal include: 1. No substantive progress on planned asset injections or property-rights transfers into the target companies. 2. Incomplete capital contributions—neither Shengshi New Energy nor Shuyang Xinda met their agreed registered-capital obligations. 3. Evolving market conditions, industry trends and revised corporate development strategies.

Upon termination, Triumph New Energy will cease all fiduciary responsibilities toward the four target companies. The board stated that the decision will not materially affect the group’s production, operations or financial position and is not expected to harm shareholder interests.

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