Based on the needs of business development, operation and maintenance power plans to spend 1 million yuan to establish a wholly -owned subsidiary

On August 9, 2022, operation and maintenance power (832505.NQ) issued an announcement of the establishment of a wholly -owned subsidiary of foreign investment.

The announcement shows that Shaanxi operation and maintenance power Co., Ltd. (hereinafter referred to as "Company") held a general manager office meeting on August 5, 2022 to approve the issue of the establishment of a wholly -owned subsidiary of foreign countries. "Shaanxi Yunwei Property Management Co., Ltd." (the final name is subject to the approval of relevant departments), with a registered capital of 1 million yuan.

According to the "Application Guidelines for the National Small and Medium Enterprise Transfer System M & A and Reorganization Business Rules No. 1 -Major Asset Reorganization", the listed company increased capital to wholly -owned subsidiaries or holding subsidiaries, newly established wholly -owned subsidiaries or holding subsidiaries, It does not constitute a major asset reorganization.

On August 5, 2022, the General Manager Office Meeting was held. According to the relevant provisions of the "Company Articles of Association" and "Foreign Investment Management System", the establishment of a wholly -owned subsidiary of foreign investment did not need to submit it to the board of directors and shareholders' meeting for consideration. No related transactions are involved, no need to avoid voting.

The establishment of a wholly -owned subsidiary does not involve the launch of or intended to carry out private equity investment activities. It is not registered as a private equity fund manager in the China Securities Investment Fund Industry Association, and will not change the company's main business to private equity fund management business.

According to the operation and maintenance power, the company's foreign investment setting up a wholly -owned subsidiary is based on the needs of the company's business development. It optimizes the company's strategic layout, uses the company's advantages, continues to expand market share, and further improve the company's profitability. The foreign investment is based on the company's development needs, which meets the company's future development strategy, and is conducive to the company's long -term stable development. It is not risky for the time being to undertake the business of the company's park services.

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