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CSSC Science& Technology Faces 2 Billion Yuan Impairment Compensation

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CSSC Science & Technology (SHA:600072) said its major asset restructuring target assets, particularly CSSC Haizhuang Wind Power, suffered an impairment of 4.49 billion yuan after the 2023-2025 performance commitment period.

Accumulated operating losses and business adjustments triggered the compensation clause, according to a Wednesday filing with the Shanghai bourse. Total compensation amount required for the impairment test is 2.00 billion yuan.

The company proposes to repurchase and cancel 174.7 million shares from guarantors at 1 yuan each, plus pay 12.1 million yuan in cash. The proposal requires shareholder approval.

Total share capital will shrink to 1.31 billion shares from 1.50 billion shares upon completion.

Shares of the energy company rose 1% in recent trade.

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