China Southern Power Grid Technology Co.,Ltd (SHSE:688248) and China Southern Power Grid Technology Co.,Ltd (SHSE:688248) agreed to acquire Guangxi Guineng Technology Development Co., Ltd. from Guangxi Nenghui Investment Group Co., Ltd. for CNY 60.7 million on May 19, 2023. As part of the transaction, China Southern will acquire 70% and Guangxi Power Grid Energy Technology will acquire 30% stake. As of March 31, 2023, Guangxi Guineng Technology reported Total Assets of CNY 103.56 million and Net Assets of CNY 47.53 million.

The transaction has been approved in the 28th Meeting of the China Southern's 1st Directorate held on May 19, 2023, and is subject to the Shareholders’ Approval. As of May 30, 2023, the shareholders of China Southern approved the transaction.