Hunan Development: Major asset restructuring approved by the Hunan Provincial State-owned Assets Supervision and Administration Commission

Hunan Development announced that the company received a forwarded notice from its controlling shareholder regarding the "Approval from the Hunan Provincial State-owned Assets Supervision and Administration Commission on Hunan Energy Group Development Co., Ltd.'s issuance of shares and cash payment for the acquisition of four hydropower assets and the fundraising of supporting funds, as well as related party transactions." The Hunan Provincial State-owned Assets Supervision and Administration Commission has in principle agreed to the company's overall plan for this major asset restructuring and fundraising of supporting funds. This transaction still needs to be submitted to the company's shareholders' meeting for deliberation and other approvals or authorizations that may be required by relevant laws and regulations