Three Gorges Water Conservancy announced after market close on September 29 that its wholly owned subsidiary Chongqing Wujiang Industrial Group plans to publicly list for transfer its 100% equity stake in Guizhou Wuling Manganese Co., Ltd., with a reserve price of 664.6 million yuan. At the same time, Wujiang Industrial's wholly owned subsidiary Chongqing Wujiang Electric Power Co., Ltd. plans to simultaneously publicly list for transfer assets related to the Youcai Gully manganese slag storage facility, with a reserve price of approximately 185.4 million yuan, excluding value-added tax. The two targets are mutually preconditions for the transaction and will be transferred as a package. Wuling Manganese was established in 2011, and its first-phase electrolytic manganese production line with an annual capacity of 80,000 tonnes officially began production in 2016. In the first half of 2026, it achieved operating revenue of 443.4733 million yuan and net profit of 27.5629 million yuan. As of June 30, 2026, its net assets were 374.4428 million yuan, while the appraisal value in this transaction was 664.6 million yuan, representing a premium rate of 80.08%. Three Gorges Water Conservancy stated that this transaction is an important measure for the company to focus on its core main business and optimize its industrial layout. The counterparty has not yet been determined, so it does not constitute a related-party transaction for the time being, nor does it constitute a major asset restructuring. The transaction has been reviewed and approved at the ninth meeting of the company's eleventh board of directors and still needs to be submitted to the company's shareholders' meeting for consideration.
Chongqing Three Gorges Water Conservancy and Electric Power Co LtdThree Gorges Water Conservancy plans to divest its 100% stake in Wuling Manganese and related assets for a combined ~850 million yuan, focusing on its core main business.
Wuling Manganese's 100% equity is being publicly listed for transfer at a 664.6 million yuan reserve price, an 80.08% premium to net assets.
Wujiang Industrial is the seller listing its Wuling Manganese stake and Youcai Gully assets as a package; impact on the subsidiary itself is unclear.
Wujiang Electric Power is simultaneously listing its Youcai Gully manganese slag storage facility assets for ~185.4 million yuan as part of the package.
