REG - China Yangtze Power - 2024 mid-term Profit Distribution Implementation

China Yangtze Power CoAnnouncement

16/01/2025 08:01

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RNS Number : 5286T  China Yangtze Power Co. Ltd.  16 January 2025

China Yangtze Power Co., Ltd.
Announcement of 2024 mid-term Profit Distribution Implementation

This announcement contains the English translation of the Chinese version of
China Yangtze Power Co.,Ltd. Announcement of 2024 mid-term Profit Distribution
Implementation as published on the website of the Shanghai Stock Exchange, and
is provided for your reference only. In case of discrepancy between the
Chinese version and the English version, the Chinese version shall prevail.

 

Important Notes:

l Distribution ratio per share

A-share cash dividend per share: RMB 0.21 (tax included)

l Relevant Dates

 Share Class  Equity Registration Date  Last Trading Day  Ex-Rights (Dividend) Date  Cash Dividend Payment Date
 A-share      2025/1/23                 －                 2025/1/24                  2025/1/24

l Differentiated dividend distribution: No

Ⅰ. The number and date of the general meeting to approve the distribution plan

The profit distribution plan was reviewed and approved at the Company's Fourth
Extraordinary General Meeting of 2024 held on December 30, 2024.

ⅠⅠ. Distribution Plan
1.    Distribution Period: Midterm of 2024
2.    Distribute to:

All shareholders of the Company registered with the Shanghai Branch of China
Securities Depository and Clearing Co., Ltd. (hereinafter referred to as the
"CSDC Shanghai Branch") as of the close of the Shanghai Stock Exchange on the
afternoon of the equity registration date.

3.    Distribution Plan:

This profit distribution is based on the Company's total share capital of
24,468,217,716 shares before the implementation of the plan, with a cash
dividend of RMB 0.21 (tax included) per share, for a total cash dividend of
RMB 5,138,325,720.36 (tax included).

ⅠⅠⅠ. Relevant Dates
 Share Class  Equity Registration Date  Last Trading Day  Ex-Rights (Dividend) Date  Cash Dividend Payment Date
 A-share      2025/1/23                 －                 2025/1/24                  2025/1/24

Ⅳ. Distribution Plan
1.    Implementation

For unrestricted common shares, dividends are entrusted to the CSDC Shanghai
Branch to be distributed through its funds clearing system to shareholders who
are registered after the close of the Shanghai Stock Exchange on the equity
registration date and have applied for designated transaction at each member
of the Shanghai Stock Exchange. Investors who have completed designated
transactions can collect cash dividends through their designated securities
business department on the dividend distribution date. The dividends of
shareholders who have not completed designated transactions will be
temporarily kept by the the CSDC Shanghai Branch and will be distributed after
the designated transactions are completed.

2.    Self-distribution

The cash dividends of China Three Gorges Corporation (non-trust guarantor),
China Three Gorges Construction Engineering Corporation and Sichuan Energy
Industry Investment Group Co., Ltd. are distributed directly by Company.

3.    Tax Withholding

(1) The income tax on cash dividends self-distributed by the Company directly
shall be paid by themselves.

(2) For natural person shareholders and securities investment funds holding
the Company's stocks, according to the Notice on Issues Concerning
Differentiated Individual Income Tax Policies on Dividends and Dividends of
Listed Companies (CaiShui 2015  No.101) and the relevant provisions of the
Notice on Issues Concerning the Implementation of Differentiated Personal
Income Tax Policies on Dividends and Bonuses of Listed Companies
(CaiShui 2012  No. 85) issued by the Ministry of Finance, the State
Administration of Taxation, and the China Securities Regulatory Commission,
the Company will not withhold personal income tax for the time being and will
actually distribute a cash dividend of RMB 0.21 per share. When the shares are
actually transferred, the tax payable amount will be calculated based on the
holding period.

If the natural person shareholder or securities investment funds transferred
shares after the equity registration date, the CSDC Shanghai Branch will
calculate the actual tax payable amount based on the shareholding period. The
securities company or other share custodian institution will withhold the tax
from individual's account and transfer the tax to the CSDC Shanghai Branch.
The CSDC Shanghai Branch will transfer the tax to the Company within 5 working
days of the following month. The Company will report and pay the tax to the
competent tax authority within the statutory reporting period of the month
when the tax is received. The specific tax is: if the shareholding period is
within 1 month (including 1 month), the dividend income will be fully included
in the taxable income, and the actual tax rate is 20%; if the shareholding
period is from 1 month to 1 year (including 1 year), the taxable income will
be temporarily reduced to 50% , and the actual tax rate is 10%; if the
shareholding period exceeds 1 year, the dividend income will be temporarily
exempted from personal income tax.

(3) For the qualified foreign institutional investors (QFII) shareholders
holding the Company's shares, the Company will withhold and pay corporate
income tax at a tax rate of 10% in accordance with the Notice on Issues
Concerning Withholding and Payment of Corporate Income Tax on Dividends,
Bonuses and Interests Paid by Chinese Resident Enterprises to QFII
(GuoShuiHan 2009  No. 47) issued by the State Administration of Taxation. The
actual cash dividend per share after tax is RMB 0.189. If the any shareholders
believe that the dividend income obtained is subjected to any tax treatment,
they may apply to the relevant tax authority in accordance with regulations
after receiving the dividend.

(4) For Hong Kong Stock Exchange investors (including enterprises and
individuals) who invested in the Company's common shares on the Shanghai Stock
Exchange (Shanghai-HongKong Stock Connect), the cash dividends are distributed
by the Company in RMB to the nominee accounts of the stock holders through the
CSDC Shanghai Branch. Withholding tax is carried out in accordance with the
Notice on Tax Policies on the Shanghai-Hong Kong Stock Connect Mechanism
(CaiShui 2014  No.81)  by the Ministry of Finance, the State Administration
of Taxation and the China Securities Regulatory Commission. Income tax is
withheld at a rate of 10%. The actual cash dividend per share after tax is RMB
0.189. For Shanghai-HongKong Stock Connect investors who are tax residents of
other countries which reached tax agreement with China that the dividend
income tax rate is lower than 10%, the enterprise or individual may apply to
the Company's tax authority for such tax treatment. After review by the tax
authority, a tax refund will be granted based on the difference between the
tax collected and the tax payable amount based on the tax rate of the tax
agreement.

The time arrangements for the equity registration date, cash dividend payment
date, etc. for investors of the Shanghai-Hong Kong Stock Connect are the same
as those for the Company's A-share shareholders.

(5) For qualified investors who invest in the Global Depository Receipts
(GDRs) issued by the Company on the London Stock Exchange and who qualified
for relevant domestic and overseas regulatory rules (hereinafter referred to
as "GDR Investors"), the cash dividends will be distributed by the Company
through the CSDC Shanghai Branch to Citibank and National Association, which
are nominal holders of A shares corresponding to the GDRs, and income tax will
be withheld at a rate of 10% in accordance with the Enterprise Income Tax Law
of the People's Republic of China, and other relevant tax regulations. After
receiving GDR dividend income, the GDR investors may apply to tax authorities
in accordance with relevant regulations for any tax treatments.

The registration date for GDR investors is the same as that for A-share
shareholders. Cash dividends will be paid to GDR investors by Citibank and
National Association through Euroclear Bank SA/NV and Clearstream Banking,
S.A. on January 31, 2025, London time.

(6) For other investors, the Company will not withhold income tax on their
behalf. The income tax on their cash dividends will be paid by themselves in
accordance with relevant tax laws. The actual cash dividend per share is RMB
0.21.

 

This announcement is hereby given.

 

 

Board of Directors of China Yangtze Power Co., Ltd.

January 15, 2025

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