GD Power Development Co., Ltd. – Recent Corporate and Market Developments

Shareholder and Governance Changes

  • On 29 December 2025, GD Power Development announced that its wholly‑owned subsidiary, Beijing GD Power Co., Ltd., entered into a non‑public agreement to acquire a 35 % equity stake in Jiangsu New Energy Technology Development Co., Ltd. The transaction was valued at ¥282.3135 million (based on an appraisal as of 31 December 2024). Upon completion, Jiangsu New Energy will become a 100 % subsidiary of Beijing GD Power.
  • In the same day, the company’s board held its 41st meeting of the 8th Board. The meeting approved the election of Mr. Chai Shouping as an independent director. Mr. Chai, a senior accountant with a background in major state‑owned enterprises, will also serve on the Audit & Risk Committee, Nomination Committee, and Compensation & Evaluation Committee. His term will commence upon the shareholders’ approval and continue until the end of the 8th Board’s term.

Executive Transition

  • Also on 29 December 2025, the company received the written resignation of Mr. Tang Jian, the then‑Chairman of GD Power Development. Mr. Tang cited a “work transfer” as the reason for his resignation. The resignation took effect upon receipt by the board, and the company confirmed that the board would still maintain a quorum.
  • The board subsequently appointed Mr. Zhao Shibin as Acting Chairman and legal representative until a new chairman is elected. Mr. Zhao is also the company’s Managing Director, ensuring continuity in leadership during the transition.

Strategic Development in Hydropower

  • On 29 December 2025, GD Power Development’s parent entity, National Energy Group, disclosed a joint venture involving its subsidiary GD Daduhe River Hydropower Development Co., Ltd., Sichuan Tie’neng Power Development Co., Ltd., and CATL (China Aviation Technology). The venture, named GD Daduhe (Daba) Hydropower Development Co., Ltd., will invest in the construction and operation of the Daba Hydropower Station in Ganzi Tibetan Autonomous Prefecture, Sichuan.
  • The project will comprise nine hydro‑electric stations on the Daduhe River, with a total installed capacity of 1.15 MW (115 MW). The joint venture’s capital is ¥3.6 billion, with ownership split 56.11 % : 33.89 % : 10 % respectively.

Market Performance

  • GD Power Development’s share price on 28 December 2025 closed at CNY 5.32, within the 52‑week range of CNY 6.04 (high) and CNY 4.07 (low).
  • The company’s market capitalisation stands at CNY 103.09 billion and its price‑earnings ratio is 12.79.

Industry Context

GD Power Development operates in the independent power producer segment of the utilities sector, with a diversified portfolio that includes wind, thermal, and hydropower generation, as well as coal operation and heating services. The recent acquisition of Jiangsu New Energy and the hydropower joint venture underscore the company’s strategy to expand its renewable energy footprint and consolidate its position in the Chinese power market.

Conclusion

The sequence of events in December 2025—leadership changes, significant equity acquisition, and strategic hydropower collaboration—indicates GD Power Development’s continued focus on structural realignment and renewable energy expansion. Market participants should monitor the implementation of the Jiangsu New Energy acquisition and the progress of the Daba hydropower project, as these developments are likely to influence the company’s future earnings and shareholder value.