China Datang Renewable Power : INSIDE INFORMATION ANNOUNCEMENT - PROVISIONS FOR ASSET IMPAIRMENT

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INSIDE INFORMATION ANNOUNCEMENT PROVISIONS FOR ASSET IMPAIRMENT

The announcement is made by China Datang Corporation Renewable Power Co., Limited* (the "Company") pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

As considered and approved by the board of directors of the Company (the "Board"), to objectively reflect the financial positions and operation results of the Company and ensure the truthfulness and reliability of the accounting information, based on the principle of prudence, the Company performed an impairment test on the assets of all branches and subsidiaries within the scope of consolidation in accordance with the Accounting Standards for Business Enterprises and the accounting policies of the Company, and proposed to make provisions for impairment on the assets which had indications of impairment according to the impairment test results correspondingly. Details in respect of the provisions for asset impairment are set out below:

I. SUMMARY OF PROVISIONS FOR ASSET IMPAIRMENT

• 1. Provision for impairment on receivables

  Based on the Company's test on the expected recoverable amount of receivables, a few receivables were subject to recovery risk. Therefore, the provision for impairment on receivables was approximately RMB32 million

• for the year 2020.

• 2. Provision for impairment on early projects derecognised

  As certain early projects were no longer available for development, the Company derecognised the preliminary work of such projects. Therefore, it proposed to make the provision for impairment on the preliminary expenses of certain early projects of approximately RMB54 million for the year 2020.

3. Provision for impairment on fixed assets due to the demolition of part of wind turbines in Dafengping Wind Farm

Dafengping Wind Farm ( ɽࠬջࠬཥఙ ), located in Dushan County, Qiannan Autonomous Prefecture, Guizhou Province, the PRC, had an installed capacity of 48MW with 24 wind power generation units of 2MW and a supporting booster station of 110kV. Its installed capacity accounted for 0.48% of the Company's total installed capacity in operation of 10,015.7MW (as at 30 June 2020).

Recently, the Company has received a letter issued by the leading group office of Guizhou Province on supervision and inspection of ecological and environmental protection, requiring the Company to scientifically formulate the demolition and ecological restoration plans to ensure the completion of rectification of wind power generation units and the supporting facilities within the natural reserve before mid-May 2021 and the completion of ecological restoration before the end of July.

The Company has been actively communicating with the competent departments in Qiannan Autonomous Prefecture and Guizhou Province to minimize the losses while implementing the rectification requirements, among which: the Company will complete the demolition of 17 wind turbines and the booster station as well as the ecological restoration within the natural reserve as soon as possible; and seek government support for the preferential policies including the relocation of wind turbines and the acquisition of new projects.

The Company will proactively respond to the requirements of the government to demolish the wind turbines and the booster station within the natural reserve. Pursuant to the preliminary calculation, the provision for impairment on fixed assets was approximately RMB190 million.

II. IMPACT OF PROVISIONS FOR ASSET IMPAIRMENT ON THE FINANCIAL POSITION OF THE COMPANY

The aforementioned provisions for asset impairment will result in an increase of approximately RMB276 million in the impairment losses in the consolidated financial statements of the Company and a decrease of approximately RMB276 million in the total profits in the consolidated financial statements of the Company, which will reduce the net profit attributable to the owners of the parent of the Company by RMB273 million for the year 2020.

The expected financial impact of provisions for asset impairment set forth in this announcement is only a preliminary assessment based on the available information at present and has not been reviewed or audited by the auditors of the Company.

III. PROCEDURES FOR CONSIDERATION AND APPROVAL OF THE

PROVISIONS FOR ASSET IMPAIRMENT

The Resolution on Provisions for Asset Impairment of the Company was considered and approved at the thirty-fourth meeting of the third session of the Board held by the Company on 17 March 2021. The directors of the Company are of the view that the provisions for asset impairment were made on the principle of prudence with sufficient foundations and fairly reflected the asset conditions of the Company, and therefore they approved the provisions for asset impairment.

Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company. The Company will make further announcements in relation to major updates of the provisions for asset impairment in the future if necessary.

By order of the Board

China Datang Corporation Renewable Power Co., Limited*

Jia Hong

Joint Company Secretary

Beijing, the PRC, 17 March 2021

As at the date of this announcement, the executive directors of the Company are Mr. Liu Guangming and Mr. Meng Lingbin; the non-executive directors are Mr. Kou Wei, Mr. Hu Shengmu, Mr. Li Yi and Mr. Liu Baojun; and the independent non-executive directors are Mr. Liu Chaoan, Mr. Lo Mun Lam, Raymond and Mr. Yu Shunkun.

* For identification purpose only