Kangda and China Water Affairs revised the annual caps for connected construction-services transactions covering 2026–2028. Contemporaneous coverage reports a revised cap of RMB70 million, but the available primary filing text does not establish how that figure is allocated between the two companies. A cap is a permitted ceiling—not a revenue forecast, confirmed contract value, or proof that the full amount will be spent.
What the construction-services agreement covers
On 22 December 2025, Kangda Investment (Hong Kong), an indirectly wholly owned subsidiary of Kangda International Environmental Company Limited, and Jiangxi Silver Dragon, a non-wholly-owned subsidiary of China Water Affairs Group Limited (CWA), entered into a renewed framework agreement. It covers construction works and services for wastewater-treatment facilities from 1 January 2026 through 31 December 2028. The groups may enter into individual construction contracts under that framework. Kangda and CWA announcement, 22 December 2025
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The arrangements are treated as continuing connected transactions because of Jiangxi Silver Dragon’s relationship to CWA and CWA’s position as a substantial shareholder of Kangda. The cap revision should not be read as evidence of an independent, arm’s-length tender award.
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What are the new annual caps?
The 22 December 2025 announcement set the original cap at RMB45 million per company in each of 2026, 2027, and 2028. A 30 September 2026 Hong Kong Exchange filing index records a later announcement titled “Continuing Connected Transactions – Revision of Annual Caps.” Contemporaneous TipRanks coverage reports the revised caps as RMB70 million for 2026–2028. The accessible primary filing text does not establish whether RMB70 million applies to each company or how the revised figure is otherwise divided between Kangda and CWA, so it should not be presented as a verified company-by-company cap. HKEX filing index TipRanks coverage
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| Company | Original annual cap, each year 2026–2028 | Revised cap reported for 2026–2028 |
|---|---|---|
| Kangda International Environmental Company Limited | RMB45 million per year | Allocation not established by the accessible primary filing text; TipRanks reports RMB70 million for the revised caps |
| China Water Affairs Group Limited | RMB45 million per year | Allocation not established by the accessible primary filing text; TipRanks reports RMB70 million for the revised caps |
How much did the caps increase?
The original limit was RMB45 million per company per year. TipRanks’ reported RMB70 million revised figure cannot be directly compared on a per-company basis because the accessible material does not confirm its allocation. Without that breakdown, an increase percentage or a company-specific increase would be unsupported.
Does a higher cap mean either company will spend RMB70 million?
No. An annual cap limits the value of covered connected transactions that may be entered into; it does not confirm that work will be awarded, completed, invoiced, or paid up to the limit. The available evidence does not establish actual utilization of the revised cap.
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How the caps compare with historical transaction amounts
Kangda’s 22 December 2025 announcement reported these historical construction-services transaction amounts. They are figures in that announcement, not independent market statistics; the 2025 figure covers only the first six months, not the full year. Kangda and CWA announcement, 22 December 2025
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|---|---|---|
| 2023 | Approximately RMB26.8 million | Historical amount reported by Kangda in its 2025 announcement |
| 2024 | Approximately RMB41.1 million | Historical amount reported by Kangda in its 2025 announcement |
| First half of 2025 | Nil | Six-month period only; not a full-year total |
These historical amounts are not annual caps, and the 2025 first-half figure should not be treated as a full-year result.
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What the 2025 announcement said about regulatory requirements
The original 22 December 2025 announcement said that, for each company, the applicable percentage ratios exceeded 0.1% but were below 5%. It described the transactions as subject to reporting, annual review, and announcement requirements under Chapter 14A of the Hong Kong Listing Rules, while exempt from independent shareholders’ approval. That description applies to the original announcement; the accessible material does not establish whether the later revision changed the procedural requirements, so it should not be assumed to determine the revision’s approval status.
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