BOT特许经营协议期限

These concession agreements, typically spanning 25 to 35 years, provide a stable foundation for long-term operations, investment planning, and infrastructure lifecycle management.

Exclusive rights in strategic regions such as Changsha and Pingjiang limit market competition and reinforce our market position.

As of the Latest Practicable Date, we had nine concession agreements entered with Customer A, with durations of 16 years, 25 years, 25 years, 25 years, 25 years, 25 years, 28 years, 30 years, and 30 years with corresponding remaining durations of approximately 3.6 years, 3.6 years, 4.8 years, 4.8 years, 4.8 years, 10.8 years, 16.2 years, 22.3 years and 22.4 years, respectively.

We operate our environmental services projects primarily under concession models, namely, build-operate-transfer (BOT) or transfer-operate-transfer (TOT).

Throughout the Track Record Period and up to the Latest Practicable Date, we have remained in material compliance with all relevant terms of our concession and investment agreements.

TOT concession agreements may impose on us an additional requirement to transfer ownership of the TOT facilities to the local government or the local state-owned enterprise at the end of the concession period.