Stock Codes: 000055, 200055 Abbreviations: Fangda Group, Fangda B Announcement No.: 2026-41
China Fangda Group Co., Ltd.
Announcement on the Signing of
Two-Billion Major Overseas Curtain Wall Project Contract for the
Prince Mohammed bin Salman Stadium of Saudi Arabia
The Company and all members of the Board of Directors hereby guarantee
that the information disclosed in this announcement is true, accurate and
complete, and contains no false representations, misleading statements or
material omissions.
Special Notice:
effective as of the date of its signing.
unforeseeable factors or force majeure events, such as market, policy, economic,
foreign exchange, or war-related conditions, may arise and could result in the contract
not being performed on schedule or in full. Investors are advised to exercise caution
and be aware of investment risks.
the current year: The successful performance of the contract is expected to have a
positive impact on the Company's operating results in future years. Specific revenue
recognition will be determined in accordance with the progress of contract
performance, the applicable Accounting Standards for Business Enterprises, and the
Company's accounting policies. This project is one of the world's major curtain wall
projects, laying a solid foundation for the Company to continue deepening its
presence in overseas markets and enhancing its global competitiveness, and serving as
a positive driver and benchmark for the development of the Company's international
business.
I. Overview of Contract Signing
On October 18, 2026, IKK Fangda JV Company, a joint venture formed by
Shihui International Holdings Limited (in which China Fangda Group Co., Ltd.,
hereinafter referred to as the "Company", holds a 51% interest) and Isam Kabbani &
Partners for Building & Construction Materials CO. LTD (a wholly-owned subsidiary
of Saudi Arabia's IKK Group, in which IKK Group holds a 49% interest), has entered
into a contract with UPTOWN STADIUM CONSTRUCTION JV, the general
contractor, for the main venue of Lot 1 and the museum and ancillary buildings of Lot
Stadium Project in Qiddiya, Saudi Arabia (hereinafter referred to as the "PMBS
Stadium Project"). The total contracted amount is SAR 1,146,877,544 (SAR
of 863 days.
The above contract constitutes an ordinary operating contract of the Company.
The Company has completed its internal approval procedures for signing the contract.
In accordance with the Shenzhen Stock Exchange Listing Rules, the Company's
Articles of Association and other relevant regulations, the signing of this contract does
not constitute a related-party transaction, nor does it constitute a material asset
restructuring as defined under the Administrative Measures for Material Asset
Restructurings of Listed Companies. Therefore, approval by the Board of Directors
and the shareholders' meeting is not required.
II. Introduction to the Counterparty
Name: UPTOWN STADIUM CONSTRUCTION JV, a consortium formed by FCC
Construcción, S.A. of Spain and NESMA & PARTNERS CONTRACTING CO UJSC of Saudi
Arabia.
Principal business: Undertaking large-scale sports infrastructure projects in Saudi
Arabia.
Registered address: Riyadh, Saudi Arabia.
the counterparty, and the above transaction does not constitute a related-party
transaction.
during the last three fiscal years.
strength and credit rating, and demonstrates sound performance capability.
III. Main Terms of the Contract
Contract scope: Curtain wall fa?ade works for Lots 1 and 3 of the PMBS
Stadium Project, including design, supply and installation.
Total contract amount: SAR 1,146,877,544 (SAR 997,284,821 excluding tax),
equivalent to RMB 2,049,860,100.
Project funding source: Own funds.
Performance period: 863 days.
Liability for breach: The contract provides for liquidated damages for delay and
overall liability of the subcontractor. If payments by the general contractor fall into
arrears beyond an agreed threshold, the subcontractor may, after fulfilling the required
notice procedures, suspend or terminate the contract and claim settlement payments.
Settlement method: Payments under this subcontract shall be made in stages,
including advance payments and progress payments. Retention money may be
replaced by a guarantee and released according to milestones. Final settlement shall
be made upon issuance of the performance certificate.
Effective date: The date on which both parties sign and affix their seals.
IV. Impact on the Company
venue for the 2034 FIFA World Cup. It is one of the most significant large-scale
curtain wall projects in the world. The total contracted amount of SAR 1,146,877,544
(SAR 997,284,821 excluding tax), equivalent to RMB 2,049,860,100, represents
contract is expected to have a positive impact on the Company's operating results in
future years. Specific revenue recognition will be determined in accordance with the
progress of contract performance, the applicable Accounting Standards for Business
Enterprises, and the Company's accounting policies.
complex working conditions, including cliff-top high wind loads, sandstorms, and
extreme temperatures, all of which place exceptionally stringent demands on curtain
wall system design, material performance, and on-site construction management. The
Company's successful award of this project fully demonstrates its technological
leadership in the high-end curtain wall sector and its comprehensive project
management capability in large-scale international projects. The successful execution
of this project will establish a benchmark portfolio with international influence in the
Middle East, accelerate the build-out of localization capabilities, and lay a solid
foundation for the Company to continue deepening its presence in overseas markets
and enhancing its global competitiveness, serving as a positive driver and benchmark
for the development of the Company's international business.
independence, and the Company's principal business will not become dependent on
the counterparty as a result of performing this contract.
V. Risk Warning
During the performance of the contract, unforeseeable factors or force majeure
events, such as market, policy, economic, foreign exchange, or war-related conditions,
may arise and could result in the contract not being performed on schedule or in full.
Investors are advised to exercise caution and be aware of investment risks.
VI. Other Related Information
The Company will strictly comply with the provisions and requirements of
relevant laws and regulations, duly fulfill its subsequent information disclosure
obligations, and disclose the performance of material contracts in its periodic reports.
VII. Documents Available for Inspection
"Professional Engineering Subcontract for the PMBS Stadium Project (Curtain
Wall Lots P1 and P3)."
Hereby announced.
China Fangda Group Co., Ltd.
Board of Directors
October 19, 2026
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