Shandong Hi-Speed subsidiaries secure $868m refinancing loan from PingAn Bank

Shandong Hi-Speed New Energy Group Limited (SHNE) and Shandong Hi-Speed Holdings Group Limited (SDHG) announced that their indirect subsidiary, SDHS Photovoltaic, has entered into a loan contract with the Beijing Branch of PingAn Bank on September 5, 2025. This agreement provides a loan of 868,334,134.50 yuan, specifically for refinancing the remaining principal of a syndicated acquisition loan related to SDHS Photovoltaic's acquisition of equity interests in Beiqing Smart.

The loan, which matures on November 30, 2029, carries an annual interest rate of 3.1%. Repayments will be made in semi-annual equal installments, with a minimum principal repayment ratio of 5% for the first 1-2 years and 10% for years 3-4. PingAn Bank is considered a connected person to both SHNE and SDHG at a subsidiary level.

The SHNE board and its independent non-executive directors have approved the loan, confirming the terms are fair, reasonable, and on normal commercial terms, benefiting SHNE and its shareholders. For SHNE, the highest applicable percentage ratio exceeds 5%, while for SDHG, it falls between 1% and 5%. Both companies are exempt from independent shareholders' approval requirements under Listing Rule 14A.101.