Xinyi Energy and Xinyi Solar detail Tianjin subsidiary disposal

Xinyi Energy Holdings Limited and Xinyi Solar Holdings Limited released a supplemental joint announcement detailing the disposal of a 51% equity interest in Xinyi Solar (Tianjin). The consideration for the transaction was based on the net asset value of Xinyi Solar (Tianjin) as of June 30, 2025, which was RMB812.27 million in Xinyi Energy's unaudited consolidated financial statements and RMB816.15 million in Xinyi Solar's. A valuation report for Xinyi Solar (Tianjin) of RMB1,009.00 million was commissioned by Tianjin Binhai NE, though the directors have not been provided with it.

The directors relied on operational knowledge and industry experience, alongside quantitative and qualitative factors, to evaluate the cash consideration. Key qualitative factors included the long operating history of the Tianjin Huanggang Zone Solar Farm, its stable utilisation rates, benefits from the feed-in-tariff regime, and expected future service income from continued management.

The purchaser is 50% owned by Tianjin Binhai NE, which is ultimately controlled by State-owned enterprises in the PRC, and 25% by North International Trust Shares Company Limited, ultimately 91.63% owned by the PRC government. The remaining 25% of the purchaser is held by Tianjin Binhai Construction Investment City Construction Development Company Limited, which is 51% owned by the PRC government and 49% by Tianjin Binhai New Area Binhai No. 2 Enterprise Management Partnership, whose partners are ultimately owned by the PRC government.