Ming Yang Smart Energy to recover investment in Haige New Energy

Ming Yang Smart Energy Group (SSE:601615) announced it will recover its prior investment of CNY 190 million in Jiangsu Haige New Energy due to the triggering of a buyback clause within the original investment agreement. Haige New Energy and its controlling shareholder will fulfill the buyback obligations by paying Ming Yang the principal and interest. The interest is calculated at 8% per annum, starting from March 10, 2022, and ending on the actual payment date. After the transaction, Ming Yang will no longer hold any shares of Haige New Energy. A former board secretary of Ming Yang holds a director position in Haige New Energy, making the transaction a related party transaction. The deal has been approved by Ming Yang's independent directors and the board of directors. The completion of the transaction is pending the approval of all relevant parties.