Daqin Railway closes fund accounts after project completion

Daqin Railway Company Limited announced the completion of the use of its raised funds from the public issuance of convertible corporate bonds. The total raised capital of RMB 32,000,000,000.00, after deducting expenses, was deposited into designated accounts on December 18, 2020. The funds were fully utilized for the "acquisition of land use rights authorized by China Railway Taiyuan Group Co., Ltd.," with the final payment made on October 9, 2025.

On October 9, 2025, the remaining balance of RMB 517,130.58 (including interest income) from the dedicated fund accounts was transferred to the company's own capital accounts to permanently supplement working capital. Subsequently, Daqin Railway completed the cancellation of these dedicated accounts, effectively terminating the tripartite supervisory agreements with its sponsor and China Merchants Bank.

Separately, Daqin Railway also announced the resignation of Mr. Wang Daokuan from his position as vice chairman, director, and member of various board committees, effective October 14, 2025. His departure will not impact the minimum number of directors required for the board, and he will not hold any further positions within Daqin Railway or its controlled subsidiaries.