Ming Yang Smart Energy guarantees subsidiary loan, closes fundraising accounts

Ming Yang Smart Energy Group Co., Ltd. will provide a joint and several liability guarantee of up to 5 million yuan for a working capital loan taken by its controlled subsidiary, Wuxi Mingyang Hydrogen Fuel Power Technology Co., Ltd. (Mingyang Hydrogen Fuel), from Industrial Bank Co., Ltd. Wuxi Branch. The guarantee, approved by the board on April 24, 2025, and by shareholders on May 21, 2025, falls within the previously estimated annual guarantee limit of 50 million yuan for Mingyang Hydrogen Fuel. Mingyang Hydrogen Fuel has also provided counter-guarantees, and its legal representative, Wang Yongzhi, and his spouse, Ms. Han Ru, have individually guaranteed the loan.

In a separate announcement, Ming Yang Smart Energy Group completed the deregistration of two special fundraising accounts. This action follows the full utilization of funds in the "Mingyang Xinminbao Project" account. The residual interest from this closed account has been transferred to the "Mingyang Chabei Project" special fundraising account.

These fundraising accounts were initially established to manage proceeds from the company's non-public issuance of A-shares in 2020. This move is part of the company's ongoing efforts to streamline the management of its capital and ensure efficient fund utilization in line with regulatory requirements.