KingClean Electric major shareholder cuts convertible bond stake

Between November 19 and December 8, 2025, KingClean Electric's actual controller, Ni Zugen, and consistent action party, KingClean Electric Investment Group Co., Ltd., collectively reduced their holdings of "Lexy Convertible Bonds" by 1,324,340 units. This represents an 11.04% reduction in the total issued amount of the bonds, executed through centralized bidding on the Shanghai Stock Exchange.

Prior to this transaction, Ni Zugen and KingClean Electric Investment Group held a combined 3,962,100 units, or 33.02% of the total issuance. Following the latest reduction, their combined holdings now stand at 2,637,760 units, or 21.98% of the total issued "Lexy Convertible Bonds."

This follows previous reductions, including a 10.09% reduction between September 4, 2023, and March 10, 2025, and a 10.21% reduction between March 12, 2025, and November 18, 2025. The "Lexy Convertible Bonds" were initially issued on October 14, 2022, raising 1.2 bn yuan.