Huadian Energy to circulate restricted shares following asset acquisition

Huadian Energy announced the upcoming circulation of 4,727,991,374 restricted shares on December 22, 2025. These shares originated from a non-public offering to Huadian Coal Industry Group Co., Ltd. as part of an asset acquisition and supporting funds raise. They were registered on December 22, 2022, and were subject to a 36-month lock-up period. The shares represent 59.79% of the company's total share capital after a subsequent non-public offering in January 2023.

The transaction, approved by the China Securities Regulatory Commission on December 12, 2022, involved the acquisition of assets from Huadian Coal Industry Group and the raising of up to 2.68 bn yuan in supporting funds. Huadian Coal Industry Group pledged to meet specific net profit targets for Shanxi Jinxing Energy Co., Ltd. for 2022, 2023, and 2024, which were 248,248.68 million yuan, 196,618.56 million yuan, and 193,516.13 million yuan, respectively.

Independent financial advisor Huatai United Securities confirmed that Huadian Coal Industry Group has fulfilled its performance commitments, and the release of the restricted shares complies with all relevant laws, regulations, and shareholder commitments. This circulation will transform all previously restricted shares into unrestricted tradable shares, with no remaining restricted shares.