Jinkai New Energy secures strategic investor for subsidiary, reallocates funds

Jinkai New Energy announced the successful introduction of strategic investors for its subsidiary, Jinkai Zhiwei (Ningxia) Technology Co., Ltd. A consortium comprising Zhongrui Hengfeng (Jiangsu) Energy Technology Co., Ltd. and Zhikai Xineng Holdings (Shenzhen) Co., Ltd. acquired a 70% equity stake in Jinkai Zhiwei for a transfer price of RMB 12,180.00. Zhongrui Hengfeng will hold 40%, Zhikai Xineng 30%, and Jinkai New Energy will retain 30%.

In a related development, Jinkai New Energy also announced the permanent reallocation of RMB 5,528.12m in surplus raised funds from its fully completed 2022 non-public offering projects to supplement working capital. This aims to enhance capital efficiency for daily operations. These projects include "Juneng New Energy Gongan County Shizikou Town 100MWp Fishery-Solar Photovoltaic Power Generation Project" and "Hubei Changhao New Energy Technology Co., Ltd. Jianli County Huangxiekou Town Mashu Lake (Western Area) 100MW Fishery-Solar Photovoltaic Power Station Project."

The surplus funds, including interest generated during the deposit period, will be transferred to the company's general bank account, after which the corresponding special fundraising accounts will be closed.