NingXia YinXing Energy closes special raised funds accounts after private placement

NingXia YinXing Energy Co., Ltd. announced on September 10, 2025, the successful completion of the cancellation of its special bank accounts for raised funds. This action follows the completion of the company's 2023 private placement of A-shares, which received approval from the China Securities Regulatory Commission on July 25, 2023. The offering involved 211,835,699 shares at a price of CNY 6.46 per share, raising a total of CNY 1,368,458,615.54. After deducting underwriting and other issuance expenses, the net proceeds amounted to CNY 1,361,829,414.14.

The company's board of directors, supervisory board, and shareholders' meeting, held in August 2025, approved the conclusion of the fundraising project and the permanent allocation of surplus funds to supplement working capital. This decision was made after the 2023 private placement investment projects were completed and reached operational status. The surplus funds, including bank deposit interest, have been fully transferred to supplement working capital for daily operations, maximizing the efficiency of the capital.

As of the announcement date, all related special bank accounts have been closed, including accounts with National Development Bank Ningxia Hui Autonomous Branch. Consequently, the three-party supervision agreements with CITIC Securities Co., Ltd. and National Development Bank Ningxia Hui Autonomous Branch have been terminated.