Ginlong Technologies sells solar project subsidiary, advancing convertible bond initiative

Ningbo Ginlong Technologies reported on October 17, 2025, that its wholly-owned subsidiary, Ningbo Ginlong Smart Energy Co., Ltd., has completed the equity transfer of Suzhou Shiyuansi Electric New Energy Co., Ltd.

Ginlong Smart Energy divested its 100% stake in Suzhou Shiyuansi to Kunshan Kunye New Energy Co., Ltd. for 6.51m yuan. This transaction involves a solar power plant with an aggregate installed capacity of approximately 4.11MW.

As of the announcement date, Ginlong Smart Energy has received 3.32m yuan from the equity transfer. The industrial and commercial registration procedures for this transfer are complete, meaning Ginlong Technologies no longer holds equity in Suzhou Shiyuansi, and the project company will no longer be included in the company's consolidated financial statements.

This divestiture is part of a convertible bond fundraising project, specifically concerning one of the investment and construction entities for distributed photovoltaic power station projects that were part of the convertible bonds issued to specific targets in 2022.