Cecep Solar Energy subsidiary's bank accounts unfrozen

Cecep Solar Energy Co., Ltd. has announced that the bank accounts of its wholly-owned subsidiary, Cecep Solar Energy Technology Co., Ltd., which were previously frozen, have now been fully unfrozen. The unfreezing affects funds totaling RMB 23.57 million across two accounts: a basic account at China Construction Bank Beijing Chaoyang Branch and a special account for raised funds at Industrial and Commercial Bank of China Beijing Gongzhufen Branch.

The original freezing of funds, due to execution rulings from the Yinchuan Intermediate People's Court of Ningxia Hui Autonomous Region, was first disclosed by the company on August 31, 2023, and October 19, 2023. These actions aimed to freeze and transfer the aforementioned bank deposits.

According to the announcement, the previous freezing of bank account funds did not have a material adverse impact on the normal operation or business management of the company and its subsidiaries. The company confirms that all affected bank accounts are now operating normally.