Sungrow Power's controlling shareholder reduces pledged shares

Sungrow Power Supply Co., Ltd. announced that its controlling shareholder and de facto controller, Cao Renxian, has released a pledge on 19.6 million shares. This transaction, executed between November 13, 2023, and November 7, 2025, involved a quantity of shares representing 0.31% of his total holdings and 0.09% of the company's total share capital. The pledge was with China Merchants Securities.

Following this release, Cao Renxian's total pledged shares amount to 24.33 million shares, which constitutes 3.85% of his total holdings and 1.17% of the company's total share capital. Of these, 19.871 million shares (81.67% of pledged shares) are restricted or frozen. The remaining unpledged shares have 45.36874 million shares (74.73%) that are restricted or frozen. The announcement confirms that the pledged shares are not subject to any performance compensation obligations related to major asset restructurings, and the restricted shares are due to high-level management lock-up.

The company stated that as of the disclosure date, Cao Renxian's pledged shares do not pose a liquidation risk or risk of forced transfer. This change in share pledge will not alter the company's actual control. The company will continue to monitor the pledge status of Cao Renxian and his concerted parties, fulfilling information disclosure obligations as required.