Hubei Energy Group replaces funds, plans cash management after successful placement

Hubei Energy Group announced it will replace self-raised funds totaling 735,689,290.87 yuan, previously invested in fundraising projects and used for issuance expenses. This follows the company's 2024 non-public offering, which raised 2,899,999,998.40 yuan (net proceeds: 2,894,700,957.25 yuan). The replacement, approved by the board on November 26, 2025, aligns with the company's prospectus, which designated funds for the Luotian Pingtian pumped-storage power station project.

In a related move, the company plans to utilize up to 2 bn yuan of temporarily idle raised funds for cash management. This aims to enhance capital efficiency and protect investor interests by investing in secure, high-liquidity products such as structured deposits and large-denomination certificates of deposit, with a maximum term of 12 months. This initiative, also approved on November 26, 2025, is designed to generate returns without impacting the primary investment project.

Furthermore, Hubei Energy Group announced the appointment of ShineWing Certified Public Accountants (Special General Partnership) as its auditor for 2025, replacing Da Hua Certified Public Accountants (Special General Partnership) due to the expiration of their service contract. The new appointment, approved by the board, aims to ensure ongoing compliance and robust financial oversight.