Adjusting the Repurchase Price Cap

Ming Yang Smart Energy Group Ltd

07 June 2023

 

MING YANG SMART ENERGY GROUP LIMITED

(GDR under the symbol: "MYSE")

(a joint stock company established under the laws of the People's Republic of China with limited liability)

Announcement on Adjusting the Repurchase Price Cap after 2022 Dividend Distribution

IMPORTANT NOTICE:

lRepurchase price cap before adjustment: no more than RMB20/share (inclusive)

lRepurchase price cap after adjustment: no more than RMB19.70/share (inclusive)

lCommence date of repurchase price adjustment: 14 June 2023 (Beijing time)

I. General Information on Repurchase Shares

At the 39th meeting of the second session of the Board held by Ming Yang Smart Energy Group Limited (hereinafter referred to as the "Company") on 4 May 2023, the Company considered and approved the Resolution on the Plan to Repurchase Shares of the Company through Centralised Price Bidding, pursuant to which, the Company was approved to use no more than RMB1,000 million (inclusive) and no less than RMB500 million (inclusive), with its own funds to repurchase shares of the Company through centralised price bidding for the purpose of implementing equity incentive. The term of the repurchase shall be no more than 12 months from 4 May 2023.

As of 31 May 2023, the Company has not repurchased its shares via the trading system of the Shanghai Stock Exchange by means of centralised price bidding.

II. Basis for the Adjustment to the Repurchase Price Cap

At the 2022 annual general meeting of the Company held by the Company on 25 May 2023, the Company considered and approved the 2022 annual profit distribution plan, pursuant to which, the Company distributed a cash dividend of RMB3.0410 (tax inclusive) for every 10 shares to all shareholders based on the total share capital registered on the record date for the implementation of the dividend distribution; based on which an aggregate of RMB690,910,245.00 (tax inclusive) of cash dividends are proposed for distribution. For details, please refer to the Announcement on 2022 Dividend Distribution published by the Company on the same day.

According to the "Report on the Repurchase of Shares through Centralised Price Bidding" of the Company, in the event of any capitalisation issue, bonus issue, cash dividend, rights issue or other ex-right or ex-dividend matters of the Company during the repurchase period, the repurchase price cap shall be adjusted accordingly from the date of ex-right or ex-dividend of the share price in accordance with the relevant laws and regulations of the CSRC and the Shanghai Stock Exchange.

III. Adjustment to the Repurchase Price Cap

The share repurchase price cap will be adjusted from no more than RMB20/share (inclusive) to no more than RMB19.70/share (inclusive), in the following manner:

The share repurchase price cap after adjustment = (share repurchase price cap before adjustment-cash dividend per share) ÷ (1 + percentage of changes in outstanding shares) = (20-0.3041)/ (1 + 0) ≈ 19.70/share (subject to two decimal places).

According to the "Report on the Repurchase of Shares through Centralised Price Bidding" of the Company, the size of the repurchased shares shall not exceed RMB1,000 million (inclusive), and shall not be less than RMB500 million (inclusive).  After the adjustment of the repurchase price cap, the number of shares subject to repurchase is expected to be correspondingly adjusted from 25,380,700 shares to 50,761,400 shares, accounting for 1.12% to 2.23% of the current total share capital of the Company.

IV. Other Information

Save for the above adjustments, there is no change in other matters concerning the repurchase of shares by the Company through centralised price bidding. The Company will make and implement the repurchase decision as appropriate according to market conditions during the repurchase period in strict compliance with relevant requirements such as the "Guidelines No. 7 on Self-discipline Supervision of the Shanghai Stock Exchange - Repurchase of Shares" and the share repurchase plan of the Company, and perform information disclosure obligations in a timely manner according to the progress of share repurchase. Investors are advised to pay attention to investment risks.

Ming Yang Smart Energy Group Limited

7 June, 2023

 

END