Zhejiang New Energy (600032) shareholder New Energy Development reduced its holdings by 24,046,700 shares, lowering its stake to 16.97%

On March 14, Zhejiang New Energy Investment Group Co., Ltd. (hereinafter referred to as “Zhejiang New Energy” or “the Company”) announced that the share reduction plan of its shareholder Zhejiang New Energy Energy Development Co., Ltd. (hereinafter referred to as “New Energy Development”) holding over 5% of the shares has been completed. After this reduction, New Energy Development’s shareholding decreased from 17.97% to 16.97%.

Implementation of the Share Reduction Plan

The announcement shows that Zhejiang New Energy disclosed the “Announcement on Share Reduction Plan by Shareholders Holding Over 5% through Centralized Bidding” (Announcement No.: 2026-001) on January 17, 2026. New Energy Development planned to reduce its holdings by no more than 24,046,753 shares through centralized bidding, representing no more than 1% of the company’s total share capital, during the period from February 9, 2026, to May 8, 2026.

On March 13, 2026, the company received a notification letter from New Energy Development confirming that the reduction plan has been completed. During the reduction period, New Energy Development cumulatively sold 24,046,700 shares through centralized bidding, accounting for approximately 1.00% of the company’s total share capital (due to rounding). The share prices ranged from 7.85 yuan per share to 9.29 yuan per share.

Shareholding Changes Before and After the Reduction

Before this reduction, New Energy Development held 432 million unrestricted circulating shares of Zhejiang New Energy, accounting for 17.97% of the company’s total share capital. These shares were acquired prior to the company’s initial public offering.

Shareholder Structure and Compliance

The announcement also discloses that New Energy Development and Zhejiang Energy Group Co., Ltd. are acting in concert. Zhejiang Energy Group is the controlling shareholder of New Energy Development. As of the completion of this reduction, the two together hold 1.872 billion shares of Zhejiang New Energy, representing 77.85% of the company’s total share capital, remaining as the company’s controlling shareholder and concerted parties.

Zhejiang New Energy stated in the announcement that New Energy Development’s reduction strictly complies with the “Securities Law,” “Shanghai Stock Exchange Stock Listing Rules,” and other relevant laws, regulations, and business rules. The actual reduction is consistent with the previously disclosed plan and commitments, has reached the planned reduction amount, and was not terminated early. There are no violations of the reduction plan or other commitments.

After this reduction, New Energy Development remains an important shareholder holding over 5% of Zhejiang New Energy’s shares. The company stated that this reduction will not have a significant impact on the company’s governance structure or ongoing operations.

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Editor: Xiao Lang Express