Controlling Shareholder 2023 EB Delists

Bond delisting finalised; controlling shareholder structure and ownership remain unchanged.

What the company is saying

Ming Yang Smart Energy Group Limited announces the completion of the maturity redemption and delisting of the 2023 Non-Publicly Issued Exchangeable Corporate Bonds (First Tranche), originally issued by its controlling shareholder, Mingyang New Energy Investment Holding Group Co., Ltd., with a principal amount of RMB 424.2 million. The company details that 3,685,502 shares have been exchanged for these bonds over the three-year term, and 46,954,498 shares remain in the special pledge account. The next procedural step, as stated, is for Energy Investment Group and Shenwan Hongyuan Securities Co., Ltd. (trustee) to apply for the release of these pledged shares, returning them to the general securities account of Energy Investment Group. The announcement emphasises that the controlling shareholder remains unchanged and that Energy Investment Group, together with parties acting in concert, holds 564,279,367 shares, representing 24.95% of total share capital. The company frames the update as a routine regulatory disclosure, with a neutral and factual tone, and commits to ongoing information disclosure as required by regulations. No commentary is provided on the impact of these actions on company operations or financial performance.

What the data suggests

The figures confirm the 2023 Exchangeable Bonds were issued for RMB 424.2 million on October 9, 2023, with a three-year maturity. As of October 9, 2026, 3,685,502 shares had been exchanged, while 46,954,498 shares remain in the special pledge account pending release. Energy Investment Group directly holds 193,495,513 shares, or 8.56% of MYSE's total share capital, and with concert parties, holds 564,279,367 shares, or 24.95%. The delisting and redemption of the bonds are complete, and the only remaining step is the administrative transfer of the unexchanged pledged shares. The data is complete regarding the bond mechanics and shareholding structure, but does not address company earnings, cash flow, or operational metrics. No evidence is presented for any change in control or ownership concentration, and all actions described are administrative and procedural.

Analysis

The announcement is a factual, regulatory update regarding the maturity, redemption, and delisting of a specific tranche of exchangeable bonds, with all key actions (redemption, delisting) already completed as of the disclosure date. The only forward-looking statements pertain to the procedural next step of registering the release of pledged shares and a commitment to ongoing disclosure, which are routine and not promotional. There is no exaggerated or promotional language, and no claims are made about future financial or operational benefits. The disclosed figures (bond size, shares exchanged, shareholdings) are precise and directly relevant to the event. No large new capital outlay or long-dated benefit is described; the capital event (bond issue) is historical and now resolved. The tone is strictly informational, with no attempt to inflate the significance of the event.

Risk flags

• ●The release of 46,954,498 pledged shares back to Energy Investment Group's general account is pending registration, introducing minor administrative risk if there are unforeseen procedural delays or regulatory issues.
• ●The announcement does not address the potential impact of the release of pledged shares on future liquidity, financing flexibility, or market perception, which could become relevant if the controlling shareholder alters its shareholding strategy.
• ●There is continued concentration of ownership, with Energy Investment Group and concert parties holding 24.95% of total share capital, which may limit minority shareholder influence and affect governance dynamics.

Bottom line

This announcement finalises the redemption and delisting of RMB 424.2 million in exchangeable bonds issued by Ming Yang Smart Energy Group Limited's controlling shareholder, with all bond-related exchanges and redemptions now complete. The remaining 46,954,498 pledged shares are set to be released to the controlling shareholder's general account, a routine administrative step. The controlling shareholder structure remains unchanged, with Energy Investment Group and its concert parties holding nearly a quarter of the company's shares. No operational, financial, or strategic implications are disclosed beyond the procedural update. Investors should interpret this as a neutral event with no immediate impact on company fundamentals or governance, barring any future changes in shareholding strategy by the controlling group. The key takeaway is that ownership and control remain stable, and the bond-related process is essentially concluded.

Announcement summary

(LSE:MYSE) Ming Yang Smart Energy Group Limited announced the delisting of the 2023 Non-Publicly Issued Exchangeable Corporate Bonds (First Tranche) issued by its controlling shareholder, Mingyang New Energy Investment Holding Group Co., Ltd. (Energy Investment Group). The 2023 Exchangeable Bonds were issued on October 9, 2023, with an issue size of RMB 424.2 million, and had a term of 3 years. The underlying stock for these bonds was the A-shares of MYSE, with the bond abbreviated as '23MYEB1' and bond code '137180.SH'. As of October 9, 2026, a cumulative total of 3,685,502 shares had been exchanged for the 2023 Exchangeable Bonds. The number of remaining shares in the special pledge account for these bonds was 46,954,498. Energy Investment Group has completed the maturity redemption and delisting of the 2023 Exchangeable Bonds as of October 9, 2026. Energy Investment Group and Shenwan Hongyuan Securities Co., Ltd., as trustee, intend to apply for the registration procedures for the release of pledged shares, transferring the remaining 46,954,498 unexchanged shares of MYSE from the special account back to Energy Investment Group's general securities account. After this transfer, the special account will no longer hold any shares of MYSE. Energy Investment Group, Zhongshan Ruixin Enterprise Management Consulting Partnership (Limited Partnership), Beihai Ruiyue Venture Capital Co., Ltd., First Base Investments Limited, Wiser Tyson Investment Corp Limited, and Keycorp Limited are all under the control of Mr. Zhang Chuanwei, Ms. Wu Ling, and Mr. Zhang Rui, who are the actual controllers of the Company and are considered parties acting in concert. As of the disclosure date, Energy Investment Group holds 193,495,513 shares of MYSE, representing 8.56% of the Company's current total share capital. Energy Investment Group and its parties acting in concert hold a total of 564,279,367 shares, accounting for 24.95% of the Company's total share capital. The controlling shareholder of the Company remains unchanged as Energy Investment Group. The Company will continue to monitor the release of pledged shares and will fulfill its information disclosure obligations as required by regulations.

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