Ningxia Jiaze Renewables Corp

Guojin Jiaze New Energy closed-end infrastructure securities investment fund announced on September 28 that it will open for sale from October 26 to October 29, with a subscription price of 3.487 yuan per unit and a total of 300 million units offered. The fund's underlying assets are the Ningxia Guobo New Energy Tongxin Jiaojiapan wind power project and the Ningxia Guobo New Rural wind power project, located in Tongxin County, Wuzhong City, Ningxia Hui Autonomous Region, with a combined installed capacity of 117.5 megawatts. Both projects were fully connected to the grid in December 2020, and as of the valuation date of March 31, 2026, the theoretical remaining service life of the generating units is 14.75 years. From 2023 to 2025, the average settled utilization hours of the Jiaojiapan and New Rural projects were 2,632 hours and 3,086 hours respectively, higher than the national average for the same period. The project was included in the supporting power source for the ultra-high-voltage Lingzhou-Shaoxing direct current transmission line in November 2025, and starting from 2026, the electricity sales model has been adjusted to transmit power to East China via the Lingzhou-Shaoxing line, with Zhejiang Province as the main consumption area. The fund sponsor is Jiaze New Energy Co., Ltd., which as of the relevant disclosure date had grid-connected installed capacity of 2,587.86 megawatts and generated approximately 2.5 billion kilowatt-hours in Ningxia in 2025. The original equity holder, Ningxia Jiaying New Energy Holdings Co., Ltd., is a wholly-owned second-tier subsidiary of Jiaze New Energy, and as of the end of March 2026, in addition to the assets included in this offering, it holds other operating wind power projects with installed capacity of 742.5 megawatts, providing reserve support for future expansion. The fund manager, Guojin Fund, issued the first infrastructure REIT in western China, the Guojin China Railway Construction REIT, in 2022, and since its establishment the fund has distributed cumulative cash dividends of more than 1.7 billion yuan to investors.

Jiaze Renewables announced that as of July 10, 2026, the company has repurchased a total of 29.2184 million shares through centralized competitive trading, accounting for 1.00% of the company's total share capital, an increase of 0.29% compared to the last disclosure, with a total amount paid of 136 million yuan. The highest repurchase price was 5.82 yuan per share, and the lowest was 4.11 yuan per share. The company previously approved a repurchase plan, intending to use no less than 220 million yuan and no more than 440 million yuan of its own funds and special stock repurchase loans to repurchase shares at a price not exceeding 6.63 yuan per share for cancellation and reduction of registered capital, with the repurchase period within 12 months from January 29, 2026. Due to the implementation of the 2025 equity distribution, the repurchase price ceiling was adjusted to no more than 6.61 yuan per share from June 16, 2026, and the estimated number of shares that can be repurchased was correspondingly adjusted to between 33.2829 million and 66.5658 million shares.