IRICO New Energy : COMPLETION OF H SHARES PLACING

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for any securities of the Company.

彩 虹 集 團 新 能 源 股 份 有 限 公 司

IRICO GROUP NEW ENERGY COMPANY LIMITED*

COMPLETION OF H SHARES PLACING

Reference is made to the announcement of IRICO Group New Energy Company Limited* (the "Company") dated 17 August 2020 (the "Announcement") in relation to the placing of Placing Shares to be issued under the Specific Mandate. Terms used in this announcement shall have the same meanings as those defined in the Announcement unless the context otherwise requires.

Completion of the Placing

The Board is pleased to announce that all the conditions set out in the Placing Agreement have been fulfilled and the Placing was completed on 28 August 2020. An aggregate of 1,294,092,000 Placing Shares has been successfully placed to not less than six but not more than ten Placees (including Zhongdian IRICO, Yan'an Dingyuan and Hefei Xincheng, other Placees are qualified institutional investors, corporate investors or professional investors) at the Placing Price of HK$1.12 per Placing Share. The Placees (save for Zhongdian IRICO) and their respective ultimate beneficial owners are third parties independent of the Company and its connected persons.

The net proceeds of the Placing (after deducting all applicable costs and expenses) are approximately HK$1.44 billion, and the net proceeds (after deducting all applicable costs and expenses) raised per new H Share upon completion of the Placing are approximately HK$1.11.

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EFFECTS ON THE SHAREHOLDING STRUCTURE

Set out below is the shareholding structure of the Company: (i) before the completion of the Placing; and (ii) immediately after the completion of the Placing:

	Before the completion		Immediately after the
	of the Placing		completion of the Placing
			Percentage of				Percentage of
	Number	the total issued		Number	the total issued
	of Shares		share capital		of Shares		share capital
Domestic Shares
IRICO Group	1,601,468,000	71.74%	1,601,468,000	45.41%
H Shares
Non-public Shareholders
Rui Bou Electronics(1)	61,554,000	2.76%	61,554,000	1.75%
Zhongdian IRICO(2) , one of the
Placees	-		-	888,886,000	25.21%
Public Shareholders
Other Placees(3)	-		-	405,206,000	11.49%
Other public Shareholders	569,327,400		25.50%		569,327,400		16.14%
Total	2,232,349,400	100%	3,526,441,400	100%

Notes:

1. Rui Bou Electronics is a wholly-owned subsidiary of IRICO Group as at the date of this announcement, and thus the shares held by it are not regarded as being in public hands.
2. Zhongdian IRICO is directly held as to 72.08% by CEC and 27.92% by IRICO Group as at the date of this announcement, and thus the shares held by it will not be regarded as being in public hands.

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1. As at the date of this announcement, the Placees (save for Zhongdian IRICO) and their respective ultimate beneficial owners are third parties independent of the Company and its connected persons, and will not become the substantial shareholders of the Company immediately after the Placing, thus the shares held by them will be regarded as being in public hands.
2. The public float is approximately 27.63% immediately after the completion of the Placing.

By order of the Board

IRICO Group New Energy Company Limited*

Si Yuncong

Chairman

Shaanxi Province, the PRC

28 August 2020

As at the date of this announcement, the Board consists of Mr. Si Yuncong and Mr. Tong Xiaofei as executive directors, Mr. Fan Laiying and Mr. Ni Huadong as non- executive directors, and Mr. Feng Bing, Mr. Wang Jialu and Mr. Wang Zhicheng as independent non-executive directors.

• For identification purposes only

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