Xinyi Solar : PLACING OF NEW SHARES UNDER GENERAL MANDATE

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.

XINYI SOLAR HOLDINGS LIMITED

信 義 光 能 控 股 有 限 公 司

(Incorporated under the laws of the Cayman Islands with limited liability)

(Stock code: 00968)

PLACING OF NEW SHARES UNDER

GENERAL MANDATE

Placing Agent

Reference is made to the announcement of the Company dated 3 September 2020 (the "Announcement") in relation to, among other matters, the Placing. Unless defined otherwise, capitalised terms used herein shall have the same meanings as those defined in the Announcement.

COMPLETION OF THE PLACING

The Board is pleased to announce that all conditions to completion of the Placing have been fulfilled and completion of the Placing took place on 10 September 2020. A total of 282,000,000 new Shares, representing approximately 3.34% of the total issued share capital of the Company as at the date of this announcement (as enlarged by the allotment and issue of the Placing Shares), have been successfully placed to not less than six Placees at a price of HK$9.44 per Placing Share. To the best of the Company's knowledge, information and belief, and having made all reasonable enquiries, (i) the Placing Agent, the Placees and their respective ultimate beneficial owner(s) are Independent Third Parties; and (ii) none of the Placees have become a substantial Shareholder (as defined under the Listing Rules) immediately after completion of the Placing.

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The gross proceeds from the Placing are approximately HK$2,662.1 million, and net proceeds, after deduction of professional fees and all related expenses are approximately HK$2,645.4 million. As stated in the Announcement, the Company intends to use the net proceeds raised from the Placing for capital expenditure of solar glass production capacity expansion and general working capital of the Group.

EFFECTS ON SHAREHOLDING STRUCTURE OF THE COMPANY

Based on the information available to the Company, set out below is the shareholding structure of the Company as at the date of this announcement (i) immediately before the completion of the Placing and (ii) immediately after completion of the Placing:

		As of the date of this		As of the date of this
		announcement		announcement
		immediately before		immediately after
Name of Shareholders	completion of the Placing	completion of the Placing
				% of the				% of the
				issued				issued
		Number of	share		Number of	share
		Shares	capital		Shares	capital
Xinyi Group (Glass) Company Limited	1,993,641,041		24.41		1,993,641,041		23.60
Xinyi Glass Holdings Limited	823		-	823		-
Realbest Investment Limited (Note 1)	842,209,970		10.31		842,209,970		9.97
High Park Technology Limited (Note 2)	304,950,673		3.73		304,950,673		3.61
Copark Investment Limited (Note 3)	200,094,300		2.45		200,094,300		2.37
Telerich Investment Limited (Note 4)	295,780,869		3.62		295,780,869		3.50
Perfect All Investments Limited (Note 5)	89,394,968		1.09		89,394,968		1.06
Goldbo International Limited (Note 6)	129,267,932		1.58		129,267,932		1.53
Goldpine Limited (Note 7)	120,507,840		1.48		120,507,840		1.43
Linkall Investment Limited (Note 8)	87,351,040		1.07		87,351,040		1.03
Herosmart Holdings Limited (Note 9)	85,997,706		1.05		85,997,706		1.02
Other individual Shareholders who are
related to the above or the Directors
(Note 10)	108,750,325		1.33		108,750,325		1.29
Total for the controlling shareholders
and directors of the Company	4,257,947,487		52.14		4,257,947,487		50.40
Public Shareholders
Other public Shareholders	3,907,781,096		47.86		3,907,781,096		46.26
Placees under the Placing		-	-	282,000,000		3.34
Total
8,165,728,583		100.00		8,447,728,583		100.00

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Notes:-

1. Realbest Investment Limited is wholly-owned by Dr. LEE Yin Yee, B.B.S., an executive Director.
2. High Park Technology Limited is wholly-owned by Mr. TUNG Ching Bor.
3. Copark Investment Limited is wholly-owned by Mr. TUNG Ching Sai P.S.M, D.M.S.M, a non-executive Director.
4. Telerich Investment Limited is wholly-owned by Mr. LEE Sing Din, the father of Mr. LEE Yau Ching, who is an executive Director.
5. Perfect All Investments Limited is wholly-owned by Mr. LI Man Yin, an executive Director.
6. Goldbo International Limited is wholly-owned by Mr. LI Ching Wai.
7. Goldpine Limited is wholly-owned by Mr. SZE Nang Sze.
8. Linkall Investment Limited is wholly-owned by Mr. NG Ngan Ho.
9. Herosmart Holdings Limited is wholly-owned by Mr. LI Ching Leung.
10. Mr. LEE Sing Din is interested in 36,580,280 Shares, Mr. TUNG Ching Bor is interested in 19,265,333 Shares, Tan Sri Datuk TUNG Ching Sai P.S.M, D.M.S.M is interested in 31,873,164 Shares, Mr. NG Ngan Ho is interested in 2,514,901 Shares, Mr. LI Man Yin is interested in 5,566,039 Shares, Mr. LI Ching Leung is interested in 8,209,803 Shares, Mr. SZE Nang Sze is interested in 2,510,329 Shares, Mr. LI Ching Wai is interested in 2,000,000 Shares, and Mr. CHEN Xi, an executive Director, is interested in 230,476 Shares.

By order of the board of directors of

Xinyi Solar Holdings Limited

LEE Yau Ching

Executive Director and

Chief Executive Officer

Hong Kong, 10 September 2020

As of the date of this announcement, the Board comprises four executive Directors, namely, Dr. LEE Yin Yee, B.B.S. (Chairman of the Board), Mr. LEE Yau Ching, Mr. LI Man Yin, and Mr. CHEN Xi, two non-executive Directors, namely Tan Sri Datuk TUNG Ching Sai P.S.M, D.M.S.M and Mr. LEE Shing Put, B.B.S., and three independent non-executive Directors, namely Mr. CHENG Kwok Kin, Paul, Mr. LO Wan Sing, Vincent and Mr. KAN E-ting, Martin.

This announcement will be published on the website of the Stock Exchange at www.hkexnews.hkand of the Company at www.xinyisolar.com.

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