Jiangsu Shenma Electric Power adjusts the buyback price ceiling to 95 yuan per share, a 150% increase from the original ceiling.

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On April 7, 2026, Jiangsu Shenma Power Co., Ltd. (hereinafter referred to as the “Company”) announced that, in order to ensure the smooth implementation of the share repurchase plan, it decided to adjust the upper limit of the repurchase share price from not exceeding CNY 38 per share (inclusive) to not exceeding CNY 95 per share (inclusive). After this adjustment, all other aspects of the repurchase plan remain unchanged. This matter was approved at the 36th meeting of the fifth session of the board of directors of the Company and does not require submission to a shareholders’ meeting for approval.

Basic Review of the Share Repurchase Plan

According to the disclosure, on July 29, 2025, the Company convened the 29th meeting of the fifth session of the board of directors and approved the share repurchase plan. Under the original plan, the Company intended to use its own funds or raise funds (including stock repurchase special-purpose loan funds, etc.) to repurchase part of its shares through the Shanghai Stock Exchange’s centralized bidding trading method. The total repurchase funding amount was in the range of CNY 300 million to CNY 400 million (inclusive of both ends). The repurchase price would not exceed CNY 38 per share. The repurchase period would be within 12 months from the date the board of directors approved the plan. All repurchased shares were intended to be used for equity incentives and/or an employee stock ownership plan.

Repurchase Progress: Spent Over CNY 236.66 million to Repurchase 7.9774 Million Shares

The announcement shows that, as of now, the Company has cumulatively repurchased 7,977.74 thousand shares through centralized bidding, accounting for 1.8480% of the Company’s total share capital of 431.68 million shares. The specific transaction details are as follows:

Reason for Adjusting the Price Cap: Share Price Exceeded the Original Cap, Ensuring Plan Execution

The Company stated that, given that the Company’s stock price has recently exceeded the original price cap of CNY 38 per share set in the repurchase plan, in order to ensure the smooth implementation of the repurchase plan, it decided to adjust the price cap to CNY 95 per share. The announcement emphasized that the adjusted upper limit for the repurchase price is no higher than 150% of the average stock trading price over the 30 trading days prior to the board resolution, and complies with relevant regulatory requirements. Other than the price cap, the repurchase plan’s total funding amount, intended use of repurchased shares, implementation period, and other contents remain unchanged.

Impact on the Company: No Effect on Operations and Listing Status

Regarding this adjustment, the Company pointed out that this move complies with provisions such as the Company Law, the Shanghai Stock Exchange’s Guidelines for Self-Regulatory Supervision of Listed Companies No. 7—Share Repurchases, and the Company’s Articles of Association. It is a reasonable adjustment made in combination with changes in the capital market and the Company’s actual circumstances. The announcement made it clear that this adjustment will not cause any material adverse impact on the Company’s business activities, financial condition, R&D, or future development. It will also not harm the Company’s ability to fulfill its debts and its ongoing operating capability, and there is no situation where the interests of the Company and its minority shareholders are harmed. At the same time, after the adjustment, the Company’s controlling rights will not change, the distribution of equity still meets the conditions for a listed company, and its listing status will not be affected.

Decision-Making Procedure and Risk Warning

This adjustment matter was approved by the 36th meeting of the fifth session of the Company’s board of directors on April 6, 2026, and does not require submission to a shareholders’ meeting for review. The Company reminded that, if the stock price continues to exceed the adjusted cap of CNY 95 per share during the repurchase period, there may be a risk that the repurchase cannot be completed according to the plan. The Company will repurchase when and as appropriate based on market conditions, and will promptly fulfill information disclosure obligations. Investors are advised to pay attention to investment risks.

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Responsible Editor: Xiao Lang Express