XINYI SOLAR and its subsidiary of XINYI GLASS have signed a silicon sand agreement for 2025, renewing a continuous related Trade that will last for one year from January 1, 2025, to December 31, 2025. According to the agreement, the subsidiary of XINYI SOLAR will continue to sell silicon sand to the members of the XINYI GLASS Group, which is used for the production of float glass.The annual limit of the agreement is 71 million RMB (equivalent to 76.2 million HKD), and the XINYI GLASS Group will procure no more than 540,000 tons of silicon sand from Huanpu XINYI. The sale of silicon sand will be priced at the current market rate at that time and settled monthly via bank transfer. This Trade will allow the XINYI...Show More

XINYI SOLAR and its subsidiary of XINYI GLASS have signed a silicon sand agreement for 2025, renewing a continuous related Trade that will last for one year from January 1, 2025, to December 31, 2025. According to the agreement, the subsidiary of XINYI SOLAR will continue to sell silicon sand to the members of the XINYI GLASS Group, which is used for the production of float glass.The annual limit of the agreement is 71 million RMB (equivalent to 76.2 million HKD), and the XINYI GLASS Group will procure no more than 540,000 tons of silicon sand from Huanpu XINYI. The sale of silicon sand will be priced at the current market rate at that time and settled monthly via bank transfer. This Trade will allow the XINYI SOLAR Group to fully utilize its resources based on the characteristics of different types of silicon sand while providing a convenient and reliable source of silicon sand supply for the XINYI GLASS Group.Since the applicable percentage exceeds 0.1% but is below 5%, this continuous related Trade must comply with the reporting and announcement requirements of Chapter 14A of the listing rules, but is exempt from the requirements for compliance with the circular and Shareholder approval. Both Boards of Directors believe that the agreement has been entered into on normal commercial terms and is fair and reasonable and in the overall interests of both companies and their Shareholders.