Gelonghui, April 25, 丨 CGN New Energy (01811.HK) announced that according to the share repurchase plan, the board of directors plans to use up to HK$157 million (including transaction tax) to repurchase no more than 64,362,400 shares. According to the Hong Kong Stock Exchange Limited securities listing rules, the actual purchase price for each repurchase must not be higher than 5% or more of the average closing price of the five trading days immediately preceding each repurchase. The company will use currently available cash to fund the share repurchase plan.

The board of directors believes that (i) the company's current share price is lower than its intrinsic real value and may not reflect the company's business prospects; (ii) the share repurchase plan reflects the confidence of the board of directors and senior management of the company in the company's long-term growth and market performance; (iii) the share repurchase plan will benefit the company and create value for shareholders, so the share repurchase plan is in the best interests of the company and its shareholders as a whole; (iv) the company's current financial resources enable it to carry out the share repurchase plan while maintaining a sound financial situation.