Xinyi Energy Proposes A Placing of 188 Million New Shares to Raise Approximately HK$780 Million

Strengthens Financial Position and Expands Capital Base

Supports Future Business Development

(28 March 2022, Hong Kong) – Xinyi Energy Holdings Limited ("Xinyi Energy"or the "Group"; stock code: 03868), a leading solar farm operator in the PRC has today announced that the Group will issue and allot 188,400,000 subscription shares (the "Subscription Shares") at the subscription price of HK$4.14 per share to HHLR Fund, L.P. and YHG Investment, L.P.("Investor I") and CICC Financial Trading Limited ("Investor Il").

Pursuant to subscription agreements (the "Subscription Agreements"), Investor I and Investor II will subscribe for 113,040,000 shares and 75,360,000 shares respectively. The total number of 188,400,000 shares represent approximately 2.65% of the existing issued share capital of the Company and approximately 2.58% of the issued share capital of the Company as enlarged by the issue of the Subscription Shares. The subscription price represents a discount of approximately 8% to the closing price of HK$4.50 per share on 25 March 2022, being the last trading day prior to signing of Subscription Agreements. The Subscription is expected to be completed no later than 27 April 2022. After deducting all related fees and expenses, the net proceeds will be approximately HK$779.5 million which the Group intends to use for general working capital.

Mr. LEE Shing Put,B.B.S., Chairman and Executive Director of Xinyi Energy, said, "Share placing with strategic investors is conducive to the further expansion of the Group's capital base and it serves as evidence of the capital market's confidence in the Group's business strategy and prospects. As the sole management company of HHLR Fund, L.P. and the sole investment manager of YHG Investment, L.P., Hillhouse Capital ("Hillhouse"), an investment firm focusing on long-term structural value investments and having strategic exposure to quality companies in the upstream and downstream of China's solar value chain, is the main investor agreed to subscribe of the Subscription Shares. We expect to complete the acquisition of no less than 1 GW of solar farm projects in 2022. The total approved capacity by the Group will exceed 3.4GW by the year-end, representing a year-on-year increase of approximately 40%. The Group has maintained a 100% dividend payout ratio for 3 consecutive years since its IPO in 2019. We believe that the placing will strengthen our financial position, better support the Group's development strategy and dividend policy of maintaining a high dividend payout ratio. Coupled with the Group's unique business model, robust business nature and the extensive development opportunities of renewable energy in China, we believe we can deliver stable returns for shareholders."