Xinyi Energy's major shareholders increase shareholding with scrip dividend
Signify confidence in the Group's long-term value
(29 September 2022, Hong Kong) – Xinyi Energy Holdings Limited ("Xinyi Energy" or the "Group"; stock code: 03868), a leading solar farm operator in the PRC, is pleased to announce that 77.3% of its shareholders had elected to receive 2022 interim dividend by way of scrip dividend and 142,001,784 scrip shares (the "Scrip Shares") have been allotted yesterday, accounting for 1.9% of its enlarged issued share capital.
The Group's interim dividend is HK$7.7 cents per share. Shareholders can elect to receive the dividend by way of Scrip Shares in lieu of cash in whole or in part under the scrip dividend scheme. The market value of the Scrip Shares is HK$3.06 per share. The Group's controlling shareholder Xinyi Solar Holdings Limited, its founding shareholders and persons acting in concert have mainly chosen to receive Scrip Shares in lieu of cash dividends to increase their shareholding in the Group, altogether they increased their holding by more than 120 million shares, relating to the dividend of over HK$300 million elected in lieu of cash.
Mr. LEE Shing Put, B.B.S., Chairman and Executive Director of Xinyi Energy, said, "Although the world is still troubled by unpredictable factors, the Group was still able to grow revenue and in scale in the first half of 2022 and maintain a sound financial position amid the increased macroeconomic uncertainty, testifying to the resilience of its business and the core competitive strengths it has built over the years. The controlling shareholder and founding shareholders increasing their shareholding in the Group through receiving over 120 million Scrip Shares is reflective of their full confidence in the long-term growth and business prospects of the PV industry and Xinyi Energy, as well as their optimism about Xinyi Energy seizing the opportunities coming with China's energy transition and carbon neutrality actions to scale up continuously and strengthen its asset portfolio, and ultimately bring long-term steady returns to shareholders."