Shanghai Aisuo New Energy Co., Ltd. Simplified Equity Change Report

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Listed Company: Shanghai Aiexu New Energy Co., Ltd.

Listing Location: Shanghai Stock Exchange

Stock Abbreviation: Aiexu Shares

Stock Code: 600732

Information Disclosure Obligor: Yiwu Qiguang Equity Investment Partnership (Limited Partnership)

Address: No. 126, Sufu Road, Suxi Town, Yiwu City, Zhejiang Province

Contact Address: No. 126, Sufu Road, Suxi Town, Yiwu City, Zhejiang Province

Nature of Share Change: Decrease in the number of shares

Signing Date: March 2026

Information Disclosure Obligor Statement

1. This report is prepared by the information disclosure obligor in accordance with the Company Law of the People’s Republic of China (hereinafter referred to as “Company Law”), the Securities Law of the People’s Republic of China (hereinafter referred to as “Securities Law”), the Management Measures for the Acquisition of Listed Companies (hereinafter referred to as “Acquisition Measures”), and the Guidelines for the Content and Format of Information Disclosure by Companies Issuing Securities No. 15 - Report on Changes in Equity (hereinafter referred to as “Guideline No. 15”) and other relevant laws, regulations, and normative documents.

2. The information disclosure obligor has obtained the necessary authorization and approval to sign this report, and its performance does not violate any provisions of the articles of association or internal rules of the information disclosure obligor, nor does it conflict with them.

3. According to the provisions of the Securities Law, the Acquisition Measures, and Guideline No. 15, this report fully discloses the changes in the shares held by the information disclosure obligor in Shanghai Aiexu New Energy Co., Ltd. (hereinafter referred to as “Aiexu Shares” or “Company”); as of the signing date of this report, except for the information disclosed in this report, the above information disclosure obligor has not increased or decreased its shares in Aiexu Shares through any other means.

4. This equity change is conducted based on the information specified in this report. Except for the information disclosure obligor, no other person has been entrusted or authorized to provide information not listed in this report or to make any interpretations or explanations regarding this report.

5. The information disclosure obligor guarantees that this report does not contain any false records, misleading statements, or significant omissions, and bears individual and joint legal liability for its authenticity, accuracy, completeness, and timeliness.

Section 1: Definitions

In this report, unless otherwise stated, the following abbreviations have the following specific meanings:

Section 2: Introduction of the Information Disclosure Obligor

1. Basic Information of the Information Disclosure Obligor

1. Basic Information

Note: Any discrepancies or inconsistencies in the data involved in this report are due to rounding.

2. Basic Information of the Main Responsible Persons

2. Relationship Description between the Information Disclosure Obligor and Its Concerted Actors

As of the signing date of this report, the information disclosure obligor has no concerted actors.

3. Conditions under which the Information Disclosure Obligor holds shares in other listed companies both domestically and abroad, reaching or exceeding 5% of the company’s issued shares

As of the signing date of this report, the information disclosure obligor does not hold or control 5% or more of the outstanding shares of any other listed company domestically or abroad.

Section 3: Purpose of Equity Change

1. Purpose of this Equity Change

The information disclosure obligor reduced its shares of the company through block trading and centralized bidding due to its own funding needs, resulting in a decrease in its shareholding ratio.

2. Plans for Increasing or Decreasing Shares in the Listed Company by the Information Disclosure Obligor within the Next 12 Months

Within the next 12 months from the signing date of this report, the information disclosure obligor will determine whether to increase or decrease its shares in the company based on the actual situation of the capital market and its own funding needs. If it increases or decreases its shares in the company in the future, the information disclosure obligor will strictly fulfill its information disclosure obligations and corresponding reporting obligations in accordance with the provisions of the Securities Law, the Acquisition Measures, Guideline No. 15, and other relevant laws and regulations.

Section 4: Method of Equity Change

1. Method of this Equity Change

The method of this equity change is that the information disclosure obligor reduces its shares in the company through block trading and centralized bidding, causing its shareholding ratio to touch 5%.

2. Shareholding Situation of the Information Disclosure Obligor Before this Equity Change

Before this equity change, Yiwu Qiguang held 168,549,617 unrestricted circulating shares of the company, accounting for 7.96% of the company’s total share capital.

3. Basic Situation Regarding This Equity Change

From December 30, 2025, to March 26, 2026, Yiwu Qiguang reduced its holdings of Aiexu Shares by a total of 62,687,217 shares through centralized bidding and block trading, accounting for 2.96% of the total share capital of Aiexu Shares. The specific change situation is as follows:

4. Shareholding Situation Before and After This Equity Change

Note: The “Proportion of Shares Held Before/After This Equity Change” in the above table is calculated based on a total share capital of 2,117,249,923 shares.

5. Restrictions on the Rights of Shares Held by the Information Disclosure Obligor

As of the signing date of this report, the shares held by the information disclosure obligor are not subject to any pledge, freeze, or other restrictions.

Section 5: Trading of Listed Shares in the Past Six Months

Except for the equity change situation disclosed in this report, there have been no trading activities of listed company shares by the information disclosure obligor in the six months prior to the issuance of this report.

Section 6: Other Significant Matters

As of the signing date of this report, the information disclosure obligor has truthfully disclosed relevant information regarding this equity change in accordance with relevant regulations, and there are no other significant information that should be disclosed by the information disclosure obligor according to laws and relevant regulations that have not been disclosed.

Information Disclosure Obligor Statement

The information disclosure obligor guarantees that this report does not contain any false records, misleading statements, or significant omissions, and bears individual and joint legal liability for its authenticity, accuracy, and completeness.

Information Disclosure Obligor Seal:

Yiwu Qiguang Equity Investment Partnership (Limited Partnership)

Seal Date: March 27, 2026

Signature of the Representative Authorized by the Executing Partner:

Yu Xinhua

Signature Date: March 27, 2026

Section 7: Documents for Reference

1. Documents for Reference

1. Copy of the business license of the information disclosure obligor;

2. Identity verification documents of the main responsible persons of the information disclosure obligor;

3. Simplified Report on Changes in Equity signed by the information disclosure obligor.

2. Reference Location

This report and the above reference documents are kept in the office of the board of directors of Aiexu Shares for investors to inquire.

Appendix: Simplified Report on Changes in Equity

Information Disclosure Obligor Seal:

Yiwu Qiguang Equity Investment Partnership (Limited Partnership)

Signature of the Representative Authorized by the Executing Partner:

Yu Xinhua

Signature Date: March 27, 2026

Securities Code: 600732               Securities Abbreviation: Aiexu Shares          Announcement Number: Lin 2026-012

Shanghai Aiexu New Energy Co., Ltd.

Regarding Changes in the Equity of Non-controlling Shareholders Holding More Than 5%

Notice of Touching the 5% Threshold

Yiwu Qiguang Equity Investment Partnership (Limited Partnership) guarantees that the information provided to this company is true, accurate, and complete, with no false records, misleading statements, or significant omissions. The board of directors of this company and all directors guarantee that the content of the announcement is consistent with the information provided by the information disclosure obligor.

Important Content Notice:

Note: The “Total Proportion Before Equity Change” in the above table refers to the shareholding ratio of the information disclosure obligor when it disclosed the reduction plan on December 6, 2025.

1. Basic Information of the Information Disclosure Obligor and Its Concerted Actors

1. Identity Category

2. Information Disclosure Obligor Information

3. Concerted Actor Information

The above information disclosure obligor has no concerted actors and has no relationship with the company’s controlling shareholders, actual controllers, directors, or senior management personnel.

2. Basic Situation Regarding Equity Change Touching the 5% Threshold

Shanghai Aiexu New Energy Co., Ltd. (hereinafter referred to as “the Company”) received on March 27, 2026, a “Simplified Report on Changes in Equity” from Yiwu Qiguang Equity Investment Partnership (Limited Partnership) (hereinafter referred to as “Yiwu Qiguang”), a non-controlling shareholder holding more than 5%. Yiwu Qiguang reduced its shares in the company by a total of 62,687,217 shares through centralized bidding and block trading from December 30, 2025, to March 26, 2026, accounting for 2.96% of the total share capital of the company. After this equity change, Yiwu Qiguang’s shareholding decreased from 168,549,617 shares to 105,862,400 shares, and its holding ratio decreased from 7.96% to 5.00%, touching the 5% threshold. The specific situation is as follows:

Note: Any discrepancies or inconsistencies in the data involved in this announcement are due to rounding.

3. Other Explanations

1. This equity change is Yiwu Qiguang’s implementation of the previously disclosed reduction plan, does not trigger a takeover, and will not lead to a change in the controlling shareholder or actual controller of the company.

2. This equity change involves the information disclosure obligor disclosing the simplified report on changes in equity, and the specific content can be found in the simplified report on changes in equity disclosed on the same day by the company on the Shanghai Stock Exchange website (www.sse.com.cn).

3. The reduction of shares by Yiwu Qiguang complies with the relevant provisions of the Interim Measures for the Administration of Share Reduction by Shareholders of Listed Companies, the Self-regulatory Guidelines for Listed Companies No. 15 - Reduction of Shares by Shareholders, Directors, and Senior Management, and other laws, regulations, departmental rules, and normative documents. The transferee of Yiwu Qiguang’s block reduction shall not reduce the shares acquired within 6 months after the transfer.

4. As of the date of this announcement, Yiwu Qiguang’s reduction plan has been fully implemented, and the specific content can be found in the company’s announcement on the same day on the Shanghai Stock Exchange website (www.sse.com.cn) regarding the results of the reduction of shares by non-controlling shareholders holding more than 5% (Announcement Number: Lin 2026-013).

This is a special announcement.

Board of Directors of Shanghai Aiexu New Energy Co., Ltd.

March 27, 2026

Securities Code: 600732                 Stock Abbreviation: Aiexu Shares             Number: Lin 2026-014

Shanghai Aiexu New Energy Co., Ltd.

Announcement Regarding the Pledge of Some Shares by the Controlling Shareholder

The board of directors of this company and all directors guarantee that this announcement does not contain any false records, misleading statements, or significant omissions and bear legal responsibility for the truthfulness, accuracy, and completeness of its content.

Important Content Notice:

● As of the date of this announcement, Mr. Chen Gang, the controlling shareholder of Shanghai Aiexu New Energy Co., Ltd. (hereinafter referred to as “the Company”), holds 327,979,879 shares of the company, accounting for 15.49% of the total share capital of the company. After this pledge, the total number of shares pledged by Mr. Chen Gang is 213,410,000 shares, accounting for 65.07% of his holdings, and 10.08% of the total share capital of the company.

● As of the date of this announcement, Mr. Chen Gang and his concerted actor Yiwu Hengying Enterprise Management Partnership (Limited Partnership), Zhuhai Hengqin Shunhe Enterprise Management Partnership (Limited Partnership) (hereinafter referred to as “controlling shareholder and its concerted actors”) hold a total of 571,510,967 shares, accounting for 26.99% of the total share capital of the company. After this pledge, the total number of shares pledged by the controlling shareholder and its concerted actors is 337,320,000 shares, accounting for 59.02% of their total holdings, and 15.93% of the total share capital of the company.

1. Basic Situation of the Share Pledge

The company recently learned that Mr. Chen Gang, the controlling shareholder, pledged part of the shares he holds, as detailed below:

1. Basic Information of This Share Pledge

Unit: Shares

2. The pledged shares do not serve as guarantees or other security purposes for major asset restructuring performance compensation and similar matters.

3. Cumulative Pledge Situation of Shareholders

As of the date of this announcement, the cumulative pledge situation of Mr. Chen Gang and his concerted actors is as follows:

Unit: Shares

Note: The discrepancy between the total and individual numbers is due to rounding.

2. Pledge Situation of the Controlling Shareholder and Its Concerted Actors

As of the date of this announcement, the total number of pledged shares by the controlling shareholder and its concerted actors is 337,320,000 shares, accounting for 59.02% of their total shares in the company and 15.93% of the company’s total share capital. The situation of the pledged shares that will expire in the next six months and one year for the controlling shareholder and its concerted actors is as follows:

Note: The pledged shares that will expire in “the next year” do not include those expiring within the next six months.

As of the date of this announcement, the controlling shareholder and its concerted actors have a good credit status and are capable of repaying funds. The sources of funds for repaying the financing corresponding to the pledged shares include but are not limited to self-owned funds, income from official positions, stock dividends, investment income, and other revenues, as well as extension of equity pledges, bank loan financing, etc.

3. The controlling shareholder and its concerted actors do not engage in any non-operational fund occupation, illegal guarantees, related transactions, or any other actions that infringe upon the interests of the company.

4. Impact of the Pledge Matters of the Controlling Shareholder and Its Concerted Actors on the Listed Company

1. The risk of this share pledge is controllable and will not have a substantial impact on the company’s main business, financing credit, financing costs, or continuing operations. If subsequent risks arise due to stock price declines, the controlling shareholder and its concerted actors will take measures including but not limited to adding margin, supplementary pledging, and early repayment.

2. This share pledge matter will not have a substantial impact on corporate governance. The controlling shareholder and its concerted actors have good credit status and are capable of repaying funds, and it will not lead to a change in the company’s control. The controlling shareholder and its concerted actors are independent from the company in terms of assets, business, finance, institutions, and personnel, and do not have a substantial impact on the company’s equity structure and daily management.

3. This share pledge does not involve the performance compensation obligations of the controlling shareholder and its concerted actors.

This is a special announcement.

Board of Directors of Shanghai Aiexu New Energy Co., Ltd.

March 27, 2026

Securities Code: 600732           Securities Abbreviation: Aiexu Shares          Announcement Number: Lin 2026-013

Shanghai Aiexu New Energy Co., Ltd.

Announcement Regarding the Results of Share Reduction by Non-controlling Shareholders Holding More Than 5%

The board of directors of this company, all directors, and relevant shareholders guarantee that this announcement does not contain any false records, misleading statements, or significant omissions, and bear legal responsibility for the truthfulness, accuracy, and completeness of its content.

Important Content Notice:

● Basic situation of shareholders’ holdings: Before the implementation of this reduction plan, Yiwu Qiguang Equity Investment Partnership (Limited Partnership) (hereinafter referred to as “Yiwu Qiguang”), a shareholder of Shanghai Aiexu New Energy Co., Ltd. (hereinafter referred to as “the Company”), held 168,549,617 shares, accounting for 7.96% of the total share capital of the company.

● Results of the implementation of the reduction plan: On December 6, 2025, the company disclosed the announcement regarding the reduction plan by non-controlling shareholders holding more than 5% (Announcement Number: Lin 2025-107). Yiwu Qiguang planned to reduce its shares by no more than 3% of the total number of shares of the company (based on the total number of shares of the company at that time, the planned reduction quantity was 63,517,497 shares) within three months after the 15th trading day from the date of disclosure of the announcement.

On March 26, 2026, the company received a notification letter from Yiwu Qiguang regarding the completion of the reduction plan. As of March 26, 2026, Yiwu Qiguang had cumulatively reduced its shares by 62,687,217 shares, accounting for 2.96% of the total share capital of the company, with a cumulative reduction amount of 869,388,327.31 yuan. This reduction plan has been fully implemented.

1. Basic situation of the reducing entity before the reduction

Note: “Other ways of acquisition” refers to the shares acquired by Yiwu Qiguang through the issuance of shares for asset purchases during major asset restructuring, which were then obtained through capital reserve transfer to increase share capital.

The above reducing entity has no concerted actors and has no relationship with the company’s controlling shareholders, actual controllers, directors, or senior management personnel.

2. Results of the implementation of the reduction plan

(1) The major shareholder discloses the results of the reduction plan due to the following matters:

The disclosed reduction time period has expired.

Note: Any discrepancies or inconsistencies in the data involved in this announcement are due to rounding.

(2) Whether this reduction complies with relevant laws and regulations and the business rules of the exchange:        √ Yes      □ No

(3) Whether the actual reduction situation is consistent with the previously disclosed reduction plan and commitments:        √ Yes      □ No

(4) After the reduction time period has expired, whether the reduction was not implemented:        □ Not Implemented      √ Implemented

(5) Whether the actual reduction did not meet the minimum quantity (ratio) of the reduction plan:        □ Not Met      √ Met

(6) Whether the reduction plan was terminated early:        □ Yes      √ No

(7) Whether there are violations of the reduction plan or other commitments:        □ Yes      √ No

This is a special announcement.

Board of Directors of Shanghai Aiexu New Energy Co., Ltd.

March 27, 2026

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