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    Short-swing Trading of a Supervisor of the Company

    Date: 2023.06.21

    MING YANG SMART ENERGY GROUP LIMITED

    (GDR under the symbol: "MYSE")

    (a joint stock company established under the laws of the People’s Republic of China with limited liability)

    Announcement on Short-swing Trading of Family Members of a Supervisor of the Company

    Ming Yang Smart Energy Group Co., Ltd. (hereinafter referred to as “the Company”) has recently learned that the securities accounts of Liao Xiangyan (Zheng Weili’s spouse) and Xu Dafang (Zheng Weili’s mother (non co-habited)), both family members of Mr. Zheng Weili, a supervisor of the Company, were engaged in trading stocks of the Company. And the relevant matters are hereby announced as follows:

    I. Trading of Stocks of the Company by the Accounts Involved

    The securities account of Liao Xiangyan was used to trade stocks of the Company from 29 October 2021 to 21 April 2023, with a total of 62 transactions (including buying and selling). Up to now, 4,000 stocks remain in Liao Xiangyan’s securities account. During the period, a total of 20,500 stocks of the Company were bought into Liao Xiangyan’s securities account, totaling RMB569,110, with an average cost of RMB27.76/stock; and a total of 16,500 stocks were sold out, totaling RMB447,302, with an average cost of RMB27.11/stock. After deducting the remaining 4,000 stocks in Liao Xiangyan’s securities account, the accumulated loss was (27.76-27.11)*16,500 = RMB10,725.

    The securities account of Xu Dafang was used to trade stocks of the Company from 28 January 2021 to 7 June 2023, with a total of 172 transactions (including buying and selling). Up to now, 8,900 stocks remain in Xu Dafang’s securities account. During the period, a total of 64,700 stocks of the Company were bought into Xu Dafang’s securities account, totaling RMB1,593,785, with an average cost of RMB24.63/stock; and a total of 55,800 stocks were sold out, totaling RMB1,361,985, with an average cost of RMB24.41/stock. After deducting the remaining 8,900 stocks in Xu Dafang’s securities account, the accumulated loss was (24.63-24.41)*55,800 = RMB12,276.

    Pursuant to relevant provisions of the Securities Law of the People’s Republic of China (hereinafter referred to as the “Securities Law”), the acts that both the spouse and the mother of Mr. Zheng Weili, a supervisor of the Company, sold the stocks of the Company within six months after their buying and also bought such stocks within six months after their selling constituted short-swing trading.

    II. Handling of Stocks of the Company in This Trading

    1. Upon verification with Mr. Zheng Weili, he expressed that he had not communicated with his two immediate family members about buying and selling stocks of the Company, and had not informed them of the business circumstance of the Company during the period; and moreover, he was unaware of their acts in buying and selling stocks of the Company. Both securities accounts of Ms. Liao Xiangyan and Ms. Xu Dafang are controlled and operated by Ms. Liao Xiangyan, and Ms. Xu Dafang is unaware of the trading of the above-mentioned stocks. The act of buying and selling stocks of the Company is an independent investment made by Ms. Liao Xiangyan based on her judgment of the secondary market. In the course, Mr. Zheng Weili was not informed of such act, so there is no purpose of seeking benefits by virtue of inside information, and there is no subjective violation.

    2. Mr. Zheng Weili, together with his spouse Ms. Liao Xiangyan and his mother Ms. Xu Dafang, have deeply realized the seriousness of such violation. Mr. Zheng Weili deeply blames himself for failing to fulfill his supervision obligations in time, and commits to further studying and strictly abiding by the relevant regulations on prohibiting short-swing trading, as well as to urging his family members to execute such regulations properly and ensuring no recurrence. Both the Company and Mr. Zheng Weili sincerely apologize to the investors for the adverse effects of this short-swing trading on the Company and the market.

    3. The Company is of the view that Ms. Liao Xiangyan, as an immediate family member of a supervisor of the Company, used both her own securities account and other person’s securities account to trade stocks of the Company, which was in violation of the relevant requirements of the Securities Law, the Stock Listing Rules of Shanghai Stock Exchange, the Management Rules for Holding Shares of a Listed Company by Its Directors, Supervisors and Senior Managers and Their Changes, etc., and that as a supervisor of the Company, Mr. Zheng Weili failed to fulfill his supervision obligations and thus violated the prohibitive provisions for short-swing trading.

    4. The Board of Directors of the Company will further strengthen the compliance and management of directors, supervisors, senior managers, shareholders holding over 5% shares of the Company and relevant personnel in terms of relevant domestic and foreign laws, regulations and normative documents such as the Securities Law, the Stock Listing Rules of Shanghai Stock Exchange, the Management Rules for Holding Shares of a Listed Company by Its Directors, Supervisors and Senior Managers and Their Changes, and will require the relevant personnel to urge their family members to execute such regulations properly to prevent recurrence.


    For details of the PCA notification in accordance with the UK Market Abuse Regulations, please visit: (please insert here)


    Ming Yang Smart Energy Group Limited

    21 June, 2023


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