Tianjin Binhai Energy & Development (000695.SZ): Controlling shareholder plans to inject RMB 507 million in capital into Xiangfu New Energy

Tianjin Binhai Energy & Development (000695.SZ) announced that its controlling shareholder, Xuyang Group Co., Ltd. ("Xuyang Group"), plans to inject RMB 507 million in capital into the company's subsidiary, Inner Mongolia Xiangfu New Energy Co., Ltd. ("Xiangfu New Energy"). The company is waiving its preferential right to subscribe to this capital increase. After the completion of this capital increase in Xiangfu New Energy, the company's controlling stake will change to 51.50%, Xuyang Holdings Co., Ltd.'s shareholding will change to 29.86%, and Xuyang Group's shareholding will be 18.64%. The controlling shareholder's capital injection into the company's subsidiary Xiangfu New Energy will supplement working capital for its new energy business expansion, technology research and development, anode material projects, and the construction of supporting source-grid-load-storage green power projects, which will help it rapidly expand production capacity.