IMPORTANT NOTICE

THIS OFFERING IS AVAILABLEONLY TO INVESTORS WHO ARE OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN RELIANCE ON REGULATION S UNDER THESECURITIES ACT.

IMPORTANT: You must read the following disclaimerbefore continuing. The following disclaimer applies to the document (the "PricingNotification") following this page. You are advised to read thisdisclaimer carefully before accessing, reading or making any other use of theattached Pricing Notification. In accessing the attached Pricing Notification,you agree to be bound by the following terms and conditions, including anymodifications to them from time to time, each time you receive any informationfrom us as a result of such access.

IF YOU DO NOT AGREE TO THE TERMS DESCRIBED IN THIS NOTICE, YOU MAYNOT READ, ACCESS OR OTHERWISE USE THE ATTACHED PRICING NOTIFICATION.

THE OFFER GDRS HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDERTHE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES ORANY OTHER JURISDICTION AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES,EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THEREGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE ORLOCAL SECURITIES LAWS.

YOU ARE NOT AUTHORISED TO AND MAY NOT FORWARDOR DELIVER THE ATTACHED PRICING NOTIFICATION, ELECTRONICALLY OR OTHERWISE, TOANY OTHER PERSON OR REPRODUCE SUCH PRICING NOTIFICATION IN ANY MANNER WHATSOEVER.ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THE ATTACHED PRICINGNOTIFICATION IN WHOLE OR IN PART IS NOT PERMITTED. FAILURE TO COMPLY WITH THISDIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLELAWS OF OTHER JURISDICTIONS.

CONFIRMATION OF YOUR REPRESENTATION: You have been sent theattached Pricing Notification on the basis that you have confirmed that: (1)you are outside the United States, and, to the extent you purchase thesecurities described in the attached Pricing Notification, you will be doing soin an offshore transaction in reliance on Regulation S under the SecuritiesAct; and (2) you consent to delivery of the attached Pricing Notification andany amendments or supplements thereto by electronic transmission.

Youare reminded that this document has been delivered to you on the basis that youare a person into whose possession this document may be lawfully delivered inaccordance with the laws of the jurisdiction in which you are located, and youmay not nor are you authorised to forward or deliver the attached document,electronically or otherwise, to any other person. If you receive the attacheddocument by e-mail, you should not reply by e-mail to this announcement. Anyreply e-mail communications, including those you generate by using the “Reply”function on your e-mail software, will be ignored or rejected. If you receivethe attached document by e-mail, your use of this e-mail is at your own riskand it is your responsibility to take precautions to ensure that it is freefrom viruses and other items of a destructive nature.

Thematerials relating to the Offering do not constitute, and may not be used inconnection with, an offer or solicitation in any place where offers orsolicitations are not permitted by law. No action has been or will be taken inany jurisdiction by any of the Company, and UBS AG London Branch, HSBC Bank plc,CLSA Limited, China International Capital Corporation (UK) Limited and HaitongInternational Securities Company Limited (collectively, the “Joint Bookrunners”) (or, whereapplicable in any jurisdiction that requires the offering to be made by alicensed broker or dealer, by such affiliates as are licensed in thatjurisdiction for such purpose) that would or is intended to,  permit a public offering of the securities,or possession or distribution of the attached Pricing Notification (inpreliminary, proof or final form) or any other offering or publicity materialrelating to the securities, in any country or jurisdiction where action forthat purpose is required. If a jurisdiction requires that the offering be madeby a licensed broker or dealer and the Joint Bookrunners or any affiliate ofthe Joint Bookrunners is a licensed broker or dealer in that jurisdiction, theoffering shall be deemed to be made by the Joint Bookrunners or such affiliateon behalf of the Company in such jurisdiction.

Theattached Pricing Notification is only addressed to and directed at persons inmember states of the European Economic Area (the “EEA”) who are “qualified investors” within the meaning of Article2(e) of the Prospectus Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (“QualifiedInvestors”).  In the United Kingdom,the attached Pricing Notification is being distributed only to, and is directedonly at, persons who are “qualified investors” within the meaning of Article 2of the Prospectus Regulation (Regulation (EU) 2017/1129) as it forms part ofretained EU law as defined in the European Union (Withdrawal) Act 2018 and who(i) have professional experience in matters relating to investments fallingwithin Article 19(5) of the Financial Services and Markets Act 2000 (FinancialPromotion) Order 2005, as amended (the “Order”);(ii) are persons falling within Article 49(2)(a) to (d) of the Order; and/or(iii) are otherwise persons to whom it may otherwise lawfully be communicated(all such persons being referred to as “relevant persons”). The attachedPricing Notification is directed only at relevant persons in the United Kingdomand Qualified Investors in any member state of the EEA and must not be acted onor relied on: (i) in the United Kingdom, by persons who are not relevantpersons; and (ii) in any member state of the EEA, by persons who are notQualified Investors. Any investment or investment activity to which theattached Pricing Notification relates is available only to: (i) in the UnitedKingdom, relevant persons; and (ii) in any member state of the EEA, QualifiedInvestors, and will be engaged in only with such persons.

Theattached Pricing Notification has been sent to you in an electronic format. Youare reminded that documents transmitted in an electronic format may be alteredor changed during the process of transmission and consequently none of theCompany, the Joint Bookrunners, their respective affiliates, directors,officers, employees, representatives and agents or any other person controllingthe Company, the Joint Bookrunners or any of their respective affiliatesaccepts any liability or responsibility whatsoever in respect of anydiscrepancies between the document distributed to you in electronic format andthe hard-copy version.

None of the Joint Bookrunners, or any of their respectiveaffiliates, or any of their respective directors, officers, employees or agentsaccepts any responsibility whatsoever for the contents of the attached PricingNotification or for any statement made or purported to be made by it, or on itsbehalf, in connection with the Company or the offering.

TheJoint Bookrunners and any of theirrespective affiliates accordingly disclaim all and any liability whetherarising in tort, contract, or otherwise which they might otherwise have in respectof the attached Pricing Notification or any such statement. No representationor warranty express or implied, is made by any of the Joint Bookrunners or any of their respectiveaffiliates as to the accuracy, completeness, reasonableness, verification orsufficiency of the information set out in the attached Pricing Notification.

TheJoint Bookrunners are acting exclusively for the Company and no one else inconnection with the offering. They will not regard any other person (whether ornot a recipient of the attached Pricing Notification) as their client inrelation to the offering and will not be responsible to anyone other than theCompany for providing the protections afforded to their clients nor for givingadvice in relation to the offering or any transaction or arrangement referredto herein.

This document comprises a pricing notification (the “PricingNotification”) relating to the offering described in a pathfinderprospectus dated 7 July 2022 (the “Pathfinder Prospectus”) relating toMing Yang Smart Energy Group Limited, a joint stock company established underthe laws of the People’s Republic of China (the “PRC”) with limitedliability (the “Company” and together with its subsidiaries, the “Group”).Before making an investment, prospective investors should read the PathfinderProspectus for more complete information about the Company and the Offering. Afinal prospectus expected to be dated 8 July 2022 (the “Prospectus”)will be published by the Company and prepared in accordance with the prospectusregulation rules (the “Prospectus Regulation Rules”) of the UK FinancialConduct Authority (the “FCA”) and in connection with the Offering andAdmission.

This document should be read in conjunction with the PathfinderProspectus. Capitalised terms used and not defined in this Pricing Notificationhave the same meaning as ascribed to them in the Pathfinder Prospectus.Prospective investors should read both this Pricing Notification and the entirePathfinder Prospectus and, in particular, are advised to examine all the risksthat are relevant and should be considered in connection with an investment inthe Offer GDRs. See the section entitled “Risk Factors” beginning on page 8 ofthe Pathfinder Prospectus to read about factors you should consider beforebuying the Offer GDRs. The GDRs are of a specialist nature and should only bebought and traded by investors who are particularly knowledgeable in investmentmatters.

明陽智慧能源集團(tuán)股份公司

MINGYANG SMART ENERGY GROUP LIMITED

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

Offering of up to 33,660,500Global Depositary Receipts representing A Shares
at an Offer Price of US$21.00 per Global Depositary Receipt

The Prospectus is expected to be approved asa prospectus by the FCA as competent authority under Regulation (EU) 2017/1129as it forms part of retained EU law as defined in the European Union(Withdrawal) Act 2018) (“EUWA”) (the “UK Prospectus Regulation”)in accordance with the Prospectus Regulation Rules made under section 73A ofthe Financial Services and Markets Act 2000 (the “FSMA”) only in relationto the admission to listing and to trading of the global depositary receipts(the “GDRs”) representing A shares of the Company with a fully paidnominal value of RMB1.00 each (the “A Shares”). Application will be made solely for theadmission of the GDRs to the standard segment of the official list maintainedby the FCA (the “Official List”) andto trading on the Shanghai-London Stock Connect segment of the main market forlisted securities (the “Main Market”)of the London Stock Exchange plc (the “LondonStock Exchange”).

This Pricing Notification relates to an offering (the “Offering”) by the Company of up to 33,660,500GDRs (including any Over-allotment GDRs (as defined below)) representing AShares (the “Offer GDRs”) with oneGDR representing an interest in five A Shares at an offer price of US$21.00 perGDR (the “Offer Price”). The GDRsare to be issued against the deposit of A Shares (to the extent permitted byapplicable laws and regulations) with Citibank, N.A., as depositary (the “Depositary”). In connection with theOffering, the Company has granted to the Stabilising Manager (as defined below)an option, exercisable within 30 days after the announcement of the Offer Priceto purchase up to 2,380,000 additional Offer GDRs (the “Over-allotment Option”), representing up to 7.61 per cent. of theOffering (excluding the Over-allotment Option).

Application will be made: (1) to the FCA, inits capacity as competent authority under the FSMA, for a listing of up to 33,660,500GDRs representing A Shares, and, consisting of the GDRs to be issued on orabout 13 July 2022 (the “Closing Date”),the GDRs (if any) to be issued pursuant to the Over-allotment Option (ifexercised) and additional GDRs to be issued from time to time against thedeposit of A Shares (to the extent permitted by applicable laws andregulations) with the Depositary, to be admitted to the standard segment of theOfficial List; and (2) to the London Stock Exchange, for such GDRs to beadmitted to trading on the Shanghai-London Stock Connect segment of the MainMarket of the London Stock Exchange through its international order book (the “IOB”). Admission to the Official Listand to unconditional trading on the London Stock Exchange (together, “Admission”) is expected to take placeon or about 13 July 2022. The GDRs are expected to be traded on the Shanghai-London Stock Connect segment of the Main Market under the symbol “MYSE”. TheCompany expects that conditional trading in the GDRs on the Shanghai-LondonStock Connect segment of the London Stock Exchange through the IOB willcommence on a “when issued” basis on or about 8 July 2022. All dealings in theGDRs prior to the commencement of unconditional dealings will be of no effectif Admission does not take place and will be at the sole risk of the partiesconcerned.

The Offering is structured as an offering ofOffer GDRs outside the United States in offshore transactions in reliance onRegulation S (“Regulation S”) underthe United States Securities Act of 1933, as amended (the “Securities Act”).

The A Shares are listed and traded on theShanghai Stock Exchange under the stock code 601615. Prices for the A Sharestraded on the Shanghai Stock Exchange may not reflect the value of the GDRs.

The Offering does notconstitute an offer to sell, or solicitation of an offer to buy, securities inany jurisdiction in which such offer or solicitation would be unlawful. TheGDRs have not been and will not be registered under the Securities Act or withany securities regulatory authority of any state or other jurisdiction of theUnited States and may not be offered or sold within the United States, exceptpursuant to an exemption from, or in a transaction not subject to, theregistration requirements of the Securities Act and any applicable state orlocal securities laws. For a discussion of certain restrictions on transfers ofthe GDRs in other jurisdictions, see “Termsand Conditions of the Global Depositary Receipts” and “Selling Restrictions and Transfer Restrictions — Transfer Restrictions”of the Pathfinder Prospectus.

The Offer GDRs are offered by UBS AG London Branch (“UBS”), HSBCBank plc (“HSBC”) and CLSA Limited (“CLSA”, and together with UBSand HSBC, the “Joint Global Co-ordinators”), China International CapitalCorporation (UK) Limited and Haitong International Securities Company Limited(along with the Joint Global Co-ordinators, the “Joint Bookrunners”)when, as and if delivered to and accepted by the Joint Bookrunners and subjectto their right to reject orders in whole or in part.

JointGlobal Co-ordinators and Joint Bookrunners

JointBookrunners

The date of this Pricing Notification is 8 July2022

IMPORTANT INFORMATION

Investors should only rely on the information in theProspectus. No person has been authorised to give any information or to makeany representations in connection with the Offering other than the informationand representations contained in this Pricing Notification and the Prospectusand, if any other information or representations is or are given or made, suchinformation or representations must not be relied upon as having been authorisedby or on behalf of the Company or the Joint Bookrunners.

Byaccepting delivery of this Pricing Notification, you agree to the following.This Pricing Notification is being furnished by the Company solely for thepurpose of enabling a prospective investor to consider the subscription for theOffer GDRs. Any reproduction or distribution of this Pricing Notification, inwhole or in part, any disclosure of its contents or use of any informationherein for any purpose other than considering an investment in the Offer GDRsis prohibited, except to the extent that such information is otherwise publiclyavailable.

Noneof the Joint Bookrunners, nor any of their respective affiliates, makes anyrepresentation, express or implied, nor accepts any responsibility, withrespect to the accuracy or completeness of any of the information contained inthis Pricing Notification or the Prospectus. This Pricing Notification is notintended to provide the basis of any credit or other evaluation and should notbe considered as a recommendation by any of the Company, the Joint Bookrunnersnor any of their respective affiliates that any recipient of this PricingNotification should subscribe for the Offer GDRs. Each potential subscriber ofOffer GDRs should determine for itself the relevance of the informationcontained in this Pricing Notification, the Pathfinder Prospectus and theProspectus, and its subscription for the Offer GDRs should be based upon suchinvestigation, as it deems necessary, including the assessment of risksinvolved and its own determination of the suitability of any such investment,with particular reference to their own investment objectives and experience andany other factors that may be relevant to such potential subscriber inconnection with the subscription for the Offer GDRs.

This Pricing Notification does not constitute anoffer to sell or an invitation to subscribe for, or the solicitation of anoffer to buy or to subscribe for, any Offer GDRs to any person in anyjurisdiction to whom it is unlawful to make such offer or solicitation in suchjurisdiction. In making an investment decision regarding the Offer GDRs, youmust rely on your own examination of the Company and the terms of the Offering,including the merits and risks involved. You should rely only on theinformation contained in this Pricing Notification, the Pathfinder Prospectusand the Prospectus. None of the Company or the Joint Bookrunners has authorised anyother person to provide you with different information. If anyone provides youwith different or inconsistent information, you should not rely on it. Youshould assume that the information appearing in this Pricing Notification, thePathfinder Prospectus and the Prospectus is accurate only as at its date. TheCompany’s business, financial condition, results of operations, prospects andthe information set forth in this Pricing Notification, the PathfinderProspectus and the Prospectus may have changed since the date of this PricingNotification. You should not consider anyinformation in this Pricing Notification, the Pathfinder Prospectus or theProspectus to be investment, legal or tax advice. You should consult your owncounsel, auditor and other advisers for legal, tax, business, financial andrelated advice regarding purchasing the Offer GDRs. None of the Company, theJoint Bookrunners nor any of their respectiveaffiliates makes any representation to any offeree or subscriber for the OfferGDRs regarding the legality of an investment in the Offer GDRs by such offereeor subscriber under appropriate investment or similar laws.

Asthe Company’s A Shares are listed on the Shanghai Stock Exchange, the Companyhas been subject to periodic reporting and other information disclosurerequirements in the PRC. As a result, from time to time the Group publiclyreleases information relating to itself on the Shanghai Stock Exchange or othermedia outlets designated by the China Securities Regulatory Commission (the “CSRC”). However, the informationannounced by the Company in connection with its A Shares is based on theregulatory requirements of the securities authorities and market practice inthe PRC which are different from those which will be applicable to the GDRsfollowing Admission. Such information does not and will not form a part of this PricingNotification, the Pathfinder Prospectus or the Prospectus. As a result,prospective investors in the Offering are reminded that, in making theirinvestment decision as to whether to purchase the GDRs, they should rely onlyon the financial, operating and other information included in this PricingNotification, the Pathfinder Prospectus and the Prospectus. By applying topurchase GDRs in the Offering, prospective investors will be deemed to haveagreed that they will not rely on any information other than that contained in thisPricing Notification, the Pathfinder Prospectus and the Prospectus and anyformal announcements made by the Group in the PRC with respect to the Offering.

UBSAG London Branch is authorised and regulated by the Financial MarketSupervisory Authority in Switzerland and in the United Kingdom is authorised bythe Prudential Regulation Authority (the “PRA”)and subject to regulation by the FCA and limited regulation by the PRA. HSBCBank plc is authorised by the PRA and regulated by the FCA and PRA in theUnited Kingdom. CLSA Limited is licensed by the Securities and FuturesCommission of Hong Kong. China International Capital Corporation (UK) Limitedis authorised and regulated by the FCA in the United Kingdom. HaitongInternational Securities Company Limited is licensed by the Securities andFutures Commission of Hong Kong. The Joint Bookrunners are acting exclusivelyfor the Company and no one else in connection with the Offering and will not beresponsible to any other person as their respective clients in relation to theOffering and for providing the protections afforded to their respective clientsor for providing advice in relation to the Offering or any transaction orarrangement referred to herein.

Eachinvestor acknowledges that: (i) it has not relied on the Joint Bookrunners orany person affiliated with the Joint Bookrunners in connection with anyinvestigation of the accuracy of any information contained in this PricingNotification, the Pathfinder Prospectus and the Prospectus or their investmentdecision; (ii) it has relied only on the information contained in this PricingNotification, the Pathfinder Prospectus and the Prospectus; and (iii) no personhas been authorised to provide any information or to make any representationconcerning the Company, its subsidiaries or the GDRs (other than as containedin this Pricing Notification, the Pathfinder Prospectus and the Prospectus)and, if given or made, any such other information or representation should notbe relied upon as having been authorised by the Company, the Joint Bookrunnersor any of their respective affiliates.

Inconnection with the Offering, each of the Joint Bookrunners and/or any of theirrespective affiliates, acting as an investor for its or their own account(s),may subscribe for Offer GDRs and, in that capacity, may retain, purchase, sell,offer to sell or otherwise deal for its or their own account(s) in such securities,any other securities of the Company or other related investments in connectionwith the Offering or otherwise. Accordingly, references in this PricingNotification, the Pathfinder Prospectus and the Prospectus to the Offer GDRsbeing issued, offered, subscribed or otherwise dealt with should be read asincluding any issue or offer to, or subscription or dealing by, the Joint Bookrunnersand/or any of their respective affiliates acting as an investor for its ortheir own account(s). In addition, certain of the Joint Bookrunners or their affiliatesmay enter into financing or hedging arrangements (including swaps) withinvestors in connection with which such Joint Bookrunners (or their affiliates)may from time to time acquire, hold or dispose of GDRs. The Joint Bookrunnersdo not intend to disclose the extent of any such investment or transactionsotherwise than in accordance with any legal or regulatory obligation to do so. The Company may withdrawthe Offering at any time prior to Admission, and the Company and the Joint Bookrunners reserve the right toreject any offer to subscribe for the Offer GDRs, in whole or in part, and tosell to any prospective investor less than the full amount of the Offer GDRssought by such investor.

Thedistribution of this Pricing Notification, the Pathfinder Prospectus and theProspectus and the offer and sale of the Offer GDRs may be restricted by law incertain jurisdictions. You must inform yourself about, and observe, any suchrestrictions. See “Terms and Conditionsof the Global Depositary Receipts” and “SellingRestrictions and Transfer Restrictions” of the Pathfinder Prospectus. Youmust comply with all applicable laws and regulations in force in anyjurisdiction in which you subscribe, purchase, offer or sell the Offer GDRs orpossess or distribute this Pricing Notification, the Pathfinder Prospectus andthe Prospectus and must obtain any consent, approval or permission required foryour subscription, purchase, offer or sale of the Offer GDRs under the laws andregulations in force in any jurisdiction to which you are subject or in which youmake such subscriptions, purchases, offers or sales. None of the Company, theJoint Bookrunners nor any of their respective affiliates is making an offer tosell the Offer GDRs or a solicitation of an offer to buy any of the Offer GDRsto any person in any jurisdiction except where such an offer or solicitation ispermitted or accepts any legal responsibility for any violation by any person,whether or not a prospective investor, of applicable restrictions.

Inconnection with the Offering, UBS AG London Branch (the “Stabilising Manager”) (or persons acting on behalf of theStabilising Manager) may over-allot GDRs or effect transactions with a view tosupporting the market price of the GDRs at a level higher than that which mightotherwise prevail in the open market. However, there is no assurance that theStabilising Manager (or persons acting on behalf of the Stabilising Manager)will undertake stabilisation action and, in particular, the StabilisingManager’s ability to undertake stabilisation action depends on it being able toagree deferred settlement arrangements with one or more investors in order toallow it to over-allot GDRs. Any stabilisation action may begin on the date ofannouncement of the Offer Price and, if begun, may be ended at any time butmust end no later than 30 calendar days thereafter (the “Stabilisation Period”). Any stabilisation action must be undertakenin accordance with applicable laws and regulations. Save as required by law orregulation, the Stabilising Manager does not intend to disclose the extent ofany over-allotments made and/or stabilisation transactions concluded inrelation to the Offering.

Inconnection with the Offering, the Stabilising Manager may, for stabilisationpurposes and subject to the deferred settlement arrangements described abovebeing agreed with one or more investors, over-allot GDRs up to 2,380,000 GDRs.For the purposes of allowing it to cover short positions resulting from anysuch over-allotments and/or from sales of GDRs effected by it during theStabilisation Period, the Stabilising Manager will enter into over-allotmentarrangements pursuant to which the Stabilising Manager may purchase or procurepurchasers for up to 2,380,000 additional GDRs(the “Over-allotment GDRs”) at the Offer Price. The over-allotmentarrangements will be exercisable in whole or in part, upon notice by the StabilisingManager, at any time on or before the 30th calendar day after the date ofannouncement of the Offer Price. Any Over-allotment GDRs made availablepursuant to the over-allotment arrangements, including for all dividends andother distributions declared, made or paid on the GDRs, will be purchased onthe same terms and conditions as the GDRs being issued or sold in the Offeringand will form a single class for all purposes with the other GDRs.

Information to distributors

Solelyfor the purposes of the product governance requirements of Chapter 3 of the FCAHandbook Product Intervention and Product Governance Sourcebook (the “UK Product Governance Requirements”)and/or any equivalent requirements elsewhere to the extent determined to beapplicable, and disclaiming all and any liability, whether arising in tort,contract or otherwise, which any “manufacturer” (for the purposes of the UKProduct Governance Requirements) may otherwise have with respect thereto, theOffer GDRs have been subject to a product approval process, which hasdetermined that such Offer GDRs are (i) compatible with an end target market ofretail investors and investors who meet the criteria of professional clientsand eligible counterparties, each as defined in Chapter 3 of the FCA HandbookConduct of Business Sourcebook (“COBS”);and (ii) eligible for distribution through all permitted distribution channels(the “Target Market Assessment”).Notwithstanding the Target Market Assessment, distributors (for the purposes ofthe UK Product Governance Requirements) should note that: the price of theOffer GDRs may decline and investors could lose all or part of theirinvestment; the Offer GDRs offer no guaranteed income and no capitalprotection; and an investment in the Offer GDRs is compatible only withinvestors who do not need a guaranteed income or capital protection, who(either alone or in conjunction with an appropriate financial or other adviser)are capable of evaluating the merits and risks of such an investment and whohave sufficient resources to be able to bear any losses that may result therefrom. The TargetMarket Assessment is without prejudice to the requirements of any contractual,legal or regulatory selling restrictions in relation to the Offering.Furthermore, it is noted that, notwithstanding the Target Market Assessment,the Joint Bookrunners will only procure investors who meet the criteria of professionalclients and eligible counterparties.

Forthe avoidance of doubt, the Target Market Assessment does not constitute (a) anassessment of suitability or appropriateness for the purposes of Chapter 9A or10A respectively of COBS, or (b) a recommendation to any investor or group ofinvestors to invest in, or purchase, or take any other action whatsoever with respectto the Offer GDRs.

Each distributor isresponsible for undertaking its own target market assessment in respect of theOffer GDRs and determining appropriate distribution channels.

NOTICE TO CERTAIN INVESTORS

Notice to UK and EEA Investors

ThisPricing Notification, the Pathfinder Prospectus, the Prospectus and theOffering are only addressed to, and directed at, persons in member states ofthe European Economic Area (the “EEA”)who are “qualified investors” within the meaning of Article 2(e) of theProspectus Regulation (“QualifiedInvestors”). In the United Kingdom, this Pricing Notification, thePathfinder Prospectus and the Prospectus are only being distributed to, and areonly directed at, persons who are “qualified investors” within the meaning ofArticle 2 of the UK Prospectus Regulation and who (i) have professionalexperience in matters relating to investments falling within Article 19(5) ofthe Financial Services and Markets Act 2000 (Financial Promotion) Order 2005(the “Order”); (ii) arehigh-net-worth entities falling within Article 49(2)(a)-(d) of the Order;and/or (iii) are otherwise persons to whom it may otherwise lawfully becommunicated (all such persons together being referred to as “relevantpersons”). The Offer GDRs are only available to, and any invitation, offer oragreement to subscribe, purchase or otherwise acquire such securities will beengaged in only with: (i) in the United Kingdom, relevant persons; and (ii) inany member state of the EEA, Qualified Investors. This Pricing Notification,the Pathfinder Prospectus, the Prospectus and their contents must not be actedupon or relied upon: (i) in the United Kingdom, by persons who are not relevantpersons; or (ii) in any member state of the EEA, by persons who are notQualified Investors.

ThisPricing Notification, the Pathfinder Prospectus and the Prospectus have beenprepared solely for the purpose of Admission of the GDRs and on the basis thatall offers of Offer GDRs following approval by the FCA will be made pursuant toan exemption under the UK Prospectus Regulation and the Prospectus Regulation,from the requirement to produce a prospectus for offers of the Offer GDRs.Accordingly, any person making or intending to make any offer within the UnitedKingdom or any member state of the EEA of the Offer GDRs should only do so incircumstances in which no obligation arises for the Company or any of the JointBookrunners to produce a prospectus for such offer. None of the Company or theJoint Bookrunners has authorised or authorises the making of any offer of theOffer GDRs through any financial intermediary, other than offers made by theJoint Bookrunners which constitute the final placement of the Offer GDRscontemplated in this Pricing Notification, the Pathfinder Prospectus and theProspectus.

Notice to all investors

Investorsshould be aware that foreign investors are not generally able to hold A sharespursuant to restrictions under PRC law, subject to certain limited exemptions,such as for Qualified Foreign Investors (“QFIs”).

However,one of the features of the Shanghai-London Stock Connect scheme is thatinvestors will be able to: (i) buy GDRs by requesting a Designated Broker tobuy A shares on the Shanghai Stock Exchange and instruct the Depositary to createGDRs representing such A shares; and (ii) sell GDRs by requesting a DesignatedBroker to redeem their GDRs and sell the underlying A shares on the ShanghaiStock Exchange. Pursuant to the “Provisions on the Supervision andAdministration of Depositary Receipts under the Stock Connect Scheme betweenDomestic and Overseas Stock Exchanges” (境內(nèi)外證券交易所互聯(lián)互通存托憑證業(yè)務(wù)監(jiān)管規(guī)定) published by the CSRC on 11 February 2022 (the “DR Provisions”), the creation andredemption of GDRs in connection with the purchase and sale of underlying Ashares may only be facilitated by those Designated Brokers who hold accountswith members of domestic stock exchanges enabling them to create or redeem GDRsby buying or selling the underlying A shares on domestic stock exchanges(subject to certain quotas imposed by relevant regulators) and providingrelevant instructions to the Depositary. For further details, see “Plan of Distribution — Trading GDRs” inthe Pathfinder Prospectus.

This mechanism isintended to provide cash fungibility between the GDRs and the A Shares byenabling investors or their brokers to place buy and sell orders with theDesignated Brokers who are able to seek the best price for the securities fromeither market.

It should be noted that,pursuant to the Shanghai-London Stock Connect scheme, GDR holders will not bepermitted to redeem their GDRs and hold the underlying A Shares in theiron-shore accounts (such as QFI accounts, ifthey have such accounts) or have the underlying A Shares held on their behalfby a Designated Broker. GDR holders who are otherwise able to hold A Sharesthrough any permitted channel and wish to hold A Shares (for example, in orderto exercise any of the rights that A shareholders have but which GDR holders donot) would need to sell some or all of their GDRs (either on the LSE (oranother legitimate trading venue) or by redeeming their GDRs and selling theunderlying A Shares on the Shanghai Stock Exchange) and separately buy A Sharesoutside the Shanghai-London Stock Connect scheme to be held in a separate(existing or newly established) account.

Inaddition, pursuant to the DR Provisions, GDRs subscribed for by investors inthe Offering may not be redeemed within 120 days following the date ofAdmission. Therefore, for such period, GDR holders will not be able to redeemtheir GDRs and sell the underlying A Shares on the Shanghai Stock Exchange andwill only be able to sell their GDRs through the IOB of the London StockExchange or another legitimate trading venue. For the avoidance of doubt,during such period investors will be able to buy GDRs by requesting aDesignated Broker to buy A Shares on the Shanghai Stock Exchange and instructthe Depositary to create GDRs representing such A Shares, subject to the cap onthe number of GDRs approved by the CSRC.

Investorsshould also be aware that pursuant to the DR Provisions and the rules ofTrading of GDRs under the Stock Connect scheme promulgated by the ShanghaiStock Exchange, the aggregate holding of a single overseas investor of theequities of the Company (including the A Shares and GDRs whether held directlyor indirectly) shall not exceed 10% of the total outstanding shares of theCompany. In the event an overseas investor’s holding of equities exceeds suchlimit, such investor is required to liquidate the excess portion within fivetrading days. Furthermore, the DR Provisions also require that the aggregateholdings of A Shares by all overseas investors in the Company (including QFIs)shall not exceed 30% of the total outstanding shares of the Company. In theevent the 30% limit is exceeded, overseas investors may be required toliquidate their holdings (in reverse chronological order of when such holdingswere acquired). The foregoing restrictions do not apply to overseas investors’strategic investments as defined and regulated by the Measures for theAdministration of Strategic Investment in Listed Companies by Foreign Investors(外國(guó)投資者對(duì)上市公司戰(zhàn)略投資管理辦法) last amended in October2015.

Furthermore,investors should note that to the extent stabilisation is undertaken, in orderto ensure there is sufficient headroom under the GDR facility, including underthe cap on the number of GDRs approved by the CSRC, for the Company to issuenew A Shares and sell GDRs representing such A Shares to the StabilisingManager in order to satisfy its obligations under the Over-allotment Option (ifexercised), investors and shareholders of the Company may be prevented fromdepositing additional A Shares into the GDR facility in order to receive (orsell) GDRs for the duration of the Stabilisation Period.

Pursuantto the Measures for the Administration of Acquisition of Listed Companies (上市公司收購(gòu)管理辦法) promulgated by the CSRCand last amended in March 2020 (the “PRCTakeover Rules”), an investor and any persons acting in concert whotogether hold 5% or more of the outstanding shares in a listed company(including the Company) shall, within three days upon its shareholding in thelisted company reaching such percentage: (i) prepare a report on its change ofshareholding; (ii) submit the report to the CSRC and the relevant stockexchange; and (iii) notify the listed company and make an announcement on suchevent. In addition, an investor and any person acting in concert holding 5% ormore of a listed company’s outstanding shares, (a) shall be subject to the samereporting and announcement obligations as set out above each time itsshareholding in the listed company increases or decreases by 5%; and (b) shallnotify the listed company and make an announcement each time its shareholdingin the listed company increased or decreased by 1%. Such persons will also besubject to trading restrictions before and/or within a period of time after thereporting, filing and disclosure obligations are fulfilled (except in the caseof an increase or decrease of its shareholding by 1%). A person holding 5% ormore of the outstanding shares in a listed company may file a short-form reportif it holds less than 20% of the outstanding shares in the listed company andit is not the largest shareholder or de facto controlling person of the listedcompany; it will be required to file a long-form report disclosing itsshareholding if it holds 20% or more but no more than 30% of the outstandingshares in the listed company. Pursuant to the DR Provisions, an investor’sholding of GDRs will be aggregated with its holding of a listed company’soutstanding A shares through other channels, including but not limited to, anydirect holding of the Company’s A shares, as well as the holding of GDRs and AShares by persons acting-in-concert with such investor. The listed company isalso required to disclose in its annual reports, among other things,information on persons holding 5% of its A shares, together with any changes totheir shareholding and any pledge or encumbrance over the A shares held by suchpersons.

Furthermore, pursuant tothe Articles of Association of the Company, persons holding 5% or more of thetotal equity interests in the Company are also required to:

·         notify the Company in writing on the date of any pledgeof its shares in the Company; and

·         surrenderany profit realised from any purchase and sale, or any sale and purchase, ofany shares of the Company within any period of less than six months.

Below are certainamendments to the Pathfinder Prospectus that reflect updated informationrelating to the Offering.

1 THE OFFERING

The Offering	The Offering consists of an offering of up to 33,660,500 Offer GDRs (including any over-allotment GDRs), each representing five A Shares.
Offer Price	US$21.00 per Offer GDR.
The GDRs	One GDR will represent five A Shares held in a CSDC account in the name of the Depositary. The GDRs will be issued by the Depositary pursuant to the Deposit Agreement.
Over-Allotment Option	The Company has granted to UBS AG London Branch an option, exercisable within 30 calendar days after the announcement of the Offer Price, to purchase additional GDRs up to 2,380,000 additional Over-allotment GDRs at the Offer Price, solely to cover over-allotments, if any, in the Offering.
Listing and Trading	Admission to the Official List and unconditional trading in the GDRs on the London Stock Exchange through its International Order Book (“IOB”) is expected to take place on or around the Closing Date. The Company expects that conditional trading in the GDRs on the London Stock Exchange through the IOB will commence on a “when issued” basis on or about 8 July 2022. All dealings in the GDRs prior to the commencement of unconditional dealings will be of no effect if Admission does not take place and will be at the sole risk of the parties concerned.
Dilution	Existing shareholders will experience dilution of their holdings of A Shares and voting rights with respect to such A Shares of between 6.9% (assuming no exercise of the Over-allotment Option) and 7.4% (assuming the Over-allotment Option is exercised in full).

2 EXPECTED TIMETABLE

Event		NTime and Date
Notification of allocations		8 July 2022
Announcement of Offer Price		8 July 2022
Expected date of the publication of Prospectus		8 July 2022
Expected date that conditional dealings in the GDRs commence on the London Stock Exchange		8 July 2022
Expected date that Admission and unconditional dealings in the GDRs commence on the London Stock Exchange		13 July 2022

Eachof the times and dates set out above is subject to change without furthernotice. References to a time of day are to London times (unless stated otherwise).

IfAdmission does not occur, all conditional dealings will be of no effect andsuch dealings will be at the sole risk of the parties concerned.

3 USE OF PROCEEDS

TheCompany expects to receive gross proceeds of between approximately US$656.9 million(assuming no exercise of the Over-allotment Option) and US$706.9 million(assuming the Over-allotment Option is exercised in full) and net proceeds ofbetween approximately US$645.9 million (assuming no exercise of theOver-allotment Option) and US$695.4 million (assuming the Over-allotment Optionis exercised in full), after deducting the total fees (including underwritingcommissions, assuming the discretionary fee is paid in full), costs andexpenses payable by the Company in connection with the Offering of betweenapproximately US$11.0 million (assuming no exercise of the Over-allotmentOption) and US$11.5 million (assuming the Over-allotment Option is exercised infull) (inclusive of VAT).

4 MANAGEMENT ANDCORPORATE GOVERNANCE

4.1 Interests of Board ofDirectors, Supervisors and Senior Management

The table below sets out the interests of the Directors,Supervisors and senior management in the Company’s share capital as at theLatest Practicable Date, unless stated otherwise, and after completion of theOffering and Admission.

	A Shares held, directly and indirectly, as at the Latest Practicable Date		A Shares immediately following completion of the Offering(1) and Admission
Name of Director,
Supervisor or senior management
	Number of A	% of total	Number of A	% of total
	Shares	share capital	Shares	share capital
Mr. ZHANG Chuanwei	245,533,268	11.67	245,533,268	10.81
Mr. SHEN Zhongmin	29,986,518	1.43	29,986,518	1.32
Mr. WANG Jinfa	8,276,564	0.39	8,276,564	0.36
Mr. ZHANG Qiying	6,221,933	0.30	6,221,933	0.27
Mr. ZHANG Rui	2,176,772	0.10	2,176,772	0.10
Mr. LIANG Caifa	954,278	0.05	954,278	0.04
Mr. CHENG Jiawan	1,098,765	0.05	1,098,765	0.05
Mr. YU Jiangtao	631,247	0.03	631,247	0.03
Mr. YANG Pu	511,635	0.02	511,635	0.02
Mr. ZHANG Zhonghai	644,589	0.03	644,589	0.03
Ms. WANG Dongdong	340,000	0.02	340,000	0.01
Ms. YI Lingna	518,035	0.02	518,035	0.02
Mr. LIU Jianjun	2,275,568	0.11	2,275,568	0.10
Note:
(1) (1) Assuming 168,302,500 new A Shares (including the exercise of the Over-allotment Option) are issued by the Company in connection with the Offering.

As far as the Company is aware, as at the date of this PricingNotification, none of the Directors, Supervisors or the senior management ofthe Company intend to subscribe in the Offering.

5 PRINCIPAL SHAREHOLDERS

5.1 Shareholders holding 5%or more

The table below sets forth certain information regarding thoseshareholders of the Company which, as at the Latest Practicable Date andimmediately following completion of the Offering and Admission (assuming theOver-allotment Option is exercised in full and 33,660,500 GDRs (including theOver-allotment GDRs) representing 168,302,500 A Shares are sold in theOffering), hold or will hold 5% or more of the A Shares of the Company:

	A Shares held as at the Latest Practicable Date		A Shares immediately following completion of the Offering(1) and Admission
Shareholder
	Number of A	% of total	Number of A	% of total
	Shares (million)	share capital	Shares (million)	share capital
Hong Kong Securities Clearing Co., Ltd.	336.7	16.00	336.7	14.82
Mingyang New Energy Investment Holding Group Co., Ltd.	200.1	9.51	200.1	8.80
Wiser Tyson Investment Corp Limited	157.1	7.47	157.1	6.91
First Base Investments Limited	119.5	5.68	119.5	5.26
Note:
(2) (1) Assuming 168,302,500 new A Shares (including the exercise of the Over-allotment Option) are issued by the Company in connection with the Offering.

5.2 Top 10 Shareholders

The table below identifies the top ten shareholders of theCompany’s A Shares, based on the A Shares outstanding as at the LatestPracticable Date.

Name of Shareholder		Percentage
Hong Kong Securities Clearing Co., Ltd.		16.00
Mingyang New Energy Investment Holding Group Co., Ltd.(1)		9.51
Wiser Tyson Investment Corp Limited(2)		7.47
First Base Investments Limited(2)		5.68
Keycorp Limited(2)		2.12
Gongqingcheng Boyun Investment Partnership (Limited Partnership)(3)		1.74
Guangdong Hengkuo Investment Management Co., Ltd.		1.24
Eternity Peace Company Limited		0.99
China Pacific Life Insurance Co., Ltd. - Dividends - Individual Dividends		0.92
Qianhai Life Insurance Co., Ltd. - Participating Insurance Products		0.90
Note:
(1) Mingyang New Energy Investment Holding Group Co., Ltd. is 85.35% owned directly by Mr. ZHANG Chuanwei, 3.67% owned by Zhongshan Ruijin New Energy Investment Development Co., Ltd. (which is itself 99% owned by Mr. ZHANG Chuanwei and 1% owned by Mr. ZHANG Rui, Mr. ZHANG Chuanwei’s son) and 0.86% owned directly by Mr. ZHANG Rui.
(2) Wiser Tyson Investment Corp Limited, First Base Investments Limited and Keycorp Limited are indirectly wholly-owned by Ms. WU Ling, Mr. ZHANG Chuanwei’s spouse.
(3) Gongqingcheng Boyun Investment Partnership (Limited Partnership) is 74.79% owned directly by Mr. ZHANG Chuanwei.

As at the Latest Practicable Date, Mr. ZHANG Chuanwei, togetherwith Ms. WU Ling, his spouse, and Mr. ZHANG Rui, his son, are the ControllingShareholders of the Company.

As at the Latest Practicable Date, the Controlling Shareholders indirectlyheld 27.04% of the Company’s Shares. Upon the completion of the Offering, theControlling Shareholders will hold an aggregate of between 25.17% of theCompany’s Shares (assuming the Over-allotment Option is not exercised) and 25.04%of the Company’s Shares (if the Over-allotment Option is exercised in full).

As far as the Company is aware, the following persons intend tosubscribe for more than 5% of the Offering:

Name of the Subscriber		% of the Offering Subscribed (assuming the Over-allotment Option is exercised in full)
Hillhouse Capital Advisors		17.8%
CPIC Investment Management (H.K.) Company Limited		9.8%
Pacific Alliance Group Asset Management Limited		7.1%

Save as set out above, the Company is not aware of any majorshareholder who intends to subscribe in the Offering or other person whointends to subscribe for more than 5% of the Offering.

6 PLAN OF DISTRIBUTION

The Offering consists of an offering by the Company of up to 33,660,500GDRs representing A Shares with one GDR representing an interest in five AShares) (including any Over-allotment GDRs). The Offering comprises an offeringof Offer GDRs outside the United States in “offshore transactions” as definedin, and in reliance on, Regulation S.

Under the terms of, and subject to, the conditions contained in,the Underwriting Agreement dated 8 July 2022 entered into amongst the Companyand the Joint Bookrunners, the Joint Bookrunners have severally agreed to procuresubscribers for, or failing which, to themselves subscribe for, at the OfferPrice, the Offer GDRs in certain agreed proportions.

Application will be made: (i) to the FCA, as competent authorityunder the FSMA, for a listing of up to 33,660,500 GDRs representing A Shares,and, consisting of GDRs to be issued on or about 13 July (the “Closing Date”),GDRs (if any) to be issued pursuant to the Over-allotment Option (if exercised)and additional GDRs to be issued from time to time against the deposit of AShares (to the extent permitted by applicable laws and regulations) with theDepositary, to be admitted to the standard segment of the Official List; and(ii) to the London Stock Exchange, for such GDRs to be admitted to trading onthe Shanghai-London Stock Connect segment of the Main Market of the LondonStock Exchange. Prior to the Offering, the A Shares are listed on the ShanghaiStock Exchange, but there has been no public market for the GDRs. Closing andsettlement and admission to the Official List and to unconditional trading onthe Shanghai-London Stock Connect segment of the Main Market of the LondonStock Exchange are expected to take place at 9:00 a.m. on or around 13 July 2022.The Company expects that conditional trading in the GDRs on the Shanghai-LondonStock Connect segment of the Main Market of the London Stock Exchange throughthe IOB will commence on a “when issued” basis at 9:00 a.m. on or about 8 July 2022.All dealings in the GDRs prior to the commencement of unconditional dealingswill be of no effect if Admission does not take place and will be at the solerisk of the parties concerned.

6.1 Stabilisation

In connection with the Offering, the Stabilising Manager (or personsacting on behalf of the Stabilising Manager) may over-allot GDRs or effecttransactions with a view to supporting the market price of the GDRs at a levelhigher than that which might otherwise prevail in the open market. However,there is no assurance that the Stabilising Manager (or persons acting on behalfof the Stabilising Manager) will undertake stabilisation action and, inparticular, the Stabilising Manager’s ability to undertake stabilisation actiondepends on it being able to agree deferred settlement arrangements with one ormore investors in order to allow it to over-allot GDRs. Any stabilisationaction may begin on the date of announcement of the Offer Price and, if begun,may be ended at any time but must end no later than 30 calendar daysthereafter. Any stabilisation action must be undertaken in accordance withapplicable laws and regulations. Save as required by law or regulation, theStabilising Manager does not intend to disclose the extent of anyover-allotments made and/or stabilisation transactions concluded in relation tothe Offering.

In connection with the Offering, the Stabilising Manager may, forstabilisation purposes and subject to the deferred settlement arrangementsdescribed above being agreed with one or more investors, over-allot GDRs up to 2,380,000GDRs. For the purposes of allowing it to cover short positions resulting fromany such over-allotments and/or from sales of GDRs effected by it during theStabilisation Period, the Stabilising Manager will enter into over-allotmentarrangements pursuant to which the Stabilising Manager may purchase or procurepurchasers for up to 2,380,000 additional GDRs at the Offer Price. Theover-allotment arrangements will be exercisable in whole or in part, uponnotice by the Stabilising Manager, at any time on or before the 30th calendarday after the date of announcement of the Offer Price. Any Over-allotment GDRsmade available pursuant to the over-allotment arrangements, including for alldividends and other distributions declared, made or paid on the GDRs, will bepurchased on the same terms and conditions as the GDRs being issued or sold inthe Offering and will form a single class for all purposes with the other GDRs.

The Stabilising Manager may effect stabilisation transactions on anysecurities market, over-the-counter market, stock exchange or otherwise.

7 GENERAL INFORMATION

7.1 Listing and Trading

It is expected that the Offer GDRs will be admitted, subject onlyto the issue of the Master GDR Certificate, to listing on the standard segmentof the Official List maintained by the FCA on or around 13 July 2022.Application will be made for the Offer GDRs to be admitted to trading on theShanghai-London Stock Connect segment of the Main Market of the London StockExchange. The Company expects that conditional trading in the GDRs on theLondon Stock Exchange through the IOB will commence on a “when issued” basis onor about 8 July 2022. All dealings in the GDRs prior to the commencement ofunconditional dealings will be of no effect if Admission does not take placeand will be at the sole risk of the parties concerned. Transactions in OfferGDRs will normally be effected for delivery on the second trading day after theday of the transaction.

7.2 Material Contracts

Underwriting Agreement

On 8 July 2022, the Company and the Joint Bookrunners entered into the Underwriting Agreement. For moreinformation, see “Plan of Distribution—Underwriting Agreement andOver-allotment Option” in the Pathfinder Prospectus.

Deposit Agreement

On 7 July 2022, the Company and the Depositary entered into theDeposit Agreement for the establishment and maintenance of a GDR facility andthe GDRs issued pursuant thereto and pursuant to which the Company alsoexecuted Deed Polls in favour of Holders in the form attached to the DepositAgreement. For more information, see “Terms and Conditions of the GlobalDepositary Receipts” in the Pathfinder Prospectus.

7.3 Expenses

The total costs and expenses relating to the Offering, includingthe FCA and LSE listing fees, underwriting commissions and professional feesand expenses, are estimated to amount to between approximately US$11.0 million(assuming no exercise of the Over-allotment Option) and US$11.5 million(assuming the Over-allotment Option is exercised in full) are payable by theCompany. Investors will not be charged any expenses by the Company. Pursuant tothe terms and conditions of the GDRs, the Depositary will be entitled to chargecertain fees to the holders of the GDRs.