China Ruifeng Renewable Energy Holdings Limited announced that it has entered into a subscription agreement to issue 119,437,859 Subscription Shares at a price of HKD 0.195999 per share for the gross proceeds of HKD 23,409,700.926141, 2024 HKD Convertible Bonds in a principal amount of HKD 161,701,291 and 2024 HKD Convertible Bonds in a principal amount of HKD 98,000,000 which may be converted into 825,006,585 Conversion Shares and 500,000,000 Conversion Shares restively at the initial conversion price of HKD 0.196 per share, for total gross proceeds of HKD 283,110,991.926141 on June 21, 2024. The 2024 Convertible Bonds shall carry coupon interest at the rate of 5.5% per annum payable every three months from the issue date of 2024 Convertible Bonds in arrears. The maturity date falls on the 36 months of the date of issue of the 2024 Convertible Bonds.

Unless previously redeemed, converted or cancelled, the 2024 Convertible Bonds will be redeemed on the Maturity Date at such amount equivalent to 110% of the principal amount of the outstanding 2024 Convertible Bonds plus any accrued and unpaid interest.