China Development Bank Financial Leasing Co., Ltd. (referred to as CDB Leasing, stock code: 1606) has entered into a Finance Lease Agreement on November 27, 2025, with Qinghai Huangnan Yuedian New Energy Co., Ltd. as Lessee. According to the agreement, CDB Leasing will purchase photovoltaic power station facilities in Qinghai Province for RMB1.22 billion and subsequently lease these assets back for a period of 192 months.

The leased assets carry an aggregate net book value of approximately RMB1.5 billion, with total lease principal matching the purchase consideration of RMB1.22 billion. The total interest over the lease term is estimated at around RMB400 million, and payments will be made quarterly in installments. The ownership of these photovoltaic power station facilities will be transferred to CDB Leasing for the duration of the lease. Upon lease expiration, the Lessee may repurchase the assets at a nominal value of RMB100. Joint and several guarantees have been provided by Qinghai Zhongren Construction Co., Ltd. and its ultimate beneficial owner, Mr. Li Gaochen.

Pursuant to Chapter 14 of the Listing Rules in Hong Kong, the highest percentage ratio applicable to this transaction exceeds 5% but is less than 25%. Thus, it is classified as a discloseable transaction and is subject to reporting and announcement requirements, exempt from shareholder approval and issuance of a circular. CDB Leasing cites increased finance lease revenue and alignment with its business development strategy as reasons for pursuing this transaction.