China Energy Storage Technology Development Limited (CN ENGY STORAGE) has engaged Mango Financial Limited as Independent Financial Adviser (IFA) to support the Independent Board Committee (IBC) on the company’s proposed privatisation and related share-option arrangements, according to an announcement dated 1 April 2026.

Mango Financial, licensed by Hong Kong’s Securities and Futures Commission for Type 1, 4, 6 and 9 regulated activities, was formally approved by the IBC in accordance with Rule 2.1 of the Hong Kong Takeovers Code. The IFA will provide an opinion on the fairness of the privatisation proposal—structured as a scheme of arrangement under Section 86 of the Cayman Islands Companies Act (2026 Revision)—and the associated option proposal.

Key documentation, including the IFA’s advice and the IBC’s recommendations, will be incorporated into the forthcoming Scheme Document to be dispatched to shareholders, complying with the Takeovers Code, the Grand Court Rules and other applicable regulations.

The privatisation plan was first outlined in a joint announcement by Fame Castle Enterprises Limited and CN ENGY STORAGE on 30 March 2026. Completion of the transaction remains contingent on satisfying or waiving specified conditions; therefore, the proposals may or may not proceed. Shareholders, option holders and potential investors are advised to exercise caution when dealing in the company’s securities.

The board of CN ENGY STORAGE is led by Co-Chairmen and Executive Directors Lin Dailian and Wang Wei, with additional executive directors Liu Zhiwei, Wu Jingjing and Bian Sulan, and independent non-executive directors Li Huiwu, Wu Chi King and Zhang Xiulin. The directors collectively accept responsibility for the accuracy of the disclosed information.