Xinao Co., Ltd. announced that the company plans to privatize Xinao Energy Holdings Limited through a wholly-owned subsidiary and list it on the main board of the Hong Kong Stock Exchange by introducing a listing, which constitutes a major asset restructuring and related transaction. As of December 26, 2025, the transaction did not require antitrust review. The shareholders' meeting review, application submission to the Hong Kong Stock Exchange, receipt of application materials by the China Securities Regulatory Commission, filing by the National Development and Reform Commission, overseas investment filing by the competent commercial department, and foreign exchange registration procedures for foreign direct investment have been completed. The transaction still needs to be approved and filed, and there is uncertainty about whether it can be implemented.

Xinao Co., Ltd. announced that the company plans to privatize Xinao Energy Holdings Limited through a wholly-owned subsidiary and list it on the main board of the Hong Kong Stock Exchange by introducing a listing, which constitutes a major asset restructuring and related transaction. As of December 26, 2025, the transaction did not require antitrust review. The shareholders' meeting review, application submission to the Hong Kong Stock Exchange, receipt of application materials by the China Securities Regulatory Commission, filing by the National Development and Reform Commission, overseas investment filing by the competent commercial department, and foreign exchange registration procedures for foreign direct investment have been completed. The transaction still needs to be approved and filed, and there is uncertainty about whether it can be implemented.