Stock Code: 300277 Stock ID: Hirisun Announcement No.:2026-004
Hangzhou Hirisun Technology Incorporated
Prompting Announcement on the Progress of the Company's Share Exchange
Merger with Hangzhou Turbine Power Group Co., Ltd. namely the Related
Transaction
The members of the Board and the Company acknowledge being responsible for the truthfulness,
accuracy, and completeness of the announcement. There are no false records, misleading
statements, or significant omissions in this announcement.
Hangzhou Hirisun Technology Incorporated. (hereinafter referred to as the "Company" or
"Hirisun") has obtained the approval of the China Securities Regulatory Commission (No.
2141[2025]CSRC Approval) in September 2025 for the share exchange and absorption merger of
Hangzhou Turbine Power Group Co., Ltd. (hereinafter referred to as "HTC") namely the related
party transaction (hereinafter referred to as the "Transaction" or "the Share Exchange and
Absorption Merger"). On February 2, 2026, the Shenzhen Branch of China Securities Depository
and Clearing Co., Ltd. completed the allocation of transfer registration restricted accounts for
domestic individual investors of the original HTC who either did not have an A-share securities
account or did not correctly declare their A-share securities account, as well as for foreign
investors engaging in domestic transactions and foreign investors not engaging in domestic
transactions. The Company has submitted an application for additional A-share shares to the
Shenzhen branch of China Securities Depository and Clearing Corporation Limited and is in the
process of handling the share registration procedures. After the completion of this share exchange
and absorption merger, the total share capital of the Company is 1,516,604,765 shares. The
Company's newly added A-shares will be listed on the Shenzhen Stock Exchange, with the
securities abbreviated as "Hirisun" and the stock code "300277". The Company will promptly
proceed with the listing of the newly added shares arising from this transaction.
I. Implementation of the Appraisal Right and Cash Option
1. Implementation of the Appraisal Right
The Company has implemented the appraisal right. During the declaration period for the appraisal
right, no dissenting shareholders have submitted a request to exercise this right. For details, please
refer to the Company's announcement on the Result of the Appraisal Right Declaration disclosed
on the Cninfo website (http://www.cninfo.com.cn) on November 19, 2025.
2. Implementation of Cash Option
HTC has implemented the cash option. During the declaration period for the cash option, no
dissenting shareholders applied to exercise the cash option. For details, please refer to the
"Announcement on the Result of Cash Option Declaration by Hangzhou Turbine Power Group
Co., Ltd." disclosed by Hangzhou Turbine Power Group Co., Ltd. on November 26, 2025 on the
Cninfo website (http://www.cninfo.com.cn).
II. Progress of HTC's Delisting
According to the transaction plan, Hirisun will absorb and merge HTC by issuing A-shares in the
share exchange. Hirisun is the absorbing party, and HTC is the absorbed party. This means Hirisun
will issue A-shares to all shareholders of HTC in exchange for the HTC shares they hold. Upon
completion of this share exchange merger, HTC will be delisted and its corporate status will be
cancelled. Hirisun will succeed and assume all assets, liabilities, business, personnel, contracts,
and all other rights and obligations of HTC. The A-shares issued by Hirisun in connection with
this share exchange merger will be applied for trading and circulation on the ChiNext Board of the
Shenzhen Stock Exchange (hereinafter referred to as the “SZSE”).
HTC has submitted an application to the Shenzhen Stock Exchange for the voluntary
termination of its stock listing on November 26, 2025. On December 18, 2025, the Shenzhen
Stock Exchange issued the "Decision on the Termination of Stock Listing of Hangzhou Turbine
Power Group Co., Ltd." (No. 1431[2025]SZSE). According to this decision, HTC's share was
officially delisted starting from December 22, 2025. For details, please refer to HTC's
"Announcement on the Termination of Share Listing and Delisting" disclosed on December 20,
2025 on the Cninfo website (http://www.cninfo.com.cn).
III. Note on Follow-up Matters
Due to the large number of original HTC B-share shareholders, the diversity of investor types,
securities accounts, and custody units, as well as the different requirements of various brokers,
some investors (especially domestic individual investors without A-share securities accounts or
who have not correctly declared their A-share securities accounts, foreign investors trading
domestically, and foreign investors trading outside China who are allocated restricted accounts by
the Shenzhen branch of China Securities Depository and Clearing Corporation Limi
