MING YANG SMART ENERGY GROUP LIMITED

(GDR under the symbol: "MYSE")

(a joint stock company established under the laws of the People’s Republic of China with limited liability)

Announcement on the Progress of the Share Repurchase

I. Basic Information about Share Repurchase

On May 4, 2023, Ming Yang Smart Energy Group Limited (the "Company") held the 39^th meeting of the second session of the board of directors and considered and approved the Proposal on the Plan for Repurchasing Company Shares by means of Centralized Bidding Transaction. The Company agreed to use its own funds of no more than RMB1 billion (inclusive) and no less than RMB500 million (inclusive) to repurchase the Company's shares by centralized bidding transaction, for the purpose of implementing equity incentives. The repurchase period shall not exceed 12 months from May 4, 2023. For details, please refer to the Announcement on the Plan for Repurchasing Shares by means of Centralized Bidding Transaction and the Repurchase Report on the Repurchase of Shares by means of Centralized Bidding Transaction disclosed by the Company on May 5 and May 10, 2023 respectively on the designated information disclosure media.

II. Progress of the Share Repurchase

According to the Share Repurchase Rules of Listed Companies and the Self-Regulatory Guidelines for Listed Companies of the Shanghai Stock Exchange No. 7 – Share Repurchase and other related regulations, listed companies shall announce the progress of the share repurchase as of the end of the previous month within the first 3 trading days of each month. The progress of the Company's share repurchase is hereby announced as follows:

In October 2023, the Company repurchased 3,133,000 shares through centralized bidding, accounting for 0.14% of the current total share capital (i.e. 2,271,983,706 shares) of the Company, with the highest transaction price of RMB 15.80/share, the lowest transaction price of RMB 13.915/share and the total amount paid of RMB 44,986,779.24 (excluding transaction fees).

As of October 31, 2023, the Company repurchased 14,944,293 shares through centralized bidding, accounting for 0.66% of the current total share capital of the Company, with the highest transaction price of RMB 17.99/share, the lowest transaction price of RMB 13.915/share and the total amount paid of RMB 244,064,353.79 (excluding transaction fees). The repurchase this time complies with the provisions of relevant laws and regulations and the established share repurchase plan of the Company.

III. Other Notes

The Company will implement share repurchase in strict accordance with the relevant requirements and fulfill the obligation of disclosing information in a timely manner according to the market situation. Investors are advised to pay attention to the investment risks.

Ming Yang Smart Energy Group Limited

 1 November, 2023