China Carbon Neutral Development Group Limited — Share Issue/Capital Change 2026

May 14, 2026

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

CCNG

中國碳中和

中國碳中和發展集團有限公司

China Carbon Neutral Development Group Limited

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 1372)

GRANT OF SHARE OPTIONS

This announcement is made by China Carbon Neutral Development Group Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 17.06A of the Rules (the "Listing Rules") Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

The board (the "Board") of directors (the "Directors") of the Company hereby announces that on 14 May 2026, the Company resolved to grant share options (the "Options") to twenty-four (24) eligible participants (the "Grantee(s)"), including three (3) executive Directors, one (1) non-executive director, one (1) alternate director, two (2) independent non-executive director, and seventeen (17) employees of the Group, under the share option scheme of the Company adopted on 6 January 2026 (the "Share Option Scheme") to subscribe for a total of 64,290,000 ordinary shares of HK$0.01 each in the share capital of the Company (each a "Share"), subject to acceptance of the Grantees, representing approximately 7.30% of the issued share capital of the Company as at the date of this announcement.

Save as disclosed above, none of the Grantees is a Director, chief executive or substantial shareholder (as defined under the Listing Rules) of the Company or any of their respective associates (as defined under the Listing Rules).

Details of the grant of Options are set out below:

Date of the grant: 14 May 2026 (the "Date of Grant")

Number of Options granted: An aggregate of 64,290,000 Options, each Option entitling the Grantee to subscribe for one (1) Share

Number of Shares to be issued upon Exercise of all Options granted: 64,290,000

Exercise price of Options granted: HK$0.966 per Share, being the highest of

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	(i) the closing price of HK$0.94 per Share as quoted in the Stock Exchange’s daily quotation sheet on the Date of Grant;
	(ii) the average closing price of approximately HK$0.966 per Share as quoted in the Stock Exchange’s daily quotation sheets for the five (5) business days immediately preceding the Date of Grant; and
	(iii) the nominal value of HK$0.01 per Share.
Exercise period of the Options:	Ten (10) years from the Date of Grant (i.e. from 14 May 2026 to 13 May 2036 (both dates inclusive))
Vesting period of the Options:	The Options granted must be held by the Grantees for twelve (12) months from the Date of Grant before the Options can be exercised.
Performance target:	The performance targets comprise a mixture of attaining satisfactory performance measured by key performance indicators (including the business performance and financial performance of the Group and individual performance based on the annual performance assessment results).
Clawback mechanism:	Save as provided in the Share Option Scheme, there is no additional clawback mechanism attached to the Options granted.The remuneration committee of the Company is of the view that clawback mechanism is not necessary for the grant of the Options to the Grantees who are Directors and/or senior managers of the Group as the lapse and cancellation of the Options in various scenarios have already been provided for under the Share Option Scheme which could adequately safeguard the Company’s interests.
Consideration for the grant:	HK$1.00 to be paid by each Grantee upon acceptance of the Options granted.
Financial assistance:	The Company did not and will not provide any financial assistance to the Grantees to facilitate their purchase of Shares under the Share Option Scheme.

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All of the Grantees are either Directors or employees of the Group. Among the Options granted above, 14,600,000 Options were granted to the seven (7) Directors, and 49,690,000 Options were granted to seventeen (17) other employees of the Group, details of which are set out below: –

Name of Grantees/ Category of Grantee	Positions held with the Company	Number of Options granted
Di Ling	Executive Director	3,000,000
Cheung Hiu Tung	Executive Director	2,000,000
Lu Xiangyong	Executive Director	2,000,000
Zhong Guoxing	Non-executive Director	3,000,000
Chen Lei	Alternate Director of Non-executive Director Geng Zhiyuan	3,000,000
Cao Ming	Independent Non-executive Director	800,000
Wang Jiasi	Independent Non-executive Director	800,000
Other employees of the Group (17 in total)	Employees of the Group	49,690,000
Total:		64,290,000

To the best of the Directors' knowledge, information and belief having made all reasonable enquiries, save as disclosed above, (i) none of the Grantees is a Director, chief executive or substantial shareholder of the Company or any of their respective associates (as defined under the Listing Rules); (ii) none of the Grantees is a participant with options and awards granted and to be granted exceeding the 1% individual limit under the Listing Rules; or (iii) none of the Grantees is a related entity participant or a service provider (as defined under the Listing Rules) of the Company.

The grant of the Options to the Directors above has been approved by the independent non-executive Directors pursuant to Rule 17.04(1) of the Listing Rules.

Subsequent to the grant of the Options and assuming all Grantees have accepted such grant, the number of Shares available for future grant under the scheme mandate limit of the Share Option Scheme is nil Shares.

By order of the Board

China Carbon Neutral Development Group Limited

Chen Yonglan

Chairman and Non-Executive Director

Hong Kong, 14 May 2026

As at the date of this announcement, the Board comprises of Mr. Di Ling, Mr. Cheung Hiu Tung and Mr. Lu Xiangyong as the Executive Directors; Mr. Chen Yonglan, Mr. Zhong Guoxing and Mr. Geng Zhiyuan (Mr. Chen Lei as his alternative) as the Non-executive Director; and Mr. Cao Ming, Mr. Wang Jiasi and Ms. Qiao Yanlin as the Independent Non-executive Directors.