CNPC Co., Ltd. (00857) and China National Petroleum Group will increase the capital of Kunlun Capital in a disproportionate proportion to the original shareholders

According to the Zhitong Finance App, CNPC (00857) announced that CNPC Group, the Company, CNPC Capital and Kunlun Capital signed a capital increase agreement on August 28, 2026. CNPC and the Company will increase the capital of Kunlun Capital in a disproportionate proportion to the original shareholders.

Kunlun Capital will issue a total of RMB 11.6 billion of Kunlun Capital shares corresponding to the registered capital to CNPC Group and the Company. CNPC will invest RMB 7.395 billion to subscribe to Kunlun Capital's additional registered capital of RMB 7,258,306,115.08, and the Company will invest RMB 4.205 billion to subscribe to Kunlun Capital with an additional registered capital of RMB 4,127,272,104.65. CNPC Capital, the remaining original shareholder of Kunlun Capital, relinquished the priority right to pledge capital for the additional registered capital.

After the capital increase is completed, the registered capital pledged by CNPC will increase to RMB 14,767,886,487.33, and will hold 56.56% of Kunlun Capital's shares and will remain the controlling shareholder of Kunlun Capital; the registered capital pledged by the Company will increase to RMB 8,397,425,649.66, and will hold 32.16% of Kunlun Capital's shares; CNPC Capital will not participate in this capital increase. The registered capital of Kunlun Capital will remain unchanged at RMB 2,944,933,479.31 book 11.28% equity.

Participating in this capital increase will help the company implement innovative strategies and green and low-carbon strategies, promote the transformation and upgrading of the company's business by actively discovering strategic investment opportunities, and help the company cultivate emerging industries and lay out future industries. The Company will invest RMB 4.205 billion to jointly increase the capital of Kunlun Capital with its own capital and CNPC. The capital increase is mainly used for Kunlun Capital's private equity investment funds, foreign equity investment business, etc. After the capital increase is completed, Kunlun Capital will not become a company controlled or consolidated by the Company.