香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告之全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：412） 股權高度集中 本公告乃應聯交所之要求，就本公司之股權於2025年9月1日集中於極少數股東一 事而刊發。 本公司注意到，證券及期貨事務監察委員會（「證監會」）已於2025年9月18日刊發公 告（「證監會公告」）。誠如證監會公告所披露，證監會最近曾就本公司之股權分佈進 行查訊。證監會的查訊結果顯示，於2025年9月1日，有二十名股東合共持有本公司 1,444,804,136股股份（「股份」），相當於已發行股份之24.00%。有關股權連同由兩名 本公司主要股東持有之4,121,118,477股股份（佔已發行股份之68.46%），相當於已發 行股份之92.46%。因此，僅453,508,496股股份（佔已發行股份之7.54%）由其他股東持 有。 1 根據證監會公告，於2025年9月1日，本公司之股權架構如下： | | | 佔已發行 | | --- | -- ...

Core Viewpoint - The recent inquiry by the Securities Regulatory Commission revealed that a significant portion of the company's shares is concentrated among a few shareholders, raising concerns about ownership distribution and potential implications for market dynamics [1] Shareholding Structure - As of September 1, 2025, twenty shareholders collectively hold 1.4448 billion shares, representing 24.00% of the company's issued share capital [1] - Two major shareholders own 4.121 billion shares, accounting for 68.46% of the issued share capital [1] - Consequently, only 453.5 million shares, or 7.54% of the issued share capital, are held by other shareholders [1] Stock Price Performance - The company's stock price increased by 193.6%, rising from HKD 5.82 on April 16, 2025, to HKD 17.09 on September 1, 2025 [1] - On September 17, 2025, the stock closed at HKD 14.80, reflecting a 154.3% increase compared to the closing price of HKD 5.82 on April 16, 2025 [1]

Core Viewpoint - The recent inquiry by the Securities and Futures Commission revealed that as of September 1, 2025, a total of 20 shareholders collectively held 1.4448 billion shares of the company, representing 24.00% of the issued share capital [1] Shareholding Structure - The inquiry results indicate that the two major shareholders own 4.121 billion shares, accounting for 68.46% of the issued share capital, leading to a total of 9.246 billion shares (92.46%) held by these shareholders [1] - Only 453.5 million shares, or 7.54% of the issued share capital, are held by other shareholders [1] Stock Price Performance - The company's share price increased by 193.6% from HKD 5.82 on April 16, 2025, to HKD 17.09 on September 1, 2025 [1] - As of September 17, 2025, the stock price closed at HKD 14.80, reflecting a 154.3% increase compared to the closing price of HKD 5.82 on April 16, 2025 [1]

二零二五年九月十八日 股權高度集中 山高控股集團有限公司（股份代號：00412） 附註 1 : 山東國際（香港）有限公司持有 1,245,844,600 股該公司股份。山東國際（香港） 有限公司由山東省農村經濟開發投資公司全資擁有，而山東省農村經濟開發投資公 司由山東高速集團有限公司全資擁有。因此，山東高速集團有限公司被視為於山東 省農村經濟開發投資公司間接持有的該公司股份中擁有權益。 證券及期貨事務監察委員會("證監會")現就山高控股集團有限公司("該公司")之股權於 二零二五年九月一日集中於極少數股東一事發出此公布。 鑑於股權高度集中於數目不多之股東，即使少量股份成交，該公司之股份價格亦可能大幅 波動，股東及有意投資者於買賣該公司股份時務請審慎行事。 證監會最近曾就該公司之股權分佈進行查訊。查訊結果顯示該公司於二零二五年九月一日， 有二十名股東合共持有 1,444,804,136 股該公司股份，相當於該公司已發行股本之 24.00%。有關股權連同由兩名該公司的主要股東持有之 4,121,118,477 股（佔已發行股本 之68.46%），相當於該公司已發行股本之 92.46%。因此，該公司只有 453,5 ...

Core Viewpoint - The article discusses the significant stock price drop of Shandong High-Speed Holdings (山高控股) amidst no negative fundamental news, leading to a swift response from management with a $100 million share buyback plan, highlighting a divergence in market perception of the company's intrinsic value [1][2][19]. Group 1: Market Reaction and Management Response - On September 16, the stock price of Shandong High-Speed Holdings experienced a sharp decline, prompting management to announce a $100 million share buyback plan the same evening [1][4]. - The stock price rebounded by 17.37% on September 17, indicating strong investor support for management's decisive action [6][19]. - The unusual trading activity was characterized by a concentrated sell-off within a short time frame, suggesting possible malicious short-selling by foreign institutions [3][4]. Group 2: Business Transformation and Strategic Positioning - Shandong High-Speed Holdings has undergone a significant transformation over the past three years, establishing a dual-engine growth model centered on "green electricity" and "computing power" [1][10]. - The company has strategically invested in Shandong High-Speed New Energy and Century Internet, positioning itself as a key player in the AI and green energy sectors [10][11]. - The integration of green electricity and computing power creates a unique ecosystem that addresses critical industry pain points, such as high electricity costs and energy consumption efficiency [14][15]. Group 3: Financial Performance and Future Outlook - For the first half of 2025, Shandong High-Speed Holdings reported revenues of approximately 2.503 billion RMB and a net profit of about 476 million RMB, reflecting a year-on-year growth of over five times [19]. - The company’s total assets exceeded 67.5 billion RMB, with emerging industry-related assets accounting for nearly 77% of total assets, indicating a strong focus on growth in these sectors [19]. - The recent buyback plan is seen as a strong counter to short-sellers and a signal of the company's commitment to expanding in the AI computing market [20][22].

山高控股(0412.HK)今日盘中一度大涨20.14%至15.15港元。山高控股昨日晚间公告宣布一项规模最高达1亿美元的股份回购计划。山高控股称，董事会已决 议行使股东周年大会上所获之一般性授权，在公开市场进行股份回购，公司计划以每股不超过17港元的价格回购股份，总金额不超过1亿美元，资金将来自 现有现金流及营运资金。 公司认为，股份购回反映公司对自身业务发展及前景充满信心，股份回购计划符合公司长期发展战略。董事会认为，公司现有稳健的财政状况足以支持股份 回购，同时维持充裕财务资源以满足其业务发展，实施股份回购计划符合公司和其股东的整体利益。(格隆汇) ...

Group 1 - The company, Shandong High Holding Group Co., Ltd., announced a share buyback plan at a price not exceeding 17 HKD per share, with a total amount not exceeding 100 million USD [2] - The buyback funds will come from existing cash flow and working capital, indicating a strong financial position [2] - The company expressed confidence in its business development and future prospects, aligning the buyback plan with its long-term strategic goals [2] Group 2 - Shandong High Holding has successfully transformed its strategy, focusing on "green electricity + computing power" as a dual-driven integrated enterprise [2] - The company's strategic layout has received positive recognition from the capital market, with analysts predicting rapid growth in performance due to deeper engagement in the AIDC industry and synergies with its major shareholder, Shandong Expressway Group [2] - The large-scale buyback is interpreted by the market as a sign of confidence in the company's future fundamentals, reflecting a commitment to both strategic transformation and shareholder returns [2]

消息面上，9月16日晚，山高控股宣布，董事会已于2025年6月6日获得股东授权，可回购不超过10%的 已发行股份。董事会决定授权管理层在适当时候执行股份回购计划。回购价格不超过每股17港元，总额 不超过1亿美元，资金将来自公司现有现金流或营运资金。公司认为，此次股份回购反映了对自身业务 发展和前景的信心，符合长期发展战略，且不会影响公司的财务稳健性，符合公司及股东的整体利益。 此外，公告指出，注意到公司股份的交易价格及成交量近期出现异常变动。经查询后，董事会确认，概 不知悉导致股份出现该等股价及成交量异常变动的任何原因；或任何须予公布的任何内幕消息。董事会 亦确认业务营运维持正常，且业务营运及财务状况并无重大变动。 山高控股(00412)涨超13%，该股昨日放量跌超24%。截至发稿，涨13.01%，报14.25港元，成交额2.37亿 港元。 ...

消息面上，9月16日晚，山高控股宣布，董事会已于2025年6月6日获得股东授权，可回购不超过10%的 已发行股份。董事会决定授权管理层在适当时候执行股份回购计划。回购价格不超过每股17港元，总额 不超过1亿美元，资金将来自公司现有现金流或营运资金。公司认为，此次股份回购反映了对自身业务 发展和前景的信心，符合长期发展战略，且不会影响公司的财务稳健性，符合公司及股东的整体利益。 此外，公告指出，注意到公司股份的交易价格及成交量近期出现异常变动。经查询后，董事会确认，概 不知悉导致股份出现该等股价及成交量异常变动的任何原因；或任何须予公布的任何内幕消息。董事会 亦确认业务营运维持正常，且业务营运及财务状况并无重大变动。 智通财经APP获悉，山高控股(00412)涨超13%，该股昨日放量跌超24%。截至发稿，涨13.01%，报14.25 港元，成交额2.37亿港元。 ...

Core Viewpoint - The announcement of a share buyback plan of up to $100 million by Shandong High-Tech Holdings has positively impacted the company's stock price, reflecting strong market sentiment and confidence in its future performance [1][2]. Group 1: Share Buyback Plan - Shandong High-Tech Holdings has approved a share buyback plan, allowing for repurchase at a price not exceeding 17 HKD per share, with a total amount not exceeding $100 million [1]. - The buyback will be funded through existing cash flow and operating funds, indicating a robust financial position [1]. - The company believes that the buyback aligns with its long-term development strategy and is in the best interest of both the company and its shareholders [1]. Group 2: Financial Performance - In the first half of 2025, Shandong High-Tech Holdings achieved a revenue of 2.503 billion RMB, with 96% coming from emerging industries, and a net profit of 476 million RMB, representing a year-on-year increase of 506% [1]. - The company has received a positive rating from Zhongtai Securities, maintaining an "overweight" rating, citing expected rapid growth in the coming years due to deepening layouts in the AIDC industry and synergies with its major shareholder [2]. Group 3: Project Developments - Recently, Shandong High-Tech Holdings' subsidiary secured a large wind power EPC service contract worth 1.011 billion RMB for a 175MW distributed wind power project in Heze, Shandong Province, showcasing its strong project execution capabilities in the clean energy sector [2]. - The share buyback is interpreted as a signal of confidence in the company's fundamentals and is expected to enhance earnings per share while indicating that management believes the company's value is underestimated [2].