As of March 31, 2026, the
accompanying unaudited condensed consolidated financial statements reflect the activities of TOYO and each of the following entities:
| Name of Entity | | Date of
Incorporation | | Place of
Incorporation | | Ownership | | Principal
Activities | | Parent company: | | | | | | | | | | TOYO | | May 16, 2023 | | Cayman Islands | | Parent | | Investment holding | | Wholly owned subsidiaries of TOYO | | | | | | | | | | TOPTOYO Investment Pte. Ltd. (“SinCo”) | | April 26, 2023 | | Singapore | | 100% owned by TOYO | | Sales of solar cells and related businesses | | TOYO Solar | | November 8, 2022 | | Vietnam | | 100% owned by SinCo | | Design, manufacture and sales of solar cells and related businesses | | TOYO China Co., Ltd. (“TOYO China”) | | November 20, 2023 | | China | | 100% owned by TOYO Solar | | Sales of solar cells and related businesses | | TOYO Holdings LLC (“TOYO USA Holding”) | | June 25, 2024 | | USA | | 100% owned by SinCo | | Investment holding | | TOYO America LLC (“TOYO America”) | | August 29, 2024 | | USA | | 100% owned by TOYO USA Holding | | Sales of solar modules and related businesses | | TOYO Solar LLC | | August 29, 2024 | | USA | | 100% owned by TOYO USA Holding | | Investment holding | | TOYO Solar Texas LLC (formerly named as Solar Plus Technology Texas LLC, “TOYO Texas”) | | November 25, 2024 | | USA | | 100% owned by TOYO Solar LLC | | Design, manufacture and sales of solar modules and related businesses | | TOYO Solar (Singapore) Pte. Ltd. (“TOYO Singapore”) | | August 14, 2024 | | Singapore | | 100% owned by SinCo | | Sales of solar cells and related businesses | | TOYO Solar Manufacturing One Member PLC (“TOYO Ethiopia”) | | October 11, 2024 | | Ethiopia | | 100% owned by SinCo | | Design, manufacture of solar cells and related businesses | | TOYO Energy LLC (“TOYO Solar PLC”) | | April 21, 2025 | | USA | | 100% owned by TOYO USA Holding | | Sales of solar cells and related businesses | | TOYO Solar Clean Energy Company Limited (“TOYO Solar Clean Energy”) | | December 5, 2025 | | Vietnam | | 100% owned by SinCo | | Design, manufacture and sales of solar modules and related businesses |
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