Huaneng Hydropower(SH:600025) Zhong Guo Jing Ji Wang·2025-06-24 03:03Core Viewpoint - Huaneng Hydropower's non-public stock issuance has been approved, aiming to raise up to RMB 58.25 billion for specific hydropower projects [1][2]. Group 1: Stock Issuance Details - The total amount to be raised from the stock issuance is capped at RMB 58.25 billion, which will be allocated to RM Hydropower Station and TB Hydropower Station projects [2][3]. - The RM Hydropower Station project has a total investment of approximately RMB 584 million, with RMB 43.25 million planned for this stock issuance. The TB Hydropower Station project has a total investment of about RMB 200 million, with RMB 15 million allocated from the issuance [3]. Group 2: Issuance Structure and Participants - The issuance will target no more than 35 specific investors, including various financial institutions and qualified investors, with the possibility of related party participation [4]. - The issuance will be conducted through a competitive bidding process, with the price set at no less than 80% of the average trading price over the previous 20 trading days [4][5]. - The number of shares issued will not exceed 10% of the total share capital prior to the issuance, amounting to a maximum of 1.8 billion shares [5]. Group 3: Control and Governance - The stock issuance will not change the control of the company, as China Huaneng will remain the controlling shareholder with a 50.40% stake post-issuance [5]. - The lead underwriter for this issuance is CITIC Securities, with designated representatives overseeing the process [5].