Huaneng Hydropower(SH:600025) Sou Hu Cai Jing·2025-08-23 22:29Summary of Key Points Core Viewpoint - Huaneng Hydropower has made significant corporate governance changes by abolishing the supervisory board and adjusting various company regulations, alongside successfully issuing new bonds to support its financial strategy [1][2][4]. Company Announcements - Huaneng Hydropower's second extraordinary general meeting of shareholders in 2025 approved several resolutions, including the abolition of the supervisory board and transferring its powers to the audit committee of the board of directors [1]. - The company revised its articles of association to change "general meeting of shareholders" to "shareholders' meeting" and eliminated references to the supervisory board [1]. - The company also amended its rules for shareholder meetings, reducing the shareholding percentage required for shareholder proposals to 1% and standardizing the terminology to "shareholders' meeting" [1]. - Additional amendments included changes to the board meeting rules, independent director management, and related party transaction management, all aimed at enhancing governance and transparency [1]. Bond Issuance - Huaneng Lancang River Hydropower Co., Ltd. completed the issuance of the sixth phase of technology innovation bonds amounting to RMB 1.4 billion with an interest rate of 1.63% and a term of 186 days [2]. - The company also issued the ninth phase of green ultra-short-term financing bonds (for rural revitalization) totaling RMB 800 million at an interest rate of 1.65% and a term of 93 days [2]. - Following these issuances, the company's total balance of short-term financing bonds (including ultra-short-term bonds) reached RMB 6.7 billion, while the balance of medium-term notes (including perpetual notes) stood at RMB 16 billion [2].