Xin Jing Bao·2025-09-01 08:30Core Insights - Huadian International successfully listed new shares on the Shanghai Stock Exchange, completing a fundraising project totaling RMB 71.67 billion, with raised funds amounting to RMB 34.28 billion [1] Group 1: Company Overview - Huadian International is one of China's largest integrated energy companies, primarily engaged in the construction and operation of power plants, including large-scale efficient coal and gas-fired units, as well as various renewable energy projects [1] - The company operates power generation assets across 15 provinces, autonomous regions, and municipalities in China, strategically located in power load centers, thermal load centers, or areas rich in coal resources [1] Group 2: Transaction Details - The asset restructuring and financing project is the first disclosed restructuring announcement by a central enterprise listed company following the "National Nine Articles" and is the largest completed restructuring project in the power industry since 2025 [2] - The financing issuance received a strong market response, with a subscription amount of RMB 74.84 billion, achieving a coverage ratio of 2.18 times, reflecting market recognition of Huadian International's development prospects and industry position [2] - Huadian International acquired high-quality thermal power assets in Jiangsu, Shanghai, Guangdong, and Guangxi, with a total installed capacity of 16.06 million kilowatts, significantly enhancing its competitive edge and brand influence in the power sector [2] Group 3: Strategic Implications - This transaction serves as a benchmark practice for central enterprises implementing capital market reforms and improving efficiency following the release of the "Merger and Acquisition Six Articles" [3] - The injection of high-quality assets by China Huadian Group aims to strengthen the main business of the listed company and optimize its structure, demonstrating the effectiveness of state-owned capital management reforms [3] - The initiative contributes to the national energy security strategy by enhancing the stability and reliability of the power grid through the integration of thermal power assets [3]