Zhong Guo Jing Ji Wang·2025-10-30 02:48Core Viewpoint - Longyuan Power (001289.SZ) plans to raise up to RMB 5 billion through a private placement of A-shares, with net proceeds to be invested in two major renewable energy projects: a 500,000 kW offshore wind power project in Hainan and a 1,000,000 kW wind power project in Ningxia [1][2]. Fundraising Investment Projects - The total investment for the Hainan offshore wind power project is RMB 51.67 million, with RMB 25 million to be raised from this issuance [2]. - The total investment for the Ningxia wind power project is RMB 42.72 million, with RMB 25 million to be raised from this issuance [2]. Issuance Details - The issuance will target no more than 35 specific institutional investors, including securities investment funds, securities companies, trust companies, and qualified foreign institutional investors [2]. - The pricing for the issuance will be set at no less than 80% of the average trading price of the company's A-shares over the 20 trading days prior to the pricing date [3]. - The total number of shares issued will not exceed 30% of the company's total share capital prior to the issuance, which is 8,359,816,164 shares, equating to a maximum of 2,507,944,849 shares [3]. Shareholder Structure - As of the announcement date, the State Energy Group holds 58.72% of Longyuan Power's shares, making it the controlling shareholder [4][5]. - The issuance will not change the control of the company, as the State Energy Group will remain the controlling shareholder post-issuance [5]. Historical Context - Longyuan Power was listed on the Shenzhen Stock Exchange on January 24, 2022, following a merger with Pingzhuang Energy, which resulted in the latter's delisting [5]. - The merger involved a share exchange ratio of 1:0.3407, allowing Pingzhuang Energy shareholders to convert their shares into Longyuan Power shares [5]. Financial Aspects - The total issuance costs are estimated at RMB 36.33 million, including RMB 16.01 million for financial advisory and sponsorship fees [6]. - The reference price for the stock on its first trading day was set at RMB 32.14 per share, with no price fluctuation limits on the first day of trading [6].