Zhi Tong Cai Jing·2025-12-19 09:27Core Viewpoint - XinAo Energy (02688) has received a no-objection letter from the Shenzhen Stock Exchange regarding its proposed establishment of the "XinAo Pan Energy 1-8 Carbon Neutral Green Asset-Backed Securities Plan" [1] Group 1: Asset-Backed Securities Plan - The underlying assets of the asset-backed securities plan consist of equity in several distributed photovoltaic power generation and energy storage projects held by XinAo (China) Gas Investment Co., Ltd [1] - CITIC Securities Co., Ltd. and Huatai Securities (Shanghai) Asset Management Co., Ltd. will act as plan managers for the asset-backed securities [1] - The plan aims to further optimize the asset and financing structure of the company and its subsidiaries [1] Group 2: Issuance Details - The total issuance amount of the asset-backed securities plan will not exceed RMB 4 billion, with the possibility of issuing in multiple tranches, not exceeding 8 tranches [1] - The cash flows generated from the underlying assets held by the project companies will be used to pay the principal and interest [1] - The company expects the first tranche issuance scale to be approximately RMB 608 million, with plans to list the related asset-backed securities on the Shenzhen Stock Exchange [1]