CM BANK(SH:600036) Shang Hai Zheng Quan Bao·2025-12-26 18:40Group 1 - The core viewpoint of the news is the announcement of a financing arrangement for the AVIC Shougang Biomass Closed-End Infrastructure Securities Investment Fund, which involves a loan agreement with China Merchants Bank to support the liquidity of the project company [1][2][3]. - The project company, Beijing Shougang Biomass Energy Technology Co., Ltd., operates three sub-projects, providing waste disposal services and electricity sales, generating revenue through service fees and electricity sales to the State Grid [1]. - The fund's latest net asset value is approximately 917.49 million yuan as of June 30, 2025, and the new loan of 20 million yuan represents 2.18% of the fund's net assets, remaining below the 5% threshold [3][4]. Group 2 - The loan is structured as a factoring arrangement for national subsidy receivables, with a borrowing interest rate based on the one-year Loan Prime Rate (LPR) minus 52 basis points, and is set to mature on December 10, 2026 [3][6]. - The purpose of the loan is to supplement the project company's working capital, with repayment expected from the national subsidy receivables, allowing for early repayment once funds are received [6][7]. - The financing arrangement is intended to smooth cash flow during the fund's duration, mitigating risks associated with uncertain receivable timelines, and positively impacting the cash distribution rate for fund shareholders [7].