Xin Lang Cai Jing·2026-02-02 20:06Core Viewpoint - The company plans to issue an asset-backed special plan (similar to REITs) to improve its capital structure and operational efficiency, utilizing the Zhoushan LNG pipeline assets as the underlying assets [1][11]. Group 1: Issuance Plan Overview - The proposed issuance scale is up to RMB 4.5 billion, subject to regulatory approval [2]. - The product duration will not exceed 18 years [3]. - The issuance interest rate will be determined based on market conditions at the time of issuance [4]. - The issuance will be conducted at face value [5]. - The trading venue for the securities will be the Shanghai Stock Exchange [6]. Group 2: Fund Utilization - The raised funds will be used for repaying bank loans and supplementing working capital, in compliance with national laws and regulations [6]. Group 3: Transaction Structure - The special plan will be established once the total subscription amount meets or exceeds the target fundraising scale [7]. - Investors will sign a subscription agreement to entrust their funds to the plan manager, who will manage the special plan [8]. - The plan manager will reach a custody agreement with a custodian to safeguard the assets of the special plan [8]. - The company will provide liquidity support for the priority asset-backed securities and cover any necessary fees to maintain rights [8]. - Newao Tianjin will have priority purchase rights over the underlying assets and securities [8]. - The plan manager will sign operational management service agreements with Newao Pipeline for business operations and asset management [8]. - The plan manager will also sign agreements for equity transfer and loans with Newao Tianjin [8]. - The assets will be registered and traded on the Shanghai Stock Exchange's electronic platform [9]. Group 4: Board Meeting and Authorization - The board of directors approved the issuance plan on February 2, 2026, deeming it beneficial for the company's business development and capital structure [11]. - The management team is authorized to handle all matters related to the special plan, including necessary legal documents and adjustments based on market conditions [11]. Group 5: Impact of the Issuance - The issuance is expected to optimize the company's asset-liability structure, enhance asset turnover efficiency, and broaden financing channels, contributing to sustainable development [12]. - The operation of the Zhoushan LNG receiving station will remain unaffected by this issuance [12].