Core Viewpoint - The company plans to issue Commercial Mortgage-Backed Securities (CMBS) to optimize its capital structure and enhance asset operation efficiency, with a total issuance scale not exceeding RMB 5 billion [1] Group 1: Issuance Details - The CMBS will be backed by properties held by the company or its subsidiaries, including assets like Tengda Building and Jinyu High-tech Industrial Park [1] - The issuance will consist of no more than 5 tranches [1] - Each tranche will have a maximum term of 18 years, with open periods every 3 or 5 years [1] Group 2: Issuance Methodology - The CMBS products will be issued in phases after obtaining a no-objection letter, based on the company's financial situation and market conditions [1] - The issuance interest rates will be determined according to market conditions at the time of issuance, with final rates based on book-building results [1] - The repayment method for each tranche will be determined based on the company's and the properties' specific circumstances [1]

Core Viewpoint - The company plans to issue Commercial Mortgage-Backed Securities (CMBS) to optimize its capital structure and enhance asset operation efficiency, with a total issuance scale not exceeding RMB 5 billion [1] Group 1: Issuance Details - The CMBS will be backed by properties held by the company or its subsidiaries, including assets like Tengda Building and Jinyu High-tech Industrial Park [1] - The issuance will consist of no more than 5 tranches [1] - Each tranche will have a maximum term of 18 years, with open periods every 3 or 5 years, subject to final approval [1] Group 2: Issuance Methodology - The CMBS products will be issued in phases after obtaining a no-objection letter, with timing based on the company's financial situation and market conditions [1] - The issuance interest rates will be determined based on market conditions at the time of issuance, with final rates reflecting the book-building results [1] - The repayment method for each tranche will be determined based on the company's and the properties' specific circumstances [1]

Core Viewpoint - TBEA Co., Ltd. (特变电工) has shown a significant increase in stock price, reaching a recent high, and is planning to issue bonds to support its operations and subsidiaries [1][3]. Trading Information Summary - As of January 23, 2026, TBEA's stock closed at 28.55 CNY, up 2.96% from the previous week [1]. - The stock reached a peak of 32.99 CNY on January 20, 2026, marking its highest point in nearly a year [1]. - There was one instance of a trading halt due to a price increase, with no instances of a price drop [1]. - A block trade occurred on January 20, 2026, with a transaction amount of 2.1971 million CNY [2][5]. Company Announcement Summary - On January 21, 2026, TBEA held its first temporary board meeting of the year, where several key resolutions were passed, including adjustments to the board committee members and providing guarantees for its subsidiary TBEA Energy (India) Co., Ltd. [3]. - The company plans to issue up to 5 billion CNY in bonds, with a portion allocated for short-term debt and project funding [3]. - The guarantees for the Indian subsidiary include amounts of 1 billion Indian Rupees from DBS Bank and 20 million USD each from Deutsche Bank and HSBC [3]. - As of November 30, 2025, the total external guarantees amounted to approximately 21.66 billion CNY, representing 32.12% of the latest audited net assets [3]. Upcoming Events - TBEA will hold its first temporary shareholders' meeting on February 6, 2026, to discuss the guarantees for the Indian subsidiary and the bond issuance [4]. - The meeting will utilize both in-person and online voting methods, with the record date set for January 30, 2026 [4].

Core Viewpoint - The company aims to optimize its capital structure and enhance asset turnover by applying for a shelf registration of asset-backed securities (ABS) on the Shanghai Stock Exchange, with a total shelf amount of 3 billion yuan [1] Group 1: Asset Management - The company plans to utilize power energy infrastructure held by its subsidiaries as underlying assets for the ABS issuance [1] - The first phase of the asset-backed special plan (referred to as "first phase REITs") will involve the issuance of up to 1.5 billion yuan, backed by two renewable energy projects held by its subsidiary, TBEA Xinjiang New Energy Co., Ltd [1]