Core Viewpoint - China Yangtze Power Co., Ltd. announced the issuance of exchangeable bonds by its controlling shareholder, China Three Gorges Corporation, using part of its A-share stock as collateral, ensuring the bondholders' rights to exchange for shares and receive interest payments as scheduled [1][2]. Group 1: Bond Issuance Details - The controlling shareholder, China Three Gorges Corporation, successfully issued exchangeable bonds (G Three Gorges EB2) with a total scale of 10 billion RMB and a final coupon rate of 0.10% [1]. - The bonds are secured by A-share stocks held by China Three Gorges Corporation, which will be managed in a trust to protect the interests of the bondholders [1][3]. Group 2: Dividend Distribution - The company plans to distribute a cash dividend of 7.33 RMB (including tax) for every 10 shares to all A-share shareholders as of July 17, 2025 [2]. - The exchange price for the bonds will be adjusted in accordance with the dividend distribution, ensuring that the number of shares available for exchange meets the requirements for the outstanding bonds [2][4]. Group 3: Shareholder Structure and Control - As of July 17, 2025, China Three Gorges Corporation directly holds 10.474 billion A-shares, which represents 42.81% of the total shares, and the newly registered shares for trust do not change the controlling shareholder or actual controller [4]. - The trust and collateral registration will be managed by CITIC Securities, which will exercise voting rights on behalf of China Three Gorges Corporation without harming the interests of the bondholders [3][4].