SDIC Power completes $977m share issuance to Social Security Fund

SDIC Power Holdings announced the completion of its share issuance to the National Council for Social Security Fund, raising approximately 6.99 billion RMB ($977 million USD). The company issued 550,314,465 A-shares at a price of 12.72 RMB per share. The shares are subject to a 36-month lock-up period, with trading expected to commence on the Shanghai Stock Exchange after the lock-up expires. Proceeds from the issuance will be used to fund the development of clean energy projects, aimed at improving the company's capital structure and solvency. Post-issuance, the National Council for Social Security Fund holds 6.88% of SDIC Power, with China SDIC remaining the controlling shareholder at 47.79%. The company said the offering won't impact actual or potential changes to its corporate governance.