Jingneng Power secures loan, revamps governance with supervisory board dissolved

Beijing Jingneng Power Co., Ltd. has secured an entrusted loan of 104.7 million yuan from its controlling shareholder, Beijing Energy Group Co., Ltd., to fund the Jingneng Xilin Gol League UHV Outward Transmission Phase III 400 MW new energy project. This related-party transaction follows two previous entrusted loans from Beijing Energy Group of 28.68 million yuan and 30 million yuan within the last 12 months, and an acquisition of 100% equity in Jingneng Dongfeng (Shiyan) Energy Development Co., Ltd. for 99.19 million yuan.

In a significant corporate governance overhaul, Beijing Jingneng Power will abolish its supervisory board, with its functions transferred to the board's Audit and Legal Risk Management Committee. This change necessitates revisions to the company’s Articles of Association. Additionally, the company will establish a mechanism for dedicated independent director meetings and an Audit and Legal Risk Management Committee, comprising three non-senior management directors, with two being independent directors specializing in accounting.