Fujian Funeng to issue ¥3.8bn convertible bonds for power projects

Fujian Funeng Co., Ltd. (SSE:600483) received approval from the China Securities Regulatory Commission (CSRC) for its public issuance of convertible corporate bonds. The total issuance amount is expected to be ¥3,802,000,000, with each bond having a face value of ¥100 and a 6-year term from October 13, 2025, to October 12, 2031. The convertible bonds will have an initial conversion price of ¥9.84 per share.

The issuance will prioritize existing shareholders, with a record date of October 10, 2025. Any remaining bonds will be offered online to the public on October 13, 2025. The proceeds will fund the Quanhui Petrochemical Industrial Zone's 2×660MW ultra-supercritical combined heat and power project and the Fujian Sanxiao Mulan Pumped Storage Power Station project, with proposed investments of ¥2,500,000,000 and ¥1,302,000,000 respectively. An online roadshow is scheduled for October 10, 2025.