Ming Yang Smart Energy’s asset-backed plan progresses at Shanghai exchange

Ming Yang Smart Energy Group Co., Ltd. announced progress on its holding-type real estate asset-backed special plan. Approved on September 25, 2025, the plan involves the company's subsidiary, Beijing Jiewan New Energy Investment Co., Ltd., utilizing the Shaanxi Jingbian Ningtiaoliang Wind Farm Project as the underlying asset. The project, located in Jingbian County, Yulin City, Shaanxi Province, boasts a total installed capacity of 150MW.

The special plan, tentatively named "CICC-Ming Yang Smart Energy New Energy Holding-Type Real Estate Asset-Backed Special Plan," has been formally submitted to and accepted by the Shanghai Stock Exchange. Key elements of the plan include an issuer of Beijing Jiewan, an unspecified issuance size based on asset valuation, and a term not exceeding the land use right expiry date. The company aims to revitalize existing assets and unlock their value to promote a positive cycle of investment in wind power infrastructure.

As of September 30, 2025, the underlying asset, Shaanxi Jingbian Ming Yang New Energy Power Generation Co., Ltd., reported total assets of yuan 127,591.10m, liabilities of yuan 53,642.40m, and a net profit of yuan 6,749.70m for the period from January to September 2025. The plan incorporates liquidity support and construction project loan support from Beijing Jiewan and the company to mitigate risks associated with national subsidy delays and construction arrangements.