TBEA gets green light for 3 bn yuan REITs listing

TBEA Co., Ltd. announced on December 18, 2025, that it has received a "No Objection Letter" from the Shanghai Stock Exchange for the listing and transfer of its Tebian Electric Apparatus-Power Energy Infrastructure 1-5 Tranche Asset-Backed Special Plan Asset-Backed Securities (Tebian Electric Apparatus Class REITs). This follows the company's October 16, 2025, board approval to apply for a shelf registration of 3 bn yuan for asset-backed securities, leveraging its power energy infrastructure as underlying assets.

The Tebian Electric Apparatus Class REITs will be issued in tranches, with the non-revolving asset-backed securities totaling no more than 3 bn yuan. The first tranche must be completed within 12 months from the date of the "No Objection Letter," which remains valid for 24 months.

The company's manager is required to promptly report any significant events that could impact the listing conditions, investment value, or decision-making process, or any proposed changes to the plan description, from the date of the "No Objection Letter" until the listing and transfer of each tranche. TBEA will adhere to all relevant laws and regulations and fulfill its information disclosure obligations.