China Nuclear Engineering subsidiaries secure 5 bn yuan investment from ICBC

China Nuclear Engineering Corporation (CNEC) announced that five of its subsidiaries will collectively receive 5 billion yuan in capital through a non-public agreement-based capital increase from Industrial and Commercial Bank of China Financial Asset Investment Co., Ltd. (ICBC Investment). The investment will primarily be used to repay the subsidiaries' financial institution borrowings.

This strategic move, approved by CNEC's fifth board of directors, aims to reduce the asset-liability ratio and optimize the capital structure of the subsidiaries. CNEC will retain actual control over all five entities.

Specifically, China Nuclear Engineering & Construction No. 23 will receive 1.5 billion yuan, China Nuclear Engineering & Construction No. 24 will receive 0.8 billion yuan, China Nuclear Engineering & Construction Huaxing will receive 1.5 billion yuan, China Nuclear Engineering & Construction No. 5 will receive 0.8 billion yuan, and China Nuclear Engineering & Construction Huachen will receive 0.4 billion yuan. Post-investment, ICBC Investment will hold stakes ranging from 10.60% to 45.93% in the respective subsidiaries.