TBEA launches first REITs-like product valued at RMB1.337 bn

TBEA Co., Ltd. announced the formal establishment of its "TBEA-TBEA New Energy Infrastructure Investment Green Carbon Neutral Phase 1 Asset-Backed Special Program" (REITs-like product) on December 26, 2025. This follows board resolutions passed on October 16, 2025, to issue RMB3 billion in REITs-like products and the first phase of consolidated REITs. The Shanghai Stock Exchange granted approval for the listing and transfer of the asset-backed securities.

The program's priority and subordinate asset-backed securities have been fully subscribed. The total subscribed amount reached RMB1,337,000,000.00, meeting the program's fundraising target. Tianjian Certified Public Accountants (Special General Partnership) verified the funds.

The GC TBEA priority securities feature an expected annual yield of 2.70% with a face value of RMB100 and a maturity date of December 26, 2040, for a total scale of RMB1,316,000,000.00. The GC TBEA subordinate securities also mature on December 26, 2040, with a face value of RMB100, totaling RMB21,000,000.00, with yields yet to be announced. China Minsheng Bank Co., Ltd. Urumqi Branch serves as the custodian.