Hubei Energy gets CSRC approval for targeted share issuance

Hubei Energy Group Co., Ltd. announced that its application for a non-public issuance of shares to specific targets has been approved by the China Securities Regulatory Commission (CSRC). This approval allows the company to proceed with the issuance according to its submitted plan, valid for 12 months from the registration date.

The targeted issuance aims to raise no more than 2.90 bn yuan, which will be invested in the Luotian Pingtanyuan Pumped Storage Power Station project. This project, with a total planned installed capacity of 1,400MW across four 350MW units, is a key initiative for the company to support green energy transformation and strengthen its position in Hubei Province.

The issuance will be subscribed by China Three Gorges Corporation, the controlling shareholder and actual controller of Hubei Energy Group, in cash. The issuance price was adjusted from 4.95 yuan per share to 4.85 yuan per share due to the company's 2024 annual equity distribution plan. The shares will be subject to a 36-month lock-up period following the issuance.