Norinco International plans private placement for Bosnia solar project

Norinco International Cooperation Ltd. is undertaking a private placement to raise up to 960 million yuan. The funds will be primarily allocated to the Bosnia and Herzegovina Komanjey 125MWp Photovoltaic Project and to supplement working capital. The issuance, approved by the board and the State-owned Assets Supervision and Administration Commission, is awaiting Shenzhen Stock Exchange and China Securities Regulatory Commission approval. The project, utilizing a BOO (Build-Own-Operate) model, has commenced construction and is projected to have a 1-year construction period followed by 25 years of operation.

The company's latest financial reports indicate total assets of 2,481,604.91 million yuan and total liabilities of 1,395,767.34 million yuan as of June 30, 2025. Revenue for the first half of 2025 was 673,451.36 million yuan, with a net profit of 30,156.27 million yuan. This represents a decrease in net profit attributable to shareholders of 42.71% compared to the same period in 2024, attributed to fluctuating coal prices and unfavorable exchange rates. Despite this, Norinco International maintains sufficient financing capabilities and manages foreign exchange risks through hedging strategies, including forward foreign exchange contracts.

The audit report, issued by BDO China Shu Lun Pan Certified Public Accountants LLP, confirms the financial statements present fairly Norinco International's financial position as of December 31, 2024. The legal opinion, issued by Jia Yuan Law Offices, affirms the legality and compliance of the issuance. CITIC Securities Company Limited is serving as the sponsor.