CECEP Solar Energy issues convertible bonds, revamps governance

CECEP Solar Energy Co., Ltd. has issued convertible corporate bonds totaling 2.95 bn yuan to unspecified investors. The net proceeds of 2.947 bn yuan are earmarked for photovoltaic power station projects. The bonds, with a face value of 100 yuan each, are convertible into A-shares on the Shenzhen Stock Exchange and carry interest rates from 0.20% to 3.00% over a six-year term, maturing on March 27, 2031. The initial conversion price is 5.67 yuan per share.

Concurrently, the company announced significant revisions to its articles of association, effective November 17, 2025, following shareholder approval. These changes include the elimination of the supervisory board, with its functions transferred to the board's audit and risk control committee. This structural adjustment, approved by shareholders, is stated to not impact daily operations or debt repayment capabilities.

Huatai United Securities Co., Ltd. and China International Capital Corporation Limited are serving as trustee managers for the bond issuances, overseeing compliance and investor interests. The changes in corporate governance aim to refine the company's structure and ensure efficient operations.