Zhejiang Windey to issue green convertible bonds for up to 1.5 bn yuan

Zhejiang Windey has received approval from the China Securities Regulatory Commission for the public issuance of its 2025 green renewable corporate bonds (Tranche 1) to professional investors. The total issuance amount will not exceed 1.5 billion yuan. The bonds will have a basic term of three years, with the issuer having the right to extend the term by one period (three years) at the end of each interest calculation period. The bonds will be offered at par value of 100 yuan per bond and are unsecured.

The initial coupon rate for the first period will be determined through offline inquiry. Trading of the bonds is expected to commence on December 23, 2025, following a listing application to the Shenzhen Stock Exchange. The company’s latest credit rating from Golden Credit Rating International Co., Ltd. is AAA with a stable outlook, indicating strong repayment capability.

The proceeds from the issuance will be primarily used to supplement working capital for the company's large wind turbine and new energy power station businesses, including the payment of bank acceptance bills for the procurement of wind turbine components. This aligns with the "Green Bond Endorsed Project Catalogue (2025 Edition)" as 100% of the company's revenue in 2024 and the first half of 2025 came from green businesses.