On June 25, 2021, United Photovoltaic (Changzhou) Investment Co., Ltd., a subsidiary of Beijing Energy International Holdings Co., Ltd., completed equity financing, introducing a 3 billion yuan investment from ICBC Financial Assets Investment Co., Ltd., a wholly-owned subsidiary of ICBC. It marked the successful implementation of Beijing Energy’s first market-based debt-to-equity equity financing business.

This business was officially launched in the second half of 2020, going through the stages including planning, demonstration, adjustment, due diligence, approval, and compliance announcement. ICBC Financial Assets Investment directly invested 3 billion yuan in a core domestic subsidiary of Beijing Energy International, laying a good foundation for the company to continue to expand diversified financing channels and innovative financing methods centering on the main business of green power generation. It has effectively deepened its contact with the capital market and investors, shown the financial market’s full recognition and confidence in the company’s credits, asset quality, and development prospects.

Since the private placement in February 2020, Beijing Energy International has thoroughly implemented the requirements of Beijing Energy of “reducing leverage and liabilities”, and actively promoted the development of market-oriented debt-to-equity swaps. While optimizing the company’s structure of assets and liabilities, it has obtained long-term equity financing support, which has provided support for its healthy and sustainable development.

The success of Beijing Energy International’s debt-to-equity equity financing is the first of its kind among enterprises under the administration of Beijing. It sets a good example for exploring the value of green assets and developing green projects. It also plays a positive role for implementing the country’s “3060 goal” and promoting green industrial development.