Beijing Energy International Holding Co., Ltd. (BJ Energy International) has called a Special General Meeting (SGM) for 16 October 2026 to seek shareholder approval for a very substantial disposal involving the transfer of renewable-energy subsidy receivables worth approximately RMB2.60 billion.
Under a trust contract signed on 26 August 2026, subsidiary BEI Energy Development (Beijing) Co., Ltd. will sell all current and future rights to the subsidy receivables—generated by 17 solar and wind projects totaling 767 MW—to China Industrial International Trust. The receivables are scheduled to be collected by September 2029 and are backed by the PRC Renewable Energy Development Fund.
The receivables form the collateral for an asset-backed commercial paper (ABCP) programme registered with the National Association of Financial Market Institutional Investors (NAFMII). China Industrial International Trust will issue RMB2.60 billion of ABCP in two tranches:
• Priority tranche: RMB2.535 billion, rated AAAsf, coupon capped at 2.20% p.a., rolling issues of up to 180 days each over a three-year period. • Subordinated tranche: RMB65 million, unrated, coupon capped at 8.50% p.a., to remain outstanding for the life of the trust.
Proceeds from the issuance—equal to the RMB2.60 billion consideration—will be remitted to BEIED on asset delivery. BJ Energy International plans to apply 100% of the funds to repay existing debts totaling roughly RMB3.70 billion (principal) and RMB0.21 billion (interest) maturing within eight months. The company held RMB5.53 billion in cash as of 30 June 2026 and expects the refinancing to lower its average borrowing cost below the current 2.54% to no more than 2.20%.
Financial impact estimates indicate: • Net disposal loss of about RMB0.17 million, reflecting the slight discount to carrying value. • Post-transaction total assets and liabilities each fall by around RMB2.60 billion, cutting the gearing ratio from 69.6% to 68.7% and debt-to-asset ratio from 74.2% to 73.5%. • Trade, bills and tariff-adjustment receivables will drop by roughly RMB2.60 billion from the 30 June 2026 balance of RMB9.16 billion, enhancing liquidity.
The board views the transaction as a means to diversify funding channels, access cheaper capital, and improve balance-sheet efficiency without creating redemption obligations for the company; ABCP repayment will rely solely on subsidy collections.
No shareholders are required to abstain from voting at the SGM. If approved, the trust contract becomes effective in October 2026, pending completion of remaining regulatory and procedural conditions.