CHINA POWER (02380.HK): Subsidiary SPIC Hydropower issues RMB 1 billion five-year medium-term notes at coupon rate of 1.74%

NewTimeSpace News: On 24 August 2026, China Power International Development Limited (stock code: 02380) announced that its non-wholly owned subsidiary listed on the Shanghai Stock Exchange, SPIC Hydropower Co., Ltd. (SPIC Hydropower, stock code: 600292), has obtained approval from the National Association of Financial Market Institutional Investors to issue medium-term notes with an aggregate principal amount of not more than RMB 1 billion in the PRC, with a registration validity period of two years from 31 July 2026.

Pursuant to the registration, SPIC Hydropower issued the first tranche of medium-term notes of the year (mergers and acquisitions) (the 2026 First Tranche Medium-term Notes) on 21 August 2026, with a principal amount of RMB 1 billion, a unit face value of RMB 100, a tenor of five years and a coupon rate of 1.74% per annum. The notes are unsecured, and SPIC Hydropower has been assigned a credit rating of AAA with a stable outlook by China Chengxin International Credit Rating Co., Ltd. The notes were publicly issued in the China interbank bond market through book-building, with Industrial and Commercial Bank of China Limited acting as lead underwriter.

The proceeds are intended to be used to repay part of the acquisition loans borrowed by SPIC Hydropower for its asset restructuring, details of which are set out in the Company's circular dated 20 May 2025 and the supplementary announcement dated 1 September 2025. In connection with the issuance, SPIC Hydropower published announcements in China disclosing the terms and conditions of the notes and financial information, including the audited consolidated financial statements for the three most recent fiscal years ended 31 December 2023, 2024 and 2025 and the unaudited management accounts for the period ended 31 March 2026, with the relevant documents published on China Money and the Shanghai Clearing House website.

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