VPOWER GROUP (01608) plans to carry out overseas debt restructuring.

VPOWER GROUP (01608) announced that since China National Technical Import and Export Corporation Limited (CNGC) became the controlling shareholder of the company in September 2023, the company has been actively discussing with stakeholders and exploring solutions to improve the group's financial situation and obtain funds to meet its operational capital needs. The company has reached agreements with several loan banks to restructure its overseas debt totaling approximately HKD 2.077 billion, and on November 14, 2025, the company and the lenders signed a restructuring master agreement for the overseas debt. According to the restructuring master agreement, the parties have agreed to: (i) pending fulfillment of certain conditions (including the company and its subsidiaries, CNGC and Energy Garden Limited (EGL) providing agreed credit support documents and other delivery items, and the company making agreed prepayments to the lenders), the lenders agreed to temporarily refrain from taking enforcement actions against group members for certain existing breaches under the loan agreements (the effective date of this temporary stay being the "Deferred Effective Date"); (ii) pending fulfillment of further conditions (including the signing of revised loan agreement documents and, if needed, approval from the relevant Chinese regulatory authorities), the restructuring will take effect (the effective date of the restructuring being the "Restructuring Effective Date"); (iii) following the Restructuring Effective Date, the loan agreements will be revised, resulting in, among other things, the maturity dates for the remaining overseas debt being extended uniformly and backdated to September 2, 2025, with a 5.5-year extension; a reduction in the interest rates applicable to the remaining overseas debt; and waivers for certain existing breaches under the loan agreements and related documents. After the restructuring is completed, it is expected that the group's overseas debt will be reduced and reclassified to approximately HKD 1.38 billion. Upon successful completion of the restructuring, the company will essentially resolve its urgent bank debt repayment obligations, thereby eliminating immediate liquidity pressures. In accordance with the agreed restructuring terms (including extending repayment periods and adjusting interest rates), the company's financial position is expected to be substantially strengthened. The company also expects the restructuring to improve its capital structure, create a stable financial foundation, allowing the company to refocus on its core business, accelerate project development, and seek opportunities for sustainable growth.