ENN Energy (02688) intends to issue asset-backed securities with a total amount not exceeding 4 billion yuan.

ENN ENERGY (02688) announced that it has recently received a letter of no objection from the Shenzhen Stock Exchange regarding the proposed establishment of the "Xin'ao Energy 1-8 Phase Carbon Neutral and Green Asset Support Special Plan" (Asset-Backed Securities Plan) and the application for listing. The underlying assets of the asset-backed securities plan are equity interests in several distributed photovoltaic power generation projects and energy storage projects held by project companies of Xin'ao (China) Gas Investment Co., Ltd., with China Securities Co., Ltd. and Huatai (Shanghai) Asset Management Co., Ltd. serving as the plan managers. The plan managers will issue securities (asset-backed securities) supported by the underlying assets to investors and jointly manage and execute the asset-backed securities plan. The asset-backed securities plan aims to further optimize the assets and financing structure of the company and its subsidiaries. According to the letter of no objection, the total amount of the asset-backed securities plan issuance will not exceed RMB 4 billion, and the asset-backed securities can be issued in installments, with up to 8 series, with the cash flow generated by the underlying assets held by the project companies used to pay principal and interest. The company expects the initial issuance size to be approximately RMB 608 million and plans to list the related asset-backed securities on the Shenzhen Stock Exchange. The final issuance size, term, and other terms of the asset-backed securities will be determined based on market conditions at the time of issuance.