Bengang Steel Plates (000761.SZ) plans to contribute in-kind assets such as its CCPP power generation assets to establish a wholly-owned subsidiary.

Bengang Steel Plates (000761.SZ) announced that, in order to revitalize existing assets, broaden equity financing channels, and optimize its asset-liability structure, the company plans to issue holding-type real estate asset-backed securities (inter-institutional REITs) on the Shenzhen Stock Exchange. In accordance with the transaction structure requirements for holding-type real estate asset-backed securities, the underlying assets shall be held by a project company, and the asset-backed special plan shall indirectly hold the underlying assets by holding 100% equity of the project company. Accordingly, the company plans to contribute in-kind assets such as its CCPP power generation assets to establish a wholly-owned subsidiary, and transfer the CCPP power generation assets into the project company. The contributed assets specifically include: CCPP power generation assets, namely 1 set of M701S-DAX gas turbine unit (including 1 gas turbine, 1 gas compressor, and 1 generator), 1 set of dual-pressure heat recovery boiler, 1 set of steam turbine generator unit (including 1 steam turbine and 1 generator), and related auxiliary facilities, with an installed capacity of 180MW, as well as liabilities directly related to the operation of the aforementioned assets. The amount of the aforementioned in-kind asset contribution is the appraised value of RMB 3.103 billion.