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Guantao advises SDIC Power on RMB 7 billion private placement and strategic investment from SSF

On March 5, 2025‌, SDIC Power Holdings Co., Ltd. (Stock Code: 600886.SH/SDIC.L, “SDIC Power”) announced the successful completion of its ‌private placement of A-shares‌ to National Council for Social Security Fund of the PRC (“SSF”)‌ as the strategic investor, with the newly issued shares officially listed on the Shanghai Stock Exchange. ‌ Guantao acted as the issuer’s legal counsel‌ for this transaction.

‌SDIC Power is ‌a subsidiary controlled by State Development & Investment Group (SDIC Group)‌ and has been dual-listed on the ‌Shanghai Stock Exchange and ‌London Stock Exchange‌.  Its business spans hydropower, thermal power, photovoltaic energy, onshore/offshore wind power, energy storage, electricity retail, and integrated energy services, with projects distributed across China and abroad.  SDIC Power secured ‌RMB 7 billion‌ through this share issuance.  After deducting issuance costs, the net proceeds will be fully allocated to the construction of the ‌Mengdigou Hydropower Station‌ and ‌Kala Hydropower Station‌.

This transaction is recognized as ‌one of the flagship initiatives‌ in which the ‌SSF‌ participated as a ‌strategic investor‌ in a listed company’s ‌follow-on offering‌.  It serves as a ‌proactive response‌ to China’s policy directive of ‌channeling long-term institutional capital into equity markets‌, thereby enhancing ‌capital allocation efficiency‌ in the capital markets.  Through the strategic collaboration, the SSF will provide SDIC Power with ‌synergistic resources‌ spanning ‌clean energy project development‌, ‌cross-industry chain coordination‌ (upstream/downstream partnerships), and ‌pan-strategic alignment‌.  These contributions are poised to ‌significantly bolster SDIC Power’s competitiveness‌ in the clean energy sector‌.

Guantao previously provided advisory services‌ to SDIC Power for its ‌2021 private placement‌ and multiple issuances of ‌corporate bonds‌ and ‌debt financing instruments‌.  In this transaction, Guantao continued to serve as SDIC Power’s PRC legal counsel‌, delivering ‌end-to-end legal solutions‌ encompassing: ‌Legal due diligence‌, ‌state-owned asset regulatory approvals‌, project filing compliance‌, share issuance and listing procedures‌.  Leveraging ‌professional expertise‌ and ‌high-quality service delivery‌, Guantao earned ‌full recognition and acclaim‌ from the client and all other parties involved.  Guantao team was led by partner Zhang Wenliang and senior associate Zhan Menglu, both of whom were also signing attorneys.  The team was assisted by associates Zhou Li, Fang Mingda and Bian Zhenhua.