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Guantao Deals | Guantao Advises CNPC Taihu Investment on Its Capital Increase in State Grid Xinyuan Holdings

On July 23, 2025, the capital increase project of State Grid Xinyuan Holdings Co., Ltd. (“State Grid Xinyuan Holdings”) was successfully signed at the Beijing Equity Exchange, with a capital increase of RMB 36.5 billion — setting a new record for the largest cash fundraising in the history of state-owned asset transactions.This transaction carries significant importance for promoting the high-quality development of pumped-storage projects, accelerating the establishment of a new-type power system, advancing the transition toward a “multi-energy complementary” energy structure, and supporting China’s efforts to solidify its position at the center of global carbon-neutral initiatives.

All investors participating in this capital increase were large central or state-owned enterprises and financial institutions with substantial influence and strong capital capacity. They include State Grid Xinyuan Group Co., Ltd.; Xinyuan (Beijing) Debt-to-Equity Swap Special Equity Investment Center (Limited Partnership); Xinyuan (Beijing) Equity Investment Fund (Limited Partnership); CNPC Taihu (Beijing) Investment Co., Ltd. (“CNPC Taihu Investment”); Beijing Baoshi Chengyuan Equity Investment Partnership (Limited Partnership); and Anhui Energy Group Co., Ltd. The transaction proceeded through the full regulatory process prescribed for state-owned asset transfers. Completion of the transaction remains subject to customary closing conditions.

Guantao Law Firm served as legal counsel to CNPC Taihu Investment in this transaction and provided full-scope legal services for its capital increase in State Grid Xinyuan Holdings, including legal due diligence, analysis of the transaction structure, and the drafting, revision, and negotiation of transaction documents. The team’s work contributed significantly to the successful signing of the transaction by all parties.

The project was led by Ni Min, Partner at Guantao Law Firm, with Li Xiaohao, Partner, serving as Project Lead. Partner Song Jia, together with lawyers Wang Xin, Bian Zhenhua, Li Xiang, and other team members, formed the project team.