Jingneng Clean Energy (00579): Jingxi Power increased capital to Jingxi Gas Thermal Power with about 280 million yuan of land use rights

According to Zhitong Finance App, Jingneng Clean Energy (00579) announced that on September 3, 2026, the company and the target company (Beijing Jingxi Gas Thermal Power Co., Ltd., a wholly-owned subsidiary of the company) entered into a capital increase agreement with Jingxi Power. According to this, Jingxi Power conditionally agreed to subscribe for the target company's additional registered capital at the cost of land use rights. The land use rights were assessed at about 280 million yuan. After the proposed subscription is completed, the company's shares in the target company will be reduced from 100% to 87.95%, and the target company will continue to be a subsidiary of the company. Jingxi Electric Power will hold 12.05% of the underlying company's shares.

According to reports, the land was acquired by Jingxi Electric Power in December 2011 through a state-owned construction land use rights (industrial land) concession. The sale period was 50 years. The original purchase price was RMB 22.61 million, and the area was 109,690.27 square meters. The target company is mainly engaged in gas power generation and heating.

In the past period, due to a number of issues involving construction land boundaries, the target company mainly operated the land through a lease arrangement with Jingxi Electric Power, which holds the right to use the land. Although the target company owns and operates facilities on the land, it has no right to use the land. After the proposed subscription is completed, the land use rights for the land will be transferred to the bid company and held by it, so that the holder of the land use right is consistent with the ownership and operation of the relevant facilities on the land. The proposed subscription will be completed by investing in the price of the relevant land use rights. This move will enable the target company to integrate the land use rights with the ownership rights of the relevant properties, and further regulate the ownership structure of the relevant assets. The target company proposed a waste heat utilization project, which will involve construction projects on the site, including the target company installing a flue gas waste heat recovery system behind a vertical waste heat boiler with a circulation unit to recover waste heat from the flue gas, thereby increasing heat supply, optimizing the heating structure, reducing gas consumption, and improving the target company's operating performance. The proposed subscription will assist the target company in subsequent project approval and other related procedures for the proposed waste heat utilization project, and provide a more appropriate asset and ownership structure for the continued development and operation of the project.

The proposed subscription will help make effective use of relevant resources, enhance the target company's ability to further develop and realize the economic benefits generated by waste heat utilization projects, and mitigate potential risks arising from the previous decoupling of land use rights and properties related to the land.