Summary by Moomoo AI
China Power's subsidiary, Wuling Electric Power Co., Ltd., successfully issued RMB 0.4 billion yuan of innovative notes on September 3, 2024, with a duration of 181 days and an annual interest rate of 1.97%. This issuance is the first phase of Wuling Electric Power's total issuance of RMB 1 billion yuan asset-backed debt financing instruments within China. The innovative notes were jointly underwritten by six banks and publicly issued on the interbank bond market of the Bank of China. The funds raised will be used to repay existing bank loans and supplement daily operating capital. Wuling Electric Power has a credit rating of AAA, with a stable outlook. After the issuance, relevant financial information and credit rating reports have been made public on the website of the China Monetary Network and the Shanghai Clearing House.