Huaneng Power International, Inc. (00902) announced that, in line with the State Council's directive to revitalize existing assets and expand effective investment, and in response to policy calls from the National Development and Reform Commission and the National Energy Administration supporting the issuance of real estate investment trusts (REITs) for coal-power projects, the company plans to further broaden its equity financing channels and optimize its financing structure. The company intends to use the Huaneng Dongjiakou 2x350 MW cogeneration units and their ancillary facilities, along with 2x75 t/h circulating fluidized bed boilers and related ancillary facilities (the Huaneng Qingdao Project) located in the Dongjiakou Port Area, Poli Town, Qingdao West Coast New Area, as the underlying real estate project to apply for the issuance of a public infrastructure REIT.

The company had previously issued announcements dated May 29, 2025, regarding the application work for the public infrastructure REIT and the proposed spin-off, and dated April 29, 2026, concerning the proposed spin-off and independent listing of a real estate investment trust fund in the infrastructure sector on the Shanghai Stock Exchange and related connected transactions (collectively referred to as the prior announcements). As disclosed in the prior announcements, the company proposed to use the Huaneng Qingdao Project as the underlying asset to apply for the issuance of a public infrastructure REIT (Huaneng Coal-Power REIT).

The board of directors is pleased to announce that the company formally submitted the application materials for the issuance of the Huaneng Coal-Power REIT to the China Securities Regulatory Commission and the Shanghai Stock Exchange on May 6, 2026, and the application was accepted on May 12, 2026. The issuance of the Huaneng Coal-Power REIT is still subject to review and approval by the Shanghai Stock Exchange and the issuance of a registration approval document by the China Securities Regulatory Commission. The transfer of equity in the project company is still pending approval from the State-owned Assets Supervision and Administration Commission of the State Council regarding the agreement to transfer the project company's equity via a non-public agreement.

In accordance with the requirements of Practice Note 15 of the Listing Rules, the company's issuance of the Huaneng Coal-Power REIT constitutes a spin-off listing, which also requires approval from The Stock Exchange of Hong Kong Limited for the spin-off and consent for the waiver of the guaranteed quota for the allocation of relevant shares.