Beijing Energy International Holding Co., Ltd. (stock code: 686) disclosed that on 29 August 2025, it entered into a Debt Financing Instrument Underwriting Agreement with China Merchants Securities and other underwriters, engaging them to underwrite medium-term notes (Notes) to be issued by the company in separate tranches. China Merchants Securities is an associate of a substantial shareholder of Beijing Energy International, making these underwriting services connected transactions under the Listing Rules.

On 10 September 2025 and 17 October 2025, Beijing Energy International respectively issued Notices to China Merchants Securities to underwrite the third and fifth tranches of the Notes. The third tranche totaled RMB1 billion at a 2+N-year term and a 100% commitment from China Merchants Securities, incurring RMB1.6 million in underwriting fees. The fifth tranche totaled RMB1.5 billion at a 2+N-year term, with China Merchants Securities underwriting 70% (RMB1.05 billion) and charging a total fee of RMB1.66 million.

Because China Merchants Securities is considered a connected person of Beijing Energy International, the above arrangements fall under Chapter 14A of the Listing Rules. Under applicable requirements, aggregation of these transactions exceeded 0.1% but remained below 5% of the relevant ratios, subjecting them to reporting and announcement obligations. Beijing Energy International’s board of directors assessed that the transactions are beneficial for the company’s note issuance. The group continues to focus on the development, investment, operation, and management of power plants and other clean energy projects.