GCL Group Leads the Nation's First Holding-Type Thermal Power Infrastructure ABS Listing on SSE
On December 30, with the crisp sound of the opening gong at the Shanghai Stock Exchange, the "Guojin Asset Management - Xinjiang Guoxin Holding-Type Real Estate Asset-Backed Special Plan," initiated and led by GCL Group, officially listed (Code: 266682.SH). As an innovative product strongly supported by the Shanghai Stock Exchange, this project marks the nation's first holding-type thermal power infrastructure ABS with inter-institutional REITs attributes, with an issuance scale reaching 5.46 billion yuan. It not only successfully fills a gap in the domestic securitization of thermal power infrastructure assets but also establishes a new benchmark for revitalizing traditional energy assets and integrating them with green finance.
Fu Hao, Vice President of the Shanghai Stock Exchange; Zhu Gongshan, Chairman of GCL Group; Zhu Yufeng, President of GCL Group; Jiang Wenguo, President of Guojin Securities; Xu Weidong, Deputy Secretary-General of the Suzhou Municipal Government; Zhang Lixian, Deputy Director of the Suzhou Municipal Party Committee Financial Office; Hua Wei, President of SPD Bank’s Suzhou Branch; and Zhou Haibo, Vice President of Suzhou Asset Investment Management Group, among other government, corporate, and financial sector guests, jointly wielded the gavel to mark this milestone moment.
The special plan listed this time is underpinned by GCL Group's Xinjiang Guoxin Thermal Power Plant located in Zhundong, Xinjiang. Leveraging its synergistic "coal-power integration" advantages and efficient operational model, the plan has established a stable and sustainable cash flow support system, earning high recognition and favor from the capital market. To better align with market investment demands and safeguard investor rights, the product adopts a flat-tier structural design, achieving risk-sharing and profit-sharing, and is traded among qualified investors in the secondary market. The raised funds will be directed into clean energy technology research and development, effectively optimizing the financial structure, reducing the asset-liability ratio, and providing solid funding support for a series of major strategic projects.
Zhu Gongshan stated that under the guidance of the global energy transition and the "dual carbon" goals, GCL Group, as a private enterprise, shoulders industrial responsibility with professional expertise. It deepens the synergy between capital and industry, continuously expands the application scenarios of diversified financing tools, and facilitates the circulation of more high-quality energy assets in the capital market. This approach fully realizes a new asset cycle path of "investment and construction – asset securitization – revitalization of existing assets – incremental investment." The successful listing aligns with the national policy direction of "revitalizing existing assets and expanding effective investment" and meets the capital market's demand for allocating green energy assets. Based on efficiently unlocking the potential value of traditional energy-heavy assets, this innovative practice also creates a replicable and scalable "GCL model" for traditional energy enterprises to lighten their load and transition toward green development.
As the managing party of the plan, a relevant executive of Guojin Asset Management stated that the product focuses on the characteristics of thermal power assets and the demands of the capital market, tailoring a market-oriented inquiry and pricing plan that breaks away from the path dependency of traditional pricing models. This provides strong support for building a multi-tiered REITs market. This innovative operation fully explores the intrinsic value of the underlying assets while enhancing transaction efficiency and market recognition through transparent and standardized processes. Under the premise of strictly adhering to regulatory requirements and industry standards, it continuously releases the green value of energy assets.
It is worth noting that GCL Group’s exploration in the field of energy asset securitization has never stopped. According to the group’s financial executive, the successful listing of this thermal power ABS extends the asset securitization model to core thermal power assets, marking GCL’s establishment of a capital innovation matrix covering multiple energy categories. In the future, GCL will continue to deepen the integration and innovation of energy assets and financial instruments, commit to promoting the circulation of more high-quality assets in the capital market, support the construction of a new power system through market-oriented mechanisms, and inject sustainable capital momentum into the high-quality development of the real economy.
