Xinyi Energy's Solar REIT Application Accepted by Shenzhen Stock Exchange, Plans to Raise ~1.62B Yuan
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Xinyi Energy (03868) and Xinyi Solar (00968) jointly announced that on August 26, 2026, following a recommendation from the China Securities Regulatory Commission (CSRC), the fund manager submitted a listing application to the CSRC and the Shenzhen Stock Exchange (SZSE) on September 21, 2026. The SZSE confirmed and accepted the application on September 24, 2026. If implemented, the sale of target entities and the listing in China would constitute a potential spin-off under Hong Kong Listing Rules Practice Note 15. Shanghai Guotai Haitong Securities Asset Management has been appointed as the fund manager to establish the Xinyi Energy New Energy Fund, a closed-end infrastructure securities investment fund. The fund is expected to raise approximately RMB 1.62 billion through a public offering in China. Following the listing, the target entities will no longer be subsidiaries of Xinyi Energy. The sale is intended to monetize the economic value of solar farm projects operating under the feed-in tariff system and generate recurring fee income from operation and management services.
Source report
Hong Kong, 26 September 2026 – Xinyi Energy Holdings Limited (03868.HK) and Xinyi Solar Holdings Limited (00968.HK) have jointly announced that, following a recommendation from the China Securities Regulatory Commission (CSRC) on 26 August 2026, the fund manager submitted a listing application to the CSRC and the Shenzhen Stock Exchange (SZSE) on 21 September 2026. The SZSE confirmed and accepted the application on 24 September 2026.
If implemented, the disposal of the target entity and the China listing will constitute a potential spin-off under Practice Note 15 of the Hong Kong Stock Exchange (HKEX) Listing Rules. Xinyi Energy and Xinyi Solar (as the holding company of Xinyi Energy) will submit the requisite application under Practice Note 15 to the HKEX in due course.
Fund Structure and Offering Details
In connection with the proposed spin-off, Shanghai Guotai Haitong Securities Asset Management Co., Ltd. has been appointed as the fund manager. The manager will establish the Xinyi Energy New Energy Fund in China as a closed-end infrastructure securities investment fund.
According to the draft China offering and listing documents (subject to any subsequent changes), the fund is currently expected to raise approximately RMB 1.62 billion through a public offering in China.
Immediately following the completion of the public offering and the China listing, the target entity will cease to be a subsidiary of Xinyi Energy.
Rationale for the Transaction
The disposal of the target entity is expected to allow the Xinyi Energy Group to realise the economic value of the target projects—solar farm projects operating under the feed-in tariff regime—within a relatively short timeframe.
Furthermore, the disposal of the target entity, which owns and operates the target projects, will enable the Xinyi Energy Group to generate recurring fee income from the operation and management services provided by the service agent.
Source
智通财经Eastern
Part of this Story
Xinyi Energy and Xinyi Solar spin-off REIT filing accepted by Shenzhen Stock Exchange