Summary by Futu AI
On July 18, 2024, Huaneng Power International issued a letter of support for liquidity support to its subsidiary, Shandong Corporation, to ensure that Huaneng Power International provides the necessary liquidity when Shandong Corporation cannot fulfill its operational and cash payment obligations under certain circumstances. Shandong Corporation is a related affiliate of Huaneng Power International, and China Huaneng Group holds 20% of its shares. This transaction constitutes a continuous connected transaction under Chapter 14A of the Hong Kong Listing Rules and has complied with relevant reporting, announcement disclosure and annual review requirements. In addition, Huaneng Power International also plans to securitize the power plant project located in Yantai City, Shandong Province (the Yantai Project) through the issuance of asset-backed securities, with an expected scale of approximately RMB 3.796 billion. The issuance of asset-backed securities will help the Group invigorate its basic infrastructure assets, improve its management level, and is expected to improve the Group's financial performance.