Xinte Energy Co., Ltd. said on 20 October 2026 that its subsidiary TBEA Xinjiang Sunoasis had agreed to buy ICBC Financial Asset Investment's 39.05% stake in Zhengxiangbaiqi Fengsheng Power Generation for CNY500m (about US$75m).
Why Xinte Energy Co., Ltd. (via TBEA Xinjiang Sunoasis) is buying Zhengxiangbaiqi Fengsheng Power Generation Co., Ltd. (39.05% stake from ICBC Financial Asset Investment)
Xinte said the purchase fits its strategy of revitalising existing assets, consolidating management authority, improving decision-making and raising returns from its operating projects.
Deal terms and financing
The price equals ICBC Financial's original CNY500m capital injection, under a formula in the 2025 shareholders' agreement that adds any shortfall between expected and actual dividends; ICBC Financial has already received CNY32.9m in dividends. Sunoasis pays in full on signing, which is also the completion date.
Regulatory approvals and timing
The deal is a discloseable transaction under the Hong Kong Listing Rules and is exempt from shareholder approval. Registration changes are to be filed with the market regulator within 30 days of completion.
Market context
Fengsheng Power Generation develops and operates wind-power resources. It reported 2025 revenue of CNY334.3m and net profit of CNY102.6m, with total assets of about CNY2.75bn. ICBC Financial is a debt-to-equity swap institution wholly owned by Industrial and Commercial Bank of China.
