Ming Yang Smart Energy Group Ltd

Mingyang Smart Energy successfully issued its third tranche of green technology innovation bonds for 2026 on August 25, 2026, with an actual total issuance of 500 million yuan, a term of three years, and a coupon rate of 1.85 percent. The raised funds were fully received on August 26. China CITIC Bank served as bookrunner and lead underwriter for this bond, with Postal Savings Bank of China and China Resources Bank of Guangdong acting as joint underwriters.

Mingyang Smart Energy plans to inject 281 million yuan into its joint venture CNOOC Dongfang Energy Limited. After the capital increase, its shareholding ratio will remain at 45 percent. This is a pro-rata capital increase aimed at advancing the Hainan Dongfang offshore wind demonstration project. The transaction constitutes a related-party transaction but does not constitute a major asset restructuring.

Jinniu Chemical's wholly-owned subsidiary Tianyue Company has signed a wind turbine equipment procurement contract with Mingyang Smart Energy. The contract value is 436 million yuan including tax. The contract covers 32 sets of complete wind turbines with a single unit capacity of 6.25 megawatts and auxiliary equipment, with a total installed capacity of 200 megawatts. The project is located in Longhua County, Chengde City, Hebei Province. The first six sets of turbines are expected to arrive before August 30, 2026, and all remaining units will arrive before June 30, 2027.

Green power direct-connect data centers are emerging as a new battleground for wind, solar and energy storage companies. Yang Haoqin, head of the AIDC product line at Envision Energy, said that green power direct-connect data centers have experienced rapid growth over the past one to two years and remain in a high-speed development phase. Many companies are shifting from operating new energy power stations to computing power stations, converting green electricity directly into computing power. In May this year, China's first large-scale computing-power coordinated green power direct-supply project, the 500-megawatt photovoltaic station at China Datang's Zhongwei Cloud Base, officially went into operation, delivering green power directly to end users at 0.36 yuan per kilowatt-hour, nearly half the average electricity cost in eastern regions. On the policy front, four government bodies including the National Development and Reform Commission issued an action plan that aims to establish a secure, green and economical energy security system by 2027. Envision and Tencent have launched the world's first 100 percent green power direct-supply data center in Chifeng, Inner Mongolia, cutting overall energy costs by more than 40 percent. The industry has now formed six major technical pathways including physical hard connections, virtual trading and computing-side dispatch. TGOOD introduced its computing power island power supply system, while Envision is building a zero-carbon power foundation spanning from chips to grids. Wind turbine manufacturers are particularly active, with Mingyang Smart Energy and Windey among those making moves. The National Development and Reform Commission and the National Energy Administration recently issued a document allowing new energy projects to build dedicated lines for direct supply, further clearing grid barriers.