Grandway Advised Tianfu Energy on Non-public Offering Approved by Issuance Appraisal Committee of CSRC

On October 10, 2022, Grandway advised Xinjiang Tianfu Energy Co., Ltd. (“Tianfu Energy”, stock code: 600509) was approved by Issuance Appraisal Committee of CSRC for its non-public offering (“Offering”) .

Tianfu Energy is mainly engaged in the production and supply of electricity and heat, natural gas supply, urban water supply and construction, etc. Relying on the development opportunities of “the Belt and Road Initiatives”, adhering to the development concept of “innovation, coordination, green, openness and sharing”, adhering to the corporate vision of “being the first-class integrated energy service group in China”, focusing on integrated energy services, Tianfu Energy cultivates strategic new industries and develops momentum, builds a modern integrated energy service system that is “low-carbon, safe, clean, efficient, intelligent and sustainable”. Insisting on integrated energy services as main business, Tianfu Energy will continue to adjust the energy structure, scientifically lay out green and renewable energy sources such as photovoltaic and hydropower, and provide clean and efficient energy supply services for the division.

The proposed proceeds from this Offering will not exceed RMB1500.00 million. After deducting issuance costs, the net proceeds were used for the “Tianfu 400,000 kilowatt photovoltaic power generation project of Corps’ 1 million kilowatt photovoltaic base project in Shihezi, North Xinjiang”. This Offering will help further optimize company’s business system, expand the scale of company’s assets, and enhance company’s competitiveness and sustainable development ability.