上海电力与国家电投香港财资管理有限公司签署三年期《金融服务协议》 涉及高达600亿元关联贷款额度

【2026年4月14日，上海】 上海电力股份有限公司（600021）今日公告，其子公司上海电力能源发展（香港）有限公司（以下简称“香港公司”）拟与国家电投香港财资管理有限公司（以下简称“财资公司”）签署为期三年的《金融服务协议》。鉴于财资公司是公司控股股东国家电力投资集团有限公司的全资子公司，此次交易构成重大关联交易，需提交股东大会审议。

一、交易亮点与核心内容

• 三年期协议： 协议期限为三年，涵盖存款、结算、融资及其他金融服务。
• 高额度关联贷款： 三年协议期内，预计贷款额度不超过600亿元人民币，日最高存款额度不超过5亿美元，其他金融服务（如中间业务）预计不超过2000万元人民币。
• 子公司现有业务规模： 截至2025年12月31日，上海电力子公司在财资公司存款余额为2.93亿元，贷款余额高达77.6亿元人民币，显示双方已建立紧密的金融合作关系。
• 金融服务内容： 涵盖资金存款、结算、融资、信用担保、外汇风险管理、国际碳资产相关服务及顾问咨询等。
• 定价政策优势： 存款利率不低于同期主要商业银行，贷款利率亦不高于其他主要银行同类产品，手续费及服务费用均有优惠标准。

二、对公司及股东的影响

该关联交易有望为上海电力提供更为灵活的融资渠道和高性价比的金融服务，降低资金成本、提升资金使用效率，支持公司持续扩大境外业务和碳金融领域布局。同时，优质的结算和中间业务服务有助于公司优化资金流动性管理，增强整体抗风险能力，利好公司长期发展和股东利益。

三、决策过程及合规性

• 本议案已于2026年4月10日经公司第九届董事会第八次会议审议通过。
• 为保证决议合法，7名关联董事已回避表决，6名非关联董事全票通过。
• 交易价格和条款被独立董事和审计与风险委员会认定为公允合理，不损害中小股东及非关联股东利益。
• 协议生效需经双方签字并履行相关法律程序，最终还需提交股东大会审议。
• 如有争议，将通过香港国际仲裁中心仲裁解决。

四、财资公司基本情况

• 成立时间：2017年8月，注册资本1.2亿美元，注册地为中国香港湾仔。
• 经营范围：境外资金监管、归集、融资、信用担保、汇款、投资、风险管理等。
• 2025年末主要财务数据：总资产508.8亿元，货币资金22.79亿元，发放贷款277.79亿元，银行借款287.79亿元，应付债券21.14亿元，吸收存款19.54亿元。2025年营业收入19.78亿元，净利润9.55亿元。

五、投资者重点关注事项及潜在影响

• 本议案尚需股东大会审议通过，存在一定的不确定性，投资者需持续关注后续进展。
• 高额度关联贷款和存款有助于公司降低融资成本，增强资金实力，若顺利落地，或对公司业绩形成正面推动，可能成为影响股价的重要因素。
• 协议涉及境外金融、碳资产等新兴领域，有望支持公司国际化和绿色转型战略。

免责声明

本文基于公司公告和公开信息整理，仅供投资者参考，不构成任何投资建议。投资有风险，决策需谨慎。请投资者关注公司后续公告及相关进展。

English Version

Shanghai Electric Power Signs Three-Year Financial Services Agreement with SPIC HK Treasury Management – Up to RMB 60 Billion Related Loan Limit

[Shanghai, April 14, 2026] Shanghai Electric Power Co., Ltd. (600021) announced that its subsidiary, Shanghai Electric Power Energy Development (Hong Kong) Co., Ltd., plans to sign a three-year Financial Services Agreement with SPIC HK Treasury Management Co., Ltd. As SPIC HK Treasury is a wholly-owned subsidiary of its controlling shareholder, State Power Investment Corporation (SPIC), this transaction is a significant related-party transaction and requires shareholder meeting approval.

I. Key Highlights and Main Content

• Three-year Agreement: Covers deposit, settlement, financing and other financial services.
• Large Related Loan Limit: During the three-year period, the estimated loan limit is up to RMB 60 billion, with a daily maximum deposit of USD 500 million, and other financial services (like intermediary business) up to RMB 20 million.
• Current Business Scale: As of December 31, 2025, the subsidiaries’ deposits with the treasury company totaled RMB 293 million, and loans reached RMB 7.76 billion, showing a close financial cooperation already in place.
• Financial Services: Include deposit, payment/settlement, financing, credit guarantee, FX risk management, international carbon asset services and consulting.
• Pricing Policy: Deposit rates not lower than other major local banks; loan rates not higher than similar commercial banks; service fees are competitive and preferential.

II. Impact on the Company and Shareholders

This related transaction is expected to provide Shanghai Electric with more flexible financing channels and cost-effective financial services, reduce funding costs, improve cash management, and support overseas and carbon finance business expansion. High-quality settlement and intermediary services will enhance liquidity management and risk resistance, benefitting long-term development and shareholder interests.

III. Decision-Making Process and Compliance

• The proposal was approved at the 8th meeting of the 9th Board on April 10, 2026.
• To ensure legal compliance, 7 related directors abstained, and 6 independent directors unanimously approved.
• Independent directors and the Audit & Risk Committee believe the transaction is fair and does not harm minority or non-related shareholders.
• The agreement takes effect after signing and further legal procedures, and must still be approved by the shareholders’ meeting.
• Any disputes will be resolved by arbitration at the Hong Kong International Arbitration Centre.

IV. Treasury Company Profile

• Established: August 2017; Registered capital: USD 120 million; Location: Wan Chai, Hong Kong.
• Business scope: Offshore fund management, pooling, financing, credit, remittance, investment, risk management, etc.
• 2025 key figures: Total assets RMB 50.88 billion; cash RMB 2.279 billion; loans granted RMB 27.779 billion; bank loans RMB 28.779 billion; bonds payable RMB 2.114 billion; deposits RMB 1.954 billion; 2025 revenue RMB 1.978 billion; net profit RMB 955 million.

V. Key Issues for Investors & Potential Impact

• Still subject to shareholder approval, outcome uncertain. Investors should watch for further updates.
• Large related credit lines will likely reduce financing costs and strengthen the company’s financial position, potentially having a positive impact on performance and share price if approved.
• The agreement covers offshore financial and carbon asset services, supporting internationalization and green transformation strategies.

Disclaimer

This article is based on company announcements and public information, provided for reference only. It does not constitute investment advice. Investments involve risks; please make decisions carefully and follow subsequent company disclosures for updates.

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