Guangdong No.2 Hydropower Engineering Company Ltd(002060) feedback on application documents for public issuance of A-share convertible corporate bonds
of
Reply Report
Sponsor (lead underwriter)
Excellence Times Square (phase II), No. 8, Zhongxin Third Road, Futian District, Shenzhen, Guangdong Province
January 2002
China Securities Regulatory Commission:
The notice of the CSRC on the first feedback on the examination of administrative licensing projects (No. 213215) issued by your commission on December 13, 2021 has been received (hereinafter referred to as the “feedback”), Guangdong No.2 Hydropower Engineering Company Ltd(002060) (hereinafter referred to as “company”, “issuer”, “applicant”, “listed company” or ” Guangdong No.2 Hydropower Engineering Company Ltd(002060) “) together with Citic Securities Company Limited(600030) (hereinafter referred to as “sponsor” Citic Securities Company Limited(600030) ), Dahua Certified Public Accountants (special general partnership) (hereinafter referred to as “accountant” and “Dahua”) Beijing Kangda law firm (hereinafter referred to as “lawyer” and “Kangda”) and other intermediaries have carefully checked and implemented the questions raised by your association one by one. Now, the replies to the feedback questions of your association are as follows. Please review them. The company guarantees the authenticity, accuracy and completeness of the reply.
Unless otherwise specified, the meanings of the words and abbreviations in the reply to this feedback are the same as those in the due diligence report of the sponsor on the public offering of Guangdong No.2 Hydropower Engineering Company Ltd(002060) A-share convertible corporate bonds.
The font in the response to this feedback represents the following meanings:
Questions listed in bold feedback
Song typeface reply to the questions listed in the feedback
catalogue
Question 1 3 question 2 23 question 3 55 question 4 63 question 5 74 question 6 82 question 7 91 question 8 101 question 9 107 question 10 111 question 11 115 question 12 154 question 13 157 question 14 171 question 15 185 question 16 190 question 1
The applicant intends to raise 900 million yuan for the 150 MW light storage integration project in Bachu County, Xinjiang, the 50MW wind farm project of phase I of thirteen rooms in Hami, Xinjiang and supplement working capital. The applicant is requested to supplement: (1) details of the investment amount arrangement, calculation basis and process of the raised investment project, whether each investment is capital expenditure, whether it is invested with raised funds, and whether the supplementary flow ratio meets the regulations; (2) The current construction progress of the raised investment project, the use schedule of the raised funds, and whether the raised funds will be used to replace the invested amount before the resolution of the board of directors; (3) Explain the necessity of the construction of the raised investment project in combination with the operating hours, power generation, completed power supply, power abandonment or wind abandonment of the existing power stations in Xinjiang; (4) The operation and profit model of relevant projects, the inclusion in the subsidy list and the recognition basis of subsidy income, combined with the above situation, explain whether the benefit calculation of the raised investment project is cautious and reasonable.
The recommendation institutions and accountants are invited to give verification opinions.
[reply]
1、 Details of investment amount arrangement, calculation basis and process of raised investment projects, whether each investment is capital expenditure, whether it is invested with raised funds, and whether the supplementary flow ratio meets the regulations
(i) The specific investment amount arrangement details of the raised investment project, the calculation basis and calculation process of the investment amount
The total amount of funds raised from this public offering of convertible corporate bonds shall not exceed RMB 900 million (including this amount). The net amount of funds raised after deducting the issuance expenses will be used for the following items:
Unit: 10000 yuan
Project Name: the project investment is planned to be implemented by raising funds
No. amount of gold
1 Xinjiang Bachu County 150MW optical storage integration 73110.1850000.00 Bachu County Guangdong No.2 Hydropower Engineering Company Ltd(002060) project energy Co., Ltd
2 Xinjiang Hami thirteen rooms phase I 50MW wind 29727.9020000.00 Hami Guangdong No.2 Hydropower Engineering Company Ltd(002060) energy farm project source Co., Ltd
3. Supplementary working capital: 20000.0020000.00-
Total 122838.0890000.00-
The specific calculation basis and calculation process are shown below:
1. 150MW optical storage integration project in Bachu County, Xinjiang
The calculation of various costs and expenses of the total investment of the project is mainly based on the following: design drawings, quantities, construction organization design and other relevant data related to the project; Regulations on Preparation of design budget estimate and cost standard of photovoltaic power generation project (Nb / t32027-2016); Budgetary estimate quota of photovoltaic power generation project (Nb / t32035-2016); Feasibility study design data and bill of quantities of the photovoltaic power station; Other references: relevant local policies, documents and regulations; Quotation of main equipment and materials provided by relevant manufacturers and prices of similar engineering equipment and construction and installation works; Code for preparation of feasibility study report of photovoltaic power generation project (Nb / t32043-2018); The tax shall be subject to the notice on adjusting the value-added tax rate and relevant coefficients of construction and installation works in the pricing basis of onshore and offshore wind farm projects and photovoltaic power generation projects (renewable quota [2018] No. 18); According to the current relevant national and departmental documents, cost quota and rate standards, the prices of main equipment and materials are calculated and listed according to the local price level in the second quarter of 2021.
The total investment amount of the project is 73.11018 million yuan, and the raised funds are proposed to be used to invest 500 million yuan. The total investment of the project mainly includes construction engineering, equipment purchase and installation, etc. The project investment estimate is as follows:
Unit: 10000 yuan
No. project or cost name equipment purchase cost construction and installation project cost total other expenses
I. equipment and installation works 39354.5513263.33-52617.88
1 power generation equipment and installation 38129.2712868.94-50998.22 project
617.0095.82-712.82 standby and installation works for power transformation and distribution of 2 booster station
3 control and protection equipment and 542.28298.57-840.84 installation works
4. Other equipment and installation works
II. Construction Engineering – 5013.47-5013.47
1 power plant project -4169.06-4169.06
2 step up substation project -19.45-19.45
3. Housing construction works -123.98-123.98
4 traffic engineering -348.11-348.11
5 other construction works -352.87-352.87
No. project or cost name equipment purchase cost construction and installation project cost total other expenses
III. other expenses — 13247.3913247.39
1. Construction land cost of the project — 218.52218.52
2. Project construction management fee — 1253.89
3. Production preparation cost — 129.87129.87
4. Survey and design fee — 200.00200.00
5 others — 11445.1111445.11
IV. basic reserve fund — 1559.331559.33
Reserve fund for five price difference—-
Vi. interest during construction period — 672.11672.11
Total 39354.5518276.8015478.8373110.18
(1) Equipment and installation cost
Equipment and installation costs mainly include power generation equipment and installation works, power transformation and distribution equipment and installation works of booster station, control and protection equipment and installation works, other equipment and installation works and other equipment costs and installation costs, totaling 526.1788 million yuan, including equipment purchase cost of 393.5455 million yuan and construction and installation cost of 132.6333 million yuan. Equipment and materials shall be calculated with reference to the recent price level. The main equipment procurement of the project is as follows:
Name of main equipment and materials, purchase quantity and unit price
Single crystal battery module 540wp358176988.2 yuan / set
Fixed support 7253.38307.39 yuan / T
Box inverter integrated device (3125kw) 48531250 yuan / set
Combiner box (24 sinks 1) 5763200 yuan / set
1kV cable pv-f-1 × 4mm2-1500v20210002.5 yuan / M
DC cable zc-yjly23-1.8/3kv-2 × 240mm29500050.38 yuan / M
35kV Cable zc-yjly23-26 / 35kv-3x95mm230000191.01 yuan / M
35kV Cable 6500201.18 yuan / M
ZC-
