Dacheng Assists Wuhan Weineng Battery Asset Co., Ltd. in Successfully Issuing the World’s First Hold-to-Maturity Power Battery REITs

Recently, the “CITIC Securities – Weineng Battery Hold-to-Maturity Power Battery Green Asset-backed Special Plan (Technology Innovation)” (the “Project”) was successfully issued on the Shanghai Stock Exchange. The underlying assets of the Project are power batteries provided to vehicle owners under a leasing model, with an issuance size of RMB 501 million.

 

As the world’s first REITs product with power batteries as the underlying assets, the Project features the following highlights:

 

Providing an innovative financing paradigm for the global new energy vehicle (NEV) industry. As core assets of NEVs, power batteries require substantial upfront investment in R&D and capacity construction while generating stable cash flow potential. This issuance marks the first standardization and securitization of battery assets, opening a new asset-light operation and financing path for the global NEV industrial chain including battery manufacturing and energy storage services. If promoted globally, this model will accelerate technological iteration and infrastructure development, particularly helping developing countries address financing challenges for new energy projects.

 

Strengthening China’s voice in global green finance standard-setting. Pioneering power battery asset securitization quantifies and circulates the “green value” of NEVs through financial instruments. This facilitates the integration of environmental rights such as carbon emission rights and battery recycling into financial markets and provides innovative Chinese practices for international green finance standards such as ESG evaluation systems. Going forward, China is expected to lead or deeply participate in formulating global standards for battery asset valuation, risk management and information disclosure, enhancing its rule-making influence in sustainable finance.

 

Accelerating the development of a global battery circular economy system. The operation of power battery REITs underlying assets is closely linked to battery recycling. This model incentivizes professional management through capital markets, extends the full life-cycle value of batteries, and promotes a closed-loop system of “production – usage – recycling – regeneration”. This is of great significance to global resource security of key minerals such as lithium and cobalt and environmental protection, demonstrating China’s leading practice in the circular economy.

 

Enhancing global investors’ confidence in allocating to new energy assets. Issuing REITs products on the securities market improves the liquidity and risk diversification of power battery assets, attracting more diversified domestic and international capital especially long-term allocation capital to the new energy sector. This reduces industry financing costs and sends a clear signal to the world: Chinese new energy assets feature stable profitability and a transparent management framework, providing a reliable channel for global capital to share in the dividends of China’s energy transition.

 

Wuhan Weineng Battery Asset Co., Ltd.

 

As the original equity holder and operation and management institution of the Project, Wuhan Weineng Battery Asset Co., Ltd. (“Weineng Battery”) was founded in 2020 with the mission of “bringing battery services to every household”. Based on vehicle-battery separation technology, battery swap networks and battery standardization, Weineng Battery has created an innovative battery asset management model integrating battery technology, data intelligence and asset management to provide power battery asset management services for the industry. Over the past five years, Weineng Battery’s asset management model has connected users, financial institutions, automakers, battery manufacturers, battery dismantling enterprises and other market players, linking the entire industrial chain and revitalizing the industry. As of the end of January 2026, Weineng Battery’s operating battery assets exceeded 40GWh.

 

As underwriter’s counsel for this issuance, Dacheng Law Offices provided full-process legal services including transaction structure design and verification, review of transaction and issuance documents, and handling of special compliance matters. The lead partners of the Dacheng project team were Zhang Yunfang and Huang Liang, with team members Zhou Zihan, Lou Fan and Li Guohao providing full support throughout the Project. The Dacheng team has earned full recognition and trust from the client with rigorous, professional and responsible legal services.

 

We sincerely appreciate the full trust and support from CITIC Securities and Weineng Battery. Going forward, Dacheng will continue to provide professional, efficient and high-quality capital market legal services to our clients.