But pursuant to relevant regulations imposed by SASAC, Huaneng Renewables has not been able to raise additional funds in the equity capital markets since August 2018 when its Price-to-Book ratio fell below one. By our estimates, the full cost will range from HK$30 billion-HK$32 billion, or roughly 10% of their annual capex on average (two of deals are already complete). Therefore, those who deal in relevant securities should appreciate that stockbrokers and other intermediaries will supply the Executive with relevant information as to those dealings, including identities of clients, as part of that co-operation.".

There is a growing number of China's state-owned companies delisting from the Hong Kong stock exchange listings. Except with the consent of the Executive, if any of the Conditions is not satisfied within 21 days of the first Closing Date or the date the H Share Offer becomes or is declared unconditional as to acceptances, whichever is the later, the H Share Offer will lapse. . Persons who are in doubt as to the action they should take should consult their licensed securities dealers or registered institutions in securities, bank managers, solicitors, professional accountants or other professional advisers. China's policymakers have indicated that issuing more hybrid capital is not the solution to de-risking an expanding balance sheet. According to Chinese President Xi Jinping, state-owned companies should improve their competitiveness in the market, especially since there is growth potential in the trade and technology industry. Data derived from 17 listed A-share and H-share companies as follows. Save for the shareholding of Huaneng No. China General Nuclear Power Corp.'s nuclear units generated 13% more power year-on-year (1.2% more, if excluding new units). . ?� ~�� @��� ��A� �� �� �� ��? Source: S&P Global Ratings. China Huaneng Group Co., Ltd., abbreviated as CHNG or Huaneng Group, is one of the five largest state-owned electricity generation enterprises in China, administrated by the State Council.It engages in the investment, construction, operation and management of power generation assets and the production and sale of electricity.In 2012, the company was ranked 246th on the Fortune 500 list. . S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. . It mainly generated electricity from wind farm, according to the company.

Application has been made by Huaneng Renewables to the Stock Exchange for the resumption of trading in the H Shares with effect from 9:00 a.m. on 4 October 2019. . Fill out the form so we can connect you to the right person. In our view, the Hong Kong delistings of renewable subsidiaries indicate that China's power groups are focused on shoring up their long-term equity bases. 2 0 obj IPP--Independent power producer. . The bill for privatization comes at a tough time, given power demand has weakened, due to the impact of COVID-19. China’s state-owned electric utility giant China Huaneng Group Co. plans to acquire and delist its Hong Kong-listed wind power unit.. Huaneng Group didn’t disclose the terms of a potential offer in a filing to the Hong Kong stock exchange Monday, only saying that acquiring all the outstanding H shares could result in the privatization and delisting of Huaneng Renewables Corp.

. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. <>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 720 540] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>

On July 6, 2020, Beijing Jingneng Clean Energy Co. Ltd. became the latest such company to announce plans to privatize, with an offer from the controlling shareholder, the state-owned enterprise (SOE) Beijing Energy Holding Co. Ltd. Long traded below book value and on thin volumes, two such firms have already gone private since last August, and three others have offers on the table. . WOO Kar Tung, Raymond and Mr. ZHU Xiao as independent non-executive directors. Woo Kar Tung, Raymond and Mr. Zhu Xiao, which is formed, to advise Independent H Shareholders in relation to the H Share, Gram Capital Limited, a licensed corporation to carry out Type 6. This is mostly because delayed subsidy receipts have kept accruing on the balance sheet, eating up working capital and resulting in a spike of account receivable days. China's renewables face unique burdens and a rapidly evolving landscape.

We note that in China, non-hydro renewables trade at much higher multiples for price-to-earnings and book value (see table 4). . At the same time, capacity addition outlays exceed internal cash flow generation. SOE--State-owned enterprise. China's Large And Mid-Sized Industrial Company Profits Drop, China Might Merge Top Brokers And Go Against Wall Street, Postponement Of Home Deals Threatens Capital Flows Of Real Estate Companies In China, Ant Group's IPO Sees Record $3 Trillion In Retail Demand, Asia Share Prices Get Wobbly On U.S. Election, Samsung Reports Better-Than-Expected Third Quarter On Smartphone Sales, Asia Markets Falling Thursday But Talk Is Not All Bad, Wall Street Sinks 3%, Dow At Late July Lows As Pandemic Surges, Asia Markets Ignore Microsoft Results, AMD-Xilinx Deal, Worry About Virus, U.S. Election. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. . . Companies also gave up on raising money due to the sluggish stock market and retained their attention to strengthen core operations in mainland China. Largest state-owned company wind-power producer Huaneng Renewables also delisted last February. Huaneng Renewables is a joint stock limited company incorporated in the PRC with limited liability, the H Shares of which have been listed on the Main Board of the Stock Exchange since 10 June 2011. We note that China's privately owned, Hong Kong-listed renewable firms have not made moves to delist, despite similar low valuations. Save for (i) a total of 33,268,000 H Shares purchased by Huaneng No. . As at the date of this joint announcement, Huaneng Renewables has 10,566,532,192 Shares in issue, with 5,535,311,200 Domestic Shares and 5,031,220,992 H Shares. China Datang Corp. Renewable Power Co. Ltd. State Power Investment Corp. Ltd. (A-/Stable/--), China Power Clean Energy Development Co. Ltd. (delisted), China General Nuclear Power Corp. (A-/Stable/--).

Huaneng No. ?� ~�� @��� ��A� �� �� �� ��? The H Shareholders will be notified by way of an announcement of the dates of the last day for dealing in the H Shares and on which the Delisting will become effective. RMB--Chinese renminbi.

Other companies that delisted last 2019 were business conglomerate Dah Chong Hong Holdings and aerospace concern AVIC International Holding. stream China Huaneng is owned as to 90% by SASAC and 10% by the National Council for Social Security Fund of the PRC. Ratings CLSA Capital Markets is a party presumed to be acting in concert with the Offeror under class (5) of the definition of acting in concert in the Takeovers Code as a result of it being the financial adviser of the Offeror. China Huaneng directly owns 5,258,545,640 Domestic Shares, representing approximately 49.77% of the total issued share capital and 95% of the total issued Domestic Shares of Huaneng Renewables. . any Shareholder on one hand and Huaneng Renewables, its subsidiaries or associated companies on the other hand. the number of votes cast (by way of poll) against the resolution is not more than 10% of the votes attaching to all the H Shares held by the Independent H Shareholders; the passing of a resolution by the Independent H Shareholders approving the Delisting at the Extraordinary General Meeting to be convened for this purpose, provided that: approval is given by at least 75% of the votes attaching to the Shares held by the Independent H Shareholders that are cast either in person or by proxy; and. Since 2015, equity funds raised (not including hybrid issuance or injections by the controlling shareholders) by the seven listed SOE renewable arms have totaled HK$2.2 billion (about US$280 million), or a meager 1% of the capex spent by the listcos during the period. At the request of Huaneng Renewables, trading in the H Shares on the Stock Exchange was suspended from 9:00 a.m. on 27 September 2019 pending the issue of this joint announcement.

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