Energy Insider: Wind Power Giant Longyuan Cleared for Backdoor Shenzhen Listing
In today’s Caixin energy news wrap: China Huadian’s new-energy unit gets $315 million from state insurer; Qinghai has ambition in salt lake development; Sinopec now has 1,000 battery swap stations; and a wind power project built by a Chinese company starts operation in Croatia.
Longyuan Power cleared for backdoor listing
Hong Kong-traded Longyuan Power Group Corp. Ltd., the world’s top wind farm operator, won approval from China’s securities regulator to debut on the domestic market through a backdoor listing. Longyuan Power, a subsidiary of state-owned China Energy Investment Co., acquired Shenzhen-traded Inner Mongolia Pingzhuang Energy Resources Co. Ltd., a loss-making unit of China Energy Investment, to use as a shell company. Longyuan said it expected to obtain a higher valuation on the A-share market than it can get in Hong Kong. The move will also allow Longyuan to broaden its financing channels.
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