Economy

Huadian's new energy unit seeks public listing

(Xinhua)
Updated: 2011-02-06 14:43

BEIJING - China Huadian Corp., one of China's five major power utilities, said Sunday it would speed up the public listing of its new energy unit this year to expand the corporation's presence in the renewable resources sector.

Yun Gongmin, general manager of China Huadian Corporation, said it would facilitate the development of the corporation's renewable resources sector for Fuxin New Energy Co., the new energy unit of Huadian, to go public this year.

Huadian's rival, China Datang Corp., raised $643 million in a Hong Kong initial public offering in December last year. Huaneng Renewable Corp., a major market player in the new energy sector, is also seeking to go public this year.

China wants at least 15 percent of its energy to come from renewable sources, including wind, by 2020.

Yun said with the acceleration of Huadian's industrial restructuring, its three major non-power sectors, including coal, finance and engineering technology, contributed more than half of the corporation's profits last year.

The corporation would also expedite the listings of the three sectors over the next five years to enhance their competitiveness, he added.