Center

Power generator maker goes for total listing

By Gong Zhengzheng (China Daily)
Updated: 2007-05-18 08:50

Dongfang Electrical Machinery closed at HK$37.8 per share yesterday in Hong Kong, up 6.18 percent. In Shanghai, it rocketed by 10 percent to 57.2 yuan.

"China's fast-growing power sector provides us opportunities to be a first-class power equipment producer in the world," Si said.

He said Dongfang Electrical Machinery has no plans to seek strategic investors as it is more interested in mergers.

China encourages its central government-owned enterprises to conduct mergers and acquisitions (M&As) as well as list in their entirety to improve competitiveness.

The nation plans to form 30 to 50 internationally competitive big groups by 2010, according to the State-owned Assets Supervision and Administration Commission of the State Council, China's Cabinet.

There are 157 enterprises owned by the central government. The number will decline to 80 to 100 as a result of M&As by 2010.

Investment in China's power sector is expected to climb by 10 percent annually till 2010 in keeping with the booming economy's energy needs.

(China Daily 05/18/2007 page14)