China nuclear power firms merge to fuel global clout
Updated: 2015-06-01 09:57
(Agencies)
|
|||||||||||
People visit the stand of State Nuclear Power Technology Co (SNPTC) during the 10th China International Exhibition on Nuclear Power Industry (CIENPI) in Shanghai, May 23, 2013. [Photo/IC] |
China Power Investment Corporation and State Nuclear Power Technology Corp have officially announced their merger, as Beijing moves to consolidate its nuclear power sector.
China Power currently controls about a tenth of China's nuclear power market, while the State Nuclear was formed in 2007 to handle nuclear technology transferred from US-based Westinghouse Electric Co.
The new company, State Power Investment Corporation, is expected to own assets over 700 billion yuan ($112.94 billion) and to post revenue of over 200 billion yuan annually, state news agency Xinhua said on Saturday, citing Wang Binghua, the chairman and party secretary of State Power Investment Corporation.
China National Nuclear Power Corp (CNNC) said in a prospectus published on Monday on the Shanghai Stock Exchange that the merger to form State Power Investment Corporation will increase competition between China's three major nuclear corporations in both domestic and international construction of nuclear infrastructure. The other major player in this sector is China General Nuclear Power Group (CGN).
China is contemplating a merger between CNNC and CGN which were set up as rivals to compete for projects at home and overseas but, under government prompting, have cooperated on a single reactor brand, Hualong 1, with the intention of eventually marketing it abroad.
Beijing said in January it would aid the overseas expansion of Chinese firms, in particular in the rail and nuclear power sectors, raising hackles with some trading partners who fear it signals another wave of subsidized Chinese exports.
Related Stories
Nuclear power firm plans biggest mainland IPO in 5 years 2015-05-26 16:11
China's nuclear power capacity to reach 30m kilowatts by year end 2015-05-22 09:06
Inland nuclear projects likely to get fresh impetus 2015-05-19 07:10
China securities authority approves IPO of nuclear giant 2015-05-14 13:21
CNNP share offer approved by CSRC 2015-05-14 07:28
Fuqing pilot unit complete by 2020 2015-05-07 07:28
Today's Top News
Spanish cave reveals ancient murder mystery
Moscow issues entry ban on European politicians
HK lawmakers' responsibility
China nuclear power firms merge to fuel global clout
Blatter defies calls to quit as FIFA scandal widens
China Daily starts first French edition with Le Figaro
Chinese rifle shooters shine at Munich World Cup
HK shines regulatory spotlight on Hanergy
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Premier Li embarks on Latin America visit |
What do we know about AIIB |
Full coverage of Boao Forum for Asia |
Annual legislative and political advisory sessions |
Festival Special: Apps that make holiday shopping easier |
Listed firms caught in anti-corruption net |