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Company Report: Huaneng, Everbright, Gree Electric

(ATF) Huaneng Group and China Coal Group have signed a mid- and long-term contract aimed at stabilising the coal market and ensuring the growth of the electricity and coal industries, according to China’s National Energy Administration.

Demand for electricity and coal has decreased this year due to the coronavirus pandemic. Huaneng Group communicates with large domestic coal enterprises to strengthen coal and electricity cooperation and help them jointly deal with market uncertainty.

Shares in China Everbright Bank held by Huijin Company have been transferred to Everbright Group. Huijin Company transferred its 10.251 billion A shares (19.53% of the total share capital of the company) to the group.

After the completion of the equity change, Huijin Company will no longer directly hold shares in Everbright Bank. Everbright Group’s shareholding increased to 23.6 billion shares and its direct shareholding in Everbright Bank increased to 44.96%.

With the reorganization of the group, the triangular relationship between Everbright Group and Huijin Company was transformed into a straight-line management relationship of “Huijin Company-Everbright Group-Everbright Bank”, according to the announcement.

This is not only conducive to strengthening Everbright Group, but also allows Everbright Bank to share in the group synergies and receive direct supplementary capital support, according to the announcement. In addition, it will also help Everbright Group speed up its overall listing.

Gree Electric and Zhuhai Dahengqin Group have a signed strategic cooperation agreement on urban development projects, according to a report by the Economic Daily.

Dahengqin Group is engaged in the development and construction of Zhuhai Hengqin New District and Gree manufactures electrical appliances. So far, Dahengqin Group has undertaken 383 construction projects in Hengqin New District, with a total investment of more than 270 billion yuan ($38.35bn) and has assets of more than 80bn yuan.


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