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.
- Nuclear power firm plans biggest mainland IPO in 5 years
- China's nuclear power capacity to reach 30m kilowatts by year end
- Inland nuclear projects likely to get fresh impetus
- China securities authority approves IPO of nuclear giant
- CNNP share offer approved by CSRC
- Fuqing pilot unit complete by 2020
- Ballet dancers perform at Zhalong National Nature Reserve in China's Qiqihar
- China destroys 662 kg of illegal ivory
- Mainland Taiwan affairs chief meets political figures from Taiwan
- President Xi demands efforts
to ensure public safety - Half of college students want to work in second-tier cities: Survey
- CPC publishes 'self-decoding' books for Western audience
- Ten injured in crane accident in New York's Midtown Manhattan
- Forum trends: Becoming 'a little more Chinese'
- Giraffe survives for five years with zig-zag neck
- World's 15 most valuable brands of 2015
- The world in photos: May 25- 31
- Solar plane departs from China to Hawaii
- Modeled on the United States Capitol
- Highlights of National Children's Wear Design Contest
Most Viewed
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 |
Spring Festival trends reflect a changing China |
Patent applications lead the world |
Today's Top News
Nation's astronauts eager for foreign missions
China committed to upholding peace, stability in South China Sea
Li's trip a watershed in China-Latin America ties
Kerry delays return to US after injury in bicycle crash
Californians turn to Australia to learn how to fight drought
China issues six-point response to US remark on South China Sea issue
Chinese ambassador warns US against escalating situation in S China Sea
US envoy urges 'unity' over denuclearization of Korean Peninsula
US Weekly
Geared to go |
The place to be |