China Power’s Hong Kong business on track for return to China

The High Court has approved plans for the Chinese state-owned power company to reassume control of its Hong Kong-listed solar project development business.

The High Court of Hong Kong has rubber stamped plans for solar project development company China Power Clean Energy Development Co Ltd to de-list from the island exchange and be subsumed by its Chinese state-owned parent.

The move is expected to go ahead as planned on Monday with the Hong Kong shares to be removed from the exchange on Tuesday.

Operations will be taken over by mainland energy giant China Power New Energy Ltd, which is not a listed entity.

Stake sale

Elsewhere on the Hong Kong exchange, polysilicon manufacturer GCL-Poly Energy Holdings Ltd was forced to delay a circular announcing details of its plan to offload a 31.5% stake in a subsidiary as it aims to continue to pay down an onerous debt mountain.

GCL-Poly Energy Holdings Ltd subsidiary Jiangsu Zhongneng Polysilicon Technology Development Co Ltd in April contributed RMB1.35 billion (US$192 million) of a RMB3.35 billion fund established to promote industrialization in the city of Xuzhou, including GCL-Poly operations.

Jiangsu Zhongneng now wants shareholder approval to sell its 31.5% holding in Xinjiang GCL New Energy Materials Technology Co Ltd in a sale it expects will raise RMB2.5 billion, marking a potential RMB1.15 billion profit on its investment.

Jiangsu Zhongneng was due to issue a circular about the proposed stake sale today but this morning told the Hong Kong exchange where it is listed, the information will be delayed until August 30.

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