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Huaneng Renewables Corporation Limited (“Huaneng Renewables”, code: 00958) was successfully listed in the Stock Exchange of Hong Kong (SEHK) on 10th June 2011. President Cao Peixi, Secretary of CPC Huaneng Committee and Vice President Huang Yongda, Vice President Zhang Tingke, Vice President Huang Long, and Chief Accountant (CFO) Guo Junming of China Huaneng Group attended the listing ceremony in Hong Kong.
Mr. Cao Peixi, president of China Huaneng Group and the board chairman of Huaneng Renewables, addressed the listing ceremony in SEHK. Mr. Cao said, the successful listing in SEHK is an important milestone for Huaneng Renewables to enter international capital market, which symbolizes the development of Huaneng Renewables has stepped into a new and higher stage. As a leading company in wind power field, Huaneng Renewables has been the pioneer and innovator in wind power industry with rapid growth in China. Huaneng Renewables has clear development strategy, sophisticated operational management and an excellent management team with rich experience and great vision. With the great support of investors and sincere concerns of friends from all sectors of society, Huaneng Renewables has the capability and confidence to become a world-class renewable energy company. Huaneng Renewables will perform corporate governance and social responsibility continuously and conscientiously while emphasizing environmental protection, and will strive to bring fruitful return to all investors.
Huaneng Renewables issued 2.485 billion shares globally this time with each share of 2.50 Hong Kong dollars, and total amount of fund raised is 799 million US Dollars (roughly equivalent to 6.2 billion Hong Kong dollars). 23.0% of the total net fund will be used for mergers and acquisitions of overseas or domestic projects, 57.8% will be used for wind power business expansion, and 19.2% will be used for repayment of bank loans.
Before public offering, 13 corporations and organizations had become cornerstone investors of Huaneng Renewables. An investor meeting had been held on 27th May. 2011, which attracted far more investors than expected, and the international placement was fully subscribed on the same day. In the following four days, shares of Huaneng Renewables were highly favored by large international investment institutions and were subscribed by internationally-known investment institutions and funds, with oversubscription of more than seven times.
Huaneng Renewables is the leading pure renewable energy company that specializes in wind power generation, with wind power projects (operational, under-construction and planned) located in six regions of China, distributed in 19 provinces and autonomous regions. By 31st Dec. 2010, in terms of total wind power installed capacity, Huaneng Renewables ranked third among Chinese wind power companies and ranked eighth in the world. In terms of installed capacity growth rate, Huaneng Renewables ranked first among the top 10 wind power companies in the world. By the end of last year, Huaneng Renewable had total installed capacity of 3,522.4 MW, and the capacity under construction was 1,202MW. From 2008 to 2010, the compound annual growth rate reached 195.9%, which drove a great surge in sales of electricity during that period. Adjusted operating profit had been increased from 122.7million Yuan in 2008 to 884.5 million Yuan in 2010. By the end of 2010, Huaneng Renewables had 73,463.5MW reserved wind power projects for future development. It is expected that the total installed capacity will reach 5,100MW by the end of 2011.
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