China Power Investment Corp (CPIC) wants to become the international flagship of the country's power industry, with shares and bonds listed in Hong Kong and New York, raising capital abroad and investing in projects at home.
To foreign investors, it offers a seductive calling card. Wholly owned by the Ministry of Electric Power, it is its only vehicle allowed to issue a wide range of financial instruments abroad, owns shares in 11 large mainland power plants, and includes among its senior staff Li Xiaolin, daughter of premier Li Peng.
It promises a fast track to financial and regulatory approval for power projects, still a highly regulated sector.
'Within the next one to two years, we plan to issue shares as a red chip,' said president Zang Mingchang. 'The size could be large and the Hong Kong market may not be able to absorb it. We could choose to issue in London or New York at the same time.' The shares would be issued by the firm's Hong Kong arm, China Power International Holding.
It wants to become to the mainland's power industry what Shanghai Industrial is to Shanghai and China Telecom (HK) will be to China's telecommunications industry - the Hong Kong window to raise capital for investment at home.
To increase CPIC's asset base and provide revenue, the Ministry of Electric Power is injecting assets into it - a share of nine large power plants, of which the transfer of six has been completed. They include: 7.5 per cent of the Daya Bay nuclear plant.
10 per cent of the Lingao nuclear plant.