Meiya Power, one of the largest foreign investors in the mainland power sector, has lost eight of its 12 top managers, including its chief executive, to US-based Ashmore Energy International (AEI) in a rare case of mass poaching in the industry.
Hong Kong-based Meiya, which remained private after first mulling a local listing in 2003 and later withdrew a Singapore listing plan late in 2005 citing unfavourable market conditions, has yet to decide on a succession plan, said a source close to Meiya.
'The board has yet to convene a meeting to discuss this,' the source said.
A Meiya spokeswoman declined to comment.
Meiya has invested in 16 power projects on the mainland, South Korea and Taiwan, with an equity-calculated generating capacity of 3,364 megawatts, about 75 per cent of which is installed on the mainland.
Ashmore said last Thursday it was opening an office in Hong Kong under the name of AEI Asia.