Sinohydro gears up for mainland listing

Sinohydro Corp, China's biggest dam builder, has set up a joint-stock subsidiary and said it plans to list it on the mainland in the near future.

The inauguration ceremony of the joint-stock company, Sinohydro Group, was held at its parent's headquarters in Beijing last Friday.

'Establishment of the joint-stock company is a milestone in the group's restructuring in preparation for a listing and a major turning point from being a traditional state-owned enterprise towards a modern publicly held international company,' said Fan Jixiang, chairman of Sinohydro Group and managing director of Sinohydro Corp.

On January 23, about 30 executives of Sinohydro Group attended a training session in Beijing in preparation for the company listing, focusing on an A-share listing in either Shanghai or Shenzhen.

Sinohydro Corp, ranked among the top 50 international contractors by the Engineering News Record, was one of the main contractors for China's Three Gorges Dam, the largest dam in the world. In January 2008, Sinohydro Corp won a 14.24 billion yuan (HK$16.19 billion) contract for the Beijing-Shanghai high-speed railway, making it one of the project's four main contractors.

Sinohydro Group was established on November 27 last year with a total share capital of 6.6 billion yuan, gross assets of 102.2 billion yuan and net assets of 12.2 billion yuan. Sinohydro Group has offices in 47 other countries and is 99 per cent owned by Sinohydro Corp.