Topic
China Resources Power Holdings was incorporated and registered in Hong Kong in 2001. It is a subsidiary of China Resources Holdings, a conglomerate in China and Hong Kong. Its business is focuses on developing, operating and managing coal-burning power plants in China, including Beijing, Hebei, Henan, Liaoning, Shandong, Jiangsu, Anhui, Zhejiang, Hubei, Hunan, Guangdong and Yunnan.
Shares of China Resources Power rose 2 per cent on Tuesday morning after it booked HK$2 billion of impairments on its coal mining assets.
Minority shareholders of China Resources Power Holdings (CRP) plan a fresh lawsuit against the firm's directors if they can raise sufficient funds, sources close to the case told the South China Morning Post.
A former mayor in Shanxi, who was sacked for failing to curtail illegal mining operations in his city, has turned out to be a key figure in helping China Resources to make inroads in the coal-rich province.
Six minority shareholders of China Resources Power have withdrawn their claim of a breach of fiduciary duties by the firm's directors after the High Court judge rejected an application to add new allegations to the original complaint.
Minority shareholders of China Resources Power Holdings (CRP) have accused its directors of lying about the extent of its control over a coal joint venture, which was the centre of alleged breach of fiduciary duties by directors, the High Court heard.
The Hong Kong High Court will today hear a petition by six minority shareholders of China Resources Power demanding the company sue its directors for alleged breach of fiduciary duties.
Senior executives of China Resources Power maintain they are not aware of any irregularities concerning a controversial acquisition of coal mines in 2010.
Shareholders of China Resources Power saw HK$4 billion added to the value of their holdings yesterday as the company's stock jumped 5 per cent after a merger deal with China Resources Gas lapsed.
"The merger has always been unlikely to win shareholders' support; the events in the past week made it even less likely to succeed," said Michael Parker, a senior analyst at American brokerage Sanford C. Bernstein. "There is real uncertainty what CRP's strategy is."
Beijing has launched an audit of China Resources (Holdings) after top managers of the conglomerate's electricity unit were accused of causing a major loss of state assets by overvaluing some mining assets it acquired.
China Resources Power expects this year's fuel cost per unit of output to fall at least 5 per cent while electricity price will be stable, which will bode well for its profitability.
