China Resources Power said that the Hong Kong Stock Exchange had approved the company to proceed with the proposed spin-off and listing of China Resources New Energy Group Company Limited on the Shenzhen Stock Exchange.
The number of new A-shares to be issued by China Resources New Energy Group Company Limited (SpinCo), a direct wholly-owned subsidiary of China Resources Power, will be 15% to 30% of the enlarged issued share capital of the SpinCo.
After completion, China Resources Power’s stake in the subsidiary be not less than 70%, it said.