国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

By Mao Lijun (China Daily)
Updated: 2007-11-09 09:59

China Life Insurance Group Co, the country's largest insurer, will buy a 40 percent stake in Beijing Energy Investment Group Co for 10 billion yuan, industry sources said.

Related readings:  China Life reports US$21b in premiums  China Life forges alliance with GE  China Life profit surges 160% in first half

The cash injection is expected to restructure State-owned Beijing Energy Investment Group into a limited corporation and eventually list its entire assets.

Beijing Energy Investment Group has been looking for a Hong Kong listing but the plan was recently vetoed by the China Securities Regulatory Commission.

Industry observers now expect Beijing Energy Investment Group, which specializes in developing new and renewable energy, to list its entire assets via its Shanghai-listed arm, Beijing Jingneng Thermal Power Co Ltd.

The cash injection by China Life seems to have increased the possibility. China Life has signed a framework agreement with Beijing Energy Investment Group for the 10-billion-yuan investment, sources said.

A certified public accountant has finished auditing the group's accounts to determine the quality of assets. It's unclear when they will sign a formal agreement.

Chen Yicong, an electric power industry analyst with Southwest Securities, said Beijing Energy Investment Group will "most likely" inject all of its assets into Beijing Jingneng Thermal Power Co Ltd for a mainland listing since its Hong Kong listing plan has been turned down by the regulator.

Jingneng is one of the nine subsidiaries controlled by the group. Earlier media reports said the group has been seeking to merge the nine into a new entity called Beijing Energy International Corp for a Hong Kong listing.

Beijing Energy Investment Group recorded a profit of 1.45 billion yuan last year, according to its website. The group has stakes in 22 power companies. It's the largest shareholder of Beijing Jingneng Thermal Power Co and the second largest in Hong Kong- and London-listed Datang International Power Generation Co.

"China Life is apparently anticipating a high return from the pre-IPO investment in Beijing Energy Investment Group. The deal is similar to the one in which China Life acquired stakes in China CITIC Securities Co and profited from the broker's rising share prices," said Chen.

Equity investment in other companies accounted for 70 percent of China Life's net profit in the first half of this year.