HomeProduct Complimentary download State Power Investment comes into being, holding 700 bln yuan asset

State Power Investment comes into being, holding 700 bln yuan asset

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Publish time: 2nd June, 2015      Source: www.cnchemicals.com
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State Power Investment Corporation (SPIC) formally came into being by incorporating China Power Investment Corporation (CPIC) and State nuclear Power Technology Corporation (SNPTC) on May 29, after approved by the State Council.With an asset of over 700 billion yuan and annual revenue of more than 200 billion yuan, the SPIC will become another power giant in China, together with long-existed China National Nuclear Corporation (CNNC) China General Nuclear Power Group (CGNPG)."The founding of SPIC is one of the moves of the central government to deepen the reform of central enterprises, and it marks a new breakthrough in the reform of nuclear power system since the turn of the century”, said Tang Zide, former Deputy Director with the Nuclear Power Development Office under the State Council. 　　The incorporation is deemed as a win-win option, because the CPIC is one of China’s top five power groups and capable of earning profit continuously, while the SNPTC is known for advanced technological innovation ability in nuclear power.The SPIC will integrate both the upstream and downstream sectors, and it will break the duopoly of the SNPTC and CGNPG in nuclear power sector. The IPO will also be put on agenda.