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China Southern Power Grid plans for listing

By Wang Xu and Si Tingting (chinadaily.com.cn)
Updated: 2009-03-10 16:17

China Southern Power Grid, the smaller of the two Chinese energy transmission companies, is transforming itself into a joint stock company in preparation for an eventual public listing, President Yuan Maozhen said on Tuesday.

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"We will put all the assets of our core businesses into the shareholding company," Yuan said on the sidelines of the annual session of the National People's Congress.

The total assets of the company are currently valued at around 300 billion yuan ($43.86 billion).

The company has completed the plan of joint stock transformation, Yuan said.

Yuan said he is not sure when and where the company would launch its initial public offering (IPO), as the company is still waiting for government approval.

China Southern Power provides energy to five southern provinces - Guangdong, Hainan, Guangxi, Yunnan and Guizhou.

State Grid covers the rest of China.