China Power Investment Corporation

China Power Investment Corporation also known as CPI Group was one of the five largest state-owned electricity producers in mainland China. It was administrated by the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council. It was engaged in development, investment, construction, operation, and management of power plants and power generation in twenty-seven Chinese provinces. It supplies approximately ten percent of the country's electricity.

Not to be confused with CLP Group.
"China Power International" redirects here. For the listed subsidiary, see China Power International Development.
"China Power Development" redirects here. For the listed subsidiary, see China Power International Development.
China Power Investment Corporation
TypeState-owned enterprise
IndustryPublic utility
FateMerged with State Nuclear Power Technology
PredecessorChina Power International Holding
SuccessorState Power Investment Corporation
Founded31 March 2003 (2003-03-31)
FounderSASAC
Defunct2015
Headquarters
Beijing
,
China
Area served
Mainland China
Key people
Lu Qizhou(GM)
ProductsPower generation
CN¥001.442 billion (2014)
Total assets CN¥680.388 billion (2014)
Total equity CN¥044.439 billion (2014)
OwnerState-owned Assets Supervision and Administration Commission
Subsidiaries
Chinese name
Simplified Chinese中国电力投资集团公司
Traditional Chinese中國電力投資集團公司
Abbreviation
Simplified Chinese中国电力投资
Traditional Chinese中國電力投資
Second abbreviation
Simplified Chinese中电投
Traditional Chinese中電投
Websitewww.cpicorp.com.cn
Footnotes / references
in consolidated financial statement[1]

China Power Investment Corporation was the parent company of 4 listed companies, China Power International Development, China Power New Energy Development (later became joint-significant shareholder, after China Three Gorges Corporation acquired the share of that company), Shanghai Electric Power and Yuanda Environmental Protection. The group also significantly owned Jilin Electric Power.

It was merged with the State Nuclear Power Technology Corporation to form the State Power Investment Corporation in 2015.

History

China Power International Holding

The predecessor of China Power Investment Corporation, China Power International Holding Limited (Chinese: 中國電力國際有限公司; lit. 'China Power International Co., Ltd.'; CPIH), was a "window company" of the Ministry of Power Industry[2] that was incorporated in 1994 in the British Hong Kong as a special-purpose vehicle that was formed to finance the Ministry through international capital market.[3] In 1998 CPIH became a subsidiary of a mega-conglomerate, the State Power Corporation of China,[3] which replacing the commercial function of the Ministry.[4]

China Power Investment Corporation

In 2002, the State Power Corporation of China was dismantled[5] as groups of companies of power grid (such as State Grid Corporation of China and China Southern Power Grid) and power plants (such as the big five power groups, China Huaneng Group, China Huadian, China Datang, China Guodian and China Power Investment). China Power International Holding became a subsidiary of newly formed China Power Investment Corporation instead. In the same year the former leader of the State Power Corporation of China, Gao Yan had fled China after being investigated for corruption.[6][7] The formal approval of the formation of China Power Investment Corporation was on 2 February 2003, at first it had 5 wholly owned first-tier subsidiaries.[8] The formation date on the legal person certificate was on 31 March 2003.[1]

The new group made one of its first acquisition in July 2003, acquiring a minority stake of Companhia de Electricidade de Macau (CEM) via CPI Group's subsidiary China Power International Holding (CPI Holding). CEM was the electricity producer as well as supplied the electricity to the end user in Macau S.A.R., China.[9]

Soon after the formation of China Power Investment Corporation as the new parent company, China Power International Holding formed China Power International Development on 24 March 2004 as another intermediate holding company of the group to list some assets to the Stock Exchange of Hong Kong on 15 October 2004.[10][11] It was reported that the group was the only one among the big five, had a license to run nuclear power plants in China,[12] which the other licensee were state-owned nuclear power companies.

In 2005 China Power Investment Holding formed "China Hong Kong Power Development", a joint-venture company with Vertex Group and China Southern Power Grid for the preparation of electricity supply to Hong Kong.[13][14] However, it was never materialized.

In 2007, CPI Group was one of the founders of State Nuclear Power Technology Corporation. At first CPI Group owned 10% stake.

In 2010, it was reported that Resourcehouse, a private company owned by Australian businessman and politician Clive Palmer, had signed an agreement to supply coal to China Power Investment Holding for 20 years. However, China Power Investment Corporation and subsidiaries had denied.[15][16][17] Nevertheless, the "agreement" appeared in Resourcehouse's pre-IPO prospectus.[18]

China Power Investment Corporation was merged with the State Nuclear Power Technology Corporation to form the State Power Investment Corporation in 2015.[19]

Corporate leadership

As of 2014, the deputy general manager of China Power Investment Corporation (CPI Group) Li Xiaolin, was also the chairman China Power International Holding, chairman and CEO of the listed subsidiary China Power International Development and chairman of associate company China Power New Energy Development.[20][21] She is the daughter of Li Peng,[11] former Premier of the People's Republic of China from 1988 to 1998, who also served as the Ministry of Power Industry in 1981 to 1982 as well as vice-minister from 1979 to 1981. His son, Li Xiaopeng, was the CEO of China Huaneng Group. Li Xiaolin joined China Power Investment Holding, the predecessor of China Power Investment Corporation at the date of foundation in 1994.

The last general manager of CPI Group was Lu Qizhou who retired after the merger, despite still served as a member of the national committee of Chinese People's Political Consultative Conference. Among the deputy general managers, Meng Zhenping (Chinese: 孟振平) was remained in the successor State Power Investment Corporation in 2015 after the merger as general manager,[22] while Li Xiaolin was re-appointed to China Datang Corporation.[23] The remaining 5 deputy general managers of CPI Group,[24] 3 of them were remained in the successor in 2015;[25] which Zou Zhengping (Chinese: 邹正平) was appointed as a director of Dongfeng Motor Corporation instead.[26]

Subsidiaries
As of 31 December 2014
  • China Power International Holding (100%)[1]:53
    • China Power Development Limited (unofficial Chinese name 中国电力发展有限公司,[20]:107, 207 a company incorporated in the British Virgin Islands) (100%)
    • China Power International Development (58.95% indirectly),[20] incorporated and listed in Hong Kong, is CPI Group's major holding company with many power stations in China. The company had total assets of RMB 284.2 billion at the end of 2008 and was consolidating its regional assets.[12][27][28]
    • China Hong Kong Power Development Company Limited (50% joint venture) - planned to supply electricity to Hong Kong. However, it was never materialized.
  • Shanghai Electric Power (54.38%)[1]:53
  • Yuanda Environmental Protection, listed in Shanghai Stock Exchange, is an environmental protection company that manages waste water and gas and solid waste.
  • China Power Investment Nuclear Power (100%)[1]:53
  • Huanghe Hydropower Development Co., Ltd. (Chinese: 黄河上游水电开发有限责任公司; lit. 'Yellow River Upper Stream Hydropower Development Co., Ltd.') (94.17%)[1]:53
This list is incomplete; you can help by adding missing items with reliable sources.

Joint ventures
As of 2014
This list is incomplete; you can help by adding missing items with reliable sources.

Equity investments
As of 31 December 2014
This list is incomplete; you can help by adding missing items with reliable sources.

Overseas projects

The CPI in conjunction with the Burmese government is constructing the Myitsone Dam, a large dam that when completed by 2017 is estimated to produce 3,600 to 6,000 megawatts of electricity for the Yunnan province.[31]

References
  1. 2014年年度报告 [2014 Annual Report] (PDF) (in Chinese). China Power Investment Corporation. 30 April 2015. Archived from the original (PDF) on 29 June 2018. Retrieved 29 June 2018 – via cninfo.com.cn.
  2. 郭國燦 (October 2009). ""窗口企業"潮". 香港中資財團 (in Chinese) (1 ed.). Joint Publishing Hong Kong. pp. 89–91. ISBN 978-962-04-2886-9.
  3. 中国电力国际有限公司相关情况 (in Chinese). State Power Investment Corporation. Retrieved 29 June 2018.
  4. 国务院关于组建国家电力公司的通知 (Press release) (in Chinese). State Council of the People's Republic of China. 7 December 1996. Retrieved 29 June 2018 – via china.com.cn.
  5. 电力体制改革方案 (Press release) (in Chinese). State Council of the People's Republic of China. 10 February 2002. Retrieved 29 June 2018 – via the National Energy Administration website.
  6. "Beijing to break silence on Gao Yan". South China Morning Post. 14 October 2002. Retrieved 29 June 2018.
  7. Callick, Rowan (26 January 2017). "Top China target Gao Yan said to be hiding here". The Australian. Retrieved 29 June 2018.
  8. 国务院关于组建中国电力投资集团公司有关问题的批复 (Press release) (in Chinese). State Council of the People's Republic of China. 2 February 2003. Retrieved 29 June 2018.
  9. 斥资近3亿澳元 中电国际成为澳门电力新股东. People's Daily website (in Chinese). 1 August 2003. Retrieved 1 July 2018.
  10. "List of List of Red Chip Companies". Hong Kong Exchanges and Clearing Limited. 31 May 2018. Retrieved 29 June 2018.
  11. "Li Peng's daughter steals the limelight at debut party". South China Morning Post. Hong Kong. 16 October 2004. Retrieved 29 June 2018.
  12. Li Weitao (2009-03-07). "China Power Investment Corp plans to list all its assets". China Daily. Retrieved 15 February 2010.
  13. "Talk of partnership boosts HK Power". South China Morning Post. Hong Kong. 13 June 2005. Retrieved 29 June 2018.
  14. "Final results announcement for the year ended 31 December 2007" (PDF) (Press release). Vertex Group. 20 March 2008. Retrieved 29 June 2018 – via Hong Kong Exchanges and Clearing website.
  15. "Rocky start for the great deal of China". The Sydney Morning Herald. 10 February 2010. Retrieved 29 June 2018.
  16. "Palmer dismisses doubts over $US60b coal deal". The Sydney Morning Herald. 10 February 2010. Retrieved 29 June 2018.
  17. "Resourcehouse believes $60b coal deal binding". China Daily. 10 February 2010. Retrieved 29 June 2018.
  18. Global Offering (PDF). Resourcehouse. 30 May 2011. Retrieved 1 July 2018 – via Hong Kong Exchanges and Clearing Website.
  19. "Chinese nuclear giant officially launched". World Nuclear Association. 16 July 2015. Retrieved 4 May 2015.
  20. 2014 Annual Report (PDF). China Power International Development. 27 April 2015. Retrieved 29 June 2018.
  21. 2014 Annual Report (PDF). China Power New Energy Development. 21 April 2015. Retrieved 29 June 2018 – via Hong Kong Exchanges and Clearing website.
  22. 吴桂霞, ed. (30 May 2015). 中国核电“第三极”诞生：61岁王炳华掌舵国电投. China Daily (online Chinese section) (in Chinese). Retrieved 1 July 2018.
  23. "Top power industry job for Li Xiaolin, daughter of former Chinese premier". South China Morning Post. Hong Kong. 8 July 2015. Retrieved 1 July 2018.
  24. "Archived copy" 集团领导 (in Chinese). China Power Investment Corporation. Archived from the original on 25 December 2014. Retrieved 1 July 2018.CS1 maint: archived copy as title (link)
  25. 国资委发布国电投新领导班子成员名单 无李小琳. 中国经济网 (in Chinese). 16 June 2015. Retrieved 1 July 2018 – via NetEase.
  26. 许刚、邹正平任东风汽车外部董事. 中国经济网 (in Chinese). 2 September 2015. Retrieved 1 July 2018 – via china.com.cn.
  27. CPI Overview Archived 2008-06-15 at the Wayback Machine
  28. CPI Business Archived 2008-09-07 at the Wayback Machine
  29. "Gōng sī jiǎn jiè" 公司简介 [company profile] (in Chinese). Shandong Nuclear Power. Retrieved 1 July 2018.
  30. Global Offering (PDF). CGN Power. 27 November 2014. pp. 106–107. Retrieved 1 July 2018 – via Hong Kong Exchanges and Clearing website.
  31. Libre, Ryan (1 February 2010). "Proposed dam to flood Burma, while powering China". Minn Post. Myitkyina, Burma: MinnPost.com. Archived from the original on 30 April 2011. Retrieved 2 February 2010.
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