China energy storage group goes public through backdoor listing

Does Longyuan Power have a backdoor listing?

Longyuan Power cleared for backdoor listing Hong Kong-traded Longyuan Power Group Corp. Ltd., the world’s top wind farm operator, won approval from China’s securities regulator to debut on the domestic market through a backdoor listing.

Will Longyuan Power go public on the Shenzhen Stock Exchange?

What’s New: Hong Kong-listed China Longyuan Power Group Corp., the country’s biggest publicly traded windfarm operator, is seeking to go public on the Shenzhen Stock Exchange through a backdoor listing, according to a statement filed to the bourse on Sunday.

Does Longyuan Power own Inner Mongolia Pingzhuang?

Longyuan Power, a subsidiary of state-owned China Energy Investment Co., acquired Shenzhen-traded Inner Mongolia Pingzhuang Energy Resources Co. Ltd., a loss-making unit of China Energy Investment, to use as a shell company. Longyuan said it expected to obtain a higher valuation on the A-share market than it can get in Hong Kong.

Will Pingzhuang energy sell its coal-mining unit to Longyuan?

Meanwhile, Pingzhuang Energy will sell its existing coal-mining unit to a subsidiary of its leading shareholder, China Energy Investment, which is also a major shareholder of Longyuan. In addition, China Energy Investment will also sell some of its other new energy assets to Longyuan.

Will battery storage reverberate through global supply chain?

S&P Global expects the move to reverberate through the global battery storage supply chain, further driving down prices already at historic lows. From ESS News New renewable energy plants in China will no longer be required to build storage in order to secure development rights and grid connection.

How have provincial government mandates impacted renewables curtailment in China?

To date, more than 20 provinces have issued such mandates and some provincial governments have upped their mandatory ratios for energy storage projects to 20%, up from 10% a couple of years ago. These requirements have helped mitigate renewables curtailment in China.