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MarketScreener Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  SDIC Power Holdings CO., LTD.    600886   CNE000000JM2

SDIC POWER HOLDINGS CO., LTD.

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Chinese power generation company SDIC says it may list GDRs in London

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11/19/2019 | 07:09am EST
A power station of the State Development & Investment Corporation (SDIC) is reflected in a lake in Tangshan

Chinese power generation group SDIC is considering proceeding with an offering of global depositary receipts (GDRs) in London under a link with the Shanghai exchange, it said on Tuesday.

The offering would include newly issued GDRs representing underlying "A" shares in the firm, and the proceeds would be used to help expand SDIC's renewable energy business overseas and paying down offshore debt, the company said

Reuters reported in July that the state-backed energy firm had hired banks to list in London via the Shanghai-London Stock Connect scheme, in a boost for Britain's status as a financial centre ahead of Brexit.

SDIC Power, which has a market value of $7.9 billion, is looking to raise between $500 million and $1 billion from the sale, a source had said at that time.

The company, which invests in, constructs and operates electric power plants, has a presence in Britain through its ownership of Red Rock Power, a Scotland-based wind farm operator.

It is also involved in other alternative energy generation, including hydropower, thermal, wind and photovoltaic. On July 3, SDIC said its board had approved a resolution to sell its GDRs in London.

"Through this offering, we will gain better access to the international capital markets," Chairman Zhu Jiwei said in Tuesday's statement.

Chinese brokerage Huatai Securities was the first company to list in London under the Stock Connect link with the Shanghai exchange. There had been concerns that not many companies would follow Huatai to London.

Under the scheme, Chinese companies can list depositary receipts pegged to their Shanghai-listed shares, while British companies can issue shares on the Shanghai Stock Exchange.

Goldman Sachs International, UBS AG London Branch and HSBC Bank plc are acting as joint global co-ordinators and joint bookrunners for the offering.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong and Jan Harvey)

Stocks mentioned in the article
ChangeLast1st jan.
HSBC HOLDINGS PLC 1.61% 561.6 Delayed Quote.-14.62%
HUATAI SECURITIES CO., LTD. -0.06% 17.9 End-of-day quote.10.56%
LONDON STOCK EXCHANGE PLC 0.67% 6788 Delayed Quote.65.93%
SDIC POWER HOLDINGS CO., LTD. -0.45% 8.8 End-of-day quote.9.81%
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Financials (CNY)
Sales 2019 42 917 M
EBIT 2019 11 064 M
Net income 2019 4 940 M
Debt 2019 129 B
Yield 2019 2,95%
P/E ratio 2019 12,1x
P/E ratio 2020 11,8x
EV / Sales2019 4,40x
EV / Sales2020 4,33x
Capitalization 59 717 M
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Technical analysis trends SDIC POWER HOLDINGS CO., L
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 10
Average target price 9,01  CNY
Last Close Price 8,80  CNY
Spread / Highest target 23,9%
Spread / Average Target 2,34%
Spread / Lowest Target -14,8%
EPS Revisions
Managers
NameTitle
Ji Wei Zhu General Manager & Director
Gang Hu Chairman
Yue Xiang Niu Chief Financial Officer
Jie Li Member-Supervisory Board
Shao Xiang Luo Deputy Chairman
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