DATANG INTERNATIONAL POWER GENERATION CO., LTD.

(991)
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Delayed Hong Kong Stock Exchange  -  05/23 04:08:12 am EDT
1.340 HKD   +0.75%
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Datang International Power Generation : ANNOUNCEMENT PROPOSED APPOINTMENT OF AUDITORS

08/20/2020 | 09:53am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(a sino-foreign joint stock limited company incorporated in the People's Republic of China)

(Stock Code: 00991)

ANNOUNCEMENT

PROPOSED APPOINTMENT OF AUDITORS

This announcement is made by Datang International Power Generation Co., Ltd. (the "Company") pursuant to Rule 13.51(4) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

ShineWing Certified Public Accountants (Special General Partnership) and SHINEWING (HK) CPA Limited (collectively "ShineWing") are also the accountants responsible for the annual auditing of China Datang Corporation Ltd. ("CDC"), the controlling shareholder of the Company, and has provided services for CDC for five years. Pursuant to the relevant provisions on the number of years of audit by accounting firms as stipulated in the "Measures for the Administration of the Final Account Reports of Central Enterprises" ( 中央企業財務決算報告管理辦法》) and the "Notice on Strengthening the Auditing of Final Accounts of Central Enterprises" ( 關於加強中央企業財務決算 審計工作的通知》) issued by the State-owned Assets Supervision and Administration Commission of the State Council, ShineWing can no longer serve as the annual auditor for CDC and its subsidiaries since this year, and shall be changed.

Accordingly, the Company proposed to change its domestic and international auditors of its financial reports for 2020. The Company proposed to appoint Baker Tilly China Certified Public Accountants (Special General Partnership) as the Company's domestic auditor for the year 2020 and Baker Tilly Hong Kong Limited as the Company's international auditor for the year 2020 (the "Proposed Appointment") and such Proposed Appointment is subject to the approval of the shareholders of the Company (the "Shareholders") at the general meeting of the Company (the "General Meeting").

ShineWing, the current auditor of the Company, has been providing audit services to the Company since 2018 and its term of service has expired at the 2019 annual general meeting. ShineWing has confirmed that there were no matters regarding the proposed change of auditors of the Company that need to be brought to the attention of the Shareholders. The Board is not aware of any matter regarding the proposed change of auditors that should be brought to the attention of the Shareholders. The Board and ShineWing confirmed that there were no disagreements or unresolved matters between the Company and ShineWing regarding the proposed change of auditors.

- 1 -

The Board would like to take this opportunity to express its sincere gratitude to ShineWing for its professional services provided to the Company for the past years.

By order of the Board

Jiang Jinming

Company Secretary

Beijing, the PRC, 20 August 2020

As at the date of this announcement, the Directors of the Company are:

Chen Feihu, Qu Bo, Liang Yongpan, Ying Xuejun, Zhu Shaowen, Cao Xin, Zhao Xianguo, Zhang Ping, Jin Shengxiang, Liu Jizhen*, Luo Zhongwei*, Liu Huangsong*, Jiang Fuxiu*, Niu Dongxiao*

  • Independent non-executive Directors

- 2 -

Disclaimer

DTP - Datang International Power Generation Co. Ltd. published this content on 20 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 August 2020 13:53:11 UTC


© Publicnow 2020
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Financials
Sales 2022 109 B 16 233 M 16 233 M
Net income 2022 - - -
Net Debt 2022 117 B 17 515 M 17 515 M
P/E ratio 2022 6,78x
Yield 2022 13,6%
Capitalization 37 053 M 5 536 M 5 536 M
EV / Sales 2022 1,42x
EV / Sales 2023 1,47x
Nbr of Employees -
Free-Float 26,7%
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Mean consensus BUY
Number of Analysts 1
Last Close Price 1,13 CNY
Average target price 1,45 CNY
Spread / Average Target 28,1%
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Managers and Directors
Yong Pan Liang Chairman & General Manager
Tong Liang Wang Member-Supervisory Board & Director-Legal Risk
Ji Zhen Liu Independent Non-Executive Director
Dong Xiao Niu Independent Non-Executive Director
Wen Long Zong Independent Non-Executive Director