The Company acquired 19.48% equity interest of Huaiyin Power Plant from Jiangsu Huaiyin Investment Company which means the Company gained the controlling right of Huaiyin Power Plant and the development right of Huaiyin Power Plant Phase II.
Huaneng Group, after its restructuring, indicated that it would fully support the development of the Company.
The Company convened an extraordinary general meeting, at which the resolutions for setting up four special committees by the Board of Directors were approved. The four special committees are the Strategy Committee, the Audit Committee, the Nomination Committee, and the Remuneration and Appraisal Committee.
The first meeting of the fourth session of the board of directors of the Company was held and the resolution for electing the Chairman and Vice Chairman to the fourth session of the Board of Directors was approved. Mr. Li Xiaopeng and Mr. Wang Xiaosong were elected as Chairman and Vice Chairman of the fourth session of the Board of Directors.
The resolution regarding the appointment of Vice President, Chief Economic Engineer and Chief Accountant was considered and approved. Mr. Na Xizhi, Mr. Li Shiqi and Mr. Huang Jian were appointed the Company?s Vice President, Chief Economic Engineer and Chief Accountant of the Company respectively.
The Board of Directors of the Company approved the acquisition of the remaining 30% equity interest in the registered capital of Shanghai Shidongkou First Power Plant and the remaining 5% equity interest in the registered capital of Taicang Power Plant.
The Company entered into an entrusted management agreement with Huaneng Group and HIPDC, pursuant to which the generation capacity on an equity basis managed by the Company was 10,629 MW.
The Company announced its first three quarters operating results of 2002, with a net profit of Rmb3.042 billion.
Generating Unit No. 6 of Dezhou Power Plant of the Company completed the trial operation.
The Company announced its interim results of 2002 that net profit increased by 14.05%.
The Company announced that the acquisition of 70% equity interest in the registered capital in Shanghai Shidongkou First Power Plant, 70% equity interest in the registered capital in Taicang Power Plant, 44.16% equity interest in the registered capital in Huaiyin Power Plant and the net asset of Changxing Power Plant from Huaneng Group took effect. The Company?s generation capacity on an equity basis increased by 1,687 MW.
Generating unit No. 5 of Dezhou Power Plant of the Company completed the trial operation.
In the Listed Companies magazine published by Huadong Branch of People?s Daily, and Shanghai Stock Exchange, a table showing the ranking of the top 50 listed companies in year 2001 has been compiled according to the statistical data analysis of the operating results of 1,173 listed companies announced in year 2001 at Shanghai and Shenzhen, and according to consolidated assessments on these companies, revenues from principal businesses, net profits, total assets and capitalisation. The Company ranked 3rd in the above table.
The Company redeemed an aggregate amount of US$209,685,000 convertible notes.
In an article entitled ?Asia?s Best Companies 2002? published by Finance Asia (Issue No. 7), the top 10 listed companies were listed according to the results of the survey conducted by the magazine on major countries and regions in Asia. The Company ranked 6th, 7th, 4th, 4th and 6th in terms of ?Best Managed Company?, ?Best Investor Relations?, ?Best Financial Management?, ?Strongest Commitment to Enhancing Shareholders? Value? and ?Company Most Committed to Corporate Governance?.
The Board of Directors of the Company approved the resolution for acquiring equity interests and assets of four power plants owned by China Huaneng Group (?Huaneng Group?).
The Company announced its first quarter operating results of year 2002, with a net profit of RMB 794 million.
The Board of Directors decided to invest in China Chang Jiang Power Co. Ltd. by taking up 3% of its equity. It was a major step forward for the Company in the development of hydro power generation.
The State Power Corporation appraised the power plants on whether they met the safety target in 2001. The Company and all of its subsidiaries passed the appraisal.
The Company entered into an agreement in principle with Zhejiang Provincial Development and Planning Committee and Zhejiang Provincial Power Corporation relating to the joint establishment of Zhejiang Yuhuan Power Plant.
The Company obtained a credit facility of Rmb7 billion from Bank of China.
The Company convened a press conference in Hong Kong on the annual results of 2001, announcing an increase of 37.16% of its net profit.
The Company obtained a credit facility of Rmb5 billion from China Construction Bank.