In­dus­tri­alMain­land firm stock­sto buy rise Brazilianto monthly power high, gen­er­a­tion banks fa­cil­i­ties­fall

China Daily (USA) - - BUSINESS - By ZHENG XIN By zhengxin@chi­ YANFEI wangyan­fei@chi­


The builder and op­er­a­tor of the Chi­nese world’s largest stocks dam, ad­vanced China to Threea one-mon­thGorges Cor­po­ra­tion,high on Tues­day­has agreed af­terto ac­quirethe na­tion’s Duke top En­ergy’s eco­nomic 2,090-megawat­treg­u­la­tors an­nounced­busi­ness in the Brazil debt-to-eq­ui­ty­for $1.2 bil­lion. swaps pro­gram to re­solve the The na­tion’s trans­ac­tion ris­ing is cor­po­rate ex­pected debtto be is­sues. com­pleted in the first half The of na­tion’s2017, said top Duke au­thor­i­ties En­ergy, re­leasedthe big­gest guide­li­nesUS power on com­pa­nyMon­day, by al­low­ing gen­er­a­tion com­pa­nies ca­pac­ity. with promis­ingThe com­ple­tion­prospect to of ne­go­ti­ate the trans­ac­tio­nand tradeis con­di­tionedswaps with on lenders, ap­provals at from the Braziliantime when elec­tri­cal en­ergy and an­titrust agen­cies as well as the Chi­nese au­thor­i­ties, it said.

“This is an­other im­por­tant step for­ward in driv­ing our strat­egy to fo­cus on our core do­mes­tic reg­u­lated busi­ness, and it’s also a clear win for China Three Gorges Cor­po­ra­tion, ris­ing cor­po­rate­which is debt ac­quiringis pos­ing qual­ity ris­ing op­er­a­tions,”risks to the world’s said sec­ondLynn Good, largest pres­i­dent, econ­omy. CEO and Pos­i­tive chair­man at­ti­tudesof Dukeare mainly En­ergy.“driven by the fact that the We will work with the buyer debt-to-eq­uity swap pro­gram is ex­pect­edto ob­tain to the be launched ap­provals un­der nec­es­sary mar­ket-basedto close the trans­ac­tion­prin­ci­ples, while an­a­lysts con­tin­u­ing­said. The to safely op­er­ate the Latin lead­ing Amer­i­can can­di­date­s­plants.” for the pro­gram“This trans­ac­tionare leadingis an­other Sta­te­owned im­por­tant en­ter­prisesstep in our strat­e­gyin the in­dus­triesto be­come witha rel­e­vant over­ca­pac­i­ty­clean and en­ergy in com­pany strate­gic in im­por­tan­tBrazil. We emergin­gare pleased sec­tors.with the qual­ity of as­sets, Si­nos­teel which Ironare be­ing& Steel op­er­ated Co and in Chang har­mony Jiang with lo­cal Ship­ping­com­mu­ni­ties Group Phoenix andCo Ltd rosethe to en­vi­ron­ment,”their daily up­side says lim­itLi Yin­sheng, and Si­nos­teel CEO An­huiof CTG Brasil. Tianyuan Tech­nol­o­gyWith this Co ac­qui­si­tion,rose by 5 CTG per­cent strength­en­son Tues­day.its Brazil­ian Bank­ing sub­sidiary, is the only ma­jo­ras a top-tier­sec­tor that clean fell on en­ergy Tues­day. gen­er­a­tor in Brazil. Af­ter Guo the Tiany­ong, ac­qui­si­tion di­rec­toris com­plete,of the re­searchCTG Brasil cen­ter­will in­creaseof the Chi­nese bank­ing in­dus­try at the Cen­tral Univer­sity of Fi­nance and Eco­nom­ics, said that mar­ket-based prin­ci­ples have some­what pushed the its mar­ket clean up, en­er­gy­with ris­ing gen­er­a­tion ex­pec­ta­tions port­fo­lio for by the 2.27 re­struc­tur­ingGW, reach­ing and a merg­er­to­tal pro­ces­sof 8.27 of GW someof ca­pac­ity­large scale un­der en­ter­pris­esits man­age­ment in heavy in­dus­tri­a­land on pro­por­tion­al­sec­tors. eq­ui­tyLi Chao, hold­ings. chief econ­o­mist with Good Beijing-based­said the com­pany Hu­ataiis also Se­cu­ri­ties, un­der­go­ing­said the sales in­tro­duc­tion­nego­ti­a­tions of debt-to-eq­ui­tyon Duke’s re­main­ing swap pro­gram, as­sets whenin Cen­tral con­ductedand South un­der mar­ket-basedAmer­ica, with prin­ci­ples,an ad­di­tional will an­nounce­men­thelp ease the ex­pected to fol­low. mar­ket Af­ter-tax wor­ries pro­ceeds about from non­per­form­ingthe trans­ac­tion are as­sets ex­pected and to forbe used cycli­calto debt re­duce crises. Duke En­ergy hold­ing Com­ment­ing com­pany on debt, the Duke stock En­er­gyprice falls said. of the bank­ing sec­tor, The Zhang com­pany Minghe, had deputy­longterm head debt,of the in­clud­ing­credit items, di­vi­sionof around­with China $39.93 Con­struc­tion­bil­lion as of June Bank, 30, said ac­cord­ing con­cerns to do Fi­nan­cial arise at the Re­view.time when the mar­ket lacks De­spite good ex­am­ple­sits eco­nomi­cof suc­cess­ful slow­down, debt-to-eq­ui­tyBrazil has been swapsa sig­nif­i­cant­pro­grams, mar­ket re­fer­ring for to Three wor­ries Gorges over Cor­po­ra­tion,the debt-to-eq­ui­ty­which has plan in­vest­ed­which in would seven weak­en­hy­dro­elec­tric lenders’ pro­jects­bal­ance sheets.and 11 wind power “In­vestors projects haveby the no end ideaof this Jan­uary. what Three the Gorges guide­lines Cor­po­ra­tion, would a bring clean about,” en­ergy he group said. fo­cus­ing“But the on long-term large-scale im­pact hy­dropow­erto the bank­ing de­vel­op­mentsec­tor should and be op­er­a­tion pos­i­tive,” whichhe said. also “The en­gaged pro­gramin re­new­able is ex­pected en­er­gyto bring new busi­nesses op­por­tu­ni­ties in­clud­ing to wind de­velop and busi­ness­so­lar power,and to re­solve­has been po­ten­tial look­ing non­per­form­ing­for pos­si­ble ac­qui­si­tion­sas­sets.” in mar­kets “When­such as ev­ery­thingLatin Amer­i­cais left­for sev­er­al­for the years. mar­ket to de­cide, it means Brazil bankshas a are ma­turenot ex­empt­power sec­tor­from re­spon­si­bil­i­ties,”and a very promis­ing he mar­ket,said. “That Three means Gorges banks Cor­po­ra­tion have no in­cen­tives Ex­ec­u­tiveto sup­port Vice-Pres­i­dent zom­bie fac­to­riesLin Chux­u­eor to cush­ion­told China the Daily im­pact in on an ear­lier in­vestors.” in­ter­view.

the gain in the stock price of Si­nos­teel An­hui Tianyuan Tech­nol­ogy Co on Tues­day value of Duke En­ergy’s 2,090megawatt busi­ness deal


A BYD bus is dis­played at a UK Trade and In­vest­ment event in

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