Money

Datang denies report of spinning off businesses to list at ChiNext

(Xinhua)
Updated: 2010-04-21 16:22
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HONG KONG - Datang International Power, the Hong Kong-listed unit of China's State-owned power generator China Datang Corp, on Wednesday denied earlier reports that the company was considering to spin off its coal chemical and new energy businesses and list them on the ChiNext Board of Shenzhen Stock Exchange.

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In a statement filed to the Hong Kong Exchange, Datang International Power said it had no current plan to spin off and list its coal chemical business and new energy businesses on ChiNext, China's start-up board for small and medium-sized enterprises.

"And it is not a fact that the spin-off plan has been approved by the China Securities Regulatory Commission," it said.

Citing Datang International Power's vice chairman Cao Jingshan, the Wall Street Journal reported on its Chinese-language website that the company had won approval to sell shares of its alternative energy and coal-to-chemical businesses on ChiNext.

Shares of Datang International Power rose 4.4 percent to HK$3.54 ($0.46) at Hong Kong Exchange by 3:00 pm local time.
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