<article>China is creating the world’s largest power company.</article>

China is creating the world’s largest power company.
The merger of <a href="https://www.dealstreetasia.com/?s=Shenhua Group Corp" target="_blank" rel="noopener">Shenhua Group Corp</a>., China’s biggest coal miner, with <a href="https://www.dealstreetasia.com/?s=China Guodian Corp." target="_blank" rel="noopener">China Guodian Corp.</a>, one of the country’s biggest power generators, has been approved, the State-owned Assets Supervision and Administration Commission said in one-line statementposted online Monday.
The Shenhua-Guodian tie-up may be the first combination among reforms in China’s power industry. The government of President Xi Jinping is trying to cut industrial overcapacity and the number of state-owned enterprises &#8212; as well as the country’s reliance on coal &#8212; as it seeks to rebalance the $11 trillion economy toward more consumer spending.
The new company would have total assets of more than 1.8 trillion yuan ($271 billion) and would have the largest generating capacity in China, according to Bloomberg New Energy Finance. It will be the world’s second-largest company by revenue and world’s largest power company by installed capacity, according to BNEF.
Shares of Shenhua’s Hong Kong-listed unit, China Shenhua Energy Co., rose as much as 4.7 percent to HK$20.10, before paring its gain to 2.1 percent as of 3:31 p.m. local time. The benchmark Hang Seng index was little changed.
Also Read:
<a href="https://www.dealstreetasia.com/stories/shenhua-china-guodian-said-mull-267b-power-giant-74268/" target="_blank" rel="noopener">Power firms Shenhua, China Guodian in talks for $267b merger</a>
<a href="https://www.dealstreetasia.com/stories/china-said-to-push-merger-talks-to-form-241b-power-giant-69045/" target="_blank" rel="noopener">China pushes for merger of public sector units to form $241b power giant</a>
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The merger of Shenhua Group Corp., China’s biggest coal miner, with China Guodian Corp., one of the country’s biggest power generators, has been approved.

China approves Shenhua, China Guodian merger to create world's largest power co

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China approves Shenhua, China Guodian merger to create world's largest power co

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