Slaughter and May is advising China Power New Energy Limited in relation to the proposed delisting of China Power Clean Energy Development Company Limited
Slaughter and May, Hong Kong, is advising China Power New Energy Limited (CPNE), acting as the offeror, in relation to the proposed delisting of China Power Clean Energy Development Company Limited (CP Clean Energy) from the Hong Kong Stock Exchange. The proposal will be implemented by way of a scheme of arrangement pursuant to the Companies Ordinance of Hong Kong. The scheme consideration includes a cash alternative and a share alternative. An irrevocable undertaking to vote in favour of the proposal has been obtained from China Three Gorges Corporation Limited. Upon completion of the proposal, CPNE will own 100% of the shares of CP Clean Energy and CP Clean Energy will apply for the withdrawal of the listing of its shares on the Hong Kong Stock Exchange.
The proposal was announced on 28 March 2019. The amount of cash required to implement the proposal is approximately HK$2,939.4 million (US$377 million) (for up to 45.17% of the issued share capital of CP Clean Energy).
CPNE is an investment holding company incorporated in Hong Kong with limited liability and an indirect wholly-owned subsidiary of State Power Investment Corporation Limited which is the holding company of one of the major power generating groups in China and is owned by the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council of China.
CP Clean Energy is a company incorporated in Hong Kong with limited liability, whose shares are listed on the Main Board of the Hong Kong Stock Exchange. CP Clean Energy, together with its subsidiaries are engaged in the businesses of the development, construction, ownership, operation and management of clean energy power plants in the PRC.
Slaughter and May advised on the previous redomiciliation of the CP Clean Energy group from Bermuda to Hong Kong.