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Last updated at: (Beijing Time) Tuesday, February 26, 2002

Three Gorges Firm Seeks Listing to Finance US$22b Project

China Yangtze River Three Gorges Project Development Corp plans to establish a spin-off company to seek domestic listing next year, in a bid to finance its US$22 billion Three Gorges dam project.


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Domestic listing
China Yangtze River Three Gorges Project Development Corp plans to establish a spin-off company to seek domestic listing next year, in a bid to finance its US$22 billion Three Gorges dam project.

Li Yong'an, vice-general manager of the company, said the company also intends to entice foreign and Hong Kong power giants, including the US Mirant Corp and Hong Kong's CLP China, to invest in its listing-arm company, the Three Gorges Electric Power Company.

The parent company aims to merge its Gezhouba Power Plant, one of the nation's largest hydropower company, into the spin-off company poised to be set up this year.

Li gave no details on how much it plans to raise but said the proceeds will be used to acquire the first batch of generation units for the Three Gorges project from the parent company, when they are on stream in 2003.

To list on Hong Kong and overseas markets
The shareholding company also plans to list on the Hong Kong and overseas market some time after the domestic flotation.

The Three Gorges project
The Three Gorges project, one of the world's largest hydropower projects, includes a dam on China's longest river and the world's largest hydropower plant, with a combined capacity of 18.2 million kilowatts.

The project began construction in 1993, and is expected to be completed by 2009.



The Three Gorges Project

  • General Introduction of the of the Yangtze River

  • Brief Introduction

  • History of Three Gorges Project

  • Restudy of Three Gorges Project

  • Jiang's Speech Marking Yangtze-Damming for Three Gorges Project




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