On February 18, Beijing Energy Holding Co., Ltd. successfully subscribed HKD 7.18 billion shares in Panda Green Energy through Jingneng Power (0579 HK), its subsidiary in Hong Kong.
Accounting for 32% equity, Beijing Energy is now the largest shareholder in Panda Green Energy.
Negotiations lasted for 10 months, according to Mr. Lu Zhenwei, the former Chairman of the Board of Directors of Panda Green Energy.
Besides Beijing Energy, China Merchants, Qingdao City Investment Group, and Huarong are the other three SOE-owners of Panda Green Energy. (PGO)