FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
January, 2003
Huaneng Power International, Inc.
West Wing, Building C, Tianyin Mansion
No. 2C Fuxingmennan Street
Xicheng District
Beijing, 100031 PRC
This Form 6-K consists of:
A press release of Huaneng Power International Inc. on December 23,
2002, in English regarding signing an agreement to acquire 25% interest in
Shenzhen Energy Group.
[HUANENG LOGO GRAPHIC OMITTED]
To: Business Editor
[For Immediate Release]
HUANENG POWER INTERNATIONAL, INC.
Signs Agreement to Acquire 25% Interest in Shenzhen Energy Group
(Beijing, China, January 28, 2003) Huaneng Power International, Inc. (the
"Company") [NYSE: HNP; HKEx: 902; SSE: 600011] today announced that it has
entered into an agreement with Shenzhen Energy Group Co., Ltd. ("SEG") and
Shenzhen Investment Holding Corporation ("SIH") to acquire in cash payment a
25% interest in SEG. The consideration amounted to RMB 2.39 billion.
According to the sale and purchase agreement, the Company will subscribe for
newly issued shares representing 10% of SEG's enlarged share capital and will
acquire existing shares held by SIH representing 15% of SEG's enlarged share
capital. Upon completion of the transaction, the Company and SIH will hold 25%
and 75% equity interest in SEG's enlarged share capitals respectively. SIH is
a state-owned company controlled by the Shenzhen Municipal Government. The
transaction is still subject to the approvals by the Shenzhen Municipal
Government and other relevant government authorities.
SEG is principally engaged in investing in, developing and operating power
generation assets. SEG controls over 75% of the total installed generation
capacity of Shenzhen Municipality, and is one of the leading independent power
producers in Guangdong Province. SEG's main power assets consist of its
holdings in five power generation companies which in turn hold interests in
six power plants, namely, Mawan Power Plant, Yueliangwan Power Plant, Xibu
Power Plant, Shajiao B Power Plant, Tongling Power Plant and Nanshan Power
Plant. Except for Tongling Power Plant, which is located in Anhui Province,
all the other power plants are located in Shenzhen. SEG's total installed
capacity will grow from 3,509MW (as of December 31, 2002) to 3,809MW once Unit
6 of Xibu Power Plant is put into commercial operation in August 2003.
As at June 30, 2002, the total asset of SEG amounted to RMB 13.86 billion, and
its net assets were RMB 4.97 billion. For the twelve months ended December 31,
2001, SEG generated an operating revenue of RMB 4.75 billion and a net profit
of RMB 740 million. For the six months ended June 30, 2002, SEG generated an
operating revenue of RMB 2.73 billion and a net profit of RMB 470 million.
The transaction will enable the Company to enlarge its market share in
Guangdong Province, in particular Shenzhen Municipality, an area with rapid
economic growth and substantial power demand. The transaction will further
enhance the Company's position as a leading independent power producer in the
PRC, and is consistent with the Company's long-term growth strategy of placing
dual emphasis on development and acquisition. Upon completion of the
transaction, the Company's total generation capacity on an equity basis will
be increased to 14,780MW.
Huaneng Power International, Inc. develops, constructs, operates and manages
large thermal power plants in China nationwide. The total generation capacity
on an equity basis of the Company is 14,363 MW.
~ End ~
For further information, please contact:
Ms. Meng Jing / Ms. Zhao Lin
Huaneng Power International, Inc.
Tel: (8610) 6649 1856 / 1866
Fax: (8610) 6649 1860
Email: ir@hpi.com.cn
Ms. Christy Lai / Ms. Edith Lui
Rikes Communications Limited
Tel: (852) 2520 2201
Fax:(852) 2520 2241
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
under- signed, thereunto duly authorized.
HUANENG POWER INTERNATIONAL, INC.
By /s/ Wang Xiaosong
--------------------
Name: Wang Xiaosong
Title: Vice Chairman
Date: January 29, 2003