Shanghai Electric (Group) Corp. (Shanghai, China) plans to set up a joint venture with foreign investors and list the joint venture in Hong Kong in 2005, the China Securities Journal reports.
Shanghai Electric (Group), which has two listed units, Shanghai Electric Appliances Co. and Shanghai Electrical Apparatus Co., would inject all of its assets into the joint venture and maintain a controlling stake. Its net assets are valued at 6.5 billion yuan (approx. U.S. $7.9 billion), the report said.
to Daily News