Chinalco Ningxia Energy Group planned to sell its 50-percent stake in Ningxia Yinyi Wind Power Corporation for 400 million yuan, according to the China Beijing Equity Exchange. Chinalco Ningxia Energy Group is a controlling shareholder of the Ningxia Yinxing Energy (000862.SZ). When Ningxia Yinxing Energy was approved to buy wind power assets from the Chinalco Ningxia Energy Group, the controlling shareholder promised to sell its stake in Yinyi Wind Power Corporation to avoid horizontal competition.
Reportedly with a registered capital of 284 million yuan, the Yinyi Wind Power Corporation is engaged mainly in development, construction and operation of wind power projects. Chinalco Ningxia Energy Group and the Ningxia Yinxing Energy each hold a 50-percent stake in the company. In 2014, the Yinyi Wind Power Corporation saw its operating revenue and net profits stand at 191 million yuan and 26.53 million yuan, respectively. In the first nine months of 2015, its operating revenue and net profits amounted to 138 million yuan and 19.77 million yuan, respectively.
Latest comments