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
For the month of April 2020
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F | X | Form 40-F |
(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. )
Yes | No | X |
(If "Yes" is marked, indicate below the file number assigned to registrant in connection with Rule 12g3-2(b): 82-__________. )
N/A
Huaneng Power International, Inc.
Huaneng Building,
6 Fuxingmennei Street,
Xicheng District,
Beijing, 100031 PRC
This Form 6-K consists of:
1. an announcement regarding connected transaction of capital increase in Shanghai Leading by Huaneng Power International, Inc. (the "Registrant");
2. an announcement regarding implementation status in relation to the performance of undertaking for certain assets acquired by the Registrant in 2016;
3. an announcement regarding proposed re-election and appointment of directors and supervisors of the Registrant;
4. an announcement of annual results for 2019 of the Registrant;
5. an announcement of board resolutions of the Registrant; and
6. announcement on the provision for asset impairment of the Registrant;
Each made by the Registrant on April 1, 2020.
Document 1
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
CONNECTED TRANSACTION CAPITAL INCREASE IN SHANGHAI LEADING
On 31 March 2020, Hainan Power, a controlling subsidiary of the Company, entered into the Capital Increase Agreement with Huaneng Group Fuel Company, the existing shareholder of Shanghai Leading and Shanghai Leading, pursuant to which Hainan Power and Huaneng Group Fuel Company agreed to subscribe by way of cash for the new registered capital of Shanghai Leading in accordance with their respective proportion of shareholding in Shanghai Leading. Hainan Power shall pay to Shanghai Leading an amount of not more than RMB120 million as the consideration of the Capital Increase, which sum will be funded by the Hainan Power’s internal cash resources. Following completion of the Capital Increase, the amount of the registered capital of Shanghai Leading will be increased to RMB800 million and Hainan Power’s proportion of shareholding in Shanghai Leading shall remain unchanged at 40%. Huaneng Group holds a 75% direct equity interest and a 25% indirect equity interest in HIPDC, whilst HIPDC, being the direct controlling shareholder of the Company, holds a 32.28% equity interest in the Company. Huaneng Group also holds a 9.91% direct equity interest in the Company, a 3.01% indirect equity interest in the Company through Hua Neng HK, and a 0.39% indirect equity interest in the Company through China Huaneng Finance Corporation Limited. At the same time, the Company holds a 91.80% equity interest in Hainan Power and each of Huaneng Group and the Company holds a 50% equity interest in Huaneng Group Fuel Company, which is a controlling shareholder of Shanghai Leading. Hainan Power and Huaneng Group Fuel Company shall subscribe for the newly increased registered capital of Shanghai Leading according to their respective shareholding proportion in the Capital Increase. Huaneng Group Fuel Company and Shanghai Leading are associates of Huaneng Group. Pursuant to the relevant stipulations of the Hong Kong Listing Rules, the Capital Increase constitutes a connected transaction of the Company. With respect to the Capital Increase, given the scale of the subscription amount does not exceed 5% of the applicable percentage ratios as calculated pursuant to Rule 14.07 of the Hong Kong Listing Rules, the Capital Increase does not constitute a notifiable transaction under Chapter 14 of the Hong Kong Listing Rules. The Capital Increase constitutes a connected transaction under Chapter 14A of the Hong Kong Listing Rules. As the scale of the Capital Increase exceeds 0.1% |
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but does not exceed 5% of the applicable percentage ratios as calculated pursuant to Rule 14.07 of the Hong Kong Listing Rules, therefore, the Company is only required to comply with the reporting and announcement requirements under Rules 14A.71 and 14A.35 of the Hong Kong Listing Rules but is exempt from independent shareholders' approval requirement. |
RELATIONSHIP BETWEEN THE COMPANY, HUANENG GROUP, HAINAN POWER AND HUANENG GROUP FUEL COMPANY
The Company and its subsidiaries mainly develop, construct, operate and manage large-scale power plants in China nationwide. It is one of the largest listed power producers in China. As at the date of publication of this announcement, the controlled generation capacity is 106,924 MW and the equity based generation capacity is 93,676 MW.
Huaneng Group is principally engaged in the operation and management of enterprise investments development, investment, construction, operation and management of power plants; organising the generation and sale of power (and heat); and the development, investment, construction, production and sale of products in relation to energy, transportation, new energy and environmental protection industries.
As at the date of publication of this announcement, Huaneng Group holds a 75% direct equity interest and a 25% indirect equity interest in HIPDC, whilst HIPDC, being the direct controlling shareholder of the Company, holds a 32.28% equity interest in the Company. Huaneng Group also holds a 9.91% direct equity interest in the Company, a 3.01% indirect equity interest in the Company through Hua Neng HK (a wholly-owned subsidiary of Huaneng Group), and a 0.39% indirect equity interest in the Company through China Huaneng Finance Corporation Limited (a controlling subsidiary of Huaneng Group). At the same time, the Company holds a 91.80% equity interest in Hainan Power and each of Huaneng Group and the Company holds a 50% equity interest in Huaneng Group Fuel Company, which is a controlling shareholder of Shanghai Leading. Hainan Power and Huaneng Group Fuel Company shall subscribe for the newly increased registered capital of Shanghai Leading according to their respective shareholding proportion in the Capital Increase. Huaneng Group Fuel Company and Shanghai Leading are associates of Huaneng Group. Pursuant to the relevant stipulations of the Hong Kong Listing Rules, the Capital Increase constitutes a connected transaction of the Company and is subject to the reporting and announcement requirement and/or independent shareholders’ approval requirement under the Hong Kong Listing Rules.
Hainan Power is a controlling subsidiary of the Company incorporated in the PRC on 12 January 1994, the registered capital of which was RMB1,326.42 million. It is principally engaged in the investment, construction, operation of various types of power plants, development of conventional energy and renewable energy, etc.
Huaneng Group Fuel Company is a controlling subsidiary of Huaneng Group incorporated in the PRC on 6 December 2010, the registered capital of which was RMB3,000 million. It is principally engaged in the wholesale of coal, warehousing services, information on financial consultation, import and
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export businesses, etc. Huaneng Group Fuel Company had the total assets of RMB9,673.28 million, total liabilities of RMB5,842.57 million and net assets of RMB3,830.72 million as at 31 December 2019, and had the reveune of RMB27,853.13 million and net profit of RMB139.59 million for the year ended 31 December 2019. The above financial information is unaudited.
The relationship among the Company, Huaneng Group, Hainan Power and Huaneng Group Fuel Company are as follows:
* | Huaneng Group, through Hua Neng HK, its wholly-owned subsidiary, indirectly holds a 100% interest in Pro- Power Investment Limited which in turn holds a 25% interest in HIPDC. Therefore, Huaneng Group indirectly holds a 25% interest in HIPDC. |
** | Huaneng Group holds a 9.91% direct interest in the Company. It also holds 3.01% and 0.39% indirect interest in the Company through Hua Neng HK (its wholly-owned subsidiary) and China Huaneng Finance Corporation (its controlling subsidiary), respectively. |
Therefore, under the Hong Kong Listing Rules, Huaneng Group and its associates (including Huaneng Group Fuel Company and Shanghai Leading) are connected persons of the Company.
CAPITAL INCREASE AGREEMENT
The Capital Increase was approved at the meeting of the board of Directors of the Company held on 31 March 2020, and Hainan Power entered into the Capital Increase Agreement with Huaneng Group Fuel Company, the existing shareholder of Shanghai Leading, and Shanghai Leading.
Major terms of the Capital Increase Agreement are as follows:
1. | Date: | 31 March 2020 |
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2. | Parties: | (i) Huaneng Group Fuel Company; | |
(ii) Hainan Power; and | |||
(iii) Shanghai Leading | |||
3. | Subscription of share capital: | According to the Capital Increase Agreement, each shareholder of Shanghai Leading shall inject new capital by way of cash in accordance with its existing proportion of shareholding, of which: Huaneng Group Fuel Company shall subscribe for RMB180 million, representing 60% of the newly increased capital; and Hainan Energy Sales shall subscribe for RMB120 million, representing 40% of the newly increased capital. | |
4. | Payment method: | each shareholder of Shanghai Leading shall pay the subscription amount in cash into the account of Shanghai Leading after the completion of formalities for registration of changes with the industrial and commercial authorities | |
5. | Signing and effective time: | The Capital Increase Agreement became effective upon signing by the parties, and after the consideration by the board of directors (and, shareholders’ meeting, if required) by Huaneng Group Fuel Company and Hainan Power for approving the Capital Increase in Shanghai Leading. |
Hainan Power shall use its own internal resources to subscribe for the Capital Increase. Upon completion of the Capital Increase, the amount of the registered capital of Shanghai Leading increased to RMB800 million and Hainan Power shareholding in Shanghai Leading shall remain unchanged at 40%.
INFORMATION REGARDING SHANGHAI LEADING
Incorporated in the PRC on 25 September 2008, Shanghai Leading is located in Shanghai, the registered capital of which was RMB500 million. The main businesses of Shanghai Leading include domestic waterway transportation, international shipping assistance business and international shipping; cargo transportation agency, international oceanic cargo transport and marine equipment maintenance; business consulting, domestic shipping agency and international shipping agency; import and export of goods and technology and coal operation.
Huaneng Group Fuel Company, the controlling shareholder of Shanghai Leading, holds 60% of the registered capital of Shanghai Leading and Hainan Power holds 40% of the registered capital of Shanghai Leading.
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Selected Financial Information of Shanghai Leading
The following sets out certain financial information of Shanghai Leading as at 31 December 2017, 31 December 2018 and 31 December 2019, prepared in accordance with the PRC Accounting Standards:
Unit: RMB’0,000
As at 31 December 2017 | As at 31 December 2018 | As at 31 December 2019 | ||||||||||
(audited) | (audited) | (unaudited) | ||||||||||
Operating revenue | 204,118 | 142,767 | 134,421 | |||||||||
Profit before tax | 2,015 | 3,300 | 1,506 | |||||||||
Net profit | 2,015 | 2,471 | 1,121 | |||||||||
Net profit after deduction of extraordinary items | 2,015 | 2,471 | 1,121 | |||||||||
Total assets | 420,667 | 395,662 | 377,900 | |||||||||
Net assets | 40,484 | 43,744 | 45,796 |
Reasons for the Capital Increase and the Impact on the Company
The Capital Increase is to satisfy the needs of production and operation of Shanghai Leading. It will increase the aggregate registered capital of Shanghai Leading and further improve the cash flow and risk resistance capability of Shanghai Leading, so as to effectively respond to the impact of shipping market fluctuations. It is expected that the Capital Increase will bring a stable investment growth return to the Company in future. Shanghai Leading will not be consolidated into the accounts of the Company following completion of the Capital Increase. The transaction will not impose any material impact on the financial position of the Company and will not prejudice the interests of the Company and its shareholders.
IMPLICATION UNDER THE HONG KONG LISTING RULES
With respect to the Capital Increase, given the scale of the subscription amount does not exceed 5% of the applicable percentage ratios as calculated pursuant to Rule 14.07 of the Hong Kong Listing Rules, the Capital Increase does not constitute a notifiable transaction under Chapter 14 of the Hong Kong Listing Rules. The Capital Increase constitutes a connected transaction under Chapter 14A of the Hong Kong Listing Rules. As the scale of the Capital Increase exceeds 0.1% but does not exceed 5% of the applicable percentage ratios as calculated pursuant to Rule 14.07 of the Hong Kong Listing Rules, therefore, the Company is only required to comply with the reporting and announcement requirements under Rules 14A.71 and 14A.35 of the Hong Kong Listing Rules but is exempt from independent shareholders’ approval requirement.
The Board of Directors of the Company has approved the resolution regarding the Capital Increase. Messrs. Zhao Keyu, Huang Jian and Wang Yongxiang, all being directors of the Company having connected relationship, abstained from voting on the board resolution relating to the transaction. The
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resolution was voted by Directors who are not connected to the transaction. The Directors (including independent non-executive Directors) are of the view that the Capital Increase Agreement was entered into: (i) on normal commercial terms; (ii) on terms that are fair and reasonable and are in the interests of the Company and its shareholders as a whole and (iii) in the ordinary and usual course of business of the Company.
DEFINITIONS
“associate(s)” | has the meaning ascribed to it in the Hong Kong Listing Rules; | |
“Capital Increase” | the subscription in an amount of not more than RMB120 million for part of the new registered capital of Shanghai Leading by Hainan Power pursuant to the terms and conditions of the Capital Increase Agreement; | |
“Capital Increase Agreement” | the capital increase agreement entered into by Hainan Power with Huaneng Group Fuel Company and Shanghai Leading on 31 March 2020; | |
“Company” | Huaneng Power International, Inc.; | |
“Directors” | the directors (including independent non-executive directors) of the Company; | |
“Hainan Power” | Huaneng Hainan Power Generation Limited Company; | |
“HIPDC” | Huaneng International Power Development Corporation; | |
“Hong Kong Listing Rules” | the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange; | |
“Hua Neng HK” | China Hua Neng Group Hong Kong Limited; | |
“Huaneng Group” | China Huaneng Group Co., Ltd.; | |
“Huaneng Group Fuel Company” | China Huaneng Group Fuel Co., Ltd.; | |
“PRC” or “China” | the People’s Republic of China; | |
“RMB” | the lawful currency of the PRC; | |
“Stock Exchange” | The Stock Exchange of Hong Kong Limited; and |
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“Shanghai Leading” | Shanghai Leading Energy Shipping Limited. |
By Order of the Board | |
Huaneng Power International, Inc. | |
Huang Chaoquan | |
Company Secretary |
As at the date of this announcement, the directors of the Company are:
Zhao Keyu (Executive Director) | Yue Heng (Independent Non-executive Director) |
Huang Jian (Non-executive Director) | Xu Mengzhou (Independent Non-executive Director) |
Wang Yongxiang (Non-executive Director) | Liu Jizhen (Independent Non-executive Director) |
Mi Dabin (Non-executive Director) | Xu Haifeng (Independent Non-executive Director) |
Guo Hongbo (Non-executive Director) | Zhang Xianzhi (Independent Non-executive Director) |
Cheng Heng (Non-executive Director) | |
Lin Chong (Non-executive Director) |
Beijing, the PRC
1 April 2020
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Stock Code: 902)
IMPLEMENTATION STATUS FOR 2019 IN RELATION TO THE PERFORMANCE UNDERTAKING REGARDING CERTAIN ASSETS ACQUIRED BY THE COMPANY IN 2016
References are made to the announcement of Huaneng Power International, Inc. (the “Company”) dated 15 October 2016 (the “Announcement”) and the circular of the Company dated 15 November 2016 (the “Circular”) in relation to the discloseable and connected transaction regarding the Company’s acquisition of the Shandong Power Interests, the Jilin Power Interests, the Heilongjiang Power Interests and the Zhongyuan CCGT Interests. Capitalised terms used herein shall have the same meanings as those defined in the Announcement and the Circular unless otherwise stated.
As disclosed in the Announcement and the Circular, Huaneng Group guaranteed that the audited actual net profit for 2017, 2018 and 2019 for each of Huaneng Laiwu Power Generation Limited, Huaneng Jiaxiang Power Generation Limited, Huaneng Jining Canal Power Generation Limited, Huaneng Liaocheng Thermal Power Limited and Huaneng Yantai Power Generation Limited (which was changed to Huaneng Shandong Power Generation Co., Ltd. Yantai Power Plant since September 2018) (being certain subsidiaries of Huaneng Shandong Power Generation Limited as acquired by the Company) (collectively, “Profit Forecast Companies”, and individually, “Each Profit Forecast Company”) would not be less than the forecasted net profit. For 2019, the forecasted net profit for Each Profit Forecast Company was as follows:
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Unit: RMB10,000 | ||||||||
Company name | Direct or indirect interest held by Huaneng Group at time of equity transfer | Forecasted net profit for 2019 | ||||||
Huaneng Laiwu Power Generation Limited | 80.00 | % | 59,280.61 | |||||
Huaneng Jiaxiang Power Generation Limited | 50.00 | % | 3,757.37 | |||||
Huaneng Jining Canal Power Generation Limited | 98.35 | % | 16,624.85 | |||||
Huaneng Liaocheng Thermal Power Limited | 75.00 | % | 7,100.78 | |||||
Huaneng Shandong Power Generation Co., Ltd. Yantai Power Plant | 100.00 | % | 5,619.20 |
According to the specific audit report provided by Ernst & Young Hua Ming LLP, the aggregate difference between the actual net profit/(loss) (net profit after deducting non-recurring gains and losses and absorption of merger effects) and the forecasted net profit for 2019 for the Profit Forecast Companies was RMB-693.8797 million. As the Actual Net Profit of Each Profit Forecast Company for 2019 fell short of the forecasted net profit and according to the terms and compensation formula set out in the Profit Forecast Compensation Agreement, Huaneng Group should compensate the Company the sum of RMB457.727 million. The compensation, which shall be payable by way of cash by Huaneng Group to the Company within 20 working days from the date of disclosure of the specific audit report.
The Company will publish a further announcement once the compensation amount aforesaid is paid by Huaneng Group.
By Order of the Board | |
Huaneng Power International, Inc. | |
Huang Chaoquan | |
Company Secretary |
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As at the date of this announcement, the Directors of the Company are:
Zhao Keyu (Executive Director) | Yue Heng (Independent Non-executive Director) |
Huang Jian (Non-executive Director) | Xu Mengzhou (Independent Non-executive Director) |
Wang Yongxiang (Non-executive Director) | Liu Jizhen (Independent Non-executive Director) |
Mi Dabin (Non-executive Director) | Xu Haifeng (Independent Non-executive Director) |
Guo Hongbo (Non-executive Director) | Zhang Xianzhi (Independent Non-executive Director) |
Cheng Heng (Non-executive Director) | |
Lin Chong (Non-executive Director) |
Beijing, the PRC
1 April 2020
Document 5
Hong Kong Exchange and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
RESOLUTIONS PASSED AT
THE TWENTY-EIGHTH MEETING OF THE NINTH SESSION OF THE BOARD OF DIRECTORS
On 31 March 2020, the Board of Directors (“the Board”, “Board of Directors”) of Huaneng Power International, Inc. (the “Company” or “Huaneng Power International”) convened the Twenty- Eighth Meeting (the “Meeting”) of the Ninth Session of the Board at the headquarters of the Company in conjunction with the video conferencing communication. Written notice of the Meeting has been sent on 16 March 2020. Twelve Directors were eligible to attend the Meeting. The attendants of the Meeting included 12 Directors. The Supervisors, the senior management of the Company and the Secretary of the Board were also present at the Meeting. The convening of the Meeting complied with the Company Law of the People’s Republic of China and the Articles of Association of the Company. Mr. Zhao Keyu (Chairman) presided over the Meeting. The following resolutions were considered and approved unanimously at the Meeting:
1. | THE WORKING REPORT OF THE PRESIDENT OF THE COMPANY FOR 2019 WAS APPROVED |
2. | THE WORKING REPORT OF THE BOARD OF DIRECTORS OF THE COMPANY FOR 2019 WAS APPROVED |
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3. | PROPOSAL ON PROVISION FOR MAJOR IMPAIRMENT OF THE COMPANY’S ASSETS |
The Board of Directors of the Company is of the view that the provision for asset impairment is based on the principle of prudence, is well-founded, and reflects the Company’s asset status fairly, and agreed to the provision of the asset impairment.
4. | THE FINAL FINANCIAL REPORT OF THE COMPANY FOR 2019 WAS APPROVED |
5. | THE PROPOSED PROFIT DISTRIBUTION PLAN OF THE COMPANY FOR 2019 |
It was agreed that the Company’s proposed profit distribution plan for 2019 is a cash dividend of RMB0.135 (tax inclusive) for each ordinary share of the Company, which is on the basis of the total share capital of the Company. It was estimated that the total amount of cash to be paid as dividends will be RMB2,119,242,603.47.
6. | PROPOSAL REGARDING THE APPOINTMENT OF THE COMPANY’S AUDITORS FOR 2020 |
It was resolved that Ernst & Young Hua Ming LLP would be appointed as the Company's domestic auditors and the auditors for U.S. 20F annual report, and Ernst & Young as the Company's Hong Kong auditors for 2020. The total remuneration is proposed to be the same as last year of RMB26,500,000, pursuant to the work scope of 2020 and the relevant market rates.
7. | THE SELF-EVALUATION ON INTERNAL CONTROL FOR 2019 OF THE COMPANY BY THE BOARD OF DIRECTORS |
The Self-evaluation Report on Internal Control for 2019 of Huaneng Power International, Inc. was approved, and the Chairman was authorized to sign it.
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8. | THE COMPANY’S ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT FOR 2019 WAS APPROVED |
9. | THE COMPANY’S SOCIAL RESPONSIBILITY REPORT FOR 2019 WAS APPROVED |
10. | THE SPECIFIC REPORTS ON THE STATUS REGARDING THE DEPOSIT ANDACTUAL USE OF THE FUNDS RAISED BY THE COMPANY |
11. | THE COMPANY’S ANNUAL REPORT FOR 2019 WAS APPROVED |
12. | PROPOSAL REGARDING THE CHANGE OF SESSION OF THE BOARD |
1. | The Board agreed to nominate Mr. Zhao Keyu, Mr. Zhao Ping, Huang Jian, Mr. Wang Kui, Mr. Lu Fei, Mr. Teng Yu, Mr. Mi Dabin, Mr. Cheng Heng, Mr. Guo Hongbo, and Mr. Lin Chong as the candidates for non-independent Directors of the Tenth Session of the Board of directors. |
2. | The Board agreed to nominate Mr. Xu Mengzhou, Mr. Liu Jizhen, Mr. Xu Haifeng, Mr. Zhang Xianzhi, and Mr. Xia Qing as the candidates for independent Directors of the Tenth Session of the Board of directors. |
The proposal of the above candidates for directorship shall be submitted for approval at the company’s general meeting. The qualifications of the candidates for independent Directors shall be subject to review and approval by the Shanghai Stock Exchange before the proposal is submitted for consideration at the Company’s general meeting.
The Board of Directors of the Company is satisfied with the work of Mr. Wang Yongxiang and Mr. Yue Heng during their term of tenure, and paid high regards to the contribution they have made towards the development of the Company over the years. The Company expresses its sincere gratitude to them.
13. | RESOLUTIONS REGARDING THE ISSUES OF SHORT-TERM DEBENTURES, SUPER SHORT-TERM DEBENTURES AND DEBT FINANCING INSTRUMENTS (BY WAY OF NON-PUBLIC PLACEMENT) |
It was agreed that (1) from the date on which the approval is obtained at the 2019 annual general meeting to the conclusion of the 2020 annual general meeting, the Company be authorised to issue (in either one or multiple tranches) short-term debentures (“Short-term Debentures”) with a principal amount not exceeding RMB10 billion, super short-term debentures (“Super Short-term Debentures”) with a principal amount not exceeding RMB30 billion, and the non-public placement of debt financing instrument (“Private Placement of Debt Financing Instrument”) with a principal amount not exceeding RMB6 billion (i.e. the outstanding principal balance of the Short-term Debentures in issue shall not exceed RMB10 billion, the outstanding principal balance of the Super Short-term Debentures in issue shall not
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exceed RMB30 billion and the outstanding principal balance of the Private Placement of Debt Financing Instruments in issue shall not exceed RMB6 billion at any time within the period as prescribed therein) for use to enhance the debt structure, expand the debt channel and to reduce the finance costs of the Company; (2) approval to be sought at the general meeting for unconditional general mandate(s) to be given to the Company’s Board of Directors or any two or more Directors to determine the terms and conditions and other relevant matters in relation to the respective tranches of the issue of the Short-term Debentures, the Super Short-term Debentures and the Private Placement of the Debt Financing Instruments in accordance with the needs of the Company and the market conditions, including but not limited to the final principal amount of the Short-term Debentures, the Super Short-term Debentures and the Private Placement of the Debt Financing Instruments to be issued and the terms thereof within the prescribed scope as set out in (1) above, and to execute all necessary legal documents, and to conduct appropriate disclosures of information.
14. | PROPOSAL REGARDING THE GRANTING OF THE GENERAL MANDATE TO ISSUE DOMESTIC AND/OR OVERSEAS DEBT FINANCING INSTRUMENTS WAS APPROVED |
i. | It was resolved that from the date on which the approval is obtained at the 2019 annual general meeting to the conclusion of the 2020 annual general meeting and upon obtaining approval at relevant regulatory authorities, the Company shall be authorised to issue domestic and/or overseas debt financing instruments (in either one or multiple tranches on a rolling basis) with a principal amount of up to RMB70 billion or equivalent in or outside the People’s Republic of China. Such instruments include but are not limited to corporate bonds and enterprise bonds in the domestic market, medium-term notes in the interbank bond market, offshore RMB-denominated bonds, overseas USD-denominated bonds and bonds denominated in other foreign currencies in the overseas market (including domestic and overseas perpetual bonds, which include without limitation perpetual mid-term notes, renewable corporate bonds and renewable enterprise bonds in the domestic market, perpetual bonds in the overseas market or other perpetual bonds denominated in RMB or any other foreign currency that are permitted under applicable laws and regulations to be issued in or outside the People’s Republic of China without a definite maturity date). (For the avoidance of doubt, reference to “debt financing instruments” in this proposal does not include short-term debentures, super short-term debentures and private placement of the debt financing instruments issued in the domestic interbank bond market.) |
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ii. | It was proposed that approval be obtained at the general meeting for granting an unconditional general mandate to the Board or more than two Directors of the Company to determine, based on the Company’s needs and market conditions and in accordance with relevant regulatory requirements, the terms and conditions for the issue of the relevant debt financing instruments and to attend to other relevant matters (which include but are not limited to): |
(1) | determining the details regarding the issue of the relevant debt financing instruments, including but not limited to the type of the bond to be issued, the issuer, whether to issue in tranches, the currency, amount and term of each tranche, the term for and method of repayment of the principal and accrued interest, the method of issue, the method and terms of placement, the interest rate and ways to determine it, and the security arrangements. Issue of corporate bonds in the domestic market must also meet the following requirements: the bonds under such issue shall have a maturity of no more than 20 years (except perpetual bonds) and could be bonds with a single maturity date or a portfolio of bonds with different maturity dates; the proceeds of the issue will be used to meet the Company’s production and operational needs, adjust its debt structure, replenish its working capital and/or make project investments; subject to the provisions of applicable laws and regulatory requirements, the issue may be a public or non-public issue or a placement to the shareholders of the Company. Methods of issue and placement details (including whether to place or not and the size of placement) shall be determined by the Board or more than two Directors of the Company according to market conditions and details of the issue. |
(2) | representing the Company in engaging in all the negotiations, signing all the agreements and other necessary documents and making proper disclosures of information in connection with the issue of the relevant debt financing instruments; |
(3) | procuring approval of the issue of the relevant debt financing instruments with the relevant regulatory authority and making proper adjustments to the detailed issue plan based on the comments and opinions, if any, of the regulatory authority; and |
(4) | taking all the necessary actions to decide on/attend to other particular matters relating to the issue of the relevant debt financing instruments. |
iii. | The resolution adopted at the Company’s general meeting in relation to the issue of the relevant debt financing instruments shall be valid from the date on which approval is obtained at the 2019 annual general meeting to the conclusion of the 2020 annual general meeting. If the Board or more than two Directors have determined the issue or partial issue of the relevant debt financing instruments within the validity term of the mandate and the Company has procured the approval, permit, filing or registration, as applicable, |
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for the issue with relevant regulatory authority, the Company may complete the issue or partial issue of the relevant debt financing instruments within the term of validity of such approval, permit, filing or registration.
15. | PROPOSAL REGARDING THE GRANTING OF THE GENERAL MANDATE TO THE BOARD TO ISSUE DOMESTIC SHARES AND/OR OVERSEAS LISTED FOREIGN SHARES WAS APPROVED |
It was agreed that the Board be granted the general mandate to issue domestic shares and/or overseas listed shares. Details of the mandate are set out below:
(1) | Subject to paragraphs (3), (4) and (5) below and pursuant to the Company Law of the People’s Republic of China (the “PRC”) and the relevant regulations of the places where the shares of Huaneng Power International are listed (as amended from time to time), the Board (or the Directors authorised by the Board) be and is hereby granted an unconditional general mandate to exercise all the powers of Huaneng Power International within the Relevant Period (as defined below) to separately or concurrently allot, issue and deal with domestic shares and/or overseas listed foreign shares (including securities convertible into shares, option to subscribe for any shares or such convertible securities), and to determine the terms and conditions for allotting, issuing and dealing with such new shares including but not limited to the following terms: |
(a) | class and number of new shares to be issued; |
(b) | pricing mechanism and/or issue price or the new shares to be issued (including price range): |
(c) | the starting and closing dates of such issue; |
(d) | the class and number of the new shares to be issued to existing shareholders; and/or |
(e) | the making or granting of proposals, agreements and options for the purpose of exercising the authority mentioned above. |
(2) | The approval in paragraph (1) shall authorise the Board (or the Directors authorised by the Board) of Huaneng Power International within the Relevant Period, to make or grant any offers, commitments and options of which might be exercised after the expiry of the Relevant Period. |
(3) | The number of new domestic shares or new overseas listed foreign shares (other than those issued by conversion of the surplus reserve into share capital in accordance with the Company Law of the PRC and the articles of Huaneng Power International) conditionally or unconditionally, separately or concurrently allotted, issued and dealt with (whether pursuant to an option or otherwise) by the Board (or the directors authorised by the Board) |
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of Huaneng Power International within the Relevant Period pursuant to the approval in paragraph (1) shall not exceed 20% of each class of the existing domestic shares and overseas listed foreign shares of Huaneng Power International in issue at the time when this resolution is passed at the 2019 annual general meeting.
(4) | In exercising the mandate granted in paragraph (1) above, the Board (or the directors authorized by the Board) of Huaneng Power International shall a) comply with the Company Law of the PRC and the relevant regulatory stipulations (as amended from time to time) of the places where the shares of Huaneng Power International are listed: and b) obtain approval from China Securities Regulatory Commission and other relevant PRC government departments. |
(5) | the Company shall not issue securities convertible into shares for cash consideration unless the initial conversion price is not lower than the Benchmarked Price (as hereinafter defined below) of the shares at the time of the relevant placing, and the Company shall not issue warrants, options or similar rights to subscribe for (i) any new shares of the Company; or (ii) any securities convertible into new shares of the Company, for cash consideration under the General Mandate (as defined below); |
(6) | For the purpose of this resolution: “Benchmarked Price” means the higher of: |
(a) | the closing price on the date of the relevant placing agreement or other agreement involving the proposed issue of securities under the General Mandate (as hereinafter defined); and |
(b) | the average closing price in the 5 trading days immediately prior to the earlier of: |
(i) | the date of announcement of the placing or the proposed transaction or arrangement involving the proposed issue of securities under the General Mandate (as defined below); |
(ii) | the date of entering into the placing agreement or other agreement involving the proposed issue of securities under the General Mandate (as defined below); and |
(iii) | the date on which the placing or subscription price is fixed; |
“General Mandate” means the general mandate to be approved in this resolution;
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“Relevant Period” means the period from the date of passing this resolution until whichever is the earliest of:
(a) | the conclusion of the next annual general meeting of Huaneng Power International; and |
(b) | the date on which the general mandate set out in this resolution is revoked or varied by a special resolution of the shareholders of Huaneng Power International at a general meeting. |
(7) | Subject to the approval(s) of the relevant authorities of the PRC and in accordance with the relevant laws, administrative regulations, and the regulatory stipulations of the places where the shares of Huaneng Power International are listed and the articles of Huaneng Power International, the Board (or the Directors authorised by the Board) of Huaneng Power International be and is hereby authorised to increase the registered capital of Huaneng Power International in accordance with the exercise of the powers pursuant to paragraph (1) above. |
(8) | The Board (or the Directors authorised by the Board) or Huaneng Power International be and is hereby authorized to sign any necessary documents, complete any necessary formalities and procedures and take other necessary steps to complete the allotment, issuance and listing of the new shares upon the exercise of the powers pursuant to paragraph (1) above, provided the same do not violate the relevant laws, administrative regulations, the relevant regulatory stipulations or the places where the shares of Huaneng Power International are listed and the articles of Huaneng Power International. |
(9) | Subject to the approval of the relevant PRC authorities, the Board (or the Directors authorised by the Board) of Huaneng Power International be and is hereby authorized to make appropriate and necessary amendments to the articles of Huaneng Power International after completion of the allotment and issue of new shares with reference to the method, type and number of new shares allotted and issued by Huaneng Power International and the shareholding structure of Huaneng Power International at the time of completion of the allotment and issue of new shares in order to reflect the alteration of the share capital structure and registered capital of Huaneng Power International pursuant to the exercise of this General Mandate. |
16. | PROPOSAL ON THE 2019 IMPLEMENTATION STATUS OF THE PERFORMANCE UNDERTAKING REGARDING CERTAIN ASSETS ACQUIRED IN 2016 |
1. | The special audit report (Ernst & Young Hua Ming (2020) zhuan zi No. 61493069_A02) provided by Ernst & Young Hua Ming LLP detailing the differences between the actual net profit/(loss) for 2019 and the forecasted net profit for each of Huaneng Laiwu Power Generation Limited, Huaneng Jiaxiang Power Generation Limited, Huaneng Jining Canal Power Generation Limited, Huaneng Liaocheng Thermal Power Limited and Huaneng |
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Shandong Power Generation Co., Ltd. Yantai Power Plant, being the subsidiaries acquired by Huaneng Power International, Inc. from Huaneng Shandong Power Generation Limited, was agreed.
2. | It was agreed that China Huaneng Group Co., Ltd. should pay the amount of RMB457.727 million in cash as profit compensation according to the terms of the Profit Forecast Compensation Agreement entered into between China Huaneng Group and Huaneng Power International, Inc. |
3. | It was resolved to approve the announcement on the implementation status for 2019 in relation to the performance undertaking regarding certain assets acquired by Huaneng Power International, Inc. in 2016, and to authorize Mr. Zhao Ping (the President) to make non-substantial modification to the announcement and to conduct appropriate information disclosure based on actual situation and on principle of maintaining the Company’s best interests. |
4. | Mr. Zhao Ping (President) was authorized to take appropriate actions to deal with other related matters according to the actual situation and in principle of safeguarding the best interest of the Company. |
17. | PROPOSAL REGARDING THE CAPITAL INCREASE OF SHANGHAI LEADING |
1. | It was resolved that Huaneng Hainan Power Generation Limited Company (“Hainan Power Generation”) participated in the capital increase of Shanghai Leading Energy Shipping Limited (“Shanghai Leading”) with a subscribed amount of not more RMB120 million (the “Capital Increase”) and upon completion of the Capital Increase, the proportion of the equity interests held by Hainan Power Generation in Shanghai Leading shall remain unchanged, i.e.40%. |
2. | It was resolved that Hainan Power Generation shall execute the “Capital increase agreement relating to Shanghai Leading Energy Shipping Limited between China Huaneng Group Fuel Co., Ltd. and Huaneng Hainan Power Generation Limited Company” (the “Capital Increase Agreement”) with China Huaneng Group Fuel Co., Ltd. and Shanghai Leading. |
The Board of Directors (including independent Directors) are of the view that the Capital Increase Agreement was entered into: (i) on normal commercial terms; (ii) on terms that are fair and reasonable and are in the interests of the Company and its shareholders as a whole and (iii) in the ordinary and usual course of business of the Company.
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3. | It was resolved to approve the “Announcement on the connected transaction of Huaneng Power International, Inc.” and to authorize Mr. Zhao Keyu, the Chairman of the Company, to make any non-substantial revisions to the announcement and to conduct the appropriate information disclosure in accordance with the actual circumstance and for the best interest of the Company. |
4. | It was resolved to authorize Mr. Zhao Keyu, the Chairman of the Company, to take any appropriate action to deal with the Capital Increase with the aim of protecting the best interest of the Company, including but not limited making any modification or change to the transaction proposal and the transaction agreements. |
18. | PROPOSAL REGARDING THE CONVENING OF THE COMPANY’S ANNUAL GENERAL MEETING FOR 2019 |
As resolutions number 2, 4, 5, 6, 12, 13, 14 and 15 above and the proposal regarding provision of guarantee for a subsidiary of the Company passed at the 27th meeting of the Ninth Session of the Board should be tabled at the general meeting for approval, the Board has decided to convene the annual general meeting for 2019 and submit the said proposals at the annual general meeting for 2019 for consideration and approval. Details including the time, venue and agenda of the meeting will be announced by the Board by way of a separate notice of annual general meeting.
According to the relevant listing rules of the places where the Company’s shares are listed, the Company’s directors, Zhao Keyu, Huang Jian and Wang Yongxiang (all being related Directors), have abstained from voting on the above resolutions numbers 16 and 17. The Independent Directors of the Company have approved the above resolutions numbers 5, 6, 12 and 17, and provided their opinions.
The above resolutions were passed on 31 March 2020 in Beijing.
By Order of the Board | |
Huaneng Power International, Inc. | |
Huang Chaoquan | |
Company Secretary |
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As at the date of this announcement, the Directors of the Company are:
Zhao Keyu (Executive Director) | Yue Heng (Independent Non-executive Director) |
Huang Jian (Non-executive Director) | Xu Mengzhou (Independent Non-executive Director) |
Wang Yongxiang (Non-executive Director) | Liu Jizhen (Independent Non-executive Director) |
Mi Dabin (Non-executive Director) | Xu Haifeng (Independent Non-executive Director) |
Guo Hongbo (Non-executive Director) | Zhang Xianzhi (Independent Non-executive Director) |
Cheng Heng (Non-executive Director) | |
Lin Chong (Non-executive Director) |
Beijing, the PRC
1 April 2020
Document 6
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
Announcement on the provision for asset impairment
This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).
The “Proposal on the Company’s Provision of Impairment Provisions for Significant Assets” was considered and passed at the 28th Meeting of the Ninth Session of the Board of Directors of Huaneng Power International, Inc. (the “Company” or “Huaneng Power International”) convened on 31 March 2020. To objectively reflect the Company’s asset status and operating results, and to ensure that the accounting information is authentic and reliable, the Company adopts the necessary impairment testing and evaluation of assets with signs of impairment in accordance with the relevant provisions of the “Accounting Standards for Business Enterprises No. 8-Asset Impairment”, the Company proposes to make provision for impairment of assets with signs of impairment based on the principle of prudence. The main particulars are as follows:
I. | ACCRUAL OF IMPAIRMENT PROVISIONS |
1. | There are a total of 10 asset groups that need to be impaired under the PRC Accounting Standards, with an impairment amount of RMB3.818 billion. Of which, Huaneng Yushe Power Generation Co., Ltd., Huaneng Zhanhua Thermal Power Co., Ltd., and Huaneng Jining High-tech Zone Thermal Power Co., Ltd. planned to early shut down according to the requirements of the National Development and Reform Commission and other departments in order to promote the optimization and upgrading of the coal power industry, and the provision for impairment is RMB730 million, RMB77 million, RMB85 million, respectively. Huaneng International Power Co., Ltd. Shanghai Shidongkou No. 1 Power Plant will be replaced with equal capacity in 2022 in accordance with the requirements of the Shanghai Development and Reform Commission. The provision of impairment of the planned shut down of Phase I amounted to RMB381 million. Huaneng Qufu Thermal Power Co., Ltd. and Huangtai No.8 Generation Unit are affected by the policy of introducing foreign power into Shandong, and the utilization hours are expected to decrease, and the provision for impairment is RMB763 million and RMB55 million, respectively. Due to the high price of coal in Heilongjiang Province and the decline in the |
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power generation market share, the provision for impairment of Huaneng Xinhua Power Generation Co., Ltd., Huaneng Hegang Power Generation Co., Ltd. is RMB620 million and RMB255 million, respectively. Yunnan Diandong Yuwang Energy Co., Ltd. accrues the impairment of RMB367 million because its generator set is listed as a provincial reserve power supply and the future capacity cooperation with Guizhou delays. Due to the large investment in the first phase of Jiangjunmao project and the unattainable expectation in the future throughput, Huaneng (Fujian) Seaport Co., Ltd. accrue the impairment of RMB485 million. When conducting the impairment test, the Company considers hat the cash inflows generated by the above asset group were basically independent in accordance with the relevant provisions of the “Accounting Standards for Business Enterprises No. 8 – Impairment of Assets”. Accordingly, the each relevant assets of the Company was identified as separate assets group. The main parameters used in estimating the recoverable amount of these asset groups include the utilization hours of generating units, fuel prices and discount rates. The Company estimates the future utilization hours and fuel prices of generating units is based on the Company’s 2020 budget and the Company’s understanding of market conditions and related industrial policies. The Company determines the discount rate after making appropriate adjustments based on the weighted average capital cost. When conducting the impairment test, a pre-tax discount rate of 7.00% -10.90% was used.
2. | The impairment of assets to be scrapped is RMB1.437 billion. The following impairments are accrued in the middle of this year: RMB230 million for the bankruptcy liquidation of Luoyang Sunshine Thermal Power Co., Ltd., RMB30 million for the shutdown of small units in Haikou Power Plant of Huaneng Hainan Power Generation Co., Ltd. Huaneng Yunnan Diandong Energy Co., Ltd. Bailongshan Coal Mine Part I Area overlapped with the Shibalianshan Nature Reserve, and has been shut down since January 2017. In 2019, the Company received documents from local government where it agreed that the Bailongshan Coal Mine could resume work, but requested that the construction in the nature reserve be prohibited. The book value of RMB342 million located in the inner lanes of the Red Line in the nature reserve has no usable value, and full provision for impairment was made. In the fourth quarter of 2019, the Company revised the mining plan and designed an overall resumption plan according to relevant requirements. The mining equipment acquired initially could no longer meet the technical and performance requirements for the equipment in the resumption plan. Due to the relatively long period for storage of the equipment, the repair price was high or the chance of recovery was relatively slim. As such, the equipment has no value for continuing usage. In addition, as the aforementioned equipment has been installed underground, the equipment is obsolete and aging, and has no disposal value. A total of RMB703 million of impairment is accrued. The provision for impairment for the scrapped assets such as heating pipe network of Huaneng Liaocheng Thermal Power Co., Ltd. was RMB28 million, the scrapped asset such as dry coal shed in Yuhuan Power Plant of Huaneng International Electric Power Co., Ltd. was RMB26 million, the scrapped asset such as steam turbine nozzle in Huaneng Hainan Power Generation Co., Ltd. Dongfang Power Plant was |
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RMB16 million, the scrapped asset such as dredge pump in Huaneng International Power Co., Ltd. Dezhou Power Plant was RMB12 million, and the scrapped asset of other units was RMB49 million.
3. | The impairment of upfront fees RMB530 million. Due to the construction halt or the low possibility of continuing to advance, provision for impairment is made for the following preliminary projects: RMB305 million (indicator fee and other fees) for No.5 and No.6 generator sets in Huaneng Shantou Haimen Power Generation Co., Ltd., RMB38 million (preliminary fees) for coal power unit in Huaneng Yangpu Thermal Power Co., Ltd., RMB30 million (preliminary fees) for Huaneng Shanxi Taihang Power Co., Ltd., RMB22 million for the extension project of Phase V in Tianjin Huaneng Yangliuqing Thermal Power Co., Ltd., RMB19 million for Mangdangyang project in Huaneng (Longyan) Wind Power Co., Ltd., RMB15 million for Phase III Project in Huaneng Taicang Power Co., Ltd., RMB15 million for Baise Thermal Power Project in Huaneng International Co., Ltd. Guangxi Branch, RMB11 million for Daning River Basin Hydropower Project in Huaneng International Electric Power Co., Ltd. Chongqing Branch, and RMB74 million for the impairment of other preliminary projects. The Company regularly checks the status, progress and the possibility of advancement, and plans of all previous projects, and continuously invests in projects with development value in order to achieve future profits. For projects that have been determined to be less likely to continue to advance as they cannot generate cash flow in the future and that they have no market for external disposal, full impairment provision is made. |
4. | The impairment of receivables is RMB101 million. Huaneng Shandong Ruyi (Pakistan) Energy (Private) Co., Ltd. accrues the impairment of RMB68 million for the delayed interest on electricity charges. Huaneng Shandong Ruyi (Pakistan) Energy (Private) Co., Ltd. operates a thermal power project in Pakistan, and all power is sold to the Pakistan Central Electricity Regulatory Authority. According to the agreement on the sale and purchase of electricity, the Pakistani Central Electricity Regulatory Authority should pay the Company’s late interest on electricity receivables in accordance with the Pakistani Interbank Offered Rate up 200 basis points for the expected payment of electricity charges. Based on past experience, the Central Electricity Regulatory Authority of Pakistan generally settles its electricity bills within 1-4 months, but as of the end of 2019, the amount of late interest on electricity recovered represented only 1.47% of the total late interest on electricity after commercial transportation. After negotiation with the Central Electricity Regulatory Authority of Pakistan, the rate of late interest receivable for electricity receivables will not be significantly accelerated. Therefore, the impairment was accrued; Huaneng Shandong Power Generation Co., Ltd.'s entrusted loan to Shandong Long Island Wind Power Co., Ltd. was RMB38 million. As Shandong Long Island Wind Power Co., Ltd. had been de-registered in December 2019. On recovery of RMB16 million, the remaining RMB22 million was fully impaired. |
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5. | Provision for impairment of RMB6.281 billion under International Financial Reporting Standards (IFRS) on consolidated basis. Differences in asset value are caused by differences in accounting treatment of business combinations under the same control. IFRS consolidated financial statements have more an additional RMB395 million provision for impairment when compared to the PRC Accounting Standards, of which an additional provision for asset impairment of Huaneng Qufu Thermal Power Co., Ltd. is RMB23 million, Huaneng Hegang Power Generation Co., Ltd. is RMB413 million, and of which a deduction provision for asset impairment of Huaneng Xinhua Power Generation Co., Ltd. is RMB41 million. |
II. | IMPACT OF PROVISION FOR IMPAIRMENT ON THE COMPANY’S FINANCIAL POSITION |
The aforesaid accrual of impairment provisions has reduced the Company’s total profit under the PRC Accounting Standards on consolidated basis in 2019 by approximately RMB5.886 billion, reduced the Company’s total profit in 2019 under the IFRS on consolidated basis by approximately RMB6.281 billion.
III. | REVIEW PROCEDURES FOR THE PROVISION FOR IMPAIRMENT |
The “Proposal on the Company’s Provision of Impairment Provisions for Significant Assets” was considered and passed at the 28th Meeting of the Ninth Session of the Board of Directors convened on 31 March 2020.
The Board of Directors of the Company is of the view that the provision for asset impairment is based on the principle of prudence, is well-founded, and reflects the Company’s asset status fairly, and agreed to the provision of the asset impairment.
The Company convened the 15th meeting of the Ninth Supervisory Committee on 31 March 2020, and considered and approved the “Proposal on the Provision of Major Impairment of the Company’s Assets”. The Supervisory Committee of the Company is of the view that the provision for asset impairment is based on the principle of prudence, is well-founded, and reflects the Company’s asset status fairly, and agreed to the provision for the asset impairment.
By Order of the Board | |
Huaneng Power International, Inc. | |
Huang Chaoquan | |
Company Secretary |
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As at the date of this announcement, the Directors of the Company are:
Zhao Keyu (Executive Director) | Yue Heng (Independent Non-executive Director) |
Huang Jian (Non-executive Director) | Xu Mengzhou (Independent Non-executive Director) |
Wang Yongxiang (Non-executive Director) | Liu Jizhen (Independent Non-executive Director) |
Mi Dabin (Non-executive Director) | Xu Haifeng (Independent Non-executive Director) |
Guo Hongbo (Non-executive Director) | Zhang Xianzhi (Independent Non-executive Director) |
Cheng Heng (Non-executive Director) | |
Lin Chong (Non-executive Director) |
Beijing, the PRC
1 April 2020
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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/ Huang Chaoquan | ||
Name: | Huang Chaoquan | ||
Title: | Company Secretary |
Date: April 1, 2020