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China Daily Website

CIC sells China Longyuan Power shares

Updated: 2013-03-15 21:42
By Cai Xiao (

China Investment Corp, China's sovereign wealth fund, cashed out 1.04 billion yuan ($165.8 million) from Hong Kong-listed company China Longyuan Power Group Corp by selling 4.49 percent of its H shares, according to data from the Hong Kong Stock Exchange on Friday.

The average selling price was 6.96 yuan per share and CIC now has a 7.29 percent stake in Longyuan.

CIC purchased $400 million worth of shares during the company's $2.2 billion Hong Kong initial public offering in 2009.

Experts said the wind power sector faces the challenges of storage and access to the power grid, which influence the stock prices of listed companies in the sector.