China Resources Power hits 2-week high on robust annual results, dividend

China Resources Power Holdings

22/03/2023 06:25

** Shares of power plants operator China Resources Power
Holdings Co Ltd  0836.HK  jump as much as 5.5% to HK$17.30,
their highest since March 7 
    ** Stock is the third-biggest pct gainer in Hang Seng
Composite Index on utilities  .HSCIU  and on course for a second
session of gains
    ** Co says its 2022 net profit soared 229.4% year-on-year to
HK$7.04 bln ($897.09 mln), with turnover up 14.3% at HK$103.3
bln and says it will accelerate development and construction of
wind and photovoltaic power projects 
    ** Says it proposes to pay a final dividend of HK$0.376 per
share, compared with HK$0.045 each in 2021
    ** Co says it is considering a proposed spin-off and listing
of its subsidiary China Resources New Energy Group by way of an
initial public offering and listing of A shares on a stock
exchange in China
    ** Hang Seng Commerce & Industry Index  .HSNC  rises 1.4%
and Hang Seng Composite Index on utilities  .HSCIU  gains 0.7%
    ** Hang Seng Composite Index  .HSCI  climbs 1.5% and Hang
Seng Index  .HSI  rises 1.8%
    
    ($1 = 7.8476 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))