China’s Assets Supervision and Administration Commission (SASAC) has stated that Chinese President Xi Jinping has approved the merger of state-owned China Guodian Corporation (China Guodian), one of the country’s largest power generators, and the largest coal company in China, Shenhua Group. The new company, to be called National Energy Investment Group, will be the largest power company in the world by installed capacity.
China Guodian Corporation had overall assets worth RMB 803.1 billion ($120.7 billion) as of the end of 2016, while Shenhua Group had total assets worth RMB 1014.3 billion ($152.5 billion) as of the end of April this year. Thus, the new entity will have the assets worth over RMB 1.8 trillion ($0.27 trillion), while it will account for 13 percent of both China’s power-generating and coal-mining capacity.