HK Stock Market Move | DATANG POWER (00991) rises over 3% in early trading, proposed joint venture with three parties to develop and construct the MENGDIANRU-SU New Energy Project.

DATANG POWER (00991) rose more than 3% in early trading. As of the time of publication, it rose by 1.04% to HK$2.9 with a trading volume of HK$1.19 billion. In terms of news, recently, DATANG POWER announced that the company, Jiangsu Guoxin Corp., Ltd. Group, and Inner Mongolia ERDOS Resources New Energy signed a capital contribution agreement to jointly establish a joint venture company through cash contributions for the development and construction of the Mengdian-Rusu project. The registered capital of the joint venture company is 10 billion yuan, with DATANG POWER subscribing for 5.1 billion yuan, Jiangsu Guoxin Corp., Ltd. Group subscribing for 3.4 billion yuan, and Inner Mongolia ERDOS Resources New Energy subscribing for 1.5 billion yuan. The three parties respectively hold 51%, 34%, and 15% of the registered capital of the joint venture company. The announcement stated that the company plans to construct a large-scale energy supply base focusing on desert, Gobi, and desert areas, which is a major initiative to implement national decision-making arrangements, support China's timely achievement of carbon peak and carbon neutrality targets, promote clean and low-carbon energy transformation, and enhance energy security. Relying on the new energy and coal resources in the Kubuqi Desert and surrounding areas in Inner Mongolia, as well as the economic strength and industrial vitality of Jiangsu Province, the investors will jointly build the Mengdian-Rusu project, which can fully leverage Inner Mongolia's role as a key national energy base to support Jiangsu Province's energy transformation and low-carbon development.