EDF Group CEO Jean-Bernard Levy, Britain's Business Minister Greg Clark, and China General Nuclear Corporation (CGN) Chairman He Yu, swap paperwork as they attend a signing ceremony in London. (Photo : Getty Images)
China General Nuclear Power Corp, China's nuclear giant, listed its applied nuclear science and technology assets on the A-Share market as it cashes in on the country's trillion-dollar nuclear power industry.
According to Huang Xiaofei, the spokesman of CGN, China Dalian International Economic and Technical Cooperation Group Co Ltd., the corporation's reverse merger partner, will be officially renamed as "CGN Nuclear Technology Development Co. Ltd."
He stated that China Dalian International has spent approximately 4.2 billion yuan to acquire shares of seven companies held by CGNNT. The corporation also has raised about 2.8 billion yuan through private placements.
"The company aims to lead the domestic market in applied nuclear science and technology through the listing," said the general manager of CGNNT, Zhang Jianfeng.
He added: "Applied nuclear science in developed countries has formed a massive industrial chain - covering industry, agriculture, medical health, food safety, environmental protection, resource exploration, and security. The industry in China, on the other hand, has great potential for further development as it has been less tapped compared with developed countries such as the U.S."
The government of the United Kingdom has started assessing CGN's plan on building a nuclear power plant at Bradwell, southeastern England, in January. If pushed through, this would be the first full nuclear project in a developed market to use a Chinese design.
According to experts, applied nuclear technology that is related to nuclear power will boost the market.
Xu Yuming, deputy director of the China Nuclear Energy Association, said: "Applied nuclear science and technology can be widely used in industries like agriculture, medicine and other aspects, and based on that it is believed CGN has great potential in the sector."
CGN remains the largest nuclear operator in the country. It ranks fifth worldwide with its 19 nuclear power units with a capacity of 20.38 gigawatts in operation by the end of 2016.
