Power Assets raises Jinwan plant capacity

Power Assets (0006) under CK Infrastructure (1038) said its power plant in Jinwan, Guangdong province has completed its upgrade and could provide 200 tons of steam-thermal energy per hour per machine set, raising the heat-to-power ratio to 21 percent. It also expects to raise the capacity to 280 tons per hour per machine set in five years.

The Jinwan power plant started operating in 2007. Power Assets said the demand of users in the area has sextupled from 2010 to 2019 and it has scaled up the infrastructure to meet the market demands, with the upgrade completed in 2019.

The powerhouse could save 63,804 tons of raw coal by using its machine set to generate thermal energy and electricity, said Power Assets.

Separately, FDG Electric Vehicles (0729) said Li Ka Shing Foundation has withdrawn the bankruptcy petition against its chairman and executive director Cao Zhong on January 8.

The foundation last year said FDG Electric Vehicles, FDG Kinetic (0378) and China Resources & Transportation (0269) owed altogether HK$1.12 billion on July 31, which exceeded the aggregate market capitalization of the three companies.

The foundation had invested in corporate bonds of China Resources & Transportation since 2011, which was then privately guaranteed by Cao. The borrower defaulted in 2016 and has not paid the principal and interest, with no material plan or payment schedule.