Who Owns CGN Power Company?

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Who Owns CGN Power?

Understanding CGN Power's ownership is key to grasping its strategic direction. Incorporated in March 2014, CGN Power is China's primary nuclear power generation platform, operating under its parent, China General Nuclear Power Corporation (CGNPC).

As of June 30, 2024, CGN Power operates 28 nuclear units with 31.76 GW capacity, making up 43.48% of China's nuclear power. Its ownership structure blends a state-owned parent with public shareholders.

The ownership of CGN Power is primarily anchored by its parent company, China General Nuclear Power Corporation (CGNPC), a significant state-owned enterprise. This state backing provides a foundational stability and strategic alignment with national energy objectives. CGN Power's IPO in December 2014 introduced a public float, allowing for broader investor participation and market-driven governance alongside state oversight. This hybrid model influences its operational decisions and long-term development, as seen in its CGN Power PESTEL Analysis.

CGN Power Co., Ltd. was established on March 25, 2014, as a joint-stock company. Its foundational ownership is intrinsically linked to the Chinese state, with China General Nuclear Power Corporation (CGNPC) as its direct controlling shareholder. This state-owned enterprise, established in 1994, is supervised by the State-owned Assets Supervision and Administration Commission (SASAC).

State-Backed Foundation

CGN Power's origins are deeply rooted in state directives. The company was created as the exclusive platform for nuclear power generation within the broader CGN Group.

Strategic National Imperative

Its establishment was a top-down initiative, aligning with China's national strategy to expand its nuclear energy capabilities. This strategic alignment shaped its early operational scope.

Absence of Traditional Startup Dynamics

Unlike typical startups, CGN Power did not involve individual founders or diverse angel investors. Early agreements were primarily governmental mandates.

CGN Power Company Structure

The company was specifically designed to consolidate nuclear power generation assets. This structure ensures centralized control and strategic direction for nuclear energy development.

CGN Power Parent Company Ownership

CGNPC, as the parent company, holds the controlling interest in CGN Power. This relationship solidifies the state's influence over the company's operations and future direction.

CGN Power Beneficial Ownership

The ultimate beneficial ownership of CGN Power rests with the Chinese government through CGNPC. This structure reflects the state's role in managing critical national infrastructure.

The founding team's vision for CGN Power was directly aligned with the national strategic imperative to develop and expand nuclear power capabilities within China. There is no indication of typical private sector early ownership disputes or buyouts, underscoring the company's state-driven genesis. Understanding the Target Market of CGN Power requires recognizing this foundational state ownership.

CGN Power Ownership Overview

CGN Power's ownership structure is characterized by state control, with CGNPC acting as the primary shareholder. This arrangement ensures that the company's operations are aligned with national energy policies.

• CGN Power is a joint-stock company established in 2014.
• China General Nuclear Power Corporation (CGNPC) is the direct controlling shareholder.
• CGNPC is a state-owned enterprise supervised by SASAC.
• The ultimate beneficial owner is the Chinese government.
• Early ownership was shaped by governmental directives and national strategy.

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The ownership structure of CGN Power has undergone significant transformation since its inception in 2014, largely driven by its strategic public listings. These events have not only provided capital but also broadened its investor base, influencing its CGN Power ownership dynamics.

The primary stakeholder in CGN Power is the China General Nuclear Power Corporation (CGNPC), a state-owned enterprise operating under the supervision of the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council. As of December 31, 2024, CGNPC maintains a controlling interest, holding approximately 58.9% of CGN Power's shares, solidifying its position as the CGN Power parent company. Another notable shareholder is Guangdong Hengjian Investment Holdings Co., Ltd., which held 6.79% of the shares on the same date. The public float includes a diverse range of institutional investors, such as BlackRock, Inc., The Vanguard Group, Inc., CITIC Securities Investment Ltd., Fullgoal Fund Management Co. Ltd., E Fund Management Co., Ltd., and China Universal Asset Management Company Ltd. This broad shareholder base, while diverse, operates within the framework established by CGNPC's substantial majority stake, ensuring strategic alignment with national energy policies and objectives, including the expansion of clean energy capacity. Understanding this CGN Power ownership breakdown is crucial for assessing the company's strategic direction and its role in China's energy landscape, reflecting its status as a state-controlled entity and its commitment to Mission, Vision & Core Values of CGN Power.

Key Shareholders of CGN Power

CGN Power's ownership is dominated by its parent company, with significant holdings also present from other entities and a broad base of institutional investors.

• China General Nuclear Power Corporation (CGNPC): Holds approximately 58.9% as of December 31, 2024, representing the controlling interest.
• Guangdong Hengjian Investment Holdings Co., Ltd.: Owns 6.79% as of December 31, 2024.
• Institutional Investors: A diverse group including BlackRock, Inc., The Vanguard Group, Inc., and various Chinese asset management firms.
• Public Float: Represents the shares available for trading on the stock exchanges, held by a wide range of individual and institutional investors.

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The board of directors for CGN Power Co., Ltd., as of April 11, 2025, is structured with executive, non-executive, and independent non-executive members. Mr. Yang Changli chairs the board as a non-executive Director, and Mr. Gao Ligang serves as President and Executive Director.

The voting power within CGN Power Co., Ltd. is predominantly held by its controlling shareholder, China General Nuclear Power Corporation (CGNPC), which owned approximately 58.9% of the company's shares as of December 31, 2024. This substantial stake grants CGNPC significant influence over strategic decisions and ensures alignment with national interests. The company operates under a one-share-one-vote principle for its publicly traded shares, a common practice in corporate governance. While there haven't been recent reports of proxy battles, the governance framework is designed to protect shareholder interests and adhere to the regulatory standards of both the PRC and the Hong Kong Stock Exchange. In instances involving connected transactions with the CGN Group, certain directors, including Yang Changli, Gao Ligang, Li Li, and Pang Songtao, are required to abstain from voting to manage potential conflicts of interest and maintain robust governance. Understanding this ownership structure is key to grasping the Competitors Landscape of CGN Power.

CGN Power's Ownership and Governance

China General Nuclear Power Corporation (CGNPC) holds a controlling interest in CGN Power, influencing its strategic direction. The company's board structure includes various director types to ensure comprehensive oversight.

• CGNPC owns approximately 58.9% of CGN Power as of December 31, 2024.
• The company follows a one-share-one-vote principle for its listed shares.
• Directors abstain from voting on connected transactions with the CGN Group to avoid conflicts.
• The corporate governance aims to protect shareholder interests and comply with regulations.

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CGN Power Co., Ltd. has experienced significant operational expansion and shifts in its ownership profile over the past three to five years. The company's strategic acquisitions and ongoing construction projects underscore its commitment to increasing installed capacity and market presence.

As of June 30, 2024, CGN Power managed 28 nuclear power units with an installed capacity of 31.76 GW, and had 10 units under construction, representing an additional 12.06 GW. The company's financial performance showed an increase in net profit for the year ended December 31, 2024, with a proposed dividend payment around July 3, 2025. The market capitalization reached 177.84 billion as of August 21, 2025. The parent entity, China General Nuclear Power Group (CGN), also expanded its international clean energy operations in 2024 across Laos, South Africa, and Thailand.

Majority Shareholder Stability

China General Nuclear Power Corporation (CGNPC) remains the majority shareholder, holding approximately 58.9% as of December 31, 2024. This ensures continued alignment with national energy strategies.

Insider Transactions and Governance

Recent insider activity includes a purchase by CITIC Securities Company Limited, Asset Management Arm on August 19, 2025. CGNPC has affirmed its commitment to not interfere with CGN Power's operations beyond its authorized scope.

Alignment with National Energy Goals

The company's development aligns with national objectives for carbon neutrality and increasing non-fossil energy consumption. The target is 20% by 2025, with an expected nuclear power installed capacity of 70 GW.

Parent Company's Global Reach

The parent, China General Nuclear Power Group, is actively expanding its clean energy operations internationally. This global expansion strategy is detailed in the Growth Strategy of CGN Power article.

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