| ORGANIZATION AND PRINCIPAL ACTIVITIES |
1. ORGANIZATION AND PRINCIPAL ACTIVITIES
China Hydroelectric Corporation (the “Company”) was incorporated on July 10, 2006 under the laws of the Cayman Islands to serve as a vehicle for the acquisition of equity interests in companies with hydroelectric assets in the People’s Republic of China (the “PRC” or “China”). The Company and its subsidiaries (the “Group”) are principally engaged in the operation and development of hydroelectric assets and the generation of hydroelectric power in the PRC.
On January 25, 2010, the Company completed an initial public offering (“IPO”), whereby the Company issued 6,000,000 units of securities at US$16.00 per unit. Each unit consists of one American Depositary Share (“ADS”) priced at US$14.80 and one warrant priced at US$1.20. Each ADS represents three ordinary shares and each warrant entitles the holder to purchase three ordinary shares for an exercise price of US$15.00. The IPO yielded aggregate gross proceeds of US$96,000. The proceeds, net of applicable expenses, are used to acquire hydroelectric operating companies and assets and to develop new hydroelectric power projects in China, for working capital and for general corporate purposes.
The Company does not conduct any substantive operation of its own and conducts its primary business operations through its subsidiaries.
During the year ended December 31, 2011, the Company acquired one hydroelectric entity. The Company did not make any acquisition of hydroelectric entity during the years ended December 31, 2012 and 2013.
As of December 31, 2013, the Company’s subsidiaries included the following entities:
|
Subsidiaries |
|
Place of
Incorporation |
|
Date of
Establishment/
Acquisition |
|
Percentage
of
Ownership |
|
Principal
Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beijing A.B.C. Investment Consulting Co., Ltd. (“ABC”) |
|
The PRC |
|
April 19, 2007 |
|
100 |
% |
Provision of general and administrative services to group companies |
|
|
Yunnan Huabang Electric Power Development Co., Ltd. (“Binglangjiang”) |
|
The PRC |
|
April 25, 2007 |
|
100 |
% |
Operation and development of hydroelectric assets |
|
|
Sichuan Huabang Hydroelectric Development Co., Ltd. (“Liyuan”) |
|
The PRC |
|
May 21, 2007 |
|
100 |
% |
Operation and development of hydroelectric assets |
|
|
Zhejiang Province Jingning Yingchuan Hydroelectric Development Co., Ltd. (“Yingchuan”) |
|
The PRC |
|
January 31, 2008 |
|
100 |
% |
Operation and development of hydroelectric assets |
|
|
Qingtian Wuliting Hydroelectric Development Co., Ltd. (“Wuliting”) |
|
The PRC |
|
January 31, 2008 |
|
100 |
% |
Operation and development of hydroelectric assets |
|
|
Suichang County Jiulongshan Hydroelectric Development Co., Ltd. (“Jiulongshan”) |
|
The PRC |
|
January 31, 2008 |
|
100 |
% |
Operation and development of hydroelectric assets |
|
|
China Hydroelectric Corporation (Hong Kong) Limited (“CHC HK”) |
|
Hong Kong (“HK”) |
|
June 25, 2008 |
|
100 |
% |
Investment holding company |
|
|
|
|
Place of
Incorporation |
|
Date of
Establishment/
Acquisition |
|
Percentage
of
Ownership |
|
Principal
Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pingnan County Wangkeng Hydroelectric Co., Ltd. (“Wangkeng”) |
|
The PRC |
|
October 21, 2008 |
|
100 |
% |
Operation and development of hydroelectric assets |
|
|
Sanming Zhongyin Banzhu Hydroelectric Co., Ltd. (“Banzhu”) |
|
The PRC |
|
October 22, 2008 |
|
100 |
% |
Operation and development of hydroelectric assets |
|
|
Sun Power Asia Limited (“Sunpower”) |
|
HK |
|
November 14,2008 |
|
100 |
% |
Investment holding company |
|
|
Yunhe County Shapulong Hydropower Generation Co., Ltd. (“Shapulong”) |
|
The PRC |
|
August 3, 2009 |
|
100 |
% |
Operation and development of hydroelectric assets |
|
|
Zhejiang Longquan Ruiyang Cascaded II Hydropower Plant Co., Ltd. (“Ruiyang”) |
|
The PRC |
|
August 20, 2009 |
|
100 |
% |
Operation and development of hydroelectric assets |
|
|
Suichang County Zhougongyuan Hydroelectric Development Co., Ltd. (“Zhougongyuan”). |
|
The PRC |
|
December 3, 2009 |
|
100 |
% |
Operation and development of hydroelectric assets |
|
|
Fujian Huabang Hydroelectric Investment Co., Ltd. (“Fujian Huabang”). |
|
The PRC |
|
January 14, 2010 |
|
100 |
% |
Investment holding company |
|
|
Henan Wuyue Storage Power Generation Co., Ltd. (“Wuyue”) |
|
The PRC |
|
March 23, 2010 |
|
79 |
% |
Development of hydroelectric assets |
|
|
Yingjiang County Qinrui Husahe Power Co., Ltd. (“Husahe”) |
|
The PRC |
|
April 19, 2010 |
|
100 |
% |
Operation and development of hydroelectric assets |
|
|
Fugong County Hengda Electric Power Development Co., Ltd. (“Hengda”) |
|
The PRC |
|
June 22, 2010 |
|
100 |
% |
Operation and development of hydroelectric assets |
|
|
Fugong County Xineng Electric Power Development Co., Ltd. (“Xineng”) |
|
The PRC |
|
August 16, 2010 |
|
100 |
% |
Operation and development of hydroelectric assets |
|
|
Luquan Xiaopengzu Power Generation Co., Ltd. (“Xiaopengzu”) |
|
The PRC |
|
September 8, 2010 |
|
100 |
% |
Operation and development of hydroelectric assets |
|
|
Shaowu City Jinling Power Generation Co., Ltd. (“Jinling”) |
|
The PRC |
|
December 30, 2010 |
|
100 |
% |
Operation and development of hydroelectric assets |
|
|
Shaowu City Jinlong Hydroelectric Co., Ltd. (“Jinlong”) |
|
The PRC |
|
December 30, 2010 |
|
55 |
% |
Operation and development of hydroelectric assets |
|
|
Shaowu City Jintang Hydroelectric Co., Ltd. (“Jintang”) |
|
The PRC |
|
December 30, 2010 |
|
74 |
% |
Operation and development of hydroelectric assets |
|
|
Shaowu City Jinwei Hydroelectric Co., Ltd. (“Jinwei”) |
|
The PRC |
|
December 30, 2010 |
|
74 |
% |
Operation and development of hydroelectric assets |
|
|
Jinping Kanghong Hydroelectric Development Co., Ltd. (“Dazhaihe”) |
|
The PRC |
|
April 10, 2011 |
|
100 |
% |
Operation and development of hydroelectric assets |
|
|