CHN Energy Changyuan Electric Power's (SHE:000966) power generation in May declined 4.6% to 2.83 billion kilowatt hours from a year earlier, according to a Wednesday filing on the Shenzhen bourse.
Thermal and new energy generation, respectively, dropped 7.1% and 28.3% year on year, while hydropower soared 116.2% from a year earlier.
Between January and May, the company's power generation rose 1.9% year on year to 14.5 billion kWh.
The Chinese power company's shares jumped 4% at the close.
Hong Kong stocks retreated Wednesday as outflows from the city to mainland exchanges weighed on investor sentiment.The Hang Seng Index fell by around 405.11 points, or 1.6%, to end at 25,633.21, while the Hang Seng China Enterprises Index decreased by 166.38 points, or 1.9%, to close at 8,596.59.Goldman Sachs Group on Wednesday downgraded its rating on H shares to market-weight, citing the Hong Kong market's four-month underperformance against onshore peers, Bloomberg News reported.The downgrade came amid a broad sell-off from mainland investors who appeared to be investing in semiconductors and other AI-linked shares in China.Mainland-listed ETFs that invest in Hong Kong equities pulled 25 billion yuan from the city's market last week, the largest weekly outflow on record and a reversal from last year's steady inflows, according to Bloomberg data.Meanwhile, the U.S. proposed additional taxes on imports from 60 economies, including China and Hong Kong, over forced-labor trade practices, the Office of the U.S. Trade Representative said.The USTR has proposed a 10% additional tariff for economies that have partially enforced bans on the importation of certain forced labor goods, and a 12.5% tariff for all others, according to the release from the office.In corporate news, Chinese carbon capture firm Beijing Shougang LanzaTech Technology (HKG:2553) soared in its Hong Kong debut. The firm's shares closed at HK$21.06, 44% above the offer price of HK$14.60.
Zydus Lifesciences (NSE:ZYDUSLIFE, BOM:532321) said it received a warning letter from the U.S. Food and Drug Administration related to its formulations manufacturing facility in Baddi, Himachal Pradesh, according to a Wednesday filing on Indian bourses.The warning letter was issued in response to a records request under the Federal Food, Drug, and Cosmetic Act, the company said. It relates to observations regarding the use of purified talc that did not meet current U.S. Pharmacopeia requirements.Zydus said the letter is not linked to an on-site inspection and does not affect current operations or supplies from the facility.
GCH Technology's (SHA:688625) subsidiary, Guangdong Chenghe Electronic Materials, will invest up to 1.3 billion yuan to construct a high-frequency, high-speed electronic materials and high-end additives project.The subsidiary will construct the facility in Dongguan, Guangdong, China, according to a Wednesday filing with the Shanghai bourse.The complex will have a total land area of 140,980 square meters and will be constructed within 18 months.