Since the reform of electric power industry in 2002, the newly established five large generation groups have been persisting in the development strategy of "taking electricity as the core and extending to up-and-downstream businesses." Stringent measures were taken in capital operation and their potential has been shown through electric power as- sets acquiring, coal and financial resources investing, capital market financing as well as power utility restructuring. The five groups are playing more and more important roles in merger and acquisition (M&A) and capital markets.
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