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Sounds kind of dirty, right? Actually, it's because of a clean visual that technical analysts use this term. Technical analysts like charts (hence their nickname of "chartists"), and they like to give certain patterns they see neat little names.
Such is the case with the double bottom, which looks on a chart like, well, a double bottom. Think of three mountains (on a chart reflecting a rise in values) separated by two valleys (representing dips in value). The troughs of the valleys, and the size of the first two peaks, are generally the same, so the chart looks like the letter 'W.' The appearance of those two valleys represents a double bottom.
So what? Well, if you're one of those folks who believes in the power of the charts, seeing a double bottom suggests a long-term trend is about to reverse. So, if a stock chart shows shares falling for several months, then seeing a double bottom, chances are good (according to the chartists) that the shares will rise. And vice versa.
But, beware: charts can be a great tool, but they're more art than science. Use any charts with caution.
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Monday, June 30, 2008
Huaneng Power International, Inc. Completes Equity Transfer with China Huaneng Group
Comtex
BEIJING, June 30, 2008 /Xinhua-PRNewswire-FirstCall via COMTEX/ ----Huaneng Power International, Inc. (the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced the completion of the transfer of 100% equity interest in SinoSing Power Pte. Ltd. ("SinoSing Power") from China Huaneng Group ("Huaneng Group") to the Company.
On 29 April 2008, the Company entered into an agreement with Huaneng Group relating to the transfer of 100% interest in SinoSing Power (the "Transfer Agreement"), pursuant to which the Company would acquire 100% interest in SinoSing Power from Huaneng Group (the "Acquisition"). The Acquisition constitutes a connected transaction of the Company under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Ltd.
The Acquisition has already been approved by Huaneng Group in accordance with its internal procedures, as well as by the board of directors and the general meeting of the Company and the relevant governmental authorities. All conditions precedent in the Transfer Agreement have been satisfied. The Company has made a one-off payment of the consideration in full while the ownership of the 100% interest in SinoSing Power has been duly transferred to the Company without encumbrances by Huaneng Group.
Upon completion of the Acquisition, the installed generation capacity of the Company has increased by 2,670 MW on an equity basis.
SinoSing Power is a wholly owned subsidiary of Huaneng Group that was incorporated in Singapore to acquire 100% equity interest in Tuas Power Ltd. ("Tuas Power") from Temasek Holdings (Private) Limited ("Temasek"). Huaneng Group's equity investment in SinoSing Power is US$985 million. On March 14, 2008, SinoSing Power and Temasek entered into a shares transfer agreement pursuant to which SinoSing Power would purchase 100% equity interest in Tuas Power. Such transfer was consummated on March 24, 2008.
Tuas Power, a company incorporated in Singapore, is engaged in the business of electricity generation, trading and retail. It has a total generation capacity of 2,670MW, representing over 25% of the market share in Singapore. Its power generating facilities include two 600MW oil-fired steam generating units and four 367.5MW combined cycle generating units.
Huaneng Group directly holds approximately 8.75% of the total issued share capital of the Company. In addition, Huaneng Group is the controlling shareholder of Huaneng International Power Development Company ("HIPDC"), and HIPDC holds approximately 42.03% of the total issued share capital of the Company.
Huaneng Power International, Inc. has a total generation capacity of 36,393MW on an equity basis and a controlling installed generation capacity of 39,789MW. The Company wholly owns sixteen operating power plants, an operating power company, and has controlling interests in thirteen operating power companies and minority interests in five operating power companies. Currently, it is one of the largest listed power producers in China.
For enquiries, please contact: Ms. Meng Jing or Ms. Zhao Lin Huaneng Power International, Inc. Tel: +86-10-6649-1856 or +86-10-6649-1866 Fax: +86-10-6649-1860 Email: zqb@hpi.com.cn Ms. Christy Lai or Ms. Carrie Lam Rikes Communications Limited Tel: +852-2520-2201 Fax: +852-2520-2241
SOURCE Huaneng Power International, Inc.
Copyright (C) 2008 PR Newswire. All rights reserved ********************************************************************** As of Thursday, 06-26-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 06-25-2008 for HNP @ $29.42. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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