China Merchants Bank
HQ: Chinalisted on Coalpolicytracker.org
listed on Coalpolicytracker.org
2022:
2023:
2024:
2025:
| Expansion | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Loans | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Underwriting | 2022 | 2023 | 2024 | 2025 | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| State Power Investment Corporation Ltd (SPIC)China Power Hub Generation Co Pvt Ltd, China Power International Development Ltd, Dongfang Shengrun Shijiazhuang Thermal Power Co Ltd, Fuxin Power Generation Co Ltd, Guodian Investment (Jieyang) Qianzhan Power Generation Co Ltd, Huaihu Power Co Ltd, Inner Mongolia Dian Tou Energy Co Ltd, Shanghai Caojing Second Power Generation Co Ltd, Shanghai Electric Power Co Ltd, Shanghai Waigaoqiao Power Generation Co Ltd, SPIC Guizhou Jinyuan Group Co Ltd, SPIC Hebei Power Electric Power Co Ltd, SPIC Henan Electric Power Co Ltd, SPIC Jiangxi Electric Power Co Ltd, SPIC Mengdong Energy Group Co Ltd, SPIC MTN Co Ltd, SPIC Northeast Electric Power Co Ltd, SPIC Preferred Company No 4 Ltd, SPIC Preferred Company No 5 Ltd , State Power Investment Group Chongqing Electric Power Co Ltd, State Power Investment Group Jiangsu Power Co Ltd, State Power Investment Group Sichuan Electric Power Co Ltd, State Power Investment Group Upper Yellow River Hydropower Development Co Ltd, State Power Investment Group Xinjiang Energy & Chemical Co Ltd (based on GCEL 2025) | power | $804M | $1,443M | $694M | $810M | $804M | $1,443M | $694M | $810M | $3,751M | ||||||||||||||||||
| CHN ENERGY Investment Group Co LtdBeijing Guodian Power Co Ltd, China Energy Group Ningxia Coal Industry Co Ltd, China Longyuan Power Group Co Ltd, China Shenhua Coal to Liquid and Chemical Co Ltd, China Shenhua Energy Co Ltd (CSEC), CHN Energy Boxing Power Co Ltd, CHN Energy Changyuan Electric Power Co Ltd, CHN Energy Fujian Energy Co Ltd, CHN Energy Gansu Electric Power Co Ltd, CHN Energy Guoyuan Power Co Ltd, CHN Energy Hangjin Energy Co Ltd, CHN Energy Henan Power Co Ltd, CHN Energy Huabei Power Generation Co Ltd, CHN Energy Liaoning Electric Power Co Ltd, CHN Energy Ningxia Power Co Ltd, CHN Energy Shaanxi Power Co Ltd, CHN Energy Xinjiang Energy & Chemical Co Ltd , CHN Energy Xinjiang Hami Energy and Chemical Co Ltd, CHN Energy Xinjiang Mining Co Ltd, CHN Energy Yunnan Power Co Ltd, GD Power Development Co Ltd, Guodian Haerbin Thermoelectricity Co Ltd, Guoneng Baoding Power Generation Co Ltd, Guoneng Bozhou New Energy Co Ltd, Guoneng Changyuan Hanchuan Power Generation Co Ltd, Guoneng Changzhou Power Co Ltd, Guoneng Elion Energy Co Ltd, Guoneng Fuzhou Thermal Power Co Ltd, Guoneng Guangtou Beihai Power Generation Co Ltd, Guoneng Hebei Cangdong Power Co Ltd, Guoneng Jiangsu Jianbi Power Generation Co Ltd, Guoneng Jilin Longhua Thermoelectricity Co Ltd, Guoneng Minquan Thermal Power Co Ltd, Guoneng Qingyuan Power Generation Co Ltd, Guoneng (Quanzhou) Thermal Power Co Ltd, Guoneng Shanxi Hequ Power Generation Co Ltd, Guoneng Shendong Coal Group Co Ltd, Guoneng Shenfu (Shishi) Power Generation Co Ltd, Guoneng Shenhua Jiujiang Power Generation Co Ltd, Guoneng Shenwan Anqing Power Generation Co Ltd, Guoneng Shenwan Chizhou Power Generation Co Ltd, Guoneng Shenwan Energy Co Ltd, Guoneng Shouguang Power Generation Co Ltd, Guoneng Shuangliao Power Generation Co Ltd, Guoneng (Tianjin) Dagang Power Plant Co Ltd, Guoneng Tongling Power Generation Co Ltd, Guoneng Xinjiang Hongshaquan Energy Co Ltd, Guoneng Yuedian Taishan Power Generation Co Ltd, Guoneng Zhejiang Zhoushan Power Generation Co Ltd, Guoneng Zhongwei Thermal Power Co Ltd, Guoneng Zhunneng Group Co Ltd, Hebei Hengfeng Power Generation Co Ltd, Hero Asia Investment Ltd, Inner Mongolia Pingzhuang Coal Group Ltd, Inner Mongolia Pingzhuang Energy Co Ltd, Inner Mongolia Xilin Xilinhe Coal-Chemical Co Ltd, National Energy Group Hebei Electric Power Co Ltd, National Energy Group Heilongjiang Electric Power Co Ltd, National Energy Group Jiangsu Power Co Ltd, National Energy Group Shandong Power Co Ltd, Ningxia Younglight Chemicals Co Ltd, PT Shenhua Guohua Lion Power Indonesia, PT Shenhua Guohua Pembangkitan Jawa Bali, Shaanxi Yunfeng Mining Co Ltd, Shaanxi Yushen Energy Thermal Power Co Ltd, Shenhua (Fujian) Energy Co Ltd, Shenhua Shendong Electric Power Co Ltd, Shenhua Xinjie Energy Co Ltd, State Grid Energy Xinjiang Zhundong Coal Power Co Ltd (based on GCEL 2025) | power, mining, infrastructure | $250M | $154M | $1,500M | $851M | $250M | $154M | $1,500M | $851M | $2,755M | ||||||||||||||||||
| Huaneng Power International IncHuaneng Hunan Yueyang Power Generation Co Ltd, Huaneng International Power Jiangsu Energy Development Co Ltd, Huaneng Shandong Power Generation Ltd, Huaneng Shantou Haimen Power Generation Co Ltd, Huaneng Shanyin Power Generation Co Ltd, Huaneng Taicang Power Generation Co Ltd, Huaneng Yingkou Thermal Power Co Ltd, Huaneng Yunnan Diandong Energy Co Ltd, Huaneng Yunnan Diandong Energy Co Ltd Mining Branch, Huaneng (Zhejiang) Energy Development Co Ltd Yuhuan Branch (based on GCEL 2025) | power, mining | $842M | $858M | $333M | $282M | $842M | $858M | $333M | $282M | $2,315M | ||||||||||||||||||
| China Datang Corporation LtdChina Datang Energy Investment Co Ltd, China Datang Group Capital Holding Co Ltd, China Datang Overseas Investment Co Ltd, Datang Anhui Power Generation Co Ltd, Datang Environment Industry Group Co Ltd, Datang Fuzhou Second Power Generation Co Ltd, Datang Heilongjiang Power Generation Co Ltd, Datang Henan Power Generation Co Ltd, Datang Hulun Buir Energy Development Co Ltd, Datang International Power Generation Co Ltd, Datang Jiangsu Power Generation Co Ltd, Datang Jilin Power Generation Co Ltd, Datang Shaanxi Fugu Coal Power Co Ltd, Datang Shaanxi Power Generation Co Ltd, Datang Shandong Power Generation Co Ltd, Datang Yan'an Power Generation Co Ltd, Datang Yuncheng Power Generation Co Ltd, Guangdong Datang International Chaozhou Power Generation Co Ltd, Guangdong Datang International Leizhou Power Generation Co Ltd, Guangxi Guiguan Electric Power, Inner Mongolia Datang International Tuoketuo Power Generation Co Ltd, Inner Mongolia Datang International Zhungeer Mining Co Ltd, Jiangsu Datang International Lvsigang Power Generation Co Ltd (based on GCEL 2025) | power, mining | $536M | $294M | $344M | $746M | $536M | $294M | $344M | $746M | $1,920M | ||||||||||||||||||
| China Huadian Corporation LtdChina Huadian Capital Holdings Co Ltd, China Huadian Finance Co Ltd, China Huadian Hong Kong Co Ltd, China Huadian Overseas Asset Management Co Ltd, China Huadian Overseas Development Management Co Ltd, China Huadian Overseas Development 2018 Ltd, Fujian Huadian Furui Energy Development Co Ltd, Fujian Huadian Kemen Power Generation Co Ltd, Huadian Coal Industry Group Co Ltd, Huadian Energy Co Ltd, Huadian Financial Leasing Co Ltd, Huadian Gansu Energy Co Ltd, Huadian (Golmud) Energy Co Ltd, Huadian Kashgar Energy Co Ltd, Huadian Liaoning Energy Co Ltd, Huadian Xinjiang Power Co Ltd, Huadian Yunnan Power Generation Corp, Inner Mongolia Mengtai Buliangou Co Ltd, PT Huadian Bukit Asam Power, Shanxi Jinxing Energy Co Ltd, Xinjiang Changji Yinggema Coal Power Investment Co Ltd, Xinjiang Hami Yinggema Coal Power Investment Co Ltd (based on GCEL 2025) | power, mining | $249M | $390M | $482M | $547M | $249M | $390M | $482M | $547M | $1,668M | ||||||||||||||||||
| China Huaneng Group Co LtdChina Huaneng Group (Hong Kong) Treasury Management Holding Ltd, Huaneng Capital Services Co Ltd, Huaneng Coal Co Ltd, Huaneng Gansu Energy Development Co Ltd, Huaneng Inner Mongolia East Energy Co, Huaneng International Power Development Corp, Huaneng Lancang River Hydropower Co Ltd , Huaneng Xinjiang Energy Development Co Ltd, Huaneng Xinjiang Zhundong Energy Development Co Ltd, Huaneng Yimin Coal-Electricity Co Ltd, Huaneng Yuwang II (Yunnan) Energy Co Ltd, Inner Mongolia Beiliandian Energy Development Co Ltd, Inner Mongolia Mengdian Huaneng Thermal Power Co Ltd, Manzhouli Dalaihu Thermal Power Co Ltd, North United Power Co Ltd, Zhalai Nuoer Coal Industry Co Ltd (based on GCEL 2025) | power, mining, infrastructure | $419M | $261M | $271M | $287M | $419M | $261M | $271M | $287M | $1,238M | ||||||||||||||||||
| Shaanxi Coal and Chemical Industry Group Co LtdChang'an Electric Power Huazhong Power Generation Co Ltd, Huangling Mining Group Co Ltd, Shaanxi Binchang Mining Group Co Ltd, Shaanxi Coal Chemical Group Xinyang Power Co Ltd, Shaanxi Coal Chenghe Mining Co Ltd, Shaanxi Coal Group Yulin Chemical Co Ltd, Shaanxi Coal Industry Co Ltd, Shaanxi Coal Power Group Co Ltd, Shaanxi Coal Power Shanggao Co Ltd, Shaanxi Coal Power Shimen Co Ltd, Shaanxi Shanmei Hancheng Mining Industry Co Ltd, Shenmu Hongliulin Mining Co Ltd, Xinjiang Zhongxinjian Coal Industry Co Ltd (based on GCEL 2025) | power, mining, infrastructure | $93M | $186M | $619M | $164M | $93M | $186M | $619M | $164M | $1,061M | ||||||||||||||||||
| Huadian Power International Co LtdAnhui Huadian Wuhu Power Generation Co Ltd, Hebei Huarui Energy Group Co Ltd, Huadian Hubei Power Co Ltd, Huadian Qudong Power Generation Co Ltd, Huadian Zibo Thermopower Generation Co Ltd, Jiangsu Huadian Energy Company Ltd, Shantou Huadian Power Generation Co Ltd (based on GCEL 2025) | power, mining | $13M | $230M | $264M | $250M | $13M | $230M | $264M | $250M | $758M | ||||||||||||||||||
| Shandong Energy Group Co LtdCoal & Allied Industries Ltd, Gansu Huaneng Tianjun Energy Co Ltd, Hangjinqi Juneng Energy Co Ltd , HV Operations Pty Ltd, Inner Mongolia Bojintai Coal Co Ltd, Inner Mongolia Lumeng Energy Development Co Ltd, Liaocheng Xiangguang Power Generation Co Ltd, Linyi Mining Group Co Ltd, Moolarben Coal Mines Pty Ltd, Otog Front Banner Changcheng No.3 Mining Co Ltd, Otog Front Banner Great Wall Coal Mine Co Ltd, Shandong Energy Australia Pty Ltd, Shandong Energy Group Luxi Mining Co Ltd, Shandong Energy Group New Energy Group Co Ltd, Shandong Energy Group Xibei Mining Co Ltd, Shandong Energy Xinwen Mining Group Co Ltd, Shandong Energy Zaozhuang Mining Group Co Ltd, Shandong Energy Zibo Mining Group Co Ltd, Xinjiang Shanneng Chemical Co Ltd, Xinjiang Yankuang Qineng Coal Industry Co Ltd, Xinkuang Inner Mongolia Energy Co Ltd, Yancoal Australia Ltd, Yancoal International Resources Development Co Ltd, Yancoal Resources Pty Ltd, Yankuang Energy Group Co Ltd, Yankuang Group (Cayman) Ltd, Yankuang Xinjiang Energy Chemical Co Ltd (based on GCEL 2025) | power, mining, infrastructure | $79M | $80M | $142M | $323M | $79M | $80M | $142M | $323M | $624M | ||||||||||||||||||
| Shenergy (Group) Co LtdShenergy Co Ltd (based on GCEL 2025) | power | $251M | $98M | $127M | $117M | $251M | $98M | $127M | $117M | $594M | ||||||||||||||||||
| Jinneng Group Co LtdDatong Coal Group Tie Feng Coal Industry Co Ltd, Jinneng Hold Coal Industry Group Co Ltd, Jinneng Holding Coal Mine Group Dimei Datong Co Ltd, Jinneng Holding Coal Mine Group Xuangang Coal Power Co Ltd, Jinneng Holding Equipment Manufacturing Group Co Ltd, Jinneng Holding Power Group, Jinneng Holding Shanxi Coal Industry Co Ltd, Lu'an Xinjiang Coal Chemical (Group) Co Ltd, Otog Front Banner Hengyuan Investment Industrial Co Ltd, Qinshui Xinhai Energy Co Ltd, Shanxi Coal Transportation and Sale Group Dongda Energy Co Ltd, Shanxi International Electricity Group Co Ltd, Shanxi Jincheng Xingtang Coal Industry Co, Tongmei Datang Tashan Coal Mine Co Ltd, Top Energy Co Ltd Shanxi, Xinjiang Lu'an Energy and Chemical Co Ltd, Yangquan Nanzhuang Coal Group Co Ltd (based on GCEL 2025) | power, mining | $87M | $115M | $190M | $122M | $87M | $115M | $190M | $122M | $515M | ||||||||||||||||||
| Guangdong Hengjian Investment Holding Co LtdGuangdong Electric Power Development Co Ltd, Guangdong Energy Group Co Ltd, Guangdong Energy Maoming Thermal Power Plant Co Ltd, Guangdong Honghaiwan Power Generation Co Ltd, Guangdong Shaoguan Electricity Generation Co Ltd, Guangdong Yudean Bohe Energy Co Ltd, Guangdong Yudean Jinghai POWER Generation Co Ltd, Guangdong Yuelong Power Generation Co Ltd, Zhanjiang Power Co Ltd (based on GCEL 2025) | power, infrastructure | $85M | $246M | $138M | Not On GCEL Change in Company Structure | $85M | $246M | $138M | $469M | |||||||||||||||||||
| Shenzhen Energy Group Co LtdShenneng Baoding Power Generation Co Ltd (based on GCEL 2025) | power | $6M | $209M | $74M | $120M | $6M | $209M | $74M | $120M | $409M | ||||||||||||||||||
| Beijing Energy Holding Co LtdBeijing Haohua Energy Resource Co Ltd, Beijing Jingneng Power Co Ltd, Hangjinqi Western Energy Development Co Ltd, Hebei Zhuozhou Jingyuan Thermal Power Co Ltd, Jingneng (Xilingol) Mining Industry Co Ltd, Ordos Haohua Fine-Coal Co Ltd (based on GCEL 2025) | power, mining, infrastructure | $62M | $126M | $2M | $84M | $92M | $126M | $2M | $84M | $154M | $365M | |||||||||||||||||
| Zhejiang Provincial Energy Group Co LtdZhejiang Energy Wuwei Energy Co Ltd, Zhejiang Zheneng Electric Power Co Ltd, Zhejiang Zheneng Taizhou No.2 Power Generation Co Ltd (based on GCEL 2025) | power | $163M | $100M | $59M | $163M | $100M | $59M | $322M | ||||||||||||||||||||
| China Southern Power Grid Co LtdChina Southern Power Grid International Finance (Bvi 2018) Co Ltd (based on GCEL 2025) | $46M | $102M | $65M | $49M | $46M | $102M | $65M | $49M | $263M | |||||||||||||||||||
| Anhui Province Energy Group Co Ltd (Wenergy Group)Anhui Wenergy Co Ltd (based on GCEL 2025) | power | $33M | $83M | $145M | Not On GCEL Change in Company Structure | $33M | $83M | $145M | $260M | |||||||||||||||||||
| China Resources Co LtdChina Resources Inc, China Resources Power Holdings Co Ltd, China Resources Power Hubei Co Ltd, China Resources Power (Xiantao) Co Ltd, China Resources Power (Zhejiang) Co Ltd, CR & CNIC Investment Ltd, CR Power Investment Co Ltd, CR Power (Yichang) Co Ltd, CRH (Power) Limited , Shenzhen Shenshan Special Cooperation Zone China Resources Power Co Ltd (based on GCEL 2025) | power | $93M | $127M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $93M | $127M | $220M | ||||||||||||||||||||
| Shanxi Coking Coal Group Co LtdHuozhou Coal and Electricity Group Co Ltd, Huozhou Coal and Electricity Group Qin'an Coal and Electricity Co Ltd, Shanxi Coal Import & Export Group Co Ltd, Shanxi Coal International Energy Group Co Ltd, Shanxi Coal Transportation and Sales Group Lvliang Co, Shanxi Coal Transportation and Sales Group Xingong Coal Industry Co Ltd, Shanxi Coking Co Ltd, Shanxi Coking Coal Energy Group CoLtd, Shanxi Coking Coal Huozhou Tanping Coal Power Co Ltd, Shanxi Coking Coal Igood Equipment Remanufacturing shares Co Ltd, Shanxi Coking Group Co Ltd, Shanxi Fenxi Mining (Group) Co Ltd, Shanxi Fenxi Mining Group Zhengxin Coking Coal Co Ltd, Shanxi Fenxi Ruitai Energy Group Co Ltd, Shanxi Fenxi Zhongtai Coal Industry Co Ltd, Shanxi Jinmei Taigang Energy Co Ltd, Xishan Coal Electricity Group Co Ltd (based on GCEL 2025) | power, mining | $79M | $65M | $65M | $79M | Not On GCEL Change in Company Structure | $65M | $65M | $209M | |||||||||||||||||||
| Shaanxi Investment Group Co LtdShaanxi Energy Investment Co Ltd, Shaanxi Energy Xiaohaotu Coal Power Co Ltd, Shaanxi Energy (Yan'an) Shengdilan Thermal Power Co Ltd, Shaanxi Energy Zhaoshipan Coal & Elec Co Ltd, Shaanxi Linbei Coal Development Co, Shaanxi Qinlong Electric Power Co Ltd (based on GCEL 2025) | power, mining | $66M | $29M | $52M | $56M | $66M | $29M | $52M | $56M | $203M | ||||||||||||||||||
| Shaanxi Yanchang Petroleum (Group) Co LtdShaanxi Yanchang Petroleum and Balasu Coal Industry Co Ltd, Shaanxi Yanchang Petroleum Fuxian Power Generation Co Ltd, Shaanxi Yanchang Petroleum Jingbian Coal Industry Co Ltd, Shaanxi Yanchang Petroleum Mining Co Ltd, Shaanxi Yanchang Petroleum Xihongdun Coal Industry Co Ltd, Shaanxi Yanchang Petroleum Yulin Kekegai Coal Industry Co Ltd (based on GCEL 2025) | power, mining | $25M | $31M | $77M | $60M | $25M | $31M | $77M | $60M | $193M | ||||||||||||||||||
| China National Coal Group Corp (ChinaCoal)China Coal Baoshan Power Generation Co Ltd, China Coal Datong Energy Co Ltd, China Coal Energy Co Ltd, China Coal Energy Xinjiang Hongxin Coal Industry Co Ltd, China Coal Fangchenggang Power Co Ltd, China Coal Group Shanxi Co Ltd, China Coal Guangyuan Energy Co Ltd, China Coal Huajin Group Jincheng Energy Co Ltd, China Coal Huali Energy Holdings Ltd, China Coal Inner Mongolia Energy Co Ltd, China Coal Manglai (Sonid Left Banner) Mining Co Ltd, China Coal Northwest Energy & Chemical Group Co Ltd, China Coal Northwest (Wushen Banner) Power Generation Co Ltd, China Coal Pingshuo Coal Co Ltd, China Coal Power Co Ltd, China Coal Resources Development Group Co Ltd, China Coal Shaanxi Yulin Energy Chemical Co Ltd, China Coal Xilingol Manglai Power Generation Co Ltd, China Coal Yili Energy Development Co Ltd, China Coal Yongcheng Energy Development Co Ltd, China Coal (Yuhuan) Energy Development Co Ltd, China Coal (Zhoushan) Power Generation Co Ltd, China National Coal Development Co Ltd, China Power Pingdingshan Thermal Power Co Ltd, ChinaCoal Group Xinjiang Energy Co Ltd, ChinaCoal Shanxi Huayu Energy, Datun Coal and Electricity (Group) Co Ltd, Gansu Lingnan Coal Industry Co Ltd, Huanggang Dabieshan Power Co Ltd, Jingneng Qinhuangdao Second Thermal Power Co Ltd, SDIC Hami Energy Development Co, Shanghai Datun Energy Resources Co Ltd, Taiyuan China Resources Coal Co Ltd (based on GCEL 2025) | power, mining, infrastructure | $51M | $135M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $51M | $135M | $187M | ||||||||||||||||||||
| Henan Investment Group Co LtdHenan Yuneng Holdings Co Ltd, Puyang Yuneng Power Generation Co Ltd (based on GCEL 2025) | power | $26M | $24M | $40M | $76M | $26M | $24M | $40M | $76M | $165M | ||||||||||||||||||
| Jiangsu Guoxin Group LtdJiangsu Guoxin Binhaigang Power Generation Co Ltd, Jiangsu Guoxin Corp Ltd, Jiangsu Guoxin Shazhou Power Generation Co Ltd, Jiangsu Guoxin Yangzhou Power Generation LLCO, Jiangsu Sheyanggang Power Gen Co Ltd (based on GCEL 2025) | power | $44M | $9M | $58M | $40M | $44M | $9M | $58M | $40M | $151M | ||||||||||||||||||
| Yunnan Provincial Investment Holdings Group Co LtdYunnan Coal Industry Group Co Ltd, Yunnan Energy Investment Weixin Energy Co Ltd, Yunnan Power Investment Co Ltd, Yunnan Province Energy Investment Group Co Ltd, Yunnan Xiaolongtan Mining Bureau Co Ltd (based on GCEL 2025) | power, mining | $93M | $16M | $16M | $5M | $93M | $16M | $16M | $5M | $130M | ||||||||||||||||||
| Lu'an Chemical Group Co LtdShanxi Lu'An Environmental Energy Development Co Ltd, Shanxi Lu'an Mining Industry (Group) Co Ltd (based on GCEL 2025) | mining | $27M | $37M | $3M | $58M | $27M | $37M | $3M | $58M | $124M | ||||||||||||||||||
| Gansu Province Electric Power Investment Group Co Ltd (GEPIC)GEPIC Changle Power Generation Co Ltd, GEPIC Energy Development Co Ltd, GEPIC Zhangye Power Generation Co Ltd (based on GCEL 2025) | power | $116M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $116M | $116M | |||||||||||||||||||||
| China Petrochemical Corporation (Sinopec Group)China Petroleum & Chemical Corporation (Sinopec Corp), Sinopec Century Bright Capital Investment Ltd, Sinopec Great Wall Energy & Chemical Co Ltd, Sinopec Group Overseas Development Ltd, Sinopec Group Overseas Development (2012) Ltd, Sinopec Group Overseas Development (2013) Ltd, Sinopec Group Overseas Development (2014) Ltd, Sinopec Group Overseas Development (2015) Ltd, Sinopec Group Overseas Development (2016) Ltd, Sinopec Group Overseas Development (2017) Ltd, Sinopec Group Overseas Development (2018) Ltd, Sinopec Shanghai Petrochemical Co Ltd (based on GCEL 2025) | mining | $ | $14M | $89M | $ | Not On GCEL Change in Company Structure | $14M | $89M | $105M | |||||||||||||||||||
| Guangzhou Industry Investment Holding Group Co LtdGdd Financial Holding, Guangzhou Development Group Inc, Guangzhou Development Power Group Co Ltd, Guangzhou Pearl River Power Co Ltd (based on GCEL 2025) | power | $24M | $71M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $24M | $71M | $95M | ||||||||||||||||||||
| Inner Mongolia Yitai Investment Co LtdInner Mongolia Yitai Coal Co Ltd, Inner Mongolia Yitai Group Co Ltd, Yitai Group Yili Mining Co Ltd (based on GCEL 2025) | mining, infrastructure | $37M | $35M | $37M | Not On GCEL Change in Company Structure | $35M | $71M | |||||||||||||||||||||
| Hebei Province Construction & Investment Group Co LtdHebei Jianshe Renqiu Thermal Power Co Ltd, Hebei Xibaipo Power Generation Co Ltd, Jointo Energy Investment Co Ltd Hebei (based on GCEL 2025) | power | $41M | $13M | $6M | $7M | $41M | $13M | $6M | $7M | $66M | ||||||||||||||||||
| Shaanxi Yulin Energy Group Co LtdShaanxi Yulin Energy Group Guojiatan Coal Mine Co Ltd (based on GCEL 2025) | power, mining | $ | $23M | $26M | $13M | $ | $23M | $26M | $13M | $63M | ||||||||||||||||||
| Fujian Energy Group Co LtdFujian Dongqiao Thermal Power Co Ltd, Fujian Funeng Co Ltd, Fujian Hongshan Thermal Power Co Ltd (based on GCEL 2025) | power | $1M | $31M | $4M | $25M | $1M | $31M | $4M | $25M | $62M | ||||||||||||||||||
| Huineng Group Co LtdInner Mongolia Huineng Group Changtan Power Generation Co Ltd, Inner Mongolia Ordos Lianhai Coal Industry Co Ltd, Shenmu Shengfu Mining Co Ltd, Wushen Banner Menggeqin Energy Development Co Ltd (based on GCEL 2025) | power, mining, infrastructure | $59M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $59M | $59M | ||||||||||||||||||||||
| Datang Huayin Electric Power Co LtdDatang Huayin Zhuzhou Power Generation Co Ltd (based on GCEL 2025) | power | $28M | $29M | Not On GCEL Change in Company Structure | $28M | Not On GCEL Change in Company Structure | $29M | $57M | ||||||||||||||||||||
| SPIC Jilin Electric Power Co LtdSPIC Jilin Electric Power Co Ltd Baicheng Power Generation Co (based on GCEL 2025) | power | $9M | $15M | $8M | $25M | $9M | $15M | $8M | $25M | $57M | ||||||||||||||||||
| Power Construction Corp of China / PowerChinaBangladesh Barisal Power Co Ltd, China Power Construction Panzhou Low Calorific Value Coal Power Generation Co Ltd, Power Construction Corp of China Ltd, PowerChina Group Overseas Investment Co Ltd, PowerChina International Finance Co Ltd, SEPCO Virgin Ltd (based on GCEL 2025) | power | $46M | $7M | $2M | $46M | $7M | $2M | $55M | ||||||||||||||||||||
| Kailuan Energy Chemical Co LtdCanadian Kailuan Dehua Mines Co Ltd (based on GCEL 2025) | $29M | $24M | $29M | $24M | Not On GCEL Change in Company Structure | $53M | ||||||||||||||||||||||
| Gemeng International Energy Co Ltd | power | $51M | $51M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $51M | ||||||||||||||||||||||
| State Development & Investment Corp LtdRongshi International Finance Ltd, SDIC Meizhouwan Port Co Ltd, SDIC Power Holdings Co Ltd, Tianjin SDIC Jinneng Electric Power Co Ltd, Xiamen Huaxia Power International Development Co Ltd (based on GCEL 2025) | power | $17M | $13M | $9M | $9M | $17M | $13M | $9M | $9M | $48M | ||||||||||||||||||
| CLP Holdings Co LtdCastle Peak Power Co Ltd, Castle Peak Power Finance Co Ltd, CLP Power Hong Kong Financing Ltd, CLP Power Hong Kong Ltd, EnergyAustralia Finance Pty Ltd, EnergyAustralia Pty Ltd (based on GCEL 2025) | $45M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $45M | $45M | ||||||||||||||||||||||
| China National Machinery Industry Corp (Sinomach) | power | $28M | $11M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $28M | $11M | $39M | ||||||||||||||||||||
| Jiangxi Province Investment Group Co LtdJiangxi Energy Group Co Ltd (based on GCEL 2025) | power | $8M | $31M | Not On GCEL Change in Company Structure | $8M | $31M | $39M | |||||||||||||||||||||
| Kailuan (Group) Ltd Liability Corp | mining | $38M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $38M | $38M | |||||||||||||||||||||
| Xinjiang Energy (Group) Co LtdXinjiang Energy (Group) Hetian Energy Co Ltd (based on GCEL 2025) | power, mining | $1M | $1M | $35M | $1M | Not On GCEL Change in Company Structure | $1M | $35M | $37M | |||||||||||||||||||
| Jiangsu Yueda Group Co Ltd | $9M | $27M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $9M | $27M | $36M | |||||||||||||||||||||
| Jiangxi Ganneng Co LtdJiangxi Ganneng Shanggao Power Generation Co Ltd (based on GCEL 2025) | power | $33M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $33M | $33M | ||||||||||||||||||||||
| TBEA Co LtdXinjiang Tianchi Energy Co Ltd (based on GCEL 2025) | power, mining, infrastructure | $2M | $20M | $5M | $4M | $2M | $20M | $5M | $4M | $32M | ||||||||||||||||||
| State Grid Corporation of China (SGCC) | $30M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $30M | $30M | |||||||||||||||||||||||
| Jizhong Energy Resources Co Ltd | $29M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $29M | $29M | |||||||||||||||||||||||
| Wanhua Chemical Group Co Ltd | power | $1M | $28M | Not On GCEL Change in Company Structure | $1M | $28M | $29M | |||||||||||||||||||||
| Shanxi Lanhua Sci-Tech Venture Co LtdShanxi Lanhua Qinyu Coal Mine Co Ltd (based on GCEL 2025) | mining | $28M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $28M | $28M | |||||||||||||||||||||
| China Energy Engineering Corporation LtdCEEC (Jixi) Energy Development Co Ltd (based on GCEL 2025) | power | $21M | $21M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $21M | ||||||||||||||||||||||
| Guangxi Investment Group Co LtdGuangxi Energy Group Co Ltd, Guangxi Financial Investment Group Co Ltd (based on GCEL 2025) | power | $6M | $4M | $12M | $6M | Not On GCEL Change in Company Structure | $4M | $12M | $21M | |||||||||||||||||||
| Xinjiang Xinye State-Owned Assets Operation (Group) Co LtdWojiang Clean Energy (Zhundong Economic and Technological Development Zone) Co Ltd (based on GCEL 2025) | mining, infrastructure | $21M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $21M | $21M | |||||||||||||||||||||
| Xinxing Cathay International GroupXinxing Cathay International Group (based on GCEL 2024) | $20M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $20M | $20M | |||||||||||||||||||||||
| Shanxi Xinzhou Shenda Energy Group Co Ltd | $18M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $18M | $18M | ||||||||||||||||||||||
| Hubei Energy Group Co Ltd | power, infrastructure | $13M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $13M | $13M | |||||||||||||||||||||
| Shaanxi Non-ferrous Metals Holding Group Co Ltd (Shaanxi Youser Group) | $10M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $10M | $10M | ||||||||||||||||||||||
| Huaihe Energy Holding Group Co LtdAnhui Huainan Luoneng Power Generation Co Ltd, Huaihe Energy (Group) Co Ltd, Huaihe Energy Power Group Co Ltd, Huainan Mining (Group) Co Ltd (based on GCEL 2025) | power, mining | $10M | Not On GCEL Change in Company Structure | $10M | Not On GCEL Change in Company Structure | $10M | ||||||||||||||||||||||
| Zoucheng Urban Assets Holding Group Co LtdShandong Honghe Holdings Group Co Ltd (based on GCEL 2025) | mining | $9M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $9M | $9M | |||||||||||||||||||||
| Hunan Energy Group Co LtdHunan Coal Industry Co Ltd, Hunan Coal Industry Group Co Ltd (based on GCEL 2025) | power, mining, infrastructure | $8M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $8M | $8M | |||||||||||||||||||||
| Huayang New Material Technology Group Co LtdShanxi Huayang Group New Energy Co Ltd, Yangquan Coal Industry Group Boli Coal Mine Co Ltd, Yangquan Coal Industry Group Qiyuan Coal Industry Co Ltd (based on GCEL 2025) | mining | $8M | $8M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $8M | ||||||||||||||||||||||
| Guangdong Energy Group Co Ltd | power, infrastructure | $7M | $7M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $7M | ||||||||||||||||||||||
| Shanghai Electric Group Co Ltd | power | $7M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $7M | $7M | |||||||||||||||||||||
| Dongfang Electric Corp (DEC)Dongfang Electric Co Ltd (DEC-Ltd) (based on GCEL 2025) | $7M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $7M | $7M | |||||||||||||||||||||||
| Jinan Energy Group Co LtdJinan Thermal Power Group Co Ltd (based on GCEL 2025) | power | $3M | $3M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $3M | $3M | $7M | ||||||||||||||||||||
| Guangxi Guidong Electric Power Co Ltd | $6M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $6M | $6M | ||||||||||||||||||||||
| Xinjiang Investment Development (Group) Co Ltd | power, mining | $6M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $6M | $6M | |||||||||||||||||||||
| Origin Energy LtdOrigin Energy Finance Ltd (based on GCEL 2025) | $6M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $6M | $6M | ||||||||||||||||||||||
| Aluminum Corporation of China (CHINALCO) | power | $ | $ | $3M | $ | $ | Not On GCEL Change in Company Structure | $3M | $4M | |||||||||||||||||||
| Zhangzhou Jiulongjiang Group Co LtdZhangzhou Jiulongjiang Group Co Ltd (based on GCEL 2024) | $4M | $ | Not On GCEL Change in Company Structure | $4M | $ | $4M | ||||||||||||||||||||||
| JERA Co IncHitachinaka Generation Co Ltd, Jera Global Markets Pte Ltd (based on GCEL 2025) | $4M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $4M | $4M | |||||||||||||||||||||||
| Jinneng Holding Shanxi Electric Power CoJinneng Holding Electric Tongxing Shanxi Power Generation Co Ltd (based on GCEL 2025) | power | $3M | $3M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $3M | ||||||||||||||||||||||
| Lygend Resources & Technology Co LtdPT Halmahera Persada Lygend (based on GCEL 2024) | power | $3M | $3M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $3M | ||||||||||||||||||||||
| Tianjin Energy Investment Group Co LtdTianjin Jinneng Investment Co Ltd (based on GCEL 2025) | $ | $2M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $ | $2M | $3M | |||||||||||||||||||||
| China Three Gorges CorporationInner Mongolia Three Gorges Mengneng Energy Co Ltd, Three Gorges Bazhou Ruoqiang Energy Co Ltd, Three Gorges Capital Holdings Co Ltd, Three Gorges Finance I (Cayman Islands) Ltd, Three Gorges Finance II (Cayman Islands)Ltd (based on GCEL 2025) | power, mining | $3M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $3M | $3M | |||||||||||||||||||||
| Aluminum Corporation of China Limited (CHALCO)Chalco Hong Kong Investment Co Ltd, China Aluminum Ningxia Energy Group Co Ltd, Chinalco Capital Holdings Co Ltd (based on GCEL 2025) | power, mining | $2M | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $2M | $2M | ||||||||||||||||||||||
| Xinjiang Zhongtai Chemical Co Ltd | mining | $ | $ | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $ | ||||||||||||||||||||||
| Sichuan Provincial Investment Group Co Ltd | $ | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $ | $ | ||||||||||||||||||||||
| Xuzhou Mining Business Group Co LtdJiangsu Xukuang Energy Co Ltd, Suneng (Xilinguole) Power Generation Co Ltd, Xilin Gol Suneng Baiyinhua Power Generation Co Ltd (based on GCEL 2025) | power | $ | Not On GCEL Change in Company Structure | Not On GCEL Change in Company Structure | $ | $ |