June 2, 2023

Dawson County Journal

Dawson County, Nebraska

UK Government Intervenes in Chinese Takeover of Shell Company Over Risks to National Grid

The UK has imposed restrictions on the Chinese takeover of a shell company worth £1, saying the move mitigates national security risks.
In a notice of final order (pdf) published on Dec. 6, the Department for Business, Energy & Industrial Strategy (BEIS) said Business Secretary Grant Shapps considers the takeover of XRE Alpha Limited by China Power International Holding Limited a risk in relation to the security of an important UK electricity asset and the security of services provided to the UK National Grid.
China Power International Holding Limited, a wholly owned subsidiary of China’s state-owned State Power Investment Corporation, will acquire 90 percent shareholding in XRE Project Alpha Limited, the Hong Kong-based parent company of XRE Alpha Limited, the notice said….
Source: The Epoch Times