If you were to extrapolate an MA trend for 2003 from the first weeks of the year, then it would probably be the shuffling of the decks in the Chinese power generation sector.
In the most recent deal, New York-listed Huaneng Power International is taking a 25% stake in Shenzhen Energy Group. This follows close on the heels of Mirant's sale of its 33% stake in the Shajiao C power staton to China Resources.
Both deals are notably in China's electricity-hungry industrial heartland, the Pearl river delta - which is patently where power usage is growing at a rapid clip.
Huaneng is buying into a company that owns...
