Tirana International Airport
The Fund owns 100% of the concession right to operate the Tirana International Airport, which is the only international civil airport in Albania.
The country has a population of 2.9 million and land area of 28,000 square kilometres. It has a democratic electoral regime, and is a member of the NATO as well as a candidate member of EU. A majority of law and policies are in compliance with EU standard, and it has a vetting process of all judges and prosecutors to be monitored by EU.
Since the Fund invested, the airport has opened new routes to Amsterdam and Budapest. The airport served 20 destinations and achieved 2.6 million passengers in 2017. The management expect the number of passengers to increase by 11.5% in 2018.
The passengers are mostly locals who work overseas and travel home to visit family and friends, which provides a very stable passenger flow. Albania also has a high potential to develop international business, tourism and logistics in the future. Albania’s among the 21 Best Places to Visit in 2018 according to National Geographic Travel. It is on its list of the 10 best holiday destinations in Europe by Lonely Planet.
Beijing Jingneng Clean Energy Co. Ltd
- The largest gas-fired cogeneration provider in Beijing and a leading wind power operator in the PRC, with a diversified clean energy portfolio including gas-fired power and heat energy, wind power, small to medium hydropower and other clean energy projects. The company has a consolidated installed gas-fired cogeneration capacity of 1,190MW and a consolidated heat energy generation capacity of 1,045MW and is the eighth largest wind power operator in PRC with a wind power project's capacity of 1,094.75MW. The company successfully listed on the Hong Kong Stock Exchange in December 2011. (HK Stock Code: 0579.HK)
- Website: http://www.jncec.com/jingneng/
SPT Energy Group Inc.
- SPT Energy Group Inc. is one of the leading non-state-owned providers of integrated oilfield service in China. SPT's services include reservoir research, drilling, well completion and testing, oil and gas production-related services (e.g., oil and gas production enhancement), well workover and other related services. Besides services, SPT also manufactures and sells oilfield service-related products to customers. SPT has strategically expanded their operations to overseas regions that are active in the global oil and gas industry, including Central Asia, North America, Southeast Asia and the Middle East. (HKG Stock Code: 1251.HK)
- Website: http://www.spt.cn
Termbray Petro-King Oilfield Services Limited
- Tembray Petro-king Oilfield Services Ltd is a leading independent China-based provider of high-end oilfield services, in terms of technical capability, overseas and offshore project experiences. Petro-King's services covering various stages in the life of an oil or gas field including the provision of services in will evaluation and appraisal, drilling, casing, well completion, well production, well workover, production enhancement and well abandonment, as well as the supply of oilfield services tools and equipment. Among the above services mix, the company principally focuses on the provision of consultancy services; oilfield project management services in drilling, well completion and production enhancement; and also sales of oilfield service tools and equipment. Moreover, the company is one of the few China-based oilfield services companies, which possess the capability to offer high-end oilfield service. (HKEx Stock Code: 2178.HK)
- Website: http://www.petro-king.cn/
Village Telephone Limited
The sole provider of last mile optical fiber network for 600 villages in New Territories.
The company is currently raising a new round of funding with aim to expand the network to other areas in New Territories, and the ultimate goal to cover the entire urban areas in Hong Kong as well.
According to the statistics from Planning Department, the population in New Territories will increase from 3.78m in 2014 to 4.27m in 2024, circa 54.6% of total population, creating an increasing demand for high-speed internet services.
The Hong Kong government expects the 5G services to roll out as early as April 2019. The upcoming 5G has let to inflated valuation of telecommunication companies. As the fundamental component of 5G deployment, optic fibre is critical to making Hong Kong a smart city and laying the groundwork for IoT.
The Fund expects the company to be listed in Hong Kong in 2020.
Jiawei Photoelectric Lighting
- The leader of Photoelectric industry, listed on GEM board of Shenzhen Stock Exchange in 2012
- Market value at around RMB75.9 billion
- The leader of Wind-Power industry, listed on Shanghai Stock Exchange in 2014
- Market value at around RMB54 billion
Jiacheng Environmental Protection
- The leader of Hebei province, exit through M&A in 2016
The major business of the company is underlined by transport services contracts covering ferries, buses, and light rails with the Public Transport Administrators, which generally have a concession period of 8 to 10 years with an option to extend by up to 2 years. Revenue from these contracts depends not on patronage but service coverage, adjusted regularly based on inflation, labour wage and fuel cost fluctuations, hence unaffected by traffic volume or inflation.
The company has been continuing improving its operational efficiency and optimising its contract portfolio with EBITDA margin increasing from 10.4% in 2015 to 23.1% in 2017. There is a sizable ferry contract which will take effect from 2020, hence the EBITDA in 2020 is expected to be 50% higher than 2017.
The company is in the process of deploying electric ferries, and in development of fuel cell as its ferries’ power source, which both involves cutting-edge technology not deployed elsewhere in the world yet.