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Utility buys 20% of finance firm

Huaneng Power International, the Mainland's largest Hong Kong-listed electricity producer, has bought US$35.7 billion in shares of a financial firm, reported The Standard of Hong Kong. The energy supplier bought 20% of its sister company Huaneng Finance in a move to help future funding. In a statement to the Hong Kong stock exchange, Huaneng Power said the purchase will enable it to be "entitled to the dividend distribution of Huaneng Finance", which may boost its profits and earnings per share.

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