As China’s state-owned enterprises expand across the globe, few are leaving a more indelible mark than Sinohydro Corp. Although hardly a household name, the infrastructure group has built more than half the dams in China and is increasingly active overseas, with projects in 55 countries from Africa to South America.
With $19bn in assets, Sinohydro’s concerns range from potash in Laos and airports in Botswana to high-speed rail in China. In 2010, Sinohydro poured enough concrete to fill 20,000 Olympic-sized swimming pools and moved enough dirt to fill London’s Royal Albert Hall 184 times.
Sinohydro’s October listing in Shanghai, in which it raised $2.1bn – China’s biggest initial public offering last year – offered a rare glimpse under the bonnet of the opaque, state-owned conglomerate. According to the IPO prospectus, in 2010 Sinohydro reported international revenue of more than $4bn – a quarter of total revenue – primarily from Africa and the Asia-Pacific, and $21bn in overseas projects. In the first three quarters of this year, total revenue had grown to Rmb77.6bn ($12bn) while net profit was Rmb2.9bn.