Due to the impact of the pandemic on the Chinese economy, we have re-evaluated the evaluation criteria to provide a fair and accurate rating for the foreign investment rating for the first quarter of 2020. What surprised us, however, was that there was little change in overseas investors' holdings of A-shares compared to the previous quarter (fourth quarter of 2019). In the first quarter of 2020, the proportion of A-shares held by overseas institutional investors remained at 2.5%. Due to the inactivity of foreign news and research reports, we have only made minor adjustments to the ratings, and do not think this has a substantial impact on the company's ratings.

Basic information (as of April 24)

Stock code: 600744 Industry category: Utilities

Total market capitalization: 4 billion yuan Number of shares outstanding: 828 million shares

Price-earnings ratio TTM: <0 Total share capital: 1,781 million shares

Highest price in a year: 3.85 yuan Tradable shares to total share capital: 46.47% Lowest price in a year: 1.93 yuan Number of shareholders: 79476 Average weekly turnover (within one year): 47.6 million shares