Chinese wind power firm set for £810m Hong Kong float

Steve Dinneen
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CHINESE wind power equipment supplier Xinjiang Goldwind Science & Technology said yesterday it planned to raise up to HK$9.1bn (£810m) in a Hong Kong initial public offering.

Goldwind, which is already listed on the Shenzhen stock exchange, said it was selling 395m shares with an indicative price range between HK$19.8 and HK$23 per share, confirming information from sources close to the deal.

Goldwind said in a statement filed with the Shenzhen exchange that it planned to set the price for the offering on 12 June, with trading due to begin on 22 June.

There is a greenshoe option to increase the issue by up to 59m additional shares.

Chinese International Capital, Citigroup, and Credit Suisse are understood to be underwriting the deal.

Goldwind has grown into one of the largest wind turbine makers in the world. It derives most of their sales from wind equipment for onshore power stations, but see potential in offshore wind.

Earlier this year it built a 4.5 megawatt pilot project in the US state of Minnesota to test its turbines in cold weather. It expects to open an office in Chicago as it continues to grow outside its native market.