Goldwind says China regulator approves HK listing

Updated: 2010-05-17 13:06
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Chinese wind power producer Xinjiang Goldwind Science & Technology Co aid on Monday that China's stock regulator had approved an offering of up to 454.59 million overseas shares, as it prepares for a Hong Kong IPO that could raise up to $1.5 billion.

The listing still requires approval from the Hong Kong exchange.

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Goldwind, which is already listed on the mainland's Shenzhen stock exchange, said in October it planned to float shares in Hong Kong. China has sought to encourage expansion of renewable energy production.

People familiar with the company's Hong Kong listing plans said in January that it aimed to raise $1.5 billion and would take place in the first half of the year. They said China International Capital Corp was chosen as the lead underwriter.

Goldwind said on Monday that the 454.59 million shares included a 59.29 million share over-allotment.

Based on the latest closing price of Goldwind's Shenzhen-listed A shares, at 21.89 yuan ($3.21), the H shares would be worth 9.95 billion yuan, although H shares typically trade at a discount to their mainland-listed counterparts.