China wind turbine maker plans $500m US listing

Updated: 2010-08-02 15:18
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Mingyang Electric, one of the five biggest wind power turbine suppliers in China, plans to raise $500 million in a share sale in the United States in September, in what could be the largest such listing by a Chinese company this year, the International Financing Review reported.

Bank of America Merrill Lynch, Credit Suisse Group AG and Morgan Stanley are working on the deal.

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China is the world's largest market for wind turbines, and domestic wind equipment manufacturers such as Mingyang supply 80 percent of the market. China installed more than 13 gigawatts of wind power generating capacity last year.

Mingyang's IPO plan follows the shelving in June of a $1.17 billion Hong Kong listing by Chinese wind equipment supplier Xinjiang Goldwind Science & Technology Co Ltd. The Shenzhen-listed company pulled the offering because of fragile investor sentiment in the wake of the European sovereign debt crisis and concern about overcapacity in the sector.