Visit windpowermonthlyevents.com for the latest on our upcoming conferences and webcasts

China

China

Goldwind steps back from HK share offering

CHINA: Goldwind has halted plans to raise $1.2billion on the Hong Kong stock exchange, as a result of "deterioration in market conditions".

Goldwind wants to expand both its turbine manufacturing base and its international operations
Goldwind wants to expand both its turbine manufacturing base and its international operations

The decision comes at a difficult time for Hong Kong's Hang Seng Index, which has been badly affected by the economic downturn and the debt crisis in Europe. It has fallen 10% since April 9.

Goldwind had planned to release the equivalent of a 15% stake in the company. The majority of these funds were earmarked to be spent on new manufacturing plants and overseas expansion.

In March, Goldwind confirmed it planned a listing on the Hong Kong stock exchange after a shareholders meeting in September 2009. It is worth CNY28.78 billion (US$4.2 billion).

Speaking in March, Goldwind president Wu Gang said the company's bid to go public is a major component of its global expansion strategy.

"Issuing shares is a first step in our international market-oriented change," Wu says. "Entering the Hong Kong market will improve our management level and corporate governance at a faster rate."

 

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Only [DAYS_LEFT] days Subscribe Now

Left of your Windpower Monthly free trial

Your free trial Subscribe Now

to Windpower Monthly has expired

Windpower Monthly Events

Search more than 4,500 companies in the Windpower Directory

Latest Jobs