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China

China

Goldwind denies imminent $1bn IPO

CHINA: Goldwind Board of Directors Office denied media reports it is planning to revive IPO in Hong Kong this September or October, to raise about $1billion.

Goldwind said media reports stating it was "reviving" the IPO were inaccurate because it had never stopped preparations for the offering. In the meantime it said it had been been updating the company’s balance sheets and data materials.

Goldwind also denied the report that it plans to "raise $1billion". A spokesman said told the 21st Century Business Herald: "We have not yet settled the prices to go public, so we cannot decide the scale of raising funds for the time being."

As for the exact timing of for IPO, Goldwind has applied to postpone the validity period to 18 months (i.e., in 18 months since September 25, 2010), without an explicit timetable.

Industry officials say that getting listed in the Hong Kong Stock Exchange is a part of the go-global strategy of Goldwind that has been cultivating itself as an internationalized business.

Goldwind CEO Wu Gang has previously outlined the company’s ‘go global strategy’ as comprising  four parts: internationalising product technology, human resources, market and capital.

"Delaying IPO in Hong Kong will not hamper Goldwind’s development plans in the present and near future," said the anonymous official.

Goldwind has moved its headquarters from Xinjiang to Beijing, an evidence of speeding up internationalization process.

According to the Goldwind document to raise capital in the Hong Kong Stock Market, issued last June, 60 percent of the collected capital will be used to expand production capacity, 25% for explore world market, and 15% for R&D.

According to the semi-annual report this year, in the first six months, Goldwind has gained CHY6.3billion operating revenues, up 65.57% over the same period of last year.

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