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China

China

Goldwind raises $917m from HK IPO

CHINA: Goldwind has raised $917million from its initial public offering on the Hong Kong stock exchange, according to reports.

Goldwind is believed to have sold 395.3million shares at HK$17.98 each. The company initially aimed to launch the IPO in earlier in the year but was forced to delay the plan June. At the time it cited difficult trading conditions.

This is the second IPO from a major Chinese turbine manufacturer after China Ming Yang Wind Power launched on the New York Stock Exchange last week.

Much of the money raised by Goldwind will go towards expanding its production capacity. The funds will also be used to fuel the company’s international ambitions.

Industry officials say, getting listed in the Hong Kong Stock Exchange is a part of Goldwind’s ‘go-global strategy’.

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

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