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China

Datang presses ahead with IPO plans

CHINA: China's second largest wind operator, Datang Renewables, is planning to push ahead with its IPO despite difficult stock market conditions, according to insiders.

Datang’s Chaganhada Wind Farm in Chifeng City, Inner Mongolia
Datang’s Chaganhada Wind Farm in Chifeng City, Inner Mongolia

Datang announced its IPO plan at the same time as fellow developer Huaneng Renewables. However, stock market fluctuations and a lack of subscribers have forced Huaneng to postpone its own offering.

The Datang IPO is still planned for the Hong Kong Stock Exchange on December 17. It hopes to raise HK4.99 billion to HK6.81 billion ($748 million to $1.02 billion).

Business insiders said Datang Renewable has nearly acquired enough subscriptions, although they are at the bottom of the price range.

Chinese wind companies have opted to launch IPOs on the Hong Kong Stock Exchange in the hope of attracting international investors.

However, Hong Kong’s stock market is a difficult place for wind companies at the moment. Goldwind’s share price has fallen by 11% two months on from its own IPO.

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