It follows manufacturer Goldwind and power firm Huaneng, both of which are floating to finance domestic and international expansion, just months after Sinovel announced international expansion plans of its own.
Sinovel hopes to raise CNY3.5 billion ($512 million) through an initial public offering (IPO) on the Shanghai Stock Exchange by October this year. The company will issue 100 million public shares, worth 10% of its gross assets, according to the Dalian State-owned Assets Administration Committee (DSAAC).
Sinovel is China's largest enterprise dedicated to developing, designing, producing and selling large-scale wind turbines. Its largest shareholder, with a 20% holding, is Dalian Heavy Industries, a state-owned business supervised by DSAAC.
Last year Sinovel announced that it had begun talks with wind power developers around the world as part of a long-term global marketing strategy. Eventually it wants global sales to account for up to 40% of its total revenue (Windpower Monthly, October 2009).
In August 2009, DSAAC agreed Sinovel's transformation from a limited company to a company limited by shares, which officially began the public listing process. Sinovel was to submit an application to China Securities Regulatory Commission by March and is expected to issue stocks by October.
DHI will remain the largest shareholder, retaining a 17% holding.