China’s largest maker of wind turbines, Xinjiang Goldwind Science & Technology Co, has announced plans on 2 Sep 2009 to float shares worth about $1 billion on Hong Kong’s main board. Goldwind joins more than 30 companies announced in Hong Kong in the past month to raise estimated $25 billion in the coming months in the territory and on the mainland.
Goldwind will issue shares no more than 15% of its enlarged equity capital after the HK share offer to overseas institutions, corporate and individual investors. Goldwind has total capital of 1.4 billion outstanding shares now. Proceeds would be used to fund 3 wind power projects in the country and supplement the firm’s working capital.
In Dec 2007, Goldwind launched its $244 million IPO on Shenzhen Stock Exchange.
Comment: As the equities market look favourable to raise funds, Goldwind will be able to tap the markets for its aggressive expansion especially after the Chinese government’s pledge to fight climate change and look to increase its renewable energy sources. Watch out Vestas, Goldwind may strike the golden No. 1 spot within a decade.