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Wind power firm in line for IPO
By Wang Ying (China Daily)
Updated: 2006-06-21 09:15
Direct link:
http://www.chinadaily.com.cn/bizchina/2006-06/21/content_622249.htm
China's second-biggest maker of wind-power generators, Zhejiang Windey Wind
Generating Engineering Co Ltd, is in talks with investors to raise 200
million yuan (US$25 million) in an initial public offering (IPO) in the next
two years.
"We are talking with several potential investors such as Citibank and
Shanghai-based Lianchuang Investment Management Co for a public float in
either the domestic or overseas market," a senior executive with Zhejiang
Windey told China Daily yesterday.
"We expect to increase our capital from the current 100 million yuan
(US$12.5 million) to 300 million yuan (US$37.5 million) through the
listing," added the official, who declined to be identified.
The company expects to come up with a detailed plan elaborating on the
proposed IPO in a couple of months, he added.
Meanwhile, the firm's competitor, China's biggest homegrown manufacturer of
wind power equipment, Goldwind Science and Technology Co Ltd, is also
talking with Morgan Stanley, Goldman Sachs, Deutsche Bank and Citigroup,
hoping to get them on board as financial advisers ahead of a US listing,
Reuters cited its Chairman Wu Gang as saying yesterday.
Goldwind expects to chalk up 1.2 billion yuan (US$150 million) in revenue
this year after more than 500 million yuan (US$62.5 million) in 2005, the
report said.
The Windey official yesterday disclosed that the Zhejiang-based company aims
to sell 100 sets of 750-kilowatt wind-power generators and realize sales of
300 million yuan (US$37.5 million) next year.
China Energy Conservation Investment Corp, the nation's flagship State-owned
company for renewable energy development, yesterday took a 47.5 per cent
stake in Zhejiang Windey.
The Beijing-based new energy company paid over 40 million yuan (US$5
million) to Zhejiang Machinery and Electrical Group in East China, which
completely owned Windey before the transaction.
After the acquisition, Zhejiang Machinery's shares in Windey were reduced to
47.5 per cent, with the remaining 5 per cent equally split between senior
management and technical engineers, said Wang Yi, a senior official from
China Energy Conservation.
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