17 May 2010 09:54

Goldwind gets OK from CSRC to launch IPO in Hong Kong

Shanghai. May 17. INTERFAX-CHINA - Xinjiang Goldwind Science and Technology Co. Ltd., a leading domestic wind turbine manufacturer, has been approved by China's stock regulator, the China Securities Regulatory Commission (CSRC), to launch an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX), the company announced on May 17.

Goldwind, which is already listed on the Shenzhen Stock Exchange (SZSE), plans to float 450 million H-shares on the HKEX, but has not yet publicly disclosed its intended offering price.

Capital raised by the IPO will be used toward international expansion, R & D activities and the establishment of three turbine factories in Beijing, Nanjing and Xinjiang, the company said.

Goldwind's total revenues reach RMB 10.738 billion ($1.57 billion) for 2009, up by 66.28 percent year-on-year. Net profits surged by 92.58 percent year-on-year to RMB 1.746 billion ($255.64 million) during the same period.

The company now has four production bases in China in Beijing, Urumqi, Baotou, Jiuquan and Xi'an, and one located in Germany.

Goldmine was established in 2001 and debuted on the SZSE in December 2007, and has since become one of the top three wind turbine makers in China. The company produced 1,391 units of 1.5 megawatt (MW) wind turbines and 782 units of 750 kilowatt (kW) wind turbines in 2009.