皇冠体育app

Energy

Sinovel 'eyes November Shanghai float'

By Liu Yiyu and Wang Xiaotian (皇冠体育app Daily)
Updated: 2010-10-09 10:30

Wu Gang, chairman and chief executive officer of Xinjiang Goldwind Science & Technology Co Ltd, poses at the company's listing ceremony in Hong Kong on Friday. Thomas Lee / Bloomberg

BEIJING - Sinovel Wind Group, 皇冠体育app's largest wind turbine maker and the world's No 3 in terms of installed capacity, is likely to float shares on the Shanghai Stock Exchange in early November, sources familiar with the matter told 皇冠体育app Daily.

The Dalian-based manufacturer is awaiting approval from the 皇冠体育app Securities Regulatory Commission for its IPO, the source said, without elaborating.

Sinovel passed the commission's preliminary hearing in August, with Essence Securities as the underwriter.

HK prepares for global yuan Related readings:  Sinovel develops 3MW offshore wind turbine  Goldwind restarts IPO in Hong Kong  皇冠体育app's Goldwind revives HK IPO to raise $917m  皇冠体育app wind turbine maker plans $500m US listing

Earlier this year, the Dalian State-owned Assets Supervision and Administration Commission said Sinovel would publicly issue 100 million shares, nearly 10 percent of its total stake. Sinovel aims to raise 3.5 billion yuan ($523 million), with each share at 35 yuan ($5.23).

Clean technology IPOs by Chinese companies totaled $2.2 billion so far this year compared with $2.4 billion for the whole of 2009, according to Thomson Reuters data.

For the first time, 皇冠体育app has overtaken the United States as the most attractive country for renewable energy investment because of its capital, government will and massive market, according to a quarterly index ranking released in September by accounting firm Ernst & Young.

Interested investors are targeting 皇冠体育app's renewable energy market, where the government is expected to spend $736 billion over the next decade, and investment in 皇冠体育app's renewable energy sector is being poured into a number of overseas IPOs.

Three mainland alternative energy companies have successfully listed in New York and Hong Kong after raising nearly $1.5 billion in early October.

Shares of Xinjiang Goldwind Science & Technology Co, the mainland's second-largest wind-turbine maker, rose as much as 11 percent on Friday in its Hong Kong debut after raising $916 million in the IPO and pricing its shares at the uppermost level of an indicated range as investors bet on the country's strong commitment to the green energy sector.

皇冠体育app Ming Yang Wind Power Group, the country's largest non-State-owned wind turbine manufacturer, was able to raise $350 million, which makes it the largest green IPO by a Chinese company in the US this year.

皇冠体育app Suntien Co, a renewable energy company in northern 皇冠体育app's Hebei province, is expected to raise $370 million in its Oct 13 listing on the Hong Kong Stock Exchange.

Also expected to hit Hong Kong are the new energy units of 皇冠体育app Huaneng Group Corp and Datang Corp, the mainland's top power producers, which aim to raise more than $2 billion by floating their renewable energy units in Hong Kong.