Home / Business / Energy Tools: Save | Print | E-mail | Most Read
Goldwind to sell 50m shares
Adjust font size:

Goldwind Science and Technology Co, the country's largest maker of wind-powered generators, plans to issue 50 million shares in a Shenzhen initial public offering (IPO).

 

The company is expected to raise 1.88 billion yuan from the IPO. It had 2.8 percent of the world's wind-power generator market in 2006 and the IPO would account for 10 percent of the company's expanded share capital, according to its prospectus released yesterday.

 

Xinjiang-based Goldwind expects a net profit of 601 million yuan this year, with earnings per share hitting 1.2 yuan, the prospectus said.

 

Goldwind's turnover has doubled in each of the past few years and tripled to 1.5 billion yuan in 2006 as a result of the government's clean energy push.

 

The use of wind power, a clean and renewable energy source, has grown quickly in China in recent years. By the end of 2006, the total installed capacity of wind power in the country was about 2,600 MW. In 2006 China added a total of 1,300 MW of installed wind power generation.

 

"This year, the nation's wind power industry will continue to see quick growth. In 2007, the installed capacity is expected to be increased by another 1,000 MW," said Shi Pengfei, vice-chairman of the Chinese Wind Energy Association.

 

Shi estimates that China possesses a 1,000-GW potential in wind energy, 250 GW on land - mainly on the northwest and east coasts - and 750 GW offshore.

 

By 2020, wind power will have a market value of $1.25 billion, making China potentially the world's largest market. However, competition is also heating up at home, with a dozen foreign players vying for a slice of the booming market, including global leader Vestas Wind Systems, Spain's Gamesa and India's Suzlon Energy Ltd.

 

Goldwind kicks off its IPO roadshow in Beijing today, Shanghai on Monday and Shenzhen on Tuesday. The company plans to use the proceeds to expand capacity, finance research and development and develop wind farms, the prospectus said.

 

A number of Chinese energy players have sold shares in the United States, including solar cell makers Yingli Green Energy Co Ltd and LDK Solar Hi-Tech Co.

 

(China Daily December 7, 2007)

Tools: Save | Print | E-mail | Most Read

Comment
Username Password Anonymous
China Archives
Related >>
Most Viewed >>
- Gold futures jumps to daily limit upon debut
- Chinese economy in 2007
- Survey: B2B transaction volume up 25.5% in 2007
- Policy bank eyes rail project stake
- China Eastern not to ally with Air China

Nov. 1-2 Tianjin World Shipping (China) Summit
Nov. 7-9 Guangzhou Recycling Metals International Forum
Nov. 27-28 Beijing China-EU Summit
Dec. 12-13 Beijing China-US Strategic Economic Dialogue

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?