Goldwind to raise $244m in Shenzhen listing

Environment

13 December 2007

Goldwind Science and Technology, China's largest wind power equipment maker by market share, is planning a US$244 million listing in Shenzhen, Bloomberg reported. The Xinjiang-based company will sell 50 million shares at RMB36 (US$4.90) each, it said in a statement to the Shenzhen Stock Exchange. Goldwind, which has a 33% share of China's wind power equipment market, plans to spend US$257 million expanding production capacity and investing in research and development. Goldwind's share offering will represent 10% of its enlarged share capital. The company will increase production capacity of its large-scale turbines with a capacity of over 1 megawatt each and develop new turbines with capacities of 2-5MW. In addition, it will build two wind farms in Inner Mongolia and a "demonstrative" wind farm in Xinjiang. It expects net profit to nearly double to US$81.4 million this year, from US$43.2 million in 2006 and revenue to more than double to US$439 million from US$208 million.

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