HONG KONG—Chinese wind-turbine maker Xinjiang Goldwind Science & Technology Co. plans to raise up to $916 million from a revived initial public offering in Hong Kong, according to a term sheet seen by Dow Jones Newswires on Friday, after scrapping a plan to raise $1.2 billion in June.
The company, which is already listed on mainland China's Shenzhen stock exchange, was previously scheduled to list in Hong Kong on June 22 but shelved the deal because of volatile markets. It now plans to list Oct. 8, according to the term sheet.
Xinjiang Goldwind was one of several firms that shelved IPOs in Hong Kong earlier this year. Chinese iron-ore producer China Tian Yuan Mining Ltd. called off its $522 million IPO on May 7, a day after Swire Properties Ltd. decided not to go ahead with a listing that had aimed to raise as much as $3.09 billion.
Since then, IPO markets have become active again. Agricultural Bank of China Ltd. listed in Hong Kong and Shanghai in July after raising $22.1 billion in the world's largest IPO, eclipsing the previous record held by Industrial & Commercial Bank of China Ltd.'s offering, which raised $21.93 billion in 2006. American International Group Inc. is listing its Asian life-insurance unit, AIA Group, in a share sale that could raise as much as $15 billion for U.S. taxpayers in coming months.
Xinjiang Goldwind is selling 395.29 million shares, amounting to 15% of the listed company, between 15.98 Hong Kong dollars ($9.13) and HK$17.98 a share, the term sheet said. The deal has an over-allotment option that, if exercised, would result in 16.9% of the company being listed in Hong Kong.
J.P. Morgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc., China International Capital Corp. and Haitong Securities Co. are bookrunners on the deal, a person familiar with the deal said Friday.
Xinjiang Goldwind is the world's fifth-largest wind-turbine maker by capacity. It is one of several Chinese clean-energy companies seeking to raise funds from Hong Kong listings over the next few months amid Beijing's push for alternative energy sources.
*The above news were adapted from WSJ Asia.
Xinjiang Goldwind Sci & Tech Co. Ltd.
Xinjiang Goldwind Science & Technology Co., Ltd is a China-based company engaged in manufacture and distribution of wind turbine generator sets. The Company’s major products are 750 kilowatt (KW) and 1.5 megawatt (MW) wind turbine sets. The Company also involves in spare parts development and manufacture, provision of wind power services, development and distribution of wind farms, as well as development and transfer of wind power technologies, among others. During the year ended December 31, 2009, wind turbine generator sets accounted for approximately 95.33% of the Company’s total revenue. It distributes its products in domestic and overseas markets.
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