A Chinese equipment supplier for the wind power industry is planning a massive initial public offering on the Hong Kong exchange, according to a Reuters report, which quotes "sources close to the deal."
Xinjiang Goldwind Science & Technology Co Ltd reportedly wants to raise up to $1.2 billion by selling about 15% of company shares in a range of between HK$19.80 and HK$23.
The company’s shares already trade in Shenzen, where they have gained 27% this year.
Chinese International Capital Corp forecast Goldwind’s net profit this year to jump to 2.4 billion yuan ($351.4 million), a 36.7% increase from 2009. An additional 26% increase to 3 billion yuan is forecasted for 2011.
Growth is being driven by China’s booming wind industry, as the government aims to achieve 100 GW of installed wind capacity by 2020.
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