China Ming Yang Wind Power Group Ltd (NYSE: MY) began selling American Depository Shares (ADS) on the New York Stock Exchange Tuesday.
The wind turbine manufacturer priced the shares at $14 dollars, raising approximately $350 million.
The share price fell in the first day of trading to a low of $13.23, before recovering to close the day at $14.48.
China Ming Yang Wind Power is the largest non-state owned or controlled wind turbine manufacturer in China, according to Reuters.
Mingyang cooperates with aerodyn Energiesysteme, a turbine design firm
based in Germany, to develop wind turbines and share intellectual
property rights. Mingyang says its aggregate installed capacity accounts
for more than 50% of China’s newly installed capacity in 2009.
Although the company counts China’s five largest state-owned power producers among its customers, it has yet to maintain a record of profitability over a full year.
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