Xinjiang Goldwind Science & Technology (002202.SZ) said ahead of its Hong Kong listing that it aims to become one of the world’s top three wind turbine manufacturers within five years, Bloomberg reported. The company expects to raise more than US$1 billion through the share sale. It will spend about 40% of the proceeds on building plants, 24% on overseas expansion, 15% on design and development, 11% on repaying loans and hold 10% as working capital. Goldwind’s turbine sales surpassed 2 gigawatts (GW) last year, up from 1.37 GW in 2008. The company expects profit to rise at least 26% to US$322 million this year after generating revenue of US$1.56 billion in 2009, 99% of which derived from China. CEO Wu Gang said the firm wants to increase sales in the US and Europe. It already has a wind-farm project in the US and a production base at Vensys, a subsidiary based in Germany.
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