Xinjiang Goldwind Science & Technology (002202.SZ) plans to raise US$1.2 billion in an initial public offering in Hong Kong, Reuters reported, citing sources with direct knowledge of the deal. A listing by China’s second-largest wind turbine manufacturer would test investors’ appetite for renewable energy, said analysts. China Longyuan Power Group (0916.HK), the country’s largest wind company, listed for US$2.2 billion last December. However, other companies such as China Tian Yuan Mining have canceled planned IPOs this month. Goldwind plans to offer 395.29 million shares, 15% of its enlarged share capital, with a price range of HK$19.80-23 (US$2.54-2.95). The H -share offering price range values Goldwind at 18.8-21.8 times projected 2010 earnings, said one source. Sources said that Goldwind’s IPO will have a "greenshoe" option to increase the issue size by 59 million shares. On the Shenzhen exchange, Goldwind shares have increased by 27% this year, outperforming the Shanghai Composite Index’s 19% decline.
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