Chinese Goldwind gets nod for CNY-5bn bond sale

Sep 12, 2011 - Chinese Xinjiang Goldwind Science & Technology (SHE:002202, HKG:2208) said last week it had received the green light by the China Securities Regulatory Commission to issue up to CNY 5 billion (USD 781m/EUR 574m) in bonds.

The wind turbine maker plans to sell the bonds in tranches, with the first tranche of as much as CNY 4 billion to be issued in the next six months. The remaining tranches should be issued in a period of 2 years.

At the end of August, Goldwind reported a net profit for the first half of 2011 of CNY 424.7 million down 45.05% year-on-year. The drop was due to the slowdown in the sector and fierce competition. Consolidated revenue went down by 17.44% to CNY 5.17 billion. The company expects its net profit for the first nine months of 2011 to fall by 50% to 100% year-on-year.

(CNY 1 = USD 0.156/EUR 0.115)

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