Goldwind to inject USD 324m of IPO proceeds into subsidiaries' projects - report

(ADPnews) - Nov 15, 2010 - Xinjiang Goldwind Science & Technology (SHE:002202) plans to spend CNY 2.15 billion (USD 324m/EUR 238m) of its initial public offering (IPO) proceeds to support various projects developed by five of its subsidiaries, Shanghai Securities News writes.

A total of CNY 640 million of the amount will go towards Beijing Goldwind Kechuang Wind Power Equipment's project to design 3,000 electrical control system units. Some CNY 522 million will be spent on the construction of a trial wind power station with a capacity to generate 49.5 MW, developed by Urumchi Goldwind Tianyi Wind Power.

The company will also invest CNY 10.5 million in Beijing Tianyuan Wind Power Logistics, to be used for the set up of a joint venture company specialised in wind power equipment transportation. In addition, Goldwind will inject CNY 150 million and CNY 800 million into Beijing Tianrun Xinneng Investment and Goldwind Investment Holdings, respectively.

In early October, Goldwind raised HKD 6.82 billion (USD 880m/EUR 646m) in a Hong Kong IPO, selling some 395.3 million common shares for HKD 17.98 apiece. Goldwind shares started trading on the Hong Kong Stock Exchange on October 8.

(CNY 1 = USD 0.150/EUR 0.110, HKD 1 = USD 0.128/EUR 0.094)

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