Shanghai Electric Wind Power Group Co Ltd, a unit of Shanghai Electric Group Co Ltd (SHA:601727), has debuted on the Shanghai Stock Exchange Science and Technology Innovation Board, now trading under the ticker “688660”.
The initial public offering (IPO) was celebrated on May 19, a press release from last week says.
Shanghai Electric announced plans to separate its wind turbine production unit in January 2020. The particular business applied for an IPO in June of that year and recently carried out an online roadshow.
Shanghai Electric Wind Power Group is a developer and manufacturer of wind turbines that offers operation and maintenance services, while also engaging in wind farm investment and development activities. According to data from BNFE, its parent had 5.07 GW of total capacity of newly installed turbines in 2020. Moreover, Shanghai Electric last year reached an installed offshore wind capacity of 1.26 GW.
"The IPO proceeds will help Shanghai Electric Wind Power Group to develop new products and technologies, build new bases, accelerate digital transformation and boost overall product testing capability. It will bolster our plan to sharpen the company's competitive edge and create new growth opportunities by expanding the investment into post-market services and smart manufacturing," said chairman Jin Xiaolong, adding that the move will also help optimise the company’s capital structure and reinforce its anti-risk capacity.
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