January 7 (Renewables Now) - Chinese wind turbine maker Ming Yang Smart Energy Group plans an initial public offering (IPO) in Shanghai this week.
In a preliminary prospectus filed with the Shanghai stock exchange on Wednesday, Ming Yang said it would allocate around CNY 1.24 billion USD 181m/EUR 158m) of the raised funds to support investments in four projects, which include the construction of wind farms and new manufacturing facilities for offshore wind turbine components. Apart from manufacturing, Ming Yang is involved in the investment, building and operation of wind parks, which it says have become “an important source of revenue.”
Ming Yang, whose shares previously traded in New York, was delisted from the New York bourse in 2016 after its founder, chairman and CEO Chuanwei Zhang, and certain affiliates, took over the company. The going-private transaction valued the Guangdong-based firm at about USD 408 million (EUR 357.3m).
The Chinese manufacturer posted a CNY-149-million net profit in the first half of 2018, emerging from a loss of CNY 36 million a year back.
(CNY 1.0 = USD 0.146/EUR 0.128)
(USD 1.0 = EUR 0.876)