CHINA WIND IN IPO

China wind power group in $1.2 billion IPO: sources; China's second-largest wind turbine maker, Xinjiang Goldwind Science & Technology Co Ltd, plans to raise up to $1.2 billion in a Hong Kong initial public offering, sources close to the deal said.
Kennix Chim and Leonora Walet, May 31, 2010 (Reuters)

"The offering will test the appetite for renewable energy firms in a market heavy with property and financial companies. The Hong Kong stock exchange said earlier this year it would mine mainland Chinese and international markets to keep its listing momentum.

"Goldwind's attempt at a Hong Kong IPO could mark the largest offering by a Chinese wind company since the $2.2 billion listing in December of the nation's biggest wind-power producer, China Longyuan Power Group Corp…"

Goldwind is second in China and fifth in the world. (click to enlarge)

"Hong Kong's Hang Seng Index has lost more than 6 percent since the start of May in volatile trading, with investors cautious because of the European debt crisis…Goldwind (002202.SZ), which is already listed on the mainland's Shenzhen stock exchange, would offer 395.29 million shares, or 15 percent of its enlarged share capital, with an indicative price range of between HK$19.80 and HK$23, the sources said…

"The H-share offering price range valued Goldwind at 18.8 to 21.8 times prospective 2010 earnings forecast by sponsors…By comparison, Chinese turbine maker Dongfang Electric (1072.HK) trades at 19 times forecast 2010 earnings, while China High Speed Transmission (0658.HK), a maker of wind gear for wind turbines, trades at 15.6 times…"