Ming Yang valued at USD 10bn by GDR listing in London

London Stock Exchange. Author: jam_90s. License: Creative Commons, Attribution 2.0 Generic

July 13 (Renewables Now) - Chinese wind turbine manufacturer Ming Yang Smart Energy Group Ltd (SHA:601615) was admitted today for trading on the Shanghai segment of the main market of the London Stock Exchange.

Ming Yang’s offering of global depositary receipts (GDRs) values the company at USD 9.96 billion (EUR 9.92bn), the London Stock Exchange said.

The Chinese company raised USD 657 million through the sale, having priced it on July 8 at USD 21 per GDR, with each GDR representing five A shares. An over-allotment option would increase the offer size to about USD 707 million.

“The listing of Mingyang Smart Energy Group Limited GDRs through Shanghai-London Stock Connect will enable us to promote the implementation of our strategy and support growth of our smart energy enterprise in markets outside of China and help the company’s internationalisation process,” said Ming Yang chairman Zhang Chuanwei. The company seeks to become a full lifecycle renewable solutions provider, offering integrated wind power, photovoltaics, power storage and hydrogen power solutions, the chairman added.

The London Stock Exchange said the listing underlines its position as a global hub for sustainable finance. It added that Ming Yang has qualified for its Green Economy Mark, which is given to London-listed companies that generate at least 50% of annual revenues from products and services related to the green economy.

(USD 1 = EUR 0.996)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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