Ming Yang prices GDR listing in London to raise USD 707m

Chinese wind turbine manufacturer Ming Yang Smart Energy Group Ltd (SHA:601615) today priced its offering of global depositary receipts (GDRs) in London, increasing the offering size to USD 706.9 million (EUR 694.4m) due to “strong investor demand.”

The company announced its intention to list in London on Thursday, with the offering expected to raise USD 550 million. The offer price was set at USD 21 per GDR, with each GDR representing five A shares of the company, compared to the previously unveiled minimum price of USD 20.22 per GDR. Excluding the over-allotment option, the offering amounts to USD 656.9 million.

Unconditional trading in the GDRs is expected to begin on July 13.

“The successful listing on the London Stock Exchange will help the Company to further expand its oversea business and increase its influence over international capital markets,” chairman Zhang Chuanwei said today.

On the previous day, Chuanwei stated that Ming Yang aims to become a leading full lifecycle renewable solutions provider and that as the wind industry is expected to continue to evolve toward larger and lower-cost wind turbines, the company will accelerate the commercialisation of offshore and deep-sea floating wind turbines which it believes have strong growth potential.

(USD 1 = EUR 0.982)

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