Ming Yang's $400 million US IPO covered on day one

Strong demand for the Chinese wind turbine manufacturer gives a clear indication that there is still appetite for renewable energy, even though Chinese green energy companies have struggled in the overseas primary markets this year.

While several other Chinese renewable energy companies have decided to withdraw or postpone their overseas share sale plans citing volatile market conditions, wind turbine manufacturer China Ming Yang Wind Power kicked off the bookbuilding yesterday for an up to $400 million initial public offering on the New York Stock Exchange.

The share sale received strong interest with the deal fully covered on the first day by a mix of institutional investors, primarily Asia-based, according to sources.

This gives...

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