China Longyuan placates minority investors with hybrid bond

The deal clears some of the overhang from a looming share placement, helping the windpower company's stock price to rise in response.
<div style="text-align: left;">
China Longyuan celebrating its IPO in Hong Kong in 2009
</div>
<div style="text-align: left;"> China Longyuan celebrating its IPO in Hong Kong in 2009 </div>

China Longyuan Power closed a $400 million senior hybrid on Friday evening the first hybrid from a mainland-incorporated company that is listed in Hong Kong.

The company is China’s biggest producer of wind power and a subsidiary of state-owned Guodian group, one of China’s five main power-generating companies.

China Longyuan develops wind farms and sells the electricity they generate to local grid companies. It has aggressive plans to expand its production capacity over the next few years and, according to reports, plans to increase its offshore generating capacity by five times during the next three years.

The hybrid gets 100% accounting equity, but it...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222