Longyuan raises $375 million from long-awaited share sale

The placement follows the sale of a hybrid bond two weeks ago which reduced the need for a much larger share sale, but the deal is still upsized on the back of strong demand.
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One of China Longyuan's wind farms, in Fujian province
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<div style="text-align: left;"> One of China Longyuan's wind farms, in Fujian province </div>

China Longyuan Power, China’s biggest producer of wind power, last night finally launched its long-awaited sale of new shares which has hung over the stock ever since it first announced the plans in May.

However, the share price had recovered somewhat after the company issued a $400 million hybrid bond two weeks ago, which indicated that the size of its upcoming share sale would likely be smaller and hence less dilutive than initially planned.

Indeed, when it hit the market after the close yesterday, it was with a deal that accounted for just 17.2% of its existing H-share capital. That compared with a plan for a share...

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