Wind power group seeks $1.2 billion from Hong Kong IPO

Xinjiang Goldwind could benefit from China’s renewable energy push, but may face headwinds from the current equity market.

Xinjiang Goldwind Science Technology, a leading manufacturer of wind turbine generators in China, started bookbuilding for an initial public offering in Hong Kong yesterday, hoping to raise as much as HK$9.09 billion $1.2 billion to fund its new projects.

With concerns over energy shortages and pollution rising, there is growing pressure in China's power generation industry to turn to more efficient and less polluted renewable energy. Beijing has said it wants at least 15% of its energy to come from renewable sources by 2020, and wind power is considered to be the most cost-competitive source of alternative energy in China.

That would translate into vast growth potential for renewable power generating companies like Goldwind....

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