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Xinjiang Goldwind Delays $1.2B IPO

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money_4 June 14, 2010 (Chinavestor) Xinjiang Goldwind Science & Technology Co., the Chinese wind turbine maker, scuttled plans for a $1.2 billion initial public offering in Hong Kong due to what the company called poor market conditions.

The company said it won't move forward with its planned IPO “in light of the deterioration in market conditions and recent unexpected and excessive market volatility." Those remarks were made in a statement issued by the company.

Goldwind is listed in Shenzhen and dropped its plans to list its shares in Hong Kong after the Hang Seng Index has declined by 10% since early April, according to Bloomberg News. Europe's sovereign debt crisis has tempered investor interest in risky assets, including Chinese equities.

Goldwind got almost all of its 2009 sales from Chinese customers and was hoping to use proceeds from the IPO to fund international expansion in markets such as Australia and the U.S., Bloomberg reported. The company planned to sell 395.3 million shares at between HK$19.80 and HK$23, which would have been good for 15% of the company.



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