Chinese wind turbine maker listed in London

Mingyang Smart Energy, a Chinese wind turbine manufacturer and clean energy integrated solution provider, has announced a public listing on the London Stock Exchange and issued global depository receipts.

It was the fifth domestic GDR issuance and the first of its kind in China's high-end clean energy equipment industry since the Shanghai-London Stock Connect scheme took effect in June 2019.

According to the announcement, the listing is valued at $656.89 million, with the price set at $21 per GDR.

Usually referring to a certificate issued by a depository bank that represents shares in a foreign stock on two or more global markets, GDR in China stands for certificates of A-share stocks traded in overseas markets, denominated in yuan.

GDR has become a catchphrase for Chinese companies' overseas financing this year. Industry leaders such as Sany Heavy Industry, electric vehicle cellmaker Gotion High-tech and Lepu Medical Technology all announced GDR issuance plans in Switzerland earlier this year.

Headquartered in Zhongshan, Guangdong province, Mingyang has more than 600 wind power plants across China, with more than 1,400 technology patents.

The issuance of GDRs in London is seen as another major breakthrough in Mingyang's exploration of the international capital market after it issued green bonds in Macao in December, the company said.

Earlier, Mingyang, which has already begun investing in the overseas market, signed a memorandum of understanding in December with the United Kingdom's Department for International Trade to cooperate in the offshore wind sector.

With the agreement, Mingyang has placed the UK at the core of its global offshore wind strategy, investing in a blade manufacturing factory and a service center. It is exploring a possible turbine assembly factory in the UK, it said.