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China's second-biggest maker of wind-power generators, Zhejiang Windey Wind Generating Engineering Co Ltd, is in talks with investors to raise 200 million yuan (US$25 million) in an initial public offering (IPO) in the next two years.

 

"We are talking with several potential investors such as Citibank and Shanghai-based Lianchuang Investment Management Co for a public float in either the domestic or overseas market," a senior executive with Zhejiang Windey told China Daily yesterday.

 

"We expect to increase our capital from the current 100 million yuan (US$12.5 million) to 300 million yuan (US$37.5 million) through the listing," added the official, who declined to be identified.

 

The company expects to come up with a detailed plan elaborating on the proposed IPO in a couple of months, he added.

 

Meanwhile, the firm's competitor, China's biggest homegrown manufacturer of wind power equipment, Goldwind Science and Technology Co Ltd, is also talking with Morgan Stanley, Goldman Sachs, Deutsche Bank and Citigroup, hoping to get them on board as financial advisers ahead of a US listing, Reuters cited its Chairman Wu Gang as saying yesterday.

 

Goldwind expects to chalk up 1.2 billion yuan (US$150 million) in revenue this year after more than 500 million yuan (US$62.5 million) in 2005, the report said.

 

The Windey official yesterday disclosed that the Zhejiang-based company aims to sell 100 sets of 750-kilowatt wind-power generators and realize sales of 300 million yuan (US$37.5 million) next year.

 

China Energy Conservation Investment Corp, the nation's flagship State-owned company for renewable energy development, yesterday took a 47.5 percent stake in Zhejiang Windey.

 

The Beijing-based new energy company paid over 40 million yuan (US$5 million) to Zhejiang Machinery and Electrical Group in East China, which completely owned Windey before the transaction.

 

After the acquisition, Zhejiang Machinery's shares in Windey were reduced to 47.5 percent, with the remaining 5 percent equally split between senior management and technical engineers, said Wang Yi, a senior official from China Energy Conservation.

 

(China Daily June 21, 2006)