LONDON, UK: Ming Yang Smart Energy Group Limited, a leading wind turbine manufacturer in China, announced its intention to proceed with an offering of Global Depositary Receipts (GDRs) with each GDR representing 5 A shares of the Company, each with a fully paid nominal value of RMB1.00 each.
The Offering is expected to raise approximately $550 million. The offering is expected to price no lower than USD 20.22 per GDR. The final offer price in respect of the Offering will be determined based on a book-building process. The book-building process is expected to commence immediately and end today.
The GDRs are expected to be admitted to listing on the standard segment of the Official List maintained by the FCA and to trading on the Shanghai-London Stock Connect segment of the Main Market of the LSE. Admission and commencement of unconditional trading in the GDRs is expected to take place on or around 13 July 2022.
ZHANG Chuanwei, Chairman of the Company, commented: “With great pleasure, I am honoured to confirm Ming Yang’s intention to list GDRs on the London Stock Exchange.
Since being founded in 2006, Ming Yang has maintained a leading role both domestically and globally as a wind turbine manufacturer. Our company’s mission is to provide accessible green and smart energy, and we aim to become a leading full lifecycle renewable solutions provider. Through technological and business innovations, we have developed into a leading smart energy enterprise in China with global influence. We are gradually becoming an industry leader in providing integrated wind power, photovoltaics, power storage and hydrogen power solutions.
The GDR issuance of Ming Yang will enhance our international profile, further develop our internationalisation strategy, as well as expand our global and financing operations. We believe that the wind power industry will continue to evolve towards larger and lower-cost wind turbines. Based on our strong independent and platform-based R&D capabilities, we will further accelerate the commercialization of offshore and deep-sea floating wind turbines which we believe have strong growth potential.
Shanghai-London Stock Connect is a remarkable achievement of the Economic and Financial Dialogue between China and the UK, and also a key measure to open up China’s capital markets. We believe Ming Yang’s GDR issuance will not only be a landmark in the development of the company, but also enrich the Shanghai-London Stock Connect portfolio and provide better investment opportunities for global investors.”
Use of Proceeds
The Company intends to use the net proceeds received from the Offering as follows:
· Approximately 60% of the net proceeds will be used to strengthen the Group’s wind turbine manufacturing and sales capabilities, which include the research, manufacturing and sales of the Group’s wind turbines;
· Approximately 20% of the net proceeds will be used to promote the Group’s internationalisation strategies;
· Approximately 10% of the net proceeds will be used to develop the Group’s photovoltaics, power storage and hydrogen power capabilities; and
· Approximately 10% of the net proceeds will be used for working capital and general corporate purposes.
As a leading wind turbine manufacturer, mission of the Ming Yang Smart Energy Group is to provide accessible green and smart energy, and it aims to become a full lifecycle renewable solutions provider. Through technological and business innovations, the Group has developed into a leading smart energy enterprise in China with global influence, gradually becoming an industry leader in providing integrated wind power, photovoltaics, power storage and hydrogen power solutions.