Solar equipment maker gets green light for IPO
Guodian Technology and Environment Group, a solar and wind power equipment making unit of state-owned power-generation major China Guodian Group, has received approval from the mainland's environment watchdog to launch an initial public offering in Hong Kong.
Guodian Technology plans to raise US$1 billion in the fourth quarter from the listing that would be handled by China International Capital Corp (CICC), Dow Jones reported. Guodian Technology officials could not be reached for comments. A CICC spokesman said it 'has nothing to publicise'.
The Ministry of Environmental Protection said on its website that it had reviewed Guodian Technology's environmental protection regulations compliance record and had given it a pass.
Since 2008, mainland firms must go through a review and obtain the watchdog's blessing before they can issue shares in stock markets.
Set up in late 2004, Guodian Technology's sales and profits have grown more than 50 per cent annually, its website said without giving figures.
Its Yantai Longyuan Electric Power Technology unit raised 1.17 billion yuan (HK$1.43 billion) a year ago via an initial public offering in Shenzhen's Growth Enterprise Market. The firm installs combustion control and energy-saving facilities in coal-fired power plants.
Guodian Technology also makes wind and solar power equipment. It had budgeted five billion yuan to build a plant in Ningxia Hui autonomous region for the production of solar panel raw material polysilicon.
The first-phase 2,500 tonne-a-year facility came on steam a year ago, and the second 2,500 tonne-a-year production line is slated for completion next year.
According to the ministry, Guodian Technology has completed a crystalline silicon solar cells production plant with annual capacity of 200MW, which is planned to be eventually expanded to 1,000 MW.
It is also building a silicon thin-film solar cells plant with 150MW of annual capacity and a 'high efficiency' solar cell facility with 80MW of capacity.
Solar cells are assembled to make a solar panel. Crystalline and thin-film are technologies that give rise to different panel sizes and efficiencies in transforming sunlight into power.
In the wind sector, Guodian Technology is building production facilities in Jilin and Jiangsu provinces to build turbines with 3MW of capacity, more powerful than its current products.