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SCMP Reporter

Greens Power Equipment (China) and China Longyuan Electric Power Corp plan to raise up to a combined HK$6 billion in Hong Kong initial public offerings as they take advantage of rising mainland demand for alternative energy projects.
Both offerings are planned to be completed before the end of the year and  investment bank Morgan Stanley of the United States is the sole adviser for the two companies.
Market sources indicated Greens Power, the smaller of the two firms, could start its offering before China Longyuan.
Greens Power, founded in 2002 and based in Shanghai, was solely owned by Greens Power of Britain and was hoping to sell a stake of up to  HK$1 billion for a listing on the main board in late September or early October, sources said.
Two other sources said China Longyuan aimed to raise at least HK$5 billion by the end of the year.
Greens Power offers a variety of environmentally friendly boilers and heat-transfer products for the power generation and petrochemical industries.
Green energy, or alternative energy, is considered to be non-polluting and includes electricity production by geothermal, wind, solar or hydropower methods, instead of the traditional use of coal.
The alternative energy sector on the mainland has attracted strong interest from institutional investors given its huge growth potential and is backed  by policy support from the central government.
China Longyuan, the nation's largest producer of wind power, is believed to have lodged its listing application with the Hong Kong stock exchange.
The company is the renewable energy unit of China Guodian Corp, one of the five state-owned producers of electrical power. Last year, it  accounted for more than 20 per cent of  mainland wind-power producing capacity with power generation capacity of 2,630 megawatts.
China Longyuan boosted its generation capacity to 3,000 MW in the first half of the year and hopes to raise that  to 6,000 MW next year.
Given the recent strong market sentiment and ample capital inflows, at least 10 companies are believed to be planning offerings in Hong Kong  aiming to raise a combined HK$20 billion.
The H-share offering of China Metallurgical Group is the biggest issue among those planning a September offering. The company is thought to be aiming to raise HK$10 billion in Hong Kong as well as to tap the domestic market by selling US$1.4 billion worth of A shares on the Shanghai stock market.
Strong winds
Of mainland wind-power capacity, China Longyuan accounts for more than: 20%



Green power companies  target HK$6b in IPOs  to tap energy demand