Companies

Datang Renewable debuts 1% below IPO price

(Xinhua)
Updated: 2010-12-17 14:45

HONG KONG - China Datang Corporation Renewable Power, China's second biggest wind farm operator, officially listed on the Hong Kong stock exchange on Friday, with share price opening at HK$2.3 (30 cents), down 1.29 percent from its IPO price.

Related readings:  Datang Renewable raises $643m in HK IPO  Datang Renewable Power sees strong capacity growth

As a subsidiary of the State-owned power generator the China Datang Corp, Datang Renewable issued 2.14 billion shares for HK$2.33 apiece, a price in the lower end of its indicative price range. The net proceeds was about $614 million.

Current stock price fluctuations will not affect the company value in the long term, Hu Yongsheng, head of Datang Renewable, told reporters on Friday.

Hu said the wind-power capacity of Datang Renewable may rise to 5,500 to 6,000 megawatts in the next few years, with annual growth of about 2,000 megawatts.

The company will not seek further fundraising in two or three years, said Hu.