Chinese wind giant Longyuan to raise $400m via subsidiary

Hong Kong-listed Longyuan's move is a sensible response to poor appetite for a new share issue, says an analyst

Roger Schederin - DN-bilder2009

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By Dominique Patton Singapore

 Monday, December 03 2012

Updated: Friday, January 04 2013

China’s largest wind farm operator, Longyuan, will issue $400m of securities to expand its clean energy business and raise working capital.

Sale of the 5.25% senior perpetual securities will be carried out by subsidiary Hero Asia Investment and will close on 7 December, Longyuan says in a statement.

None of the securities will be sold to the public in Hong Kong, where the company's shares are traded, Longyuan adds.

The company has resorted to the debt issue in response to poor appetite for its planned share placement, according to an investment analyst who does not want to be named because of the sensitive nature of the subject.

Longyuan announced plans in May to Log in to read complete article.

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