Chinese wind turbine giant MingYang Smart Energy plans to raise $550m through a London Stock Exchange listing, using the proceeds to expand its manufacturing and R&D base and fund an ambitious international expansion programme, the company said.

MingYang, with shares already trading in Shanghai in its home market, said it received the go-ahead from Chinese authorities to pursue the London listing of global depositary receipts, which is still subject to various other approvals.

MingYang chairman Zhang Chuanwei said the London move will “enhance our international profile, further develop our internationalisation strategy, as well as expand our global and financing operations.