Clean energy firms eye Hong Kong IPOs: report

Mar 10, 2011
People pass under a series of solar power panels in northeastern China's Liaoning province. Two Chinese clean energy firms are planning share sales in Hong Kong to raise a total of $1.1 billion as the country ramps up its use of renewable energy, a report has said.

Two Chinese clean energy firms are planning share sales in Hong Kong to raise a total of $1.1 billion as the country ramps up its use of renewable energy, a report has said.

Beijing Jingneng and the solar glass unit of Xinyi Glass Holdings will launch initial public offerings in the southern Chinese financial hub this year, The Wall Street Journal said, citing unnamed sources.

State-owned Beijing Jingneng plans to raise $500 million in the second quarter, while Xinyi Glass will list its solar glass business in the third quarter after a $600 million IPO, the report said.

Four Chinese clean energy firms raised a total of $2.4 billion in Hong Kong last year, including wind farm operator China Datang Corp. Renewable Power's $682 million IPO in December, the report said.

Huaneng Renewables Corp., the wind-power unit of China Huaneng Group, may also list in the city this year after it ditched plans in December for a $1.28 billion Hong Kong IPO, the report said.

China has been quickly boosting investments in clean energy to cut the country's reliance on other power sources including coal and oil as a way of reducing high pollution levels in its major cities.

Beijing plans to source about 15 percent of its energy requirements from renewable sources by 2020 with the government encouraging investment in wind, solar and nuclear power, the Journal said.

Firms raised more than $50 billion in Hong Kong IPOs last year, including two monster sales by Asian insurer AIA and Agricultural Bank of China, making the city the world's biggest market for listings.

Explore further: A platform to help consumers achieve sustainable energy consumption

add to favorites email to friend print save as pdf

Related Stories

China joins U.S. FutureGen project

Dec 16, 2006

China has joined the United States in the FutureGen International Partnership, a plan to develop clean-burning coal, the U.S. Department of Energy said Friday.

Taiwan plans massive growth in solar energy

Dec 04, 2009

Taiwan plans to boost its use of solar panels by a factor of 200 over the next decade and a half in an effort to increase clean energy, a ranking official said Friday.

China to be 3rd biggest wind power producer: media

Jan 01, 2010

China is set to become the world's third largest wind power producer in 2009, state media reported, as the Asian giant seeks various ways to expand energy supply to power its economic boom.

US, Europe look to China for clean energy sales

May 17, 2010

(AP) -- U.S. leaders want China's clean energy boom to drive technology exports and are sending a sales mission to Beijing this week. But Beijing wants to create its own suppliers of wind, solar and other equipment and is ...

Recommended for you

Image: Testing electric propulsion

Aug 20, 2014

On Aug. 19, National Aviation Day, a lot of people are reflecting on how far aviation has come in the last century. Could this be the future – a plane with many electric motors that can hover like a helicopter ...

Where's the real value in Tesla's patent pledge?

Aug 20, 2014

With the much-anticipated arrival next month of electric vehicle manufacturer Tesla's Model S to Australian shores, it's a good time to revisit Tesla's pledge to freely share patents. ...

New type of solar concentrator doesn't block the view

Aug 19, 2014

(Phys.org) —A team of researchers at Michigan State University has developed a new type of solar concentrator that when placed over a window creates solar energy while allowing people to actually see through ...

User comments : 0