Mingyang Smart Energy Group has been admitted to trading on the Shanghai Segment of the main market of London Stock Exchange (LSE).
The Chinese turbine manufacturer has also been awarded London Stock Exchange’s Green Economy Mark.
Mingyang Smart Energy raised $657m through a global offering of Global Depositary Receipts (GDRs) on their underlying A shares listed on the Shanghai Stock Exchange.
As at 31 December 2021, the Company ranked third globally in terms of the total capacity of wind turbine order backlog, LSE said.
In 2021, the company ranked third globally and second in China in terms of newly installed offshore wind power capacity.
It launched the 16MW MySE16.0-242 offshore wind turbine, which is currently the largest offshore wind turbine in the world.
The MySE7.X onshore turbine was the largest onshore wind turbine when the product was first launched.
The net proceeds will be mainly used to strengthen the company’s wind turbine manufacturing and sales capabilities, to build a manufacturing system of high-end equipment for wind energy, PV, energy storage and hydrogen, enhancing the Company’s global presence, and replenishing working capital.
Trading of GDRs is available on London Stock Exchange’s International Order Book.
Over 2000 GDRs from over 100 countries can be directly traded at London Stock Exchange.
Mingyang Smart Energy chairman Zhang Chuanwei said: “As a leading wind turbine manufacturer, we aim to become a full lifecycle renewable solutions provider.
“Through technological and business innovations, we have developed into a leading smart energy enterprise in China with global influence, gradually becoming an industry leader in providing integrated wind power, photovoltaics, power storage and hydrogen power solutions.
“The GDR issuance of Mingyang Smart Energy will promote the implementation of our strategies and help the company’s internationalization process.”
LSE chief executive Julia Hoggett said: “The listing of Mingyang GDRs through Shanghai-London Stock Connect identifies London as a truly international financial centre.
“It also showcases the importance of our capital markets in funding green growth and furthering sustainability in the global economy.
“The partnership between the London Stock Exchange and the Shanghai Stock Exchange is a pathway to a vibrant, diverse market which cultivates financial ties between the UK and China, as well as providing financing choice to issuers contributing to the global transition to a low carbon economy.”