GDRs are offered by Mingyang Smart Energy Group Limited on the London Stock Exchange
London Stock Exchange Group plc
Mingyang Smart Energy Group Limited, a global provider of renewable energy solutions, obtains $657 million through a GDR offering on the London Stock Exchange, Upon listing, Mingyang is eligible for the London Stock Exchange's Green Economy Mark in acknowledgment of earnings from eco-friendly goods and services.
Mingyang Smart Energy Group Limited (Mingyang) has been admitted to trading on the Shanghai Segment of the London Stock Exchange, an LSEG business. The Chinese wind turbine manufacturer and smart energy provider raised $657 million in a Global Depositary Receipts (GDR) offering, valuing the company at $9.96 billion. The proceeds from the listing will be used to expand its international business while also scaling up production of renewable energy infrastructure.
The China-based company has earned the London Stock Exchange's Green Economy Mark. Using FTSE Russell's Green Revenues Classification System, the Green Economy Mark identifies London-listed companies that generate 50% or more of total annual revenues from green economy products and services. The Green Economy Mark identifies a universe of investable 'green economy' equities, recognizing companies and funds that contribute to meeting environmental goals. As a result, the Mark raises these issuers' profile and visibility among investors and the broader market. Mingyang is one of the world's leading providers of renewable and offshore wind solutions.
Julia Hoggett, CEO of LSE plc 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.”
Zhang Chuanwei, Chairman of Mingyang said: “The listing of Mingyang Smart Energy Group Limited GDRs through Shanghai-London Stock Connect will enable us to promote the implementation of our strategy and support growth of our smart energy enterprise in markets outside of China and help the company’s internationalisation process. Our aim is to become a full lifecycle renewable solutions provider. Through technological and business innovations, we are becoming an industry leader in providing integrated wind power, photovoltaics, power storage and hydrogen power solutions. I would like to extend my sincerest respect and gratitude to the regulators in China and United Kingdom, as well as both the London Stock Exchange and Shanghai Stock Exchange.”
FTSE Russell’s 2022 report on investment opportunities within the green economy identified China as having the second largest share by country in the global green economy at 12%, after the United States. The report also found that China also has a 7% exposure to the green economy, above the global average of 5%. Shanghai-London Stock Connect brings together two of the world’s largest capital markets and enables international investors to access securities fungible with China’s A-Shares on an exchange outside China, using international trading and settlement practices. With this listing, $6.5 billion has been raised by issuers via the mechanism since its launch in 2019. GDRs issued via Shanghai-London Stock Connect feature across the full suite of the London Stock Exchange’s trading services including Turquoise and Turquoise Plato midpoint and electronic block trading. Further information on Shanghai-London Stock Connect can be found here.
Source: LSEG news