MingYang has raised $657 million through its listing on the London Stock Exchange, but missed its stated target by nearly $50m.
The Chinese turbine manufacturer, now valued at $9.96 billion, traded on the Shanghai-London Stock Connect via the London Stock Exchange through an offering of Global Depositary Receipts (GDRs).
The company had raised its sites to target nearly $707m last week, citing “strong investor demand”.
Proceeds from the listing will be used to support the growth of MingYang’s international business, while scaling the production of renewable energy infrastructure.
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