After waiting three months for market conditions to improve, Xinjiang Goldwind Science Technology, returned to the primary market yesterday with a reduced target amount and a lower offering price. The Chinese manufacturer of wind turbines now aims to raise up to HK$7.1 billion $917 million in its Hong Kong IPO, which is 23.5% lower than its initial target in June.
However, the reduced price range was viewed as attractive by institutional investors and the deal was fully covered yesterday -- the first day of bookbuilding -- by high-quality accounts, mostly long-only funds, sources said.
The positive response is supported by five cornerstone investors that have agreed to subscribe to a combined...
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