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Monday, April 11, 2011

Chinese Clean Energy IPOs to top $1.1 billion this year on HKSE

Beijing Jingneng Clean Energy (BJCE) and the solar glass unit of Xinyi Glass Holdings (Xinyi) will launch initial public offerings on the Hong Kong Stock Exchange this year, according to the The Wall Street Journal. BJCE plans to conduct a $500 million IPO in Q2, while Xinyi plans to raise $600 million in Q3.

Chinese clean energy firms successfully raised $2.4 billion in Hong Kong last year, as the country continues to promote clean energy technology to cut its greenhouse gas emissions and reliance on fossil fuels.

Beijing plans to derive 15 percent of its energy from renewable sources by 2020 through increased use of wind, solar and nuclear power, the WSJ said.