Goldwind Shelves $1.2 Billion Hong Kong Share Sale (Update4) - BusinessWeek
June 14 (Bloomberg) -- Xinjiang Goldwind Science & Technology Co. shelved a plan to raise as much as HK$9.09 billion ($1.2 billion) in a share sale in Hong Kong, citing poor market conditions.
The Chinese wind-turbine maker won’t proceed “in light of the deterioration in market conditions and recent unexpected and excessive market volatility,” Goldwind said in a statement to the Hong Kong stock exchange today. A sale would be “inadvisable” at this time, the company said.
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Renewable-energy stocks have fallen worldwide after the failure of United Nations climate talks in December to produce a treaty to fight global warming and promote clean-power sources.
The WilderHill New Energy Global Innovation Index, an 88- member benchmark with a $2.1 trillion market capitalization, has declined 24 percent in 2010. That’s almost four times more than the 6.7 percent drop by the MSCI World Index in the period.
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