There were conflicting signals on the health of the clean tech IPO market this week, as one leading Chinese renewable energy firm postponed its planned floatation and another pulled off an encouraging first day of trading.
China Longyuan Power Group Corp, the largest wind farm developer in Asia, debuted on the Hong Kong Stock Exchange yesterday and saw its share price climb 9.44 per cent on its first day of trading.
The IPO was reportedly 235 times oversubscribed and the energy giant reportedly raised HK$17.14bn through the IPO, selling 2.1bn shares at the upper end of the expected price range.
The shares then started trading at HK$9.20, up 12.75 per cent on the IPO price, before climbing further to HK$8.93 at the end of the day's trading.
The company said that the cash raised through the IPO would be used to repay debt and finance new production facilities.
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