Energy
Two Chinese IPOs: ChinaCache and China Ming Yang Wind Power (CCIH, MY)
Published:
Last Updated:
We have two Chinese initial public offerings today. ChinaCache International Holdings Ltd. (NASDAQ: CCIH) is a Chinese internet company and China Ming Yang Wind Power Group Limited (NYSE: MY) is a Chinese wind turbine company.
ChinaCache International Holdings Ltd. (NASDAQ: CCIH) priced its IPO today, and it was a premium pricing. The company provides internet content and delivery applications in China.
The IPO is for 6,060,980 American depositary shares, at a price of $13.90 per share. The range had been expected to be $10 to $12 per ADS. Of the offering, 5.014 million shares are being sold by the company and 1.046 million shares are being sold by holders.
BofA Merrill Lynch and Deutsche Bank Securities Inc. are listed as the joint bookrunners, and the co-managers are Oppenheimer & Co. and Pacific Crest Securities. The underwriters have been granted a 30-day option to purchase up to an additional 909,147 shares for over-allotments, if any.
The company is not profitable and 2009 was a difficult year. The company plans to use the proceeds to fund cap-ex and buildouts of its network and other equipment and to fund R&D.
China Ming Yang Wind Power Group Limited (NYSE: MY) has priced its IPO today, and it was said to be at the lower end of expectations. The company is a wind turbine manufacturer in China.
The IPO is for 25,000,000 American Depositary Shares and each ADS represents one ordinary share of Mingyang. The shares priced at $14.00 per share.
Morgan Stanley, Credit Suisse and BofA Merrill Lynch were the joint bookrunners for the initial public offering and they have a 30-day option to purchase up to 3,750,000 additional ADSs from Mingyang to cover over-allotments, if any.
After the IPO, there will be about 125 million shares outstanding and the company plans to use the proceeds to expand production and for R&D. In 2008 the company delivered only 69 wind turbines, but this was 378 wind turbines in 2009, and it delivered 144 turbines during the first half of 2010.
You can join our free daily email distribution list to hear more about dividend trends, analyst upgrades and downgrades, top day trader and active trader alerts, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.
JON C. OGG
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
