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China Longyuan Power Group, the world"s fifth largest and Asia"s largest wind power generator, is now listed on the Hong Kong Stock Exchange. And demand was strong, with shares being snapped up by eager investors.
Longyuan"s rose more than 10 percent at the start of trade on Thursday, kicking off with an IPO price of 8.16 Hong Kong dollars. Investors are hungry for renewable energy stocks, as they seek to tap into a fast-growing sector.
Longyuan is a major subsidiary of China Guodian Corporation, one of China"s five largest power generation groups. The IPO has pulled in funds from sovereign wealth fund, China Investment Corporation, US billionaire investor, Wilbur Ross, and China Life Insurance Group raising 17 billion Hong Kong dollars from its listing on the market.
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