CECEP Wind Rises by Daily Limit in Shanghai on Share Sale PlanChisaki Watanabe
Shares of CECEP Wind Power Corp. surged by their daily limit in Shanghai on Wednesday after the company announced plans to raise as much as 3 billion yuan ($479 million) selling shares to fund wind farms.
CECEP Wind, a unit of state-owned clean-energy developer China Energy Conservation & Environmental Protection Group, will sell 315.5 million shares for at least 9.51 yuan each, the Beijing-based company said in a filing Tuesday.
The shares rose 10 percent to 11.77 yuan as of 10:49 a.m. local time. They’ve gained more than fivefold since their September debut, giving the developer and operator of wind projects a market value of about 21 billion yuan.
CECEP will use the proceeds from the share sale to help build four wind farms with a combined capacity of 550 megawatts. The projects are estimated to cost 5.5 billion yuan.