Seven key investors will pay a total of US$260 million for shares in the renewable-energy unit of China Datang Corp (中國大唐), China’s second-biggest power producer, according to the prospectus for the company’s Hong Kong initial public offering (IPO).
China Power International Holding Ltd (中電控股) will buy a US$10 million stake in China Datang Corp Renewable Power Co (大唐新能源), while Thomas Lau (劉鑾鴻), brother of Hong Kong billionaire Joseph Lau (劉鑾雄), will take a US$20 million share, the prospectus shows.
The renewable-energy unit of China Datang Corp is targeting capacity of at least 20,000 megawatts in 10 years by developing wind, solar and biomass projects.
China Datang Renewable plans to raise HK$6.8 billion (US$876 million) in its share sale on Friday next week, adding to the record US$49 billion raised in Hong Kong IPOs this year, according to data compiled by Bloomberg.
The China Datang unit aims to boost its wind-power capacity by about 2,000 megawatts annually in the next six years, company president Hu Yongsheng (胡永生) told reporters in Hong Kong yesterday.
China wants at least 15 percent of its energy to come from renewable sources, including wind, by 2020. China erected more wind turbines last year than any other country and may install a record 18,000 megawatts of wind-power capacity this year, according to Bloomberg New Energy Finance estimates.
China Datang Renewable’s wind-power capacity may rise to 4,000 megawatts by the year-end from 2,717 megawatts in June, Hu said, adding that it could further rise to as much as 6,000 megawatts by the close of next year.
Aluminum Corp of China Ltd (中國鋁業公司) and Angang New Co will each buy a US$50 million stake in Datang Renewable, the prospectus shows. State Grid Corp of China (國家電網國際發展有限公司) and China Yangtze Power Co (中國長江電力股份有限公司) will also purchase US$50 million in shares, it says.
China Everbright Ltd (中國光大證券(香港)有限公司), UBS AG, Credit Suisse Group AG, JPMorgan Chase & Co and Macquarie Group Ltd are managing the share sale.
China Huaneng Group Corp (中國華能集團公司), China Datang’s bigger rival, plans to raise as much as US$1.3 billion in the IPO of its renewable energy unit in Hong Kong, according to a term sheet sent to investors on Nov. 29.
Contract chipmaker United Microelectronics Corp (UMC, 聯電) yesterday said it has signed a memorandum of understanding (MOU) with Polar Semiconductor LLC to collaborate on the production of 8-inch wafers in the US. The collaboration aims to strengthen 8-inch wafer manufacturing in the US amid Washington’s efforts to increase onshore manufacturing of semiconductors, contribute to supply chain resilience against shifting geopolitical dynamics, and ensure a secure domestic supply of power semiconductors critical to automotive, electric grids, robotic manufacturing and data centers, the companies said in a joint statement. Under the MOU, Polar and UMC will identify devices for Polar to manufacture at
TECH TITANS: Amazon’s latest chip joins Google in competing for the 90 percent market share held by Nvidia, which claims it is ‘a generation ahead of the industry’ Amazon Web Services (AWS) on Tuesday launched its in-house-built Trainium3 artificial intelligence (AI) chip, marking a significant push to compete with Nvidia Corp in the lucrative market for AI computing power. The move intensifies competition in the AI chip market, where Nvidia dominates with an estimated 80 to 90 percent market share for products used in training large language models that power the likes of ChatGPT. Google last week caused tremors in the industry when it was reported that Facebook-parent Meta Platforms Inc would employ Google AI chips in data centers, signaling new competition for Nvidia. This followed the release last month of
Two companies wholly owned by the daughter of the founder of Hon Hai Precision Industry Co (鴻海精密) on Monday reported to the Taiwan Stock Exchange that they would dispose of all of the Hon Hai shares they hold. In filings with the exchange, Hong Wei Investment Co (鋐維) said it would sell the 2.771 million Hon Hai shares it holds and Frontier Investment Corp (承鋒投資) said it would sell its 2.409 million Hon Hai shares from tomorrow until Jan. 3 next year. The two companies are wholly owned and chaired by Shirley Gou (郭曉玲), the eldest daughter of Hon Hai founder Terry
TARIFF TALKS: The US secretary of commerce is eyeing more than US$300 billion in investments and said Taiwan would train US workers, but Taipei has denied the latter US Secretary of Commerce Howard Lutnick said the US is expecting a large investment pledge from Taiwan in trade talks, while President William Lai (賴清德) listed areas that need improvement in order for projects to be completed. “We’re in the midst of discussions,” Lutnick said on Wednesday. “But the fact is, this administration’s goal is to bring semiconductor manufacturing to America.” Lai on Wednesday said Taiwan is supportive of US President Donald Trump’s goal of reindustrializing the US, including efforts to ramp up semiconductor production. Such a goal would require the US to reduce its reliance on Taiwan as a key source
RSS