Energy
Two Chinese IPOs: ChinaCache and China Ming Yang Wind Power (CCIH, MY)
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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.
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JON C. OGG
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