Shanghai Electric Wind Power Group Launches IPO on SSE STAR Market, Injecting New Impetus into the World's Wind Power Industry

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May 28, 2021, 23:37 ET

SHANGHAI, May 28, 2021 /PRNewswire/ -- A ceremony was held at Shanghai Securities Exchange Building on May 19, 2021, to mark the initial public offering (IPO) of Shanghai Electric Wind Power Group Co., Ltd. ("Shanghai Electric Wind Power Group") (688660), a subsidiary of Shanghai Electric Group Co. Ltd. ("Shanghai Electric" or "the Company") (601727.SS and 02727.HK), on the Shanghai Stock Exchange Science and Technology Innovation Board. The listing ushered in an important era in the history of the Company, serving as a new launchpad from which the Company will help accelerate the global transition to an economy powered by greener and more sustainable wind energy.

Listing ceremony for Shanghai Electric Wind Power Group at Shanghai Securities Exchange Building

Shanghai Electric Wind Power Group submitted its IPO application to the Shanghai Stock Exchange in June 2020. Following nearly a year of preparation, the company was successfully listed on the SSE Sci-Tech Innovation Board shortly after an online roadshow.

"The IPO proceeds will help Shanghai Electric Wind Power Group to develop new products and technologies, build new bases, accelerate digital transformation and boost overall product testing capability. It will bolster our plan to sharpen the company's competitive edge and create new growth opportunities by expanding the investment into post-market services and smart manufacturing. In addition, it will also serve to optimize the capital structure to reinforce the company's anti-risk capacity," said Jin Xiaolong, Chairman of Shanghai Electric Wind Power Group.

The announcement of the Shanghai Electric Wind Power Group's IPO comes against the backdrop of China's pledge to achieve carbon dioxide emissions peak before 2030 and carbon neutrality before 2060. The IPO will further align the company's strength and expertise in wind energy with China's strategy for energy transformation with the aim of reshaping the role of wind power in the renewable energy sector.

A leader in China's offshore wind turbine industry, Shanghai Electric Wind Power Group is one of the world's wind energy powerhouses, with its businesses covering wind turbine design, manufacturing, operation and maintenance services, wind farm investment and development. Shanghai Electric Wind Power Group has developed a roadmap for product technology that combines product licensing, secondary development, strategic cooperation, and independent R&D. The company has carved out a path to promote the evolution of wind energy, coupled with a strong digital capacity to empower the future development of the industry.

In March 2021, Bloomberg New Energy Finance (BNEF) listed Shanghai Electric among the global top ten wind turbine manufacturers. According to data from BNFE, Shanghai Electric's total capacity of newly installed turbines increased by 5.07GW last year, helping the Company make the top 10 in the ranking for the global wind energy market. In addition, Shanghai Electric is leading China's offshore wind market with an installed capacity reaching 1.26GW in 2020, second to Siemens Gamesa.

"Looking forward, Shanghai Electric will seize the new opportunities offered by the global energy revolution. By devoting ourselves to the development of green energy, we will drive forward the development of smart energy and create a 'zero-carbon' industrial eco-system for the renewable energy sector," said Jin Xiaolong.