The problem
China was racing to bring more renewable energy online and grow its share of the country's consumption, and wind was taking off worldwide. The opportunity was clear: back the company positioned to lead it. The hard part was finding the right one.
What I did
Ming Yang was that company: the only private company leading the manufacturing and installation of wind turbines across China, with the capacity to move into the much larger multi-megawatt turbines coming to market. I sourced it in 2007, out of a $350M China fund where I managed two analysts and deployed $80M+ across five growth-equity deals, and led it to the New York Stock Exchange on October 1, 2010, at $14.00 per ADS, raising about $350M: the largest US IPO by a Chinese company that year. The Chinese private equity chapter is behind me, but I still have the instinct for finding what nobody else is looking at.
The details
| Fund | $350M China fund; $80M+ across 5 deals |
|---|---|
| My role | Sourced the deal; led it to IPO; managed 2 analysts |
| Listed | NYSE, October 1, 2010, at $14.00/ADS |
| Raised | ~$350M |
| Distinction | Largest US IPO by a Chinese company in 2010 |
| Bookrunners | Morgan Stanley, Credit Suisse, BofA Merrill Lynch |
| Today | Shanghai 601615 |