(Yicai Global) July 8 -- Shares of Mingyang Smart Energy Group plunged despite the leading Chinese turbine producer saying its first-half profit more than doubled from a year earlier and that it received the go-ahead from China’s securities watchdog to also list in London.

Mingyang’s stock [SHA: 601615] ended 7.5 percent lower at CNY31.77 (USD4.74) today, after tumbling by as much as 8.9 percent in the morning trading session.

Net profit likely rose 111 percent to 143 percent to between CNY2.2 billion and CNY2.5 billion (USD328.3 million and USD373 million) in the six months ended June 30, mainly thanks to increased orders and shipments of wind turbines, the Zhongshan-based company said in a statement yesterday.

The China Securities Regulatory Commission also gave its approval for Mingyang to issue 168 million new Chinese mainland shares, which will become about 33.7 million global depository receipts listed on the London Stock Exchange, the firm said in a separate statement yesterday. Expected to be priced at no less than USD20.22 per GDR, the secondary listing will raise about USD550 million.

Mingyang will use 60 percent of the proceeds to enhance its ability to produce and sell wind turbines and 20 percent to advance its international strategy, it said. Another 10 percent will go to strengthen its photovoltaic, energy storage, and hydrogen strength, and the remainder will be used to supplement working capital and for other general corporate purposes.

Founded in 2006, Mingyang is a clean energy solutions provider. The business covers wind, solar, storage, and hydrogen new energy development, operation and equipment manufacturing. The company ranks 40th among the top 500 global new energy companies and first for offshore wind power innovation, according to its website.

Editor: Futura Costaglione