China WindPower defers spin-off of tower tube manufacturing unit

The postponement of spin-off and listing caused by changes in market conditions and market volatility.

China WindPower Group Limited (“China WindPower”) on Friday announced despite the healthy development of the Group and Tianhe New Energy Equipment Limited (“Tianhe”), the wind power tower tube equipment manufacturing subsidiary of China WindPower, the Group has decided to postpone this year’s spin-off and listing plan of Tianhe on the Stock Exchange of Hong Kong due to recent change of the market conditions and market volatility, according to a China Windpower report.

Mr Liu Shunxing, Chairman of China WindPower, said, “When investors’ confidence in the market is weak, for the benefit of the Group and its shareholders, it is not the best time to proceed the spin off and listing of Tianhe at the moment.”

Mr Liu concluded, “We are still confident on the development of Tianhe. The postpone of spin off and listing won’t affect the Group and Tainhe’s business. We will re-evaluate the market condition at the end of year and consider whether or not to spin off Tianhe.”