According to reports, Titan Wind Energy (Suzhou) (002531) announced yesterday that it plans to invest US$12 million (76.62 million yuan) in funds raised in its IPO to set up a subsidiary in Singapore engaged in equity investment in new energy companies and international trade, reports yicai.com, citing a company filing.
The subsidiary will be called Titan Wind Energy (Singapore), with registered capital of SG$100,000. Titan Wind Energy picked Singapore because of its favorable tax policy, the source said.
The firm also plans to set up a factory in India to produce wind towers and related parts.
Titan Wind Energy listed on the Shenzhen Small and Medium Enterprise Board (SZ SME) in December last year and raised 1.23 billion yuan from the IPO. Of that total, 424 million yuan was above its target figure.
The company invested funds raised from the issuance to build three-megawatt (MW) maritime wind towers, update the technology of its 2.5MW wind towers and rebuild a technology research center. It still has 133 million yuan in extra funds from its IPO.