PR89809

SHANGHAI, May 29, 2021 /PRNewswire=KYODO JBN/--

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.

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.

Related Link:

www.shanghai-electric.com

Source: Shanghai Electric

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   Caption: Listing ceremony for Shanghai Electric Wind Power Group at Shanghai Securities

Exchange Building