(Updates with closing share price in second paragraph.)
Oct. 17 (Bloomberg) -- China Ming Yang Wind Power Group Ltd., a wind-turbine maker, rose the most in almost a week after the state-owned China Development Bank Corp. offered as much as $5 billion in financing.
Ming Yang rose 6.8 percent to $3.00 at the close in New York, the most since Oct. 12.
The financing will allow the company to approach international markets and assure bankability of their turbines, said Paul Clegg, an analyst at Mizuho Securities USA Inc. in New York, who has had a “buy” recommendation on the stock since June 30 and a price target of $5 a share since Aug. 16.
“These announcements help make a statement that ‘someone in the government likes us and we’re well positioned because of that and because we make quality turbines’,” he said.
China Ming Yang will use the funding to develop its domestic and international operations, including land-based and offshore wind turbines, supply chain integration and working capital management, the Zhongshan, China-based turbine company said today in a statement.
China Development Bank will provide loans and credit facilities worth as much as $5 billion through 2015.
--Editors: Jessica Resnick-Ault, Will Wade
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