China Ming Yang Wind Power Group Ltd. says it has withdrawn the registration statement on Form F-1, which was previously filed with the Securities and Exchange Commission for the proposed public offering of up to 15 million American depositary shares (ADS) of the company by certain selling shareholders.
‘We believe the selling shareholders' decision to cancel the proposed offering demonstrates their view that the current share price is significantly undervalued and does not reflect the fundamentals of our business and our future growth prospects,’ says Chuanwei Zhang, chairperson and CEO of Ming Yang.
In light of current market conditions, Ming Yang's board of directors has approved that the company consider implementing a share-repurchase program. Such a program may include the repurchase by Ming Yang of ordinary shares or ADS of the company in privately negotiated transactions or in the open market from time to time, depending on market conditions and other factors.Â
The company intends to announce the size and other terms of the program once finalized and approved by the board.