China Ming Yang Wind Power Group prices IPO of 25M American depositary shares at $14 a piece

China Ming Yang Wind Power Group prices its IPO

NEW YORK — China Ming Yang Wind Power Group Ltd. says it priced an initial public offering of 25 million American Depositary Shares at $14 a piece.

The underwriters have a 30-day option to buy up to an additional 3.8 million shares to cover any overallotments.

Each American Depositary Share equals one ordinary share of the company. American Depositary Receipts, or ADRs, are securities that allow U.S. investors to trade shares of companies based overseas.

The Chinese turbine maker will start trading on the New York Stock Exchange on Friday under the ticker “MY.”

China Ming Yang’s stock fell 78 cents, or 5.6 percent, to $13.21 in afternoon trading.