China High Speed Transmission Equipment Group saw its share price double on Wednesday when its IPO hit the market in Hong Kong. That made it the best performing IPO on the HKEX this year.

China High Speed is the largest manufacturer of wind power transmission gears in the country and has about a 90% market share in the industry. Alternative energy sources are big business in China at the moment, but most of the recent activity has involved solar power companies. Solar energy IPOs, however, seem to have saturated U.S. markets at the moment. The last solar power IPO in the U.S. for a Chinese company was Yingli, and it closed lower at the end of its first day of trading on the NYSE. China High Speed finished the day at HK$14.00 on Wednesday - up 98% from its opening price...