Wind turbine maker Xinjiang Goldwind Science & Technology has announced plans to raise $1bn through shares in Hong Kong to fund its expansion outside China.

Goldwind CFO Sun Liang told the Wall Street Journal the company could enhance its gross profit margins and average selling prices by expanding overseas, as there is intense competition growing in China.

Goldwind CEO Wu Gang said the firm wants to increase sales in the US and Europe.

According to Gang, the expansion plan may involve the establishment or acquisition of production facilities overseas.

“We hope to be one of the world’s top three wind turbine makers in the next three to five years,” Gang said.

About 40% of the share-sale proceeds raised will be used on building plants, 24% for overseas expansion, 15% for design and development, 11% to pay loans and 10% as working capital, according to the firm.