Wilbur Ross to invest in Longyuan HK IPO: prelim prospectus

HONG KONG (Reuters) - U.S. billionaire investor Wilbur Ross plans to buy shares of China Longyuan Power Group, Asia's largest wind power generator, which aims to raise up to $2.2 billion from its Hong Kong initial public offering, according to a preliminary prospectus.

Longyuan has landed four cornerstone investors for a combined $330 million worth of shares, according to a preliminary prospectus obtained by Reuters on Monday.

WLR IV CLPG L.P, a company controlled by Wilbur Ross, has agreed to subscribe to Longyuan's shares, which may be worth $100 million.

Ross is known for restructuring failed companies, particularly in the steel industry, where he negotiated a deal with labor unions that many said saved International Steel Group. He established his investment firm, WL Ross & Co, in 2000.

The three other cornerstone investors are China Life Insurance Group, Value Partners Ltd, and Bank of East Asia's Chairman David Li Kwok-po, which plan to subscribe to $180 million, $30 million and $20 million worth of shares, respectively.

Longyuan is selling 2.1 billion shares, or 30 percent of its enlarged share capital, at a price range indicated between HK$6.26 and HK$8.16 per share.

Longyuan kicked off its marketing roadshow on Monday, and plans to price its shares on December 3, with trading expected to begin on Dec 10.

(Reporting by Kennix Chim, Editing by Chris Lewis)