US$223 million IPO for Chinese solar module company
November 09, 2010 | BY
Candice MakTrony Solar raised US$223 million in its initial public offering (IPO) and international offering on the Hong Kong Stock Exchange. The Shenzhen-based company…
Trony Solar raised US$223 million in its initial public offering (IPO) and international offering on the Hong Kong Stock Exchange.
The Shenzhen-based company is one of the world's top producers of thin-film solar power photovoltaic modules. Underwriters of the transaction include JP Morgan Asia-Pacific, ICBCI Securities and CLSA. Private equity funds ICBC International and Shikumen provided pre-IPO financing to Trony Solar, and the company has secured two cornerstone investors, China Huadian Group and Chen Fashu.
The issuer was represented by an Orrick Herrington & Sutcliffe team on Hong Kong law, and by Simpson Thacher & Bartlett on US law. Jingtian & Gongcheng was Trony Solar's PRC counsel. The underwriters were advised on US and Hong Kong law by Latham & Watkins, and on PRC law by Commerce & Finance. Walkers provided the offshore law advice.
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