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Shanghai Chaori Solar Energy Science & Technology Co., Ltd was listed on Shenzhen Stock Exchange on November 18th, 2010 (stock code 002506).
66 million shares were sold on the open market with a price of 36 RMB* per share, amounting to a total of 2.376 billion RMB. After listing, the earning per share (EPS) is 0.62 RMB.
The capital raised from the IPO** will be used to fund the following initiatives:
Firstly, to set up a new production line for 100MW polycrystalline cells (ingot to cell) in Luoyang and 50MW monocrystalline cells (wafer to cell) in Shanghai.
Secondly, to expand the capacity of modules by 100MW. The new capacity in 2011 will increase to 500MW. Expanding the cells and modules will not only resolve difficulties with supply to the cells, but will also meet the increasing needs of clients - thereby overcoming two significant obstacles for the company's development.
Thirdly, to develop the R&D*** centre. With more financial support, Chaori Solar will improve the existing manufacturing equipment and promote the research of new products, which gives Chaori Solar competitive strength on the market.
Fourthly, increasing the essential circulating capital, thus improving solvency and financial conditions.
Lastly, this IPO will help Chaori Solar extend the business of building solar park structures (wider projects than traditional solar sales) and, therefore, become a fully vertically integrated solar company through the integration of the upstream value chain.
*RMB = the Renminbi, the official currency of the People's Republic of China
** IPO = Initial Public Offering
***R&D = Research & Development
About Chaori Solar
Founded in 2003, Shanghai Chaori Solar Energy Science & Technology Co, Ltd. is one of the first Chinese companies to concentrate on the photovoltaic industry. With an initial investment focused on the research and development of crystalline silicon cells, solar panels and photovoltaic systems, Chaori Solar has evolved as one of the most recognized names in producing quality solar cells and modules. With offices in China and Germany, the company is dedicated to the design, installation and operation of solar products in the photovoltaic value chain. With numerous certifications highlighting the companyís commitment to producing high quality solar products including the IEC, UL and TUV, the company supplies their products to both established and emerging markets worldwide. Chaori Solarís annual capacity of solar cells reaches 225MW and 300MW for solar modules.
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