Company has no new timetable for launching IPO
Chinese thin film solar company Trony Solar Holdings Co Ltd has postponed its initial public offering indefinitely due to weak market conditions, an underwriter said on Thursday.
The Shenzhen, China-based company had expected shares to sell for between $9 and $11 apiece, according to its most recent prospectus.
There is no new timetable for the launch of the shares, which were to have traded on the New York Stock Exchange under the ticker symbol "TRO."
Solar companies have struggled this year as prices for their cells and panels have fallen by half because of an oversupply in the market. But demand has begun to pick up, raising hopes the industry will resume its steep growth path in 2010.
Despite the pickup, solar companies trying to go public are still struggling. In November, Connecticut-based STR Holdings Inc (STRI), which provides encapsulants that protect a solar module's semiconductor circuit, priced below an already-reduced expected range.
Chinese solar manufacturers typically have lower production costs, but tough competition in the sector and sluggish sales for the renewable energy systems outside China likely hurt the launch, said IPO Boutique senior managing partner Scott Sweet....MORE