Thursday, February 28, 2008

China's Topraysolar shares surge fivefold in debut

In this post, Still Unhappy Times for Solar IPOs, we pointed out:
Unless you're Chinese, you're listing in Shenzen and your name is Shenzen Topraysolar.
Here's the story of the first day's trading, from Reuters:

Shares in Shenzhen Topraysolar Co 002218.SZ, a maker of solar power cells, jumped nearly fivefold when they began trading on Thursday, riding a wave of investor interest in China's clean energy companies.

Topraysolar, the country's first specialist maker of solar cells to list domestically, closed at 51.62 yuan on the Shenzhen Stock Exchange, up 378 percent from their initial public offer price of 10.79 yuan, after hitting a high of 57.00 yuan.

That comfortably beat analysts' expectations of a price of around 45 yuan on the stock's first day of trade....MORE