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Suntech Power Holdings Co Ltd, one of the world's leading solar energy companies, was last night due to make its IPO (initial public offering) debut in New York, hoping to raise US$395.7 million.
The company was offering 26.38 million American depository receipts on the New York Stock Exchange at US$15 each as China Daily went to press. The price was the top end of its revised price range, Suntech said.
"Suntech will list the shares at 10:30 pm Beijing time in New York," Philip Lisio, a company spokesman designated by Suntech at Ogilvy Public Relations, told China Daily.
On Monday the company raised its price forecast to between US$13 and US$15, up from an earlier range of US$11 to US$13.
East China's Jiangsu-based Suntech makes photovoltaic cells and modules used to convert solar energy to electricity. It plans to use the proceeds from the IPO to expand its manufacturing capacity, a company official surnamed Liu told China Daily.
"We will double our production capacity from the current 120 MW (megawatts)," said Liu, declining to elaborate on the timeframe.
Industry analysts said the prospects for the listing of the solar energy company were good, as many nations are pushing the use of renewable energy to reduce environmental pollution caused by burning carbon fuels such as oil and coal.
The highlight of the Chinese Government's efforts to promote renewable energy development is its implementation of the country's first law to encourage the use of new energy options such as wind and solar power.
Zhou Dali, director of the energy research institute under the National Development and Reform Commission, recently said at an energy forum organized by China Daily that China's long-term energy conservation and renewable energy development blueprint will generate investment worth hundreds of billions of yuan in the next five years.
Suntech's Liu forecast great market potential in China for the solar energy sector. He said Suntech's products are now exported to countries including Germany, South Africa and nations in Southeast Asia.
(China Daily December 15, 2005)
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