North Coast Solar Stocks

May 17, 2007

China Sunergy rises more than 20%

Filed under: CSUN — Tags: — Jason @ 12:24 pm

Marketwatch – May 17, 2007 12:24 PM ET

NEW YORK (MarketWatch) — China Sunergy rose nearly 20% after pricing above priced above its range in its stock market debut Thursday as the latest energy-related deal in the market for initial public offerings.

The IPOs are tapping into hunger for alternative energy deals as well as continued growth pressure in the traditional oil, gas and electricity sectors.

China Sunergy Co. Ltd. (CSUN) offered 8.5 million shares at $11 a share, raising $94 million. The newly minted stock opened at $12 and rose to $13.06 for a gain of 19% over its IPO price.

In a sign of strong interest in the deal, China Sunergy priced above its $8-$10 range.

The Nanjing, China-based maker of solar cell products reported net income of $11.8 million on $150 million in revenue in 2006, compared to a net loss of $307,000 and revenue of $14 million in 2005.

The IPOs from China Sunergy and others come amid worldwide demand in the solar power business, which is becoming increasingly dependent on China’s manufacturing prowess.

China-based solar incumbents in the U.S. stock market include JA Solar , Solarfun Power Holdings and Suntech Power

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