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Trony Solar plans an IPO listing in HongKong after getting rebuffed in New York

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Trony Solar a Chinese manufacturer of amorphous Silicon based modules is planning to raise $200-250 million from an IPO listing in the Hong Kong stock market.The company had earlier tried to to list itself in New York but had to cancel it due to investor disinterest.The company had been waiting in the wings for 8 months but gave up its ambitions in the beginning of August citing poor market conditions.The company is the largest Thin Film manufacturer in China and has managed to see decent growth and margins.It uses custom made Amorphous Silicon Equipment unlike company like Suntech which used equipment made by Applied Materials.Note Amorphous Silicon has faced a tough time recently with Applied Materials shutting down its SunFab Thin Film Division.Customers of AMAT like Q-Cells and others  have also written down their investment due to severe price competition from mainstream crystalline technology.However some companies like Japanese leader Sharp are still continuing with their investments in Thin Film.

Trony Solar in which Intel Capital is an investor mainly supplies to the off grid market in China.Note HK listed Chinese solar firms like GCL and Comtec solar have performed much better than their NY listed Chinese peers.The HK market has also outperformed the US markets which are presently suffering from Double Dip Scares.If Trony manages to list successfully in Hong Kong it will give an impetus for other Chinese Green Companies like Daqo and others to list in HK as well.With continued apathy towards Chinese solar stocks,it is not inconceivable that you might see NY listed firms apply for a dual listing in HK as well.

Trony Solar plans up to $250 mln HK IPO – sources – Reuters

Chinese thin-film panel maker Trony Solar Holdings Co Ltd plans to raise $200 million to $250 million from a Hong Kong initial public offering in September, sources close to the deal said on Tuesday.

“The company aims to ask for the Hong Kong listing committee’s approval this Thursday,” one of the sources said.

JP Morgan (JPM.N) is handling the deal.

Trony Solar Gives Up on IPO; Another Green Casualty – NY Times

Chinese thin-film solar module maker Trony Solar has canceled its filing for an initial public offering on the New York Stock Exchange after eight months. The move further solidifies the green sector’s miserable IPO streak.Trony’s plan was to sell 19.5 million shares at between $9 and $11. The company says it withdrew its filing due to unfavorable market conditions. There’s no sign that these conditions will improve anytime soon. Many investors say that cleantech plays, by and large, are too risky and take too long to produce substantial returns.


Sneha Shah

I am Sneha, the Editor-in-chief for the Blog. We would be glad to receive suggestions, inputs & comments on GWI from you guys to keep it going! You can contact me for consultancy/trade inquires by writing an email to

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