Wuxi Suntech successfully landed on the NYSE shares listed on the first day up 41%

Wuxi Suntech Solar Power Company Limited (hereinafter referred to as "Wuxi Suntech") on Wednesday officially landed in New York stock exchange, the first day of the company's shares closed at $21.20 traded higher than the IPO issue price of $15 rose 41%.

Wuxi Suntech through the initial public offering (IPO) for the sale of 26 million 380 thousand shares, the issue price of $13 to $15 in the upper guidance. Earlier this week, Wuxi Suntech's IPO underwriters Credit Suisse First Boston and Morgan Stanley raised the Suntech IPO guidance, the original price range of $11 to $13. U.S. solar cell maker SunPower successfully listed last month, the first day of trading shares rose 41%, its current share price rose by IPO compared to the issue price of. As oil prices continue to rise, alternative energy sources such as solar energy has attracted the attention of investors, which is one of the main reasons for the rise in Wuxi Suntech and SunPower shares.

In the first nine months of this year, Wuxi Suntech's net revenues of $137 million, an increase of $20 million 100 thousand, net profit of $188%, an increase of 129%. Compared with foreign competitors, Wuxi Suntech's biggest advantage is that China's cheap labor resources, in addition, the production capacity is also one of the important reasons for the realization of Wuxi Suntech profitability. Wuxi Suntech through initial public offering of $396 million, of which the company will receive about $300 million. Wuxi Suntech said that IPO revenue will be about $100 million for the purchase of raw materials, $40 million for the expansion of production lines, $20 million for R & D.