February 28, 2008 / 1:50 AM / 11 years ago

China Topraysolar soars 400 pct in Shenzhen debut

(For an expanded IPO diary, please click <CN/IPOMENU>)

SHANGHAI, Feb 28 (Reuters) - Shares of Shenzhen Topraysolar Co 002218.SZ, China’s first specialist maker of solar power cells to list domestically, soared 400 percent as they began trading on Thursday, beating analysts’ forecasts by far.

The shares opened on the Shenzhen Stock Exchange at 54.00 yuan against their initial public offer price of 10.79 yuan. Analysts had expected an opening price of around 45 yuan.

After five minutes of trade, the shares were up 382 percent at 52.00 yuan.

Topraysolar raised about $60 million in its IPO, selling 25 percent of its expanded capital. The offer attracted strong demand because of increasing Chinese investor interest in clean energy shares.

The company plans to invest funds raised in the IPO in expanding production. It earned a net profit of 76.29 million yuan ($10.7 million) in 2007, up 13 percent from 2006.

A number of bigger Chinese solar energy firms, such as SunTech Power STP.N and Yingli Green Energy YGE.N, have listed their shares on U.S. markets over the past several years.

In late December, shares in Xinjiang Goldwind Science & Technology Co 002202.SZ, China’s biggest maker of wind power generation equipment, far exceeded expectations by soaring 264 percent from their issue price in their Shenzhen debut. ($1 = 7.12 yuan) (Reporting by Claire Zhang, Editing by Andrew Torchia and Edmund Klamann)

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