By Christopher Zinsli
Of DOW JONES VENTUREWIRE
Trony Solar Holdings Co. has withdrawn its planned initial
public offering about seven months after the Chinese solar-module
maker postponed its plans to go public.
The company, based in Shenzhen, registered for an IPO in
November 2009 as numerous companies rushed to take advantage of
improving markets. But the following month it indefinitely
postponed plans to sell 19.5 million American depositary shares at
between $9 and $11 apiece.
Monday's decision to withdraw the offering entirely was due to
general market conditions, the company said. J.P. Morgan Chase
& Co. and Credit Suisse Group had been lead underwriters for
the offering.
Trony, which manufactures thin-film solar power modules, is
backed by investors including Intel Capital, the venture capital
arm of Intel Corp. (INTC) which held a 5.3% stake as of
December.
Chinese solar companies have had a difficult time completing
public offerings. JinkoSolar Holding Co. (JKS) and Daqo New Energy
Corp. also have postponed their planned IPOs in recent months,
though JinkoSolar later priced at the low end of its expected
range.
-By Christopher Zinsli; Dow Jones Venturewire; 212-416-2034;
christopher.zinsli@dowjones.com
(Dow Jones VentureWire is a daily newsletter covering
venture-capital investing and start-up companies.)