Yingli IPO Opens Down...
Filed in archive IPOs on June 9, 2007
Solar IPO fatigue: that's how Mark Gongloff at the Wall Street Journal described it. Yingli's NYSE IPO went for $11, opened Friday at $10.80 and fell to $10.50 at the close - down about 4.5%.
LDK Solar, another Chinese solar energy company that opened on the NYSE last Friday (June 2) with an IPO at $27 per share was up on its first day of trading by 12% but closed yesterday at just $23.95. That's a drop of about 12% in the first week.
Another source said that "over-saturation of the marketplace" had become an issue for China's solar power industry stocks. Seven such companies have been listed on on the NYSE, NASDAQ or London's AIM since December of 2005, with six of those listings coming in the last six months. The current drop in places may case other solar industry companies in China to hold off on planned IPO listings.
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