Each China Sunergy ADR represents six common shares. Including the greenshoe, a total of 9,775,000 American Depositary Shares were sold in the offering at a price of US$11 per ADR, resulting in a total offering size of US$107.5 million.
China Sunergy is a leading manufacturer of solar cell products in China. The company manufactures solar cells by converting sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells the solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble the solar cells into solar modules and solar power systems for use in various markets.
"Having JPMorgan and its strong and highly experienced team acting as the depositary bank for China Sunergy gave us full confidence in a successful ADR program listing," commented Fischer Chen, Deputy Head of IPO Office from China Sunergy.
"The US market offers great depth and liquidity for international equities. We look forward to working with China Sunergy in its entry into the US market, and to help it benefit from the continuous strong US demand for international equities", commented Kenneth Tse, JPMorgan's Senior Vice President and Head of Asia Pacific Regional Depositary Receipts Group.
JPMorgan provides a full complement of ADR services to non-U.S. issuers seeking to have their equity traded in the U.S. stock markets. JPMorgan's primary services include ADR Issuances and Cancellations, Stock Transfer, Tender and Exchange Offer and Subscription Rights Agency services; and, Tax Reclamation services for investors. For market information on ADRs and international equities go to JPMorgan's award-winning Web site www.adr.com For more information on JPMorgan's ADR services go to http://www.jpmorgan.com/visit/adr
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