天合光能近日在纽约证交所公开发行790万股美国存托股票(ADS)，进行后续融资，融资额达1亿8千万美元。方达和美国瑞生律师事务所为发行人法律顾问，Conyers Dill & Pearman为该公司提供开曼岛法律意见。承销商法律顾问为君合和美国盛信律师事务所。


Trina Solar follow-on public offering

Value: US$184m
Trina Solar's follow-on public offering of American depositary shares (ADS) on the NYSE
Firm Client Role

Latham & Watkins

 Issuer US counsel

Fangda Partners

 Issuer PRC counsel

Conyers Dill & Pearman

 Issuer Cayman Islands counsel
Jun He Underwriters* PRC counsel
Simpson Thacher & Bartlett Underwriters* US counsel

Leading firms Fangda and Jun He recently completed more work in the increasingly lucrative renewable energy sector. This time the firms advised Changzhou-based Trina Solar Limited on its US$184m follow-on offering of American depositary shares (ADS) on the New York Stock Exchange, which made it the first US-listed solar power company to raise capital in the equity markets this year.

Long-term legal advisor Latham & Watkins also advised on the deal and its Hong Kong and Beijing teams were led by David Zhang.

Few Chinese companies have been raising funds in the US in recent months, prompting questions about the benefits of listing in Hong Kong versus the US. "Comparing potentials between listing in Hong Kong and the US are rife discussions, but I believe that there are advantages for different industries to list on either stock exchanges," said Zhang. "For instance if you are a Chinese TMT company, then it would be wise to launch in the US whereas if you deal with more traditional developer and real estate type work, then it would make more sense to list in Hong Kong. Knowing that, I believe there will continue to be more Chinese companies listing in the US," he added.

*Credit Suisse Securities, Goldman Sachs and Barclays Capital acted as bookrunners for the offering

Founded in 1997, Trina Solar Limited is one of the few photovoltaic manufacturers that develop a vertically integrated business model from the production of monocrystalline and multicrystalline silicon ingots, wafers and cells to the assembly of high-quality modules. ALB

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