Trina Solar, a Tier-1 vertically integrated Chinese solar power company, is to seek flotation in China once the process of privatization and delisting in the U.S. is complete, according to company chairman and CEO Jifan Gao.
In an interview on the sidelines of the Boao Forum for Asia last week, Gap told the South China Morning Post that the Jiangsu-based company will look to list in mainland China, revealing that the board has been considering whether to list in Shanghai or Shenzen, with Hong Kong also a possibility.
“We will certainly go public again and our preference is to list in a China market,” Gao said. “Why? Because we are a leading enterprise with a global strategy and funding needs for development.”
It was only on March 13 that the company completed its merger transaction to become a private company, prompting trading of its shares to be suspended on the New York Stock Exchange (NYSE) pending delisting.
Trina will formally become part of private company Fortune Solar Holdings Ltd, a move that saw shareholders compensated with $11.60 per share. The transaction was valued at $1.1 billion, and its re-listing was always mooted as a possibility, with Mercom Capital Group CEO Raj Prabhu telling pv magazine at the time that “it all depends on they are valued” following the delisting.
Gao would not be drawn on a time frame for the firm going public in China, nor whether the firm would pursue a reverse takeover to bring the re-listing plan to fruition.