PE-backed Jingyuntong tops 50x historic earnings in IPO

According to Reuters, Beijing Jingyuntong sold 60 million at more than 53x its 2010 earnings and nearly 27x its estimated 2011 earnings. The stock rose 17% on its Shanghai debut, reaching RMB 49.10 on Thursday morning compared to its offering price to RMB42. Its performance also outpaced the Shanghai Composite Index, which was up 0.3%.

Backed by investors including Prax Capital - which owns nearly 7% of the company - and listed Chinese solar wafer producer LDK Solar, Beijing Jingyuntong initially targeted RMB900 million in its IPO.

The company, which launched in August 2002, manufactures vacuum crystal growing equipment and crystal-silicon materials for solar energy use.

China's solar energy sector has gained ample attention from private equity in recent years. Earlier this year TPG considered an up-to $150 million investment in solar wafer manufacturer Comtec Solar Systems Group, which would mark the PE firm's foray into China's solar-energy segment.

In Novebmer of last year, Sino-Century China Private Equity Fund-backed Chaori Solar also listed on the Shenzhen Stock Exchange, raising $352 million.

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• Topics
• Greater China
• Cleantech
• TPG Capital