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| Investment in the Solar Energy Industry |
| Suntech has rapidly grown into one of the world's largest manufacturers of solar cells and modules with the capacity to produce 540MW cells per annum as of the end of 2007.
Prax invested in Suntech in May 2005 and the company was listed on the New York Stock Exchange in December of the same year, receiving an overwhelming response from global investors: its share price soared by 41.3% on its first day of trading. |
| Based on its in-depth understanding of the renewable energy sector, Prax was the first private equity firm to make the decision to invest in Suntech, thus expediting the red-chip restructuring and laying the foundation for the company's overseas IPO. We also introduced several potential customers from Spain in order to diversify the company's customer base.
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| ¡°When other PE firms were hesitating about the investment in Suntech, Prax demonstrated its deep understanding of the solar industry and our company through its prompt decision making. Undoubtedly, the support from Prax facilitated our private placement, and sped up the IPO of the company.¡±
-Dr. Zhengrong Shi, Chairman and CEO of Suntech Power |
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