BRIEF: Drinda New Energy rises in Hong Kong trading debut

Shares of solar cell maker Hainan Drinda New Energy Technology Co. Ltd. (2865.HK; 002865.SZ) rose in their Hong Kong trading debut on Thursday, opening at HK$22.20, up 0.2% from their IPO price of HK$22.15. The stock continued to climb through the session and was up 18% at HK$26.20 late in the trading day.

The company announced that it raised net proceeds of HK$1.29 billion ($166 million) through its sale of 63.43 million shares. The Hong Kong tranche for local investors was subscribed by 3.5 times, while the international offering was 1.08 times subscribed.

Drinda develops and makes high-efficiency photovoltaic (PV) cells. According to Frost & Sullivan, last year the company ranked first globally for N-type TOPCon solar cells, with a market share of approximately 24.7%.

Drinda recorded revenue of 1.88 billion yuan in this year’s first quarter, down 49.52% year-on-year. It posted a net loss of 106 million yuan for the period, narrowing by about 39% from the fourth quarter of last year.

By Lee Shih Ta

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