Trony Solar - chinesischer a-Si Player - 500 Beiträge pro Seite

[R-BgO]

UPDATE 1-Trony Solar raises IPO target to $241.5 mln
Fri Nov 20, 2009 6:02pm EST


* Raises amount of IPO to $241.5 mln from $200 mln

* Selling total of 19.5 mln shares

* Expects shares to price between $9 and $11

NEW YORK, Nov 20 (Reuters) - Chinese thin film solar
company Trony Solar Holdings Company Limited raised the amount
of its initial public offering on Friday, adding to the buzz
around the many U.S.-based publicly traded solar companies.

The firm said in a regulatory filing that it would raise as
much as $241.5 million in its IPO, up from the $200 million it
filed for last month.

The Shenzhen-based company said it plans to sell 15 million
American depositary shares while shareholders sell an
additional 4.5 million shares. It said in a filing with the
U.S. Securities and Exchange Commission it expects the shares
to price between $9 and $11.

JPMorgan Special Situations (Mauritius) Limited and Intel
Capital Corp, which currently own a combined 5.69 percent of
the company, are selling all of their shares.

The firm reported revenue of 254.6 million yuan ($37.1
million) in the three months ended Sept. 30, up 44.8 percent
from a year ago, and net profit of 72.5 million yuan, up 61.5
percent from a year ago.

Trony Solar plans to debut on the New York Stock Exchange
under the ticker "TRO."

Lead underwriters for the deal are J.P. Morgan and Credit
Suisse. The underwriters may purchase an additional 2.925
million shares.

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Prospekt: http://www.sec.gov/Archives/edgar/data/1474844/0001047469090…

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Overview

We are one of the world's leading thin film solar product and solution providers, as measured by production output in 2008, according to a report commissioned by us and prepared by Photon Consulting, a solar energy research firm and consultancy. According to this report, we were China's only thin film PV module producer ranked in the top ten globally by production output in 2008. We use amorphous silicon technology to deposit non-crystalline silicon onto a substrate to manufacture solar photovoltaic, or PV, modules significantly thinner than conventional crystalline solar PV modules. As of the end of August 2009, our annual manufacturing capacity reached 115 megawatts, or MW. We design, develop, manufacture and sell our PV modules based on our proprietary manufacturing process and technology.

We believe that our self-designed equipment and proprietary manufacturing process have built-in flexibilities to allow us to expand manufacturing capacity rapidly and cost-effectively through modifications to, and optimizing the manufacturing process of, existing manufacturing lines. This advantage, when combined with our increasing scale and low-cost China-based manufacturing, allowed us to achieve an average manufacturing cost of approximately US$1.15 and US$1.09 per watt for the fiscal year ended June 30, 2009 and the three months ended September 30, 2009, respectively, which we believe were among the lowest in the world. We define average manufacturing cost per watt as the total manufacturing cost incurred during a period divided by the total watts produced during that period.

We distinguish ourselves from other thin film solar companies with our strong research and development capabilities, evidenced by the awards and recognition we have received. In 2008, the PRC Ministry of Housing Construction for Urban and Rural Areas selected us as the preferred provider of building integrated PV, or BIPV, products as part of their initiative to support the development of green energy. In 2007, four members of our management team were selected to serve on a 23-member national committee that sets technical standards for the use of sealed insulating PV glass for construction purposes in China's solar energy industry, or China's national BIPV technical standard committee. Since our inception in 1993, we have accumulated substantial intellectual property in the thin film PV industry. As of September 30, 2009, we had 18 patents and exclusive rights to use 57 patents in China.

We commenced operations in 1993, became a manufacturer of thin film solar batteries in 1995 and began commercial production in 1998. We expanded our annual manufacturing capacity to 5 MW in 2004. We began manufacturing PV modules for off-grid systems on a commercial scale in 2006, and gradually increased our annual manufacturing capacity to 45 MW by October

1


2008. In July 2009, we completed construction of our 70 MW fully-automated manufacturing line, which commenced commercial production in August 2009, bringing our annual manufacturing capacity to 115 MW. We expect that by the end of 2009, we will expand our annual manufacturing capacity to 145 MW by improving existing manufacturing lines.

We offer more than 200 different varieties of PV modules to meet different customer needs. Our PV modules can be used in off-grid applications including solar home systems, consumer products and street and lawn lamps. We believe that we are one of the leading producers of thin film PV modules for off-grid applications globally measured by production output. We also manufacture large modules that can be used in BIPV applications and PV power stations. We plan to continue to maintain and improve our leading position in the off-grid market, develop and market high-margin BIPV products and increasingly focus on the PV power station market. Our diverse and expanding customer base includes distributors, value-added resellers such as system integrators, project sponsors and end-users in China, South Korea and Thailand.

Leveraging our design and engineering capabilities and deep industry experience, we also provide owners and operators of PV power stations and other customers with a diverse range of value-added solutions and services. For example, we recently provided technical guidance, equipment selection, and other services in project implementation, construction management and system optimization to an engineering, procurement and construction, or EPC, firm based in South Korea in its construction of a 1.0 MW on-grid power station project. We also assisted this EPC firm in preparing relevant technical documents to facilitate its obtaining of project financing from banks. The project was completed in May 2009 using our PV modules.

Our total revenues increased from RMB26.2 million in the fiscal year ended June 30, 2007 to RMB272.8 million in the fiscal year ended June 30, 2008 and to RMB541.5 million (US$79.3 million) in the fiscal year ended June 30, 2009, representing a compound annual growth rate, or CAGR, of 354.6% over the three fiscal years. Our net income increased from RMB5.2 million in the fiscal year ended June 30, 2007 to RMB85.8 million in the fiscal year ended June 30, 2008 and to RMB164.9 million (US$24.2 million) in the fiscal year ended June 30, 2009, representing a CAGR of 463.1% over the three fiscal years. In the three months ended September 30, 2009, our total revenues and net income amounted to RMB254.6 million (US$37.3 million) and RMB72.5 million (US$10.6 million), respectively, representing an increase of 81.1% and 61.5% over the same period in 2008, respectively.

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vom 28.Oktober 2008:


Intel Capital, the global investment arm of Intel Corporation (Nasdaq: INTC), on Tuesday announced its first two cleantech investments in China.

Intel Capital is investing $20 million in Trony Solar Holdings Co., Ltd., a Chinese thin-film solar energy and solution provider.

They also signed an agreement, subject to various closing conditions, to invest in NP Holdings Limited (NPH), a technology company focused on massive electricity storage systems for renewable energy and energy efficiency. The amount of the investment was not disclosed.

"These investments demonstrate Intel Capital’s ongoing commitment to investing around the globe and its strategic focus on cleantech," said Arvind Sodhani, president of Intel Capital and executive vice-president of Intel. "Clean technologies are transforming our world and the landscape of entrepreneurship."

Trony plans to use the investment to enhance its production capacity to 105 megawatts (MW), to serve a broad base of customers, and strengthen its research and development capabilities. With growing R&D capacities, advanced application of innovative technologies, and low-cost volume manufacturing in Shenzhen, Trony now offers a diverse range of competitive products and solutions for various energy-related applications such as solar farms in the utility industry and building materials for the construction industry.

"China’s renewable energy industry is experiencing rapid development," said Cadol Cheung, managing director of Intel Capital Asia Pacific. "We believe these investments will be a catalyst to drive local cleantech innovation and help China toward the transition to a more sustainable energy system as well as economic growth."

Intel Capital is continuously looking for local start-ups and companies with strong potential for future growth. Over the past 10 years, Intel Capital has invested in more than 80 companies across mainland China and Hong Kong. Nearly 30 Chinese companies have received investments from the original Intel Capital first US$200 million Intel Capital China Technology Fund.

Intel established a US$500 million Intel Capital China Technology Fund II in April 2008. This fund aims to foster innovation and entrepreneurship while elevating the technology capabilities and global competitiveness of Chinese companies.

[R-BgO]

Heißer China-Solar-Börsengang steht an - die neue First Solar?

Alfred Maydorn

Noch für den heutigen Donnerstag wird an der New York Stock Exchange das Börsendebüt von Trony Solar erwartet. Der chinesische Hersteller von Dünnschicht-Solarmodulen zeichnet sich durch extrem hohe Wachstumsraten und niedrige Produktionskosten aus.

Am Mittwochabend gab Trony Solar bekannt, seine Emissionsspanne von 9,00 bis 11,00 auf 7,50 bis 8,00 Dollar abzusenken. Der Börsengang soll rund 150 Millionen Dollar in die Kassen des größten chinesischen Anbieters von Solarmodulen auf Basis der besonders kostengünstigen Dünnschichttechnologie sein.

Rasantes Wachstum, prominente Investoren

Trony Solar wächst nicht nur rasant, sondern ist dabei auch noch hochprofitabel: Im Ende Juni 2009 abgelaufenen Geschäftsjahr steigerte die Solarfirma ihre Umsätze um 81 Prozent auf 79 Millionen Dollar und erwirtschaftete dabei einen Nettogewinn von 24 Millionen Dollar. Aber der chinesische Solarkonzern glänzt nicht nur mit seinen Zahlen, sondern hat mit Intel Capital, dem Investmentarm des Chip-Giganten Intel, und JPMorgan Special Situations auch noch zwei namhafte Investoren, die zusammen knapp zwölf Prozent der Anteile halten.

Börsenwert 700 Millionen Dollar

Im Rahmen des Börsenganges wollen sich beide Investoren von der Hälfte ihrer Anteile trennen. Wann die Erstnotiz exakt erfolgt, steht noch nicht fest, aber einige US-Medien, darunter das Wall Street Journal, erwarten den ersten Handel am heutigen Donnerstag. Das US-Börsensymbol wird ?TRO" sein, die deutsche WKN lautet A0Y ELL. Die Marktkapitalisierung dürfte bei einem Kurs von acht Dollar ungefähr 700 Millionen Dollar betragen.

Die chinesische First Solar?

Bezogen auf den Gewinn im zurückliegenden Jahr ergibt sich ein Kurs-Gewinn-Verhältnis von 29. Damit ist Trony Solar trotz des reduzierten Ausgabepreises kein Schnäppchen. Allerdings hat das Papier ein klares Alleinstellungsmerkmal: Trony ist der einzige börsennotierte chinesische Anbieter von Dünnschicht-Technologien und damit praktisch das chinesische Pendant zu First Solar, dem weltweit größten Solarkonzern (Börsenwert 11,5 Milliarden Dollar).

Unter 10 Dollar spekulativ kaufen

Solarinteressierte Anleger sollten sich die ersten Kurse von Trony Solar ansehen und können unter zehn Dollar (6,80 Euro) erste Positionen eingehen. In Deutschland wird Trony zunächst nur an den Börsen Berlin und Stuttgart gehandelt. Das deutsche Börsensymbol lautet 6TOA.

[Soulrider82]

Trony Solar IPO shelves indefinitely-underwriter
Dec 10

* Company has no new timetable for launching IPO

* IPO was expected to price in $9-$11 range (Adds analyst comment, background, byline)

NEW YORK, Dec 10 (Reuters) - Chinese thin film solar company Trony Solar Holdings Co Ltd has postponed its initial public offering indefinitely due to weak market conditions, an underwriter said on Thursday.

The Shenzhen, China-based company had expected shares to sell for between $9 and $11 apiece, according to its most recent prospectus.

There is no new timetable for the launch of the shares, which were to have traded on the New York Stock Exchange under the ticker symbol "TRO."

Solar companies have struggled this year as prices for their cells and panels have fallen by half because of an oversupply in the market. But demand has begun to pick up, raising hopes the industry will resume its steep growth path in 2010.

Despite the pickup, solar companies trying to go public are still struggling. In November, Connecticut-based STR Holdings Inc (STRI.N), which provides encapsulants that protect a solar module's semiconductor circuit, priced below an already-reduced expected range.

Chinese solar manufacturers typically have lower production costs, but tough competition in the sector and sluggish sales for the renewable energy systems outside China likely hurt the launch, said IPO Boutique senior managing partner Scott Sweet.

"The playing field is getting extremely crowded," Sweet said. "Overseas, the sales have been light and some of the subsidies for solar have been pulled."

Trony Solar reported revenue of 254.6 million yuan ($37.3 million) for the three months that ended Sept. 30, up 44.8 percent from a year before, and net profit of 72.5 million yuan, up 61.5 percent.

Trony Solar said in a regulatory filing the company planned to sell 15 million American Depositary Shares and shareholders would sell an additional 4.5 million shares, for a total of 19.5 million shares.

JPMorgan Special Situations (Mauritius) Ltd and Intel Capital Corp, which currently own a combined 11.9 percent of the company, are each selling half of their shares.

The offering is being led by J.P. Morgan and Credit Suisse.

http://www.reuters.com/article/idAFN1019091420091210?rpc=44

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Antwort auf Beitrag Nr.: 38.546.871 von Soulrider82 am 10.12.09 20:11:57

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no news

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Antwort auf Beitrag Nr.: 39.296.250 von R-BgO am 08.04.10 17:42:56

jetzt aber:

Trony Solar gives up on IPO; another green casualty
August 2, 2010 | Camille Ricketts


Chinese thin-film solar module maker Trony Solar has canceled its filing for an initial public offering on the New York Stock Exchange after eight months. The move further solidifies the green sector’s miserable IPO streak.

Trony is one of a host of cleantech companies that jumped at the chance to go public after battery maker A123Systems’ blockbuster sale in September 2009. That company’s stock price skyrocketed nearly 50 percent on its first day, leading entrepreneurs to believe the IPO markets were finally thawing after more than a year.

But it looks like Trony and its cohort acted too soon. Not only have several green companies raised disappointing amounts in their public sales earlier this year — biofuel maker Codexis and Chinese solar cell maker Jinko Solar among them — but some have scrapped their ambitions altogether, most notably cylindrical solar cell maker Solyndra. Even A123, which spearheaded so many filings in late 2009, has seen its stock price steadily drop since.

Trony’s plan was to sell 19.5 million shares at between $9 and $11. The company says it withdrew its filing due to unfavorable market conditions. There’s no sign that these conditions will improve anytime soon. Many investors say that cleantech companies, by and large, are too risky and take too long to produce substantial returns.

But Trony’s failure is also indicative of the hardships being faced by the thin-film solar industry across the board. Despite today’s news that Sharp is joining forces with Enel Green Power and STMicroelectronics to churn out thin-film cells in the Mediterranean, thin-film solar makers are taking a hit (most recently exemplified by Applied Materials disbanding its SunFab thin-film equipment line and laying off 500 workers).

Thin-film cells are generally less efficient than their crystalline silicon peers. Their main saving grace — which motivated a lot of investment in the market two years ago — is that they use less silicon. Back when the material was expensive, this made thin-film a compelling proposition. But silicon prices have since dropped, allowing crystalline silicon panels and the companies who specialize in them, namely SunPower, to remain on top.

So even if the IPO markets warmed up to green, thin-film still has an uphill battle. Trony says it has suspended its public sale plans indefinitely, suggesting that it may take another shot sometime in the future, but it’s unclear when there will be another opportunity.

Based in Shenzhen, China, the company was backed by Intel Capital, which invested $20 million in October 2008, taking a 5.3 percent stake in the company. Trony was one of a number of thin-film companies that had luck that year. Competitor Nanosolar raised $300 million in March 2008, and Miasole raised $220 million in a fourth round of capital in July 2008.

[R-BgO]

dann eben so:


Trony Solar Sets Sights on HK for Sept IPO

Posted on Aug 25, 2010 | 16:08


Shenzhen-based thin-film maker Trony Solar plans to raise between HK$1.56 billion and HK$1.95 billion through a Hong Kong Exchange listing in September this year, Sina reported August 25.

Trony suspended plans to issue an initial public offering in New York in December 2009 due to poor market conditions, the report said. The company's listing hearing is on August 26, according to the report.

[R-BgO]

Antwort auf Beitrag Nr.: 40.044.582 von R-BgO am 25.08.10 18:27:21

Trony Solar aims to raise $200 million in Hong Kong IPO
If successful, it will be the second photovoltaic player to list in Hong Kong after Solargiga in 2008, but the competition for investor attention is heating up.
By Lillian Liu | 7 September 2010

[R-BgO]

Antwort auf Beitrag Nr.: 40.139.011 von R-BgO am 13.09.10 07:04:40

Bingo!


HONG KONG, Sept 30 (Reuters) - Chinese thin-film solar module maker Trony Solar Holdings Co Ltd, raised $224 million after pricing its Hong Kong initial public offering at the top of the indicative range, a source familiar with the deal said on Thursday.

Shenzhen-based Trony Solar, which shelved plans for a U.S. listing last year, sold 385 million shares at HK$4.50 each, compared with a range of HK$3.10 to HK$4.50 each, the source said.

The offering price represents a multiple of 9.4 times pre-greenshoe prospective 2011 earnings forecast by the sponsor. The company generated orders for about 500 times the number of shares initially on offer to Hong Kong retail investors, the source said.

The source has direct knowledge of the offering but was not authorised to speak on the record about the deal.

Trony's trading debut is set for Oct. 7. JP Morgan (JPM.N: Quote) is handling the deal.

China is among the world's largest suppliers of solar panels but uses little of what it produces domestically. With large projects having more than 12 Gigawatt (GW) of capacity in the pipeline, China could rapidly become a major market, according to the European Photovoltaic Industry Association (EPIA). (US$1=HK$7.75) (Reporting by Kennix Chim; Editing by Chris Lewis)

[R-BgO]

Antwort auf Beitrag Nr.: 40.240.018 von R-BgO am 30.09.10 14:09:49

Den Prospekt gibt's hier: http://www.trony.com/ttz_list_en.asp?id=30

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SOLAR MODULE PRODUCER TRONY FORMS STRATEGIC PARTNERSHIP WITH CHINA HUADIAN TO DEVELOP GLOBAL SOLAR ENERGY MARKET
Sources of information：Not!　Views：378

(14 September 2010 – Hong Kong) Trony Solar Holdings Company Limited (“Trony” or “the Company”), China’s largest and the world’s fourth largest thin film solar module manufacturer by 2009 production volume for solar power generation, today announced its indirect wholly-owned subsidiary Shenzhen Trony Science & Technology Development Co., Ltd. (“Trony Science”) has formed strategic partnership with China Huadian New Energy Development Co., Ltd. (“China Huadian”) to jointly develop the global solar photovoltaic (PV) market.

The cooperation will help Trony expand its market in on-grid applications for PV power stations. Trony produces thin film photovoltaic (PV) modules, which convert sunlight into electricity, for on-grid applications in PV power stations and for off-grid applications such as solar home systems, solar lighting products and solar consumer applications. The Company also produces PV modules for building integrated PV (BIVP) applications, in which PV modules are integrated into facades, roofs and other structures.

China Huadian will bring its broad customer base and extensive experience in operating large PV power stations to Trony Science. It will also collect and analyze data about PV products and operational data of PV power stations for Trony Science. Trony Science will provide PV products and technical support for China Huadian.

Mr. Li Yi, Chairman and CEO of Trony, said, “We are pleased to form a strategic partnership with China Huadian to jointly develop the global solar PV market. Together, we will develop the market for solar power applications and in particular for on-grid applications in PV power stations, which represent a huge potential market. China Huadian and Trony will promote solar power with the ultimate goal of making environment-friendly new energy available to the masses.”

According to an independent solar energy research firm, Solarbuzz, the global PV market, as measured by end-customer demand, grew at a compound annual growth rate of 49.5%, from 1.46 gigawatt (GW) in 2005 to 7.30 GW in 2009.

China Huadian was founded in 2007 and is a wholly owned subsidiary of China Huadian Group, which is one of the five largest state-owned power companies. China Huadian is mainly focused on the investment and construction of new energy projects, as well as the generation and sale of power generated by renewable energy sources such as solar power, wind power and hydro power.

-End-

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70 MW Produktionsvolumen in 2009

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98$c Produktionskosten in Q2-2010

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off-grid Spezialist:

We derive a significant portion of our revenues from sales of our PV modules for off-grid applications and
believe that we are one of the leading producers of thin film PV modules for off-grid applications globally
measured by production output. According to Solarbuzz, off-grid applications are currently economically
self-sustainable and present significant market opportunities. The pricing of our PV modules for off-grid
applications has been more stable than that of our PV modules for on-grid applications. We expect this to
continue to be the case based on historical fluctuations of the pricing of PV modules for on-grid applications
as compared to off-grid applications. The pricing of PV modules for on-grid applications are affected by a
number of factors such as the change in government incentive policies, competition and market demand. By
contrast, we price our PV modules for off-grid applications based on the prevailing market conditions when we
enter into sales contracts with our customers or when our customers place their purchase orders with us. We
also consider the size of the contract or the purchase order, the history and strength of our relationship with
a particular customer, our raw material costs and other factors. Pricing of our PV modules for off-grid
applications are typically determined by factors such as the product design, output, module size and
application. Due to the specifications and design requirements of our PV modules for off-grid applications, the
competition in terms of pricing for specific products is less intense than that for PV modules for on-grid
applications that are standard and can be readily replaced. We have established long-term relationships with
a select number of China-based distributors and traders and manufacturers of off-grid applications as well as
a select number of foreign-based distributors and manufacturers.

[R-BgO]

Auf Seite 115 findet sich das dickste Problem: 6,0 / 6,5% Wirkungsgrad

[R-BgO]

Trony Solar (HKG:2468) closes today at HK$5.07, up 12.67%
[Date:10-07-2010] Source: Infocast News RSS Feed

Trony Solar Holdings (HKG:2468) closed today at HK$5.07, up HK$0.57, or 12.67%, over the offer price of HK$4.5 per share.

A total of 342 million shares of the stock were traded at HK$5.06-5.90 per share today for a total of HK$1.86 billion.

[AndreasB_1]

Antwort auf Beitrag Nr.: 40.280.729 von R-BgO am 07.10.10 12:59:35

Gibt es eine Info, wann der Wert in DE gelistet wird? Im I-Net nix gefunden...

[R-BgO]

Antwort auf Beitrag Nr.: 40.281.289 von AndreasB_1 am 07.10.10 13:54:01

ich auch noch nicht; HK-Werte dauern manchmal sehr lange...



China-based thin-film PV module maker Trony debuts on Hong Kong Stock Exchange

Nuying Huang, Taipei; Adam Hwang, DIGITIMES [Friday 8 October 2010]

Trony Solar Holdings, the largest China-based amorphous and micromorphous thin-film PV module maker, on October 7 listed on the Hong Kong Stock Exchange at a opening price of HK$5.85 (US$0.75) per share, and closing at HK$5.07, according to China-based media reports.

Trony offered 385 million shares, consisting of 345 million new shares and 40 million existing shares, with 90% reserved for institutional investors and 10% for individual investors. In view of hot inquiries, Trony set its IPO price at HK$4.50 per share, the upper limit of a planned price range of HK$3.1-4.5. Trony finished the IPO on September 29, ending up with a subscription volume over 10 times the number of shares available for institutional investors and 493.07 times for individual investors. The shares account for 25% of Trony's increased paid-in capital after the IPO.

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Trony Solar (HKG:2468) over-allotment option exercised
[Date:10-13-2010] Source: Infocast News RSS Feed

Trony Solar (HKG:2468) announced that the over-allotment option has been fully exercised by the joint global coordinators, on behalf of the international underwriters, on 12 October 2010 in respect of an aggregate of 57.75 million shares, representing 15% of the offer shares. The company raised additional net proceeds of HK$252 million.

The over-allotment shares will be issued by the company at HK$4.5 per share. Upon completion, shareholdings of the public will be 27.95%.

The over-allotment shares are expected to commence on the Main Board of the
Stock Exchange on October 15 2010.

[AndreasB_1]

Antwort auf Beitrag Nr.: 40.309.763 von R-BgO am 13.10.10 07:33:08

Wert ist seit heute gelistet in DE; WKN: A1C6HH

[R-BgO]

Antwort auf Beitrag Nr.: 40.319.642 von AndreasB_1 am 14.10.10 11:22:12

Habe eben meine 500 Ansichtsstücke in Frankfurt gekauft.

[R-BgO]

Antwort auf Beitrag Nr.: 40.340.543 von R-BgO am 18.10.10 12:56:34

Jetzt auch in mein Excel eingetragen; komme auf folgende Werte:

1.585.000.000 Aktien
EK incl. KE 2,763 Mrd RMB
Gewinn für GJ per 30.6.2010 499 Mio. RMB

Daraus folgt:
KBV ca 2,2
22% EK-Rendite
KGV ca. 12

insgesamt: "reasonable" und mit MK von 740 Mio. Euro ein PPVX-Wert

[R-BgO]

zum HJ gab's 269 Mio. RMB Gewinn

[R-BgO]

Es gibt eine Divi von 5 Honkycents; Umsatz zu 88% nach China...:


Our tot a l r evenue inc r e a s ed by 45.2% f rom RMB1,351.2 mi l l ion for the ye a r ended
June 30, 2010 to RMB1,961.6 mi l l ion for the Ye a r. The inc r e a s e wa s pr ima r i ly due
to a s igni f i c ant inc r e a s e in the s a l e s volume of our PV produc t s , whi ch wa s due to
our abi l i ty to inc r e a s e produc t ion volume to s a t i s fy ma rke t demand wi th our newly
expanded manuf a c tur ing c apa c i ty. Modul e s , int egr a t ed solut ions and BIPV a c count ed
for 81.7%, 9.6% and 8.7% r e spe c t ive ly. We sold PV modul e s wi th 160.8 MW in
aggr ega t e dur ing the Ye a r. Our tot a l r evenue wa s l a rge ly de r ived f rom s a l e s to
cus tome r s in China . Sa l e s to our cus tome r s in China a c count ed for 88.6% of our tot a l
r evenue for the Ye a r. We a l so de r ived r evenue f rom di r e c t s a l e s to cus tome r s in Hong
Kong, Tha i l and, Vi e tnam and othe r count r i e s dur ing the Ye a r. No s ingl e cus tome r
cont r ibut ed 10% or mor e of our tot a l r evenue for the Ye a r. We int end to cont inue to
dive r s i fy our cus tome r ba s e in orde r to a chi eve a ba l anc ed and sus t a inabl e s a l e s
growth