Trony Solar Withdraws IPO Plan 7 Months After Postponement

   By Christopher Zinsli 
   Of DOW JONES VENTUREWIRE 
 

Trony Solar Holdings Co. has withdrawn its planned initial public offering about seven months after the Chinese solar-module maker postponed its plans to go public.

The company, based in Shenzhen, registered for an IPO in November 2009 as numerous companies rushed to take advantage of improving markets. But the following month it indefinitely postponed plans to sell 19.5 million American depositary shares at between $9 and $11 apiece.

Monday's decision to withdraw the offering entirely was due to general market conditions, the company said. J.P. Morgan Chase & Co. and Credit Suisse Group had been lead underwriters for the offering.

Trony, which manufactures thin-film solar power modules, is backed by investors including Intel Capital, the venture capital arm of Intel Corp. (INTC) which held a 5.3% stake as of December.

Chinese solar companies have had a difficult time completing public offerings. JinkoSolar Holding Co. (JKS) and Daqo New Energy Corp. also have postponed their planned IPOs in recent months, though JinkoSolar later priced at the low end of its expected range.

-By Christopher Zinsli; Dow Jones Venturewire; 212-416-2034; [e-mail]

(Dow Jones VentureWire is a daily newsletter covering venture-capital investing and start-up companies.)