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China Sunergy Announces Pricing Of Initial Public Offering

2007-05-17 20:34 1359

NANJING, China, May 17 /Xinhua-PRNewswire/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy"), a leading solar cell manufacturer in China, announced yesterday that its initial public offering of 8,500,000 American Depositary Shares ("ADSs") had been priced at $11 per ADS, exceeding the indicative price range of $8-10. The shares will trade on the NASDAQ Global Market under the trading symbol “CSUN.”

The ADSs, each representing six ordinary shares of China Sunergy, will begin trading today, May 17th, 2007. China Sunergy has granted the underwriters a 30-day option to purchase up to an additional 1,275,000 to cover over-allotments.

Merrill Lynch & Company, Inc. was the sole global coordinator and bookrunner, Cowen & Company, LLC and Jefferies & Company, Inc. acted as co-managers.

China Sunergy’s registration statement relating to these securities was declared effective as of May 16th, 2007 by the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of the securities is made only by means of a prospectus. A copy of the prospectus relating to the Offering may be obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated, Address: 4 World Financial Center, New York, New York 10080, United States, Phone: +(1) 212-449-1000.

About China Sunergy Co., Ltd.

China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy") is a leading manufacturer of solar cell products in China as measured by production capacity. China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the company’s ability to raise additional capital to finance the company’s activities; the effectiveness, profitability, and the marketability of its products; the future trading of the common stock of the company; the ability of the company to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; the company’s ability to protect its proprietary information; general economic and business conditions; the volatility of the company’s operating results and financial condition; the company’s ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company’s filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

Source: China Sunergy Co., Ltd.
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