China's SPI to list shares on New York's Nasdaq
China’s SPI Energy, the solar developer that has remade itself as a “global green energy Internet company”, will list American depositary shares on the Nasdaq Stock Market next week, as it looks to raise its profile with investors.
SPI Energy, headed by Xiaofeng Peng, formerly chairman and chief executive of Chinese manufacturer LDK Solar, will ring the opening bell at the Nasdaq on 19 January.
Shares of SPI currently trade on an over-the-counter basis in the US, giving the company lower reporting requirements. From next week, however, its shares will trade under the ticker symbol ‘SPI’ on the Nasdaq Global Select Market – the highest tier within the New York-based Nasdaq Stock Market.
LDK Solar, Peng’s former company, was listed on the New York Stock Exchange between 2007 and 2014, when it for bankruptcy in the US.
Peng left LDK in 2014 and has since been working to remake SPI Energy.
Founded in 2006, SPI Energy originally focused on developing, building and owning large PV projects in China.
In 2014, however, it changed tack after reevaluating the market. It now puts a heavier emphasis on e-commerce, operating a platform that links investors with renewables projects and investments in China, in addition to maintaining a downstream projects business.
SPI says it has four main units today. The first, Solarbao, is an “online green e-commerce and investment platform”, through which retail and institutional investors can buy into clean-energy projects and PV-related investments.
SPI intends for Solarbao to become an “integrated ecosystem of green energy production and consumption”, helping to funnel private investment into the 100GW of PV capacity China wants in place by 2020.
Two other business units – SPI Solar and Yes Solar! – focus on the utility-scale and distributed PV markets, respectively. And a fourth unit, MeiTai Investments, invests in green energy assets.
"We are pleased to be joining many of the world's largest and most revolutionary companies already trading on this exchange,” says Peng.
“This is an important milestone for us and speaks to the innovative spirit of our team as we transition SPI Energy to become a truly global green energy Internet company."
In 2015 SPI relocated its global headquarters to Shanghai. The company says it has operations in Asia, Europe, North America and Australia.