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IPO Darkens China's Solarfun

Stock quotes in this article: TSL , SOLF , STP  

A funny thing happened at the tail end of the 2006 IPO market: Two nearly identical Chinese solar-panel companies went public. One rose while the other dropped. A look at why suggests that investors are still doing their homework when it comes to evaluating new offerings.

The two companies are Trina Solar (TSL Quote) and Solarfun Power Holdings (SOLF Quote). Both were young with surging revenue. Both were profitable. Both saw revenue growing. Both were struggling with the shortage in silicon, which is expected to keep prices mounting for several more years.

Yet Trina has held close to its offering price while Solarfun dropped like a stone on its first day. ...

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