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Tuesday, October 2nd, 2007

China Solar Cell Maker JA Solar to Sell $280 Million Worth of Additional Shares

From Staff Reports

China-based solar-cell maker JA Solar Holdings Co. Ltd. (JASO) is selling 6.33 million American Depositary Receipts, worth about $280 million based on its closing price of $44.01 yesterday (Monday), Reuters reported that sources said.

The pricing of the deal, jointly handled by Credit Suisse (CSGN.VX: Quote, Profile, Research) and Lehman Bros. Holdings Inc. (LEH), is set for Oct. 10, the source said. Of the shares to be sold, 63.2% are primary, with the rest secondary.

The deal also has an over allotment option equal to about 15% of the shares being sold.

JA Solar’s ADRS have nearly tripled from their February IPO price of $15 each.

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