Jetion Holdings Ltd
6th February, 2008
Jetion Holdings LtdUHY’s firm in the UK, UHY Hacker Young LLP, acted as reporting accountants on the AIM listing of Jetion Holdings Ltd, the Chinese manufacturer of high performance solar cells and solar modules.
Jetion was admitted to AIM earlier this year and raised USD 62.7 million, giving the company a market capitalisation of USD 230.5 million on admission.
This was the 12th AIM listing UHY Hacker Young LLP had worked on over the previous 12 months.
Staff from UHY Hacker Young LLP’s London and Nottingham offices worked alongside UHY ZTHZ HK in China to complete the due diligence in Jiangyin, Jiangsu Province, where Jetion is based.
Since forming in 2004, Jetion has grown rapidly as global demand for renewable energy sources continues to gather pace. Turnover last year reached USD 45.5 million, from a single production line. In 2007 a further line was added and the AIM listing will fund the roll-out of two additional production lines, which will double Jetion’s production capacity to 100 megawatts.
Laurence Sacker, partner at UHY Hacker Young LLP, says: ‘This was an incredibly exciting project to be involved with. We have been advising on a growing number of both UK and international AIM listings, and working with Jetion in Jiangyin has enabled us to build further on our expertise in this area.
‘With the current pressures on governments to tackle climate change and the Chinese government’s recent commitment to the Renewable Energy Law, the solar industry is growing rapidly. Demand continues to outstrip supply and by building up its production capabilities Jetion aims to become a leading solar business for both domestic and international markets.’
Laurence emphasises the importance of having local knowledge when floating an overseas company on AIM. ‘Language can be a difficulty for a non-English speaking company but, for internationally capable advisers such as ourselves, this is readily overcome. As a result of the UHY global network we have quick and easy access to local knowledge.’
Laurence adds: ‘Overseas companies interested in the AIM must be prepared for the fact that they will have to take on board the UK’s corporate governance regime – the Quoted Companies Alliance is the preferred option.
‘This shouldn’t be a deterrent, but companies, particularly in jurisdictions unused to this level of governance (China for example), have to take significant steps to meet this challenge. This is when experienced advisers like our UHY members can really help – there is no substitute for working with experienced advisers when entering into market trading.’
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