Steptoe Advises on Another Chinese AIM Flotation

Steptoe & Johnson have advised Hanson Westhouse LLP, the nominated adviser and broker, on the flotation of ReneSola Ltd on the London Alternative Investment Market (AIM) of the London Stock Exchange.

The funds raised from the placing amounted to US$ 50 million, which will be used principally to fund ReneSola's research and development programme and to develop its manufacturing plant and equipment base. ReneSola was admitted to AIM Tuesday 8 August.

ReneSola, who are based near Shanghai, manufacture solar wafers, which are integrated into photovoltaic cells, the principal component of crystalline solar panels.

It is the second AIM flotation of a Chinese company that Steptoe’s London Corporate team have advised on in the space of five months and illustrates a growing trend of companies from emerging markets nations seeking flotation on AIM.

Steptoe & Johnson corporate partner Michael Thompson, who led the team, said: "Overseas companies are quickly realising the potential funding opportunities that the AIM market offers. It is particularly interesting that so many companies from the rapidly expanding markets of Asia are choosing AIM".

Michael Thompson was assisted by Michael Fox.

Pinsent Masons acted for ReneSola Ltd.