Nobao Renewable Energy Holdings Ltd., a provider of clean energy management solutions in China, shelved its plan for an initial public offering of its American Depositary Shares citing general market conditions.
The company filed its registration statement on Form F-1 with the U.S. securities regulator on April 28, 2010 for an initial public offering of up to US$300 million of ADSs.
Nobao Renewable recently disclosed that it anticipates pricing its initial public offering of 18 million ADSs to be between US$8.00 and US$10.00 per ADS.
According to the regulatory filings, Shanghai-based company had applied to have its ADSs listed on the New York Stock Exchange under the symbol "NRE".
Nobao commenced operations in June 2007, initially using ground source heat pump, or GSHP modules sourced from a European manufacturer. In the fourth quarter of 2009, the company began manufacturing its own modules in its facilities in Gongqing City, Jiangxi Province, or the Jiangxi facility.
For the quarter ended March 31, 2010, company's revenues were RMB 69.0 million or US$10.1 million, operating profit was RMB 2.0 million or US$0.3 million, and net loss was RMB 1.48 billion or US$217.6 million.
Nobao's chairman and chief executive officer Kwok Ping Sun, and China Environment Fund III, L.P. are the major holders of ordinary shares of the company.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.