Bright start for AIM-listed Auhua

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Barely pronouncable solar power firm Auhua Clean Energy enjoyed a solid first day of trading on AIM on Monday, finishing the day more than a tenth above its listing price.

The company raised £1m through a flotation of shares at 40p each, Shares opened 4p higher on Monday, before closing at an intra-day high of 44.5p.

The company, based in the Shandong Province of eastern China, specialises in the development and application of green energy and energy efficient water heating solutions. In particular, it is focused on the manufacture and sale of solar-powered water heating systems used in blocks of flats or office blocks.

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It currently operates exclusively in China and has a strong presence in more than 60 cities. The group's workforce numbers more than 270, and it has one factory in Jinan City and one new factory in Rushan City.

JH