China Sunergy post-IPO run ends

China Sunergy (NASDAQ: CSUN) is down 5 percent this morning after a great first day on the NASDAQ.

Yesterday, The Nanjing, China-based company's shares closed at $16.56, up $5.56 from its opening price of $11 per share.

China Sunergy is the fifth Chinese solar company to begin trading on U.S. public markets since late last year. (And, as we reported yesterday, there are two more to watch for in the near future—see Still time to start a China solar co.?)

The company, via its operating subsidiary Nanjing PV, makes photovoltaic (PV) cells used in the manufacture of solar energy panels.

It's said to be looking into silicon manufacturing as well.

The company's plant produces about 200 megawatts of solar cells per year. Expansion of manufacturing capabilities is one planned use of its IPO proceeds.

In addition to making the industry standard positively charged P-type PV cells, China Sunergy is also conducting research into production of new types of solar cells, including negatively charged N-type cells.

Founder, chairman, and CEO Tingxiu Lu owns about 17% of China Sunergy.

Last year, the company recognized $149.5M in revenue.