Bleecker Street Research
Long/short equity, special situations

China Sunergy - Gravity Will Eventually Return After This Run-Up

China Sunergy (NASDAQ:CSUN) is a Chinese manufacturer and seller of solar cells and solar module products. China Sunergy is currently trading at $6.01 and has a market cap of approximately $90 million. The current market cap is almost amazing considering that on May 9th CSUN received a NASDAQ listing warning for not having the minimum stockholder equity of $10 million. On July 31st, however, the company regained full compliance with NASDAQ listing standards. Since then, the stock has been on a tear, and volume has recently exploded.

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The last 4 to 5 years have not been great for many solar power companies. Supply has been flooding the market since 2009 and there has been downward...

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