China-based e-commerce firm SPI Energy Co. Ltd. rang the opening bell Tuesday as a newly listed company on the Nasdaq stock exchange.

The company, which provides products and financing related to the solar-powered energy industry through two e-commerce sites—Solarbao.com and Solartao.com—sees its new position on the Nasdaq as a way to raise its profile with buyers outside of China.

The Shanghai-based company began listing its American depositary shares on the New York-based Nasdaq in an effort to transform from a mostly China-focused business to a provider of products, services and financing for green energy systems globally, SPI Chairman Xiaofeng Peng says. The Global Select Market includes the larger companies listed on Nasdaq and has stricter rules for liquidity and corporate governance than Nasdaq’s Global Market.

“The move to the Nasdaq Global Select Market, which has one of the highest listing standards in the world, is a reflection of the strength of the company, the tremendous growth opportunities ahead and our continued commitment to our shareholders,” Peng says. “We are pleased to be joining many of the world’s largest and most revolutionary companies already trading on this exchange. This is an important milestone for us and speaks to the innovative spirit of our team as we transition SPI Energy to become a truly global green energy Internet company.”

At the close of markets yesterday, SPI Energy’s Nasdaq stock price was $16.53, up 3.32% from $16.0 the prior day. The company’s Nasdaq stock symbol is SPI. American depository shares are U.S. dollar-denominated equity shares of a foreign-based company available for purchase on a U.S. stock exchange.

Prior to its Nasdaq listing, the company was traded on the Over-the-Counter Bulletin Board, where it will no longer be listed. Compared with the OTC Bulletin Board, the Nasdaq or other major U.S. stock exchanges require a foreign company to adhere to stricter financial reporting rules similar to those required of U.S.-based companies.

Founded in 2006 in Roseville, Calif., SPI moved its headquarters in January 2015 to Shanghai, China. Last year it also changed its corporate name to SPI Energy Co. Ltd. from Solar Power Inc., taking the name of its SPI Energy subsidiary, and then incorporated under the laws of the Cayman Islands.

SPI conducts its sales through two primary e-commerce sites, Solartao.com, which sells photovoltaic products and systems designed to convert solar energy into electricity; and the financial services provider Solarbao.com, which provides opportunities for businesses and individuals to invest in solar energy development projects.

Solartao.com offers a range of solar energy products and installation services for business buyers based in North America, Europe, Japan and China. Business, residential, government, utility and other types of customers on Solartao.com can purchase products ranging from individual solar panels to piping. Solartao.com also owns and operates photovoltaic projects that convert solar energy into electricity for grids in multiple countries, including China, the United States, the United Kingdom, Panama, Greece, Japan and Italy.  

Solarbao.com is an online crowdfunding platform for solar energy projects that aggregates funds solely from Chinese individuals and enterprises. Members must create a profile on the platform and, once registered, can invest in individual solar projects for amounts ranging from as small as 16.7 yuan (US$2.54) to 200,000 yuan (US$30,394). Since Solarbao’s January 2015 launch, the platform has financed more than 100 green energy projects in China to completion, the company says. One example of a project funded through this platform is the manufacture and installation of Solarbao.com-branded electronic vehicle charging stations throughout metropolitan areas in China, the company says.

Solarbao.com generally charges financing companies a commission of 1% of financed amounts. As of Nov. 13, 2015, there were approximately 1,893,803 registered users on Solarbao.com, including 1,089,556 active customer accounts and approximately $223 million fulfilled orders of PV-based investment products on the platform, according to SPI’s most recent third quarter earnings report.

“Solarbao is transforming the way people participate in the green economy and is helping to resolve environmental and air quality issues in China,” Peng says. “It is creating a closed-loop solar energy ecosystem from power generation and power storage to power efficiency management in a way that has never been done before.”

SPI Energy doesn’t break out e-commerce sales for Solabao.com and Solartao.com. Its total net sales were $107.2 million for the nine months ended Sept. 30, 2015, a 228.8% from the $74.6 million earned the year earlier, according to its third quarter earnings statement.

Sign up for a free subscription to B2BecNews, a twice-weekly newsletter that covers technology and business trends in the growing B2B e-commerce industry. B2BecNews is published by Vertical Web Media LLC, which also publishes the monthly business magazine Internet Retailer. Follow Nona Tepper, associate editor for B2B e-commerce, on Twitter @ntepper90.

Favorite