[Red Herring] Trina Solar shares rose 44.6 percent Tuesday after its IPO on the New York Stock Exchange, then fell 24.2 percent in recent trading. … The Chinese solar company makes traditional crystalline solar ingots, wafers, and modules. It is “vertically integrated,” meaning that it handles much of the value chain itself. But it relies on the same polysilicon as some 93 percent of the rest of the industry, and polysilicon is a raw material in the midst of a worldwide shortage. … It’s hard to find clear lessons from the Chinese solar IPOs that have happened so far this year.
