This Week's IPOs I: 3SBio, Accuray, Cellcom Israel, Fortress Investment Group, JA Solar Holdings

IPOs are back in full swing this week with a total of 14 on deck. The first five summaries include: 3SBio (SSRX), a Chinese biotech research company; Accuray (ARAY), another biotech focused on robotic radiosurgery; Cellcom Israel, (CEL), an Israeli cell phone carrier; Fortress Investment Group (FIG), a global alternative asset manager; and JA Solar Holding (JASO) a Chinese solar cell manufacturer.

All quotations are from the companies' most recent S-1 filings with links provided for each company.

3SBIO (SSRX)
Business Overview (from prospectus)

We are a leading, fully integrated, profitable biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products primarily in China. Our recombinant, or genetically engineered, protein-based products and product candidates are designed to address large markets with significant unmet medical needs in nephrology, oncology, supportive cancer care, inflammation and infectious diseases. Our principal products are EPIAO and TPIAO, and our legacy products are Intefen and Inleusin.

Offering: 7.7 million shares at $12-14 per share. Net proceeds of approximately $81.9 million will be used to expand and improve manufacturing facilities, to conduct clinical trials and other R&D purposes and to improve sales and marketing infrastructure.

Lead Underwriters: UBS Investment Bank, Pacific Growth Equities

Financial Highlights:

Our net revenues increased by RMB16.4 million, or 21.6%, from RMB76.1 million for the nine months ended September 30, 2005 to RMB92.6 million for the nine months ended September 30, 2006... Our costs of net revenues were RMB12.7 million and RMB8.8 million for the nine months ended September 30, 2005 and September 30, 2006...Our net income increased by RMB10.5 million or 81.4%, from RMB12.9 million for the nine months ended September 30, 2005 to RMB23.4 million for the nine months ended September 30, 2006.

ACCURAY (ARAY)
Business Overview (from prospectus)

We have developed the first and only commercially available intelligent robotic radiosurgery system, the CyberKnife system, designed to treat solid tumors anywhere in the body as an alternative to traditional surgery. For over 30 years, traditional radiosurgery systems, or systems that deliver precise, high dose radiation directly to a tumor, have been used primarily to destroy brain tumors. Our CyberKnife system represents the next generation of radiosurgery systems, combining continuous image-guidance technology with a compact linear accelerator that has the ability to move in three dimensions according to the treatment plan. Our image-guidance technology continuously acquires images to track a tumor's location and transmits any position corrections to the robotic arm prior to delivery of each dose of radiation. Our compact linear accelerator, or linac, is a compact radiation treatment device that uses microwaves to accelerate electrons to create high-energy X-ray beams to destroy the tumor. This combination, which we refer to as intelligent robotics, extends the benefits of radiosurgery to the treatment of tumors anywhere in the body. The CyberKnife system autonomously tracks, detects and corrects for tumor and patient movement in real-time during the procedure, enabling delivery of precise, high dose radiation typically with sub-millimeter accuracy.

Offering: 13.3 million shares at $14-16 per share. Net proceeds of approximately $99.5 million will be used for sales and marketing activities, R&D and general working capital.

Lead Underwriters: J.P. Morgan, UBS Investment Bank

Financial Highlights:

Total net revenue increased from $3.9 million for the quarter ended September 30, 2005 to $32.8 million for the quarter ended September 30, 2006. Product revenue increased from $468,000 for the quarter ended September 30, 2005 to $26.8 million for the quarter ended September 30, 2006. Total cost of revenue increased from $2.0 million for the quarter ended September 30, 2005 to $13.5 million for the quarter ended September 30, 2006.

CELLCOM ISRAEL (CEL)
Business Overview (from prospectus)

We are the leading provider of cellular communications services in Israel in terms of number of subscribers, revenues and EBITDA for the nine months ended September 30, 2006. Upon launch of our services in 1994, we offered significantly lower prices for cellular communications services than the incumbent provider and transformed the nature of cellular telephone usage in Israel, turning it into a mass market consumption item. We surpassed the incumbent cellular operator and became the market leader in terms of number of subscribers in 1998 and, despite the entry of two additional competitors, we have continued since then to have the highest number of subscribers. As of September 30, 2006, we provided services to approximately 2.83 million subscribers in Israel with an estimated market share of 34.4%. Our closest competitors had market shares of 31.9% and 28.7%, respectively.

Offering: 19 million shares at $16-18 per share. The company will not receive proceeds from this offering.

Lead Underwriters: Goldman Sachs, Citigroup, Deutsche Bank

Financial Highlights:

In the nine-month period ended September 30, 2006, we generated revenues of NIS 4.2 billion ($974 million), EBITDA of NIS 1.4 billion ($322 million), and operating income of NIS 762 million ($177 million). See note 3 to the “Summary Consolidated Financial and Other Data” for a definition of EBITDA. We incurred significant debt in late 2005 and early 2006, which has resulted in increased financial expenses for us. Our long-term debt at September 30, 2006 was approximately NIS 3.3 billion ($767 million).

FORTRESS INVESTMENT GROUP (FIG)
Business Overview (from prospectus)

Fortress is a leading global alternative asset manager with approximately $29.9 billion in assets under management as of September 30, 2006. We raise, invest and manage private equity funds, hedge funds and publicly traded alternative investment vehicles. We earn management fees based on the size of our funds, incentive income based on the performance of our funds, and investment income from our principal investments in those funds. We believe our funds have produced consistently superior investment returns. We intend to grow our existing businesses, while continuing to create innovative products to meet the increasing demand of sophisticated investors for superior risk-adjusted investment returns.

Offering: 34.3 million shares at $16.50-$18.50 per share. Net proceeds of approximately $533.0 million will be contributed to the Fortress Operating Group, which will use the proceeds to pay off debt and for general operating purposes.

Lead Underwriters:Goldman Sachs, Lehman Brothers

Financial Highlights:

Nine Months Ended September 30, 2006 compared to September 30, 2005: Total revenues increased by $561.2 million... Management fees from affiliates increased by $45.3 million...Incentive income from affiliates increased by $54.4 million...Interest and dividend income relating to holdings of our consolidated investment companies increased by $423.1 million.

JA SOLAR HOLDINGS (JASO)
Business Overview (from prospectus)

We are an emerging and fast-growing manufacturer of high-performance solar cells based in China. We use advanced processing technologies to produce high quality solar cells. We sell our products to solar module manufacturers who assemble and integrate our solar cells into modules and systems that convert sunlight into electricity. We currently sell our products to customers primarily in China, and we have sold our products to customers in Germany, Sweden, Spain, South Korea and the United States. We currently purchase almost all of our wafer supplies from Jinglong Group, which is owned by the shareholders of our largest shareholder, Jinglong BVI. Jinglong Group is the largest producer and supplier of monocrystalline wafers in China with more than ten years’ operating history in the silicon processing business.

Offering: 15.0 million shares at $12.50-$14.50 per share. Net proceeds of approximately $185.6 million to purchase raw materials and manufacturing equipment for the production of solar cells; to pay down debt; and to enhance R&D capabilities.

Lead Underwriters: CIBC World Markets, Piper Jaffray

Financial Highlights:

We commenced commercial operations in April 2006 and our total revenues for the nine months ended September 30, 2006 amounted to approximately RMB 347.1 million (US$43.9 million), including RMB 255.7 million (US$32.4 million) from third parties and RMB 91.3 million (US$11.6 million) from related parties. All of our revenues come from sales of our solar cell products...Our cost of revenues for the nine months ended September 30, 2006 totaled approximately RMB 258.4 million (US$32.7 million), or 74.5% of our total revenues for the period. Our gross profit for the nine months ended September 30, 2006 totaled approximately RMB 88.6 million (US$11.2 million), representing a gross margin of 25.5%...Our operating expenses for the nine months ended September 30, 2006 totaled approximately RMB 31.5 million (US$4.0 million).