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News Breaks
June 4, 2014
11:13 EDTJKS, TSL, SOL, YGEChinese solar stocks fall following tariff decision
Shares of Chinese solar stocks are tumbling after the U.S. Commerce department made a preliminary decision on tariffs on a variety of Chinese solar products. Two research firms differed on the impact of the tariffs on the companies. WHAT'S NEW: The Commerce Department announced that it would impose duties of 18.5%-35% on imports of many Chinese solar energy products. The department closed a loophole by imposing the tariffs on products whose main parts come from China, but are assembled in other countries. Previous tariffs imposed in 2012 had not been applied to Chinese solar products that were assembled in and shipped from other countries, according to The Wall Street Journal. While today's move by the Commerce Department is preliminary and is subject to changes later this year, the U.S. will begin collecting the tariffs before their decision is made permanent, The New York Times reported. ANALYST REACTION:In a note to investors earlier today, Credit Suisse analyst Patrick Jobin wrote that the duties were worse than expected, as the market had foreseen tariffs of 10%-15% would be imposed. Additionally, the scope of the duties is worse than expected, as anything related to China-made solar cells or modules is subject to the charges, Jobin stated, noting that the market had expected only cells assembled in Taiwan to be targeted. The news is negative for Chinese solar companies Yingli Green Energy, (YGE) Trina Solar (TSL), JinkoSolar (JKS), ReneSola (SOL), and JA Solar (JASO), Jobin believes. Trina Solar and Yingli Green are among the Chinese companies most exposed to the U.S. market, and the latter company is in a particularly precarious position, given its constrained balance sheet, the analyst contended. Less pessimistic on the outlook for the Chinese solar companies was Northland Securities analyst Colin Rusch. The ruling is "negative but not that bad," he wrote. It should lower Canadian Solar's (CSIQ) EPS by 5c-10c and it should have a similar impact on JA Solar, the analyst estimated. He kept Outperform ratings on both stocks. Meanwhile, JinkoSolar's existing cost advantage will actually be boosted by over 30% as a result of the ruling, Rusch estimated. PRICE ACTION: In mid-morning trading, JinkoSolar fell 4.9% to $25.70, ReneSola gave back 4.8% to $2.20, Yingli Green tumbled 4.8% to $2.81, Canadian Solar dropped 5.2% to $23.78, and JA Solar was down 0.6% to $9.82.
News For YGE;TSL;JKS;SOL From The Last 14 Days
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October 6, 2015
08:02 EDTSOLReneSola sells 16.5 MW utility scale project in the UK
ReneSola announced that it has sold its 16.5 MW Membury utility scale project in the United Kingdom to Foresight Solar Fund Limited. This represents ReneSola's third project sale to Foresight Group, a leading, independent infrastructure and private equity investment manager, following the sale of its 34.6 MW Port Farm project to FSFL in August 2015 and its 6.4 MW Field House project in July 2015 to other funds managed by Foresight.
September 30, 2015
06:56 EDTYGEYingli Green Energy to host conference call
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06:51 EDTJKSJinkoSolar reaches settlement in securities class action
JinkoSolar announced that it had agreed, subject to court approval, to settle the previously disclosed class action lawsuit brought in 2011 on behalf of all purchasers of JinkoSolar's American Depositary Shares between May 13, 2010 and September 20, 2011. The settlement, if approved, will also resolve all related claims against JinkoSolar's officers and directors as well as the underwriters involved in JinkoSolar's public offerings during the relevant period. Under the terms of the proposed settlement, the members of the proposed class will receive a settlement fund of $5.05 million, less any court-approved fees. JinkoSolar will contribute a portion of the settlement fund, and JinkoSolar's insurers will fund the remaining portion. JinkoSolar will not take any charge in connection with the settlement. The plaintiffs had alleged, among other things, that certain of JinkoSolar's filings with the SEC contained misrepresentations about the extent of its compliance with environmental regulations in China. JinkoSolar has denied, and continues to deny, the allegations and is entering into this settlement solely to eliminate the uncertainty, burden and expense of further protracted litigation. The proposed settlement will be reviewed by Judge J. Paul Oetken of the federal court in New York, where the lawsuit is pending.
September 28, 2015
06:53 EDTJKSJinkoSolar supplies 49.8 MW of PV modules for Mexico PV plant
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September 24, 2015
06:31 EDTYGEYingli Green Energy supplies 130 MW of solar panels for China projects
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September 23, 2015
07:46 EDTSOLReneSola authorizes share repurchase program of up to $20M
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