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Recon Technology, Ltd Reports Financial Results for Fiscal Year 2020

October 10, 2020 TechENT Syndication Leave a comment

BEIJING, Oct. 10, 2020 — Recon Technology, Ltd. (Nasdaq: RCON) ("Recon" or the "Company"), a China-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced its financial results for fiscal year 2020.

Fiscal 2020 Financial Highlights:

Total cost of revenues for fiscal year 2020 decreased by 36.4% to $6.5 million (RMB46.2 million).
Gross profit for fiscal year 2020 was $2.8 million (RMB19.6 million). Gross profit margin for fiscal year 2020 was 29.8%, an increase of 0.6 percentage points compared to fiscal year 2019.
Net loss attributable to Recon for fiscal year 2020 was $2.7 million (RMB19.2 million), or $0. 59 (RMB4.16) per basic and diluted share, compared to $3.5 million (RMB24.0 million), or $0.92 (RMB6.49) per basic and diluted share for the fiscal year 2019.

Management Commentary

Mr. Shenping Yin, co-founder and CEO of Recon, stated, "The COVID-19 pandemic had a significant impact on our operation of the second-half of fiscal 2020, resulted in a delay in project performance timeline and thus delayed recognition of revenue. Nevertheless, we are pleased with our ability to handle such challenge and we believe our delayed projects will be completed methodically as social and overall conditions in China resume. We’re also very proud that our clients remained stable and we believe our strategy to establish long term cooperation with clients valuing our essential automation solution and value-added services will help us reposition our business by bringing more resources through companies that want to adopt effective online and industrial automotive solutions and Internet-of-Things in China."

"We believe Recon has been prepared for larger projects in automation and environmental protection segments. We never stop improving our business structure and focusing on opportunities that can leverage our knowledge and experience in energy industry. We believe all our current efforts will drive our long-term net profit growth targets," concluded Mr. Yin.

Fiscal 2020 Financial Results:

Revenue

Total revenues were approximately RMB65.8 million ($9.3 million), representing a decrease of 35.8% compared to fiscal year 2019.

Automation products and software. Revenues from automation products and software decreased to approximately RMB51.4 million ($7.3 million), representing a decrease of 19.1% from fiscal year 2019. The decrease was primarily due to the postponed acceptance of several projects and less expenditures budgeted by Shenhua Group and decreased orders from Xinjiang East Hope New Energy Co., Ltd.

Equipment and accessories. Revenue from equipment and accessories decreased to approximately RMB14.2 million ($2.0 million), representing a decrease of 40.6% from fiscal year 2019, mainly due to less demand of the Company’s products by oilfield companies as a result of low oil price.

Oilfield environmental protection. Revenue from oilfield environmental protection decreased by 99.2% to almost nil for this period, mainly affected by late acceptance inspection of the Company’s Gansu production project, thus orders were not fulfilled and revenue was not recognized during the fiscal year 2020.

Cost and Margin

Total cost of revenues decreased by 36.4% to approximately RMB46.2 million ($6.5 million), mainly due to the decreased cost in line with revenue.

Gross profit decreased to approximately RMB19.6 million ($2.8 million), representing a decrease of 34.4% from fiscal year 2019. Gross margin was maintained at a same level of 29.8%, compared to a 29.2% of last year. Specifically, gross margin for automation and equipment segments were all improved during fiscal year 2020. The Company expects that the gross margin for oilfield environmental protection segment will be back to a 40% level when the treatment process is completed and revenue is recognized.

Operating Expenses

Total operating expenses decreased to approximately RMB39.8 million ($5.6 million), representing a decrease of 26.5%.

Selling and distribution expenses. Selling and distribution expenses were approximately RMB4.4 million ($0.6 million), representing a 51.3% decrease from fiscal year 2019. This decrease was mainly caused by less traveling expenses and entertainment expenses as the Company tried to control its operating expenditure, as well as the restriction on travelling and outdoor activities imposed by PRC government due to the COVID-19 during the fiscal year 2020.

General and Administrative Expenses. General and administrative expenses was approximately RMB26.1 million ($3.7 million), representing a 36.7% decrease from fiscal year 2019. The decrease was mainly due to the decrease in stock-based compensation expense.

Research and development expenses. Research and development expenses were approximately RMB7.0 million ($1.0 million), representing an increase of 7.6% from fiscal year 2019. This increase was primarily due to more expenses spent on design of new automation platform systems.

Net Loss

Loss from operations was RMB20.2 million ($2.9 million), representing a decrease of 22.0% from fiscal year 2019, which was a loss of RMB25.8 million.

Basic and diluted EPS. Basic and diluted net loss per share were RMB4.16 ($0.59), compared to RMB6.49 ($0.92) in fiscal year 2019.

Financial Condition

As of June 30,2020, the Company had cash of RMB30.3 million ($4.3 million), compared to RMB4.5 million as of June 30, 2019. As of June 30, 2020, the Company had working capital of RMB64.1 million ($9.1 million), while as of June 30, 2019, the Company had working capital of RMB55.7 million. The increase was mainly contributed to securities offerings during May and June of 2020.

Net cash used in operating activities was RMB5.2 million ($0.7 million) for fiscal year 2020, compared to net cash used in operating activities of approximately RMB32.2 million for fiscal year 2019. Net cash used in investing activities was RMB2.1 million ($0.3 million) for fiscal year 2020, compared to RMB13.5 million for fiscal year 2019. Net cash provided by financing activities was RMB33.2 million ($4.7 million) for fiscal year 2020, compared to net cash provided by financing activities of RMB3.5 million for fiscal year 2019.

Exchange Rate

The translation of RMB amounts into U.S. dollars are included solely for the convenience of readers and have been made at the rate of RMB7.06973 to $1.00, the approximate exchange rate prevailing on December 31, 2019.

About Recon Technology, Ltd.

Recon Technology, Ltd. (RCON) is China’s first non-state-owned oil and gas field service company listed on NASDAQ. Recon supplies China’s largest oil exploration companies with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measures for increasing petroleum extraction levels, reducing impurities and lowering production costs. Since 2017, the Company has expanded its business operations into other segments of the broader energy industry including electric power, coal chemicals, renewable energy and environmental protection in the energy and chemical industries. Through the years, Recon has taken leading positions on several market segments of the oil and gas field service industry. Recon also has developed stable long-term cooperation relationships with its major clients, and its products and service are well accepted by clients. For additional information please visit: www.recon.cn.

Safe Harbor Statement

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, the effect of novel coronavirus and other health matters on target markets, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

IR contact:

In China:

Ms. Liu Jia
Recon Technology, Ltd.
Phone: +86 (10) 8494-5799
Email: info@recon.cn

RECON TECHNOLOGY, LTD CONSOLIDATED BALANCE SHEETS

	As of June 30		As of June 30		As of June 30
	2019		2020		2020
ASSETS	RMB		RMB		U.S. Dollars
Current assets
Cash	¥	4,521,325	¥	30,336,504	$	4,291,042
Notes receivable		3,073,680		4,180,885		591,378
Trade accounts receivable, net		68,535,282		48,244,015		6,824,026
Trade accounts receivable- related party, net		3,409,912		3,068,920		434,093
Inventories, net		1,270,523		1,985,723		280,877
Other receivables, net		5,665,593		6,350,802		898,309
Loans to third parties		4,960,000		3,200,377		452,687
Purchase advances, net		1,343,576		178,767		25,286
Contract assets, net		4,633,940		31,537,586		4,460,933
Prepaid expenses		192,837		198,294		28,048
Prepaid expenses – related parties		217,600		–		–
Total current assets		97,824,268		129,281,873		18,286,679

Property and equipment, net		3,661,321		29,756,879		4,209,055
Construction in progress		21,524,994		–		–
Land use right, net		1,307,887		1,280,648		181,145
Investment in unconsolidated entity		31,078,971		31,541,850		4,461,536
Long-term other receivables, net		440,015		3,640		515
Prepayments for construction in progress		1,144,098		–		–
Operating lease right-of-use assets (including ¥Nil and ¥803,503 ($113,654) from a related party as of June 30, 2019 and 2020, respectively)		–		2,549,914		360,681
Total Assets	¥	156,981,554	¥	194,414,804	$	27,499,611

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities
Short-term bank loans	¥	2,500,000	¥	9,520,000	$	1,346,586
Trade accounts payable		14,089,293		23,034,347		3,258,163
Other payables		2,246,410		2,609,486		369,107
Other payable- related parties		2,290,873		4,498,318		636,279
Contract Liabilities		120,000		3,486,033		493,093
Accrued payroll and employees’ welfare		1,384,529		1,917,635		271,246
Investment payable		6,400,000		6,400,000		905,268
Taxes payable		2,180,847		1,108,288		156,765
Short-term borrowings		1,081,096		200,000		28,290
Short-term borrowings – related parties		9,010,525		10,230,746		1,447,120
Long-term borrowings – related party – current portion		780,797		847,346		119,856
Operating lease liabilities – current (including ¥Nil and ¥450,728 ($63,755) from a related party as of June 30, 2019 and 2020, respectively)		–		1,328,976		187,981
Total Current Liabilities		42,084,370		65,181,175		9,219,754

Operating lease liabilities – non-current (including ¥Nil and ¥352,775 ($49,899) from a related party as of June 30, 2019 and 2020, respectively)		–		1,210,088		171,165
Long-term borrowings – related party		8,196,204		7,379,253		1,043,782
Total Liabilities		50,280,574		73,770,516		10,434,701

Commitments and Contingencies

Equity
Common stock, ($ 0.0925 U.S. dollar par value, 20,000,000 shares authorized; 4,361,634 shares and 7,202,832 shares issued and outstanding as of June 30, 2019 and June 30, 2020, respectively) *		2,712,773		4,577,233		647,441
Additional paid-in capital		250,624,798		282,505,455		39,959,870
Statutory reserve		4,148,929		4,148,929		586,858
Accumulated deficit		(164,780,885)		(184,027,586)		(26,030,358)
Accumulated other comprehensive gain		2,909,936		2,825,731		399,694
Total stockholders’ equity		95,615,551		110,029,762		15,563,505
Non-controlling interests		11,085,429		10,614,526		1,501,405
Total equity		106,700,980		120,644,288		17,064,910
Total Liabilities and Equity	¥	156,981,554	¥	194,414,804	$	27,499,611

RECON TECHNOLOGY, LTD CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	For the years ended June 30,
	2018		2019		2020		2020
	RMB		RMB		RMB		USD
Revenues
Revenues – third party	¥	84,135,037	¥	98,657,433	¥	65,760,651	$	9,301,722
Revenues – related party		577,009		3,726,894		–		–
Revenues		84,712,046		102,384,327		65,760,651		9,301,722

Cost of revenues
Cost of revenues – third party		80,097,834		70,316,198		46,154,255		6,528,433
Cost of revenues – related party		464,027		2,202,765		–		–
Cost of revenues		80,561,861		72,518,963		46,154,255		6,528,433

Gross profit		4,150,185		29,865,364		19,606,396		2,773,289

Selling and distribution expenses		8,013,353		9,076,266		4,417,413		624,835
General and administrative expenses		34,687,317		41,288,351		26,120,099		3,694,644
Provision for (net recovery of) doubtful accounts		(841,242)		610,776		2,203,531		311,685
Research and development expenses		3,215,653		3,133,545		7,042,385		996,132
Operating expenses		45,075,081		54,108,938		39,783,428		5,627,296

Loss from operations		(40,924,896)		(24,243,574)		(20,177,032)		(2,854,007)

Other income (expenses)
Subsidy income		371,650		1,149,016		1,210,318		171,197
Interest income		68,028		40,391		54,746		7,744
Interest expense		(897,521)		(1,589,045)		(1,451,890)		(205,367)
Income (loss) from investment in unconsolidated entity		–		(959,905)		462,879		65,473
Impairment loss of investment in unconsolidated entity		(4,037,736)		–		–		–
Foreign exchange transaction gain (loss)		(4,068)		56,603		(17,720)		(2,506)
Other income		65,539		162,585		78,417		11,092
Other income (expense), net		(4,434,108)		(1,140,355)		336,750		47,633
Loss before income tax		(45,359,004)		(25,383,929)		(19,840,282)		(2,806,374)
Income tax expenses		16,230		398,477		282,322		39,934
Net loss		(45,375,234)		(25,782,406)		(20,122,604)		(2,846,308)

Less: Net loss attributable to non-controlling interests		(1,302,913)		(426,501)		(875,903)		(123,895)
Net loss attributable to Recon Technology, Ltd	¥	(44,072,321)	¥	(25,355,905)	¥	(19,246,701)	$	(2,722,413)

Comprehensive loss
Net loss		(45,375,234)		(25,782,406)		(20,122,604)		(2,846,308)
Foreign currency translation adjustment		1,765,249		1,393,843		(84,205)		(11,911)
Comprehensive loss		(43,609,985)		(24,388,563)		(20,206,809)		(2,858,219)
Less: Comprehensive loss attributable to non-controlling interests		(1,302,913)		(426,501)		(875,903)		(123,895)
Comprehensive loss attributable to Recon Technology, Ltd	¥	(42,307,072)	¥	(23,962,062)	¥	(19,330,906)	$	(2,734,324)

Loss per common share – basic and diluted	¥	(19.19)	¥	(6.49)	¥	(4.16)	$	(0.59)
Weighted – average shares -basic and diluted		2,296,693		3,908,833		4,624,615		4,624,615

RECON TECHNOLOGY, LTD CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the years ended
	2018		2019		2020		2020
	RMB		RMB		RMB		U.S. Dollars
Cash flows from operating activities:
Net loss	¥	(45,375,234)	¥	(25,782,406)	¥	(20,122,604)	$	(2,846,308)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		1,119,049		1,124,011		1,609,700		227,689
Gain from disposal of equipment		(78,285)		–		(89,156)		(12,611)
Provision for (net recovery of) doubtful accounts		(841,242)		610,776		2,203,531		311,685
Provision for slow moving inventories		65,245		65,380		56,817		8,037
Amortization of right of use assets		–		–		1,408,551		199,237
Reversal of interests expense		–		–		(81,096)		(11,471)
Restricted shares issued for management and employees		15,462,124		21,288,204		7,944,835		1,123,782
Loss (income) from investment in unconsolidated entity		–		959,905		(462,879)		(65,473)
Impairment loss of investment in unconsolidated entity		4,037,736		–		–		–
Restricted shares issued for services		3,050,896		845,781		33,927		4,799
Changes in operating assets and liabilities:
Notes receivable		2,116,998		922,282		(1,107,205)		(156,612)
Trade accounts receivable		11,972,175		(40,461,376)		18,428,088		2,606,619
Trade accounts receivable-related party		–		(3,409,912)		–		–
Inventories		(5,012,984)		(1,197,529)		(1,124,935)		(159,120)
Other receivable		(1,717,096)		(928,882)		(206,146)		(29,159)
Purchase advance		(296,903)		5,784,669		1,210,309		171,196
Contract assets		(127,325)		7,554,745		(26,938,013)		(3,810,332)
Prepaid expense		318,759		316,845		(5,457)		(772)
Prepaid expense – related parties		–		(217,600)		217,600		30,779
Operating lease liabilities		–		–		(1,419,402)		(200,772)
Trade accounts payable		(2,706,304)		(400,034)		8,205,660		1,160,675
Other payables		(179,507)		(861,620)		(23,600)		(3,338)
Other payables-related parties		(102,563)		(920,584)		2,207,445		312,239
Deferred revenue		(1,174,585)		–		–		–
Advance from customers		27,756		(37,856)		3,366,033		476,119
Accrued payroll and employees’ welfare		140,828		784,095		533,109		75,407
Accrued expenses		–		–		9,425		1,333
Taxes payable		(269,358)		1,748,934		(1,085,213)		(153,501)
Net cash used in operating activities		(19,569,820)		(32,212,172)		(5,230,676)		(739,873)

Cash flows from investing activities:
Investment in unconsolidated entity		(4,037,736)		(4,205,080)		–		–
Purchases of property and equipment		(1,503,410)		(1,735,956)		(85,974)		(12,161)
Proceeds from disposal of equipment		32,000		–		900		127
Payments for land use right		(1,361,969)		–		–		–
Repayments from loans to third parties		435,250		1,000,000		11,239,623		1,589,824
Payments made for loans to third parties		(1,960,000)		(4,000,000)		(9,480,000)		(1,340,928)
Payments and prepayments for construction in progress		(9,157,103)		(4,606,823)		(3,782,912)		(535,086)
Net cash used in investing activities		(17,552,968)		(13,547,859)		(2,108,363)		(298,224)

Cash flows from financing activities:
Proceeds from short-term bank loans		45,000		2,500,000		9,520,000		1,346,586
Repayments of short-term bank loans		(45,000)		–		(2,500,000)		(353,620)
Proceeds from short-term borrowings		4,600,000		1,081,096		200,000		28,290
Repayments of short-term borrowings		(4,900,000)		–		(1,000,000)		(141,448)
Proceeds from short-term borrowings-related parties		20,188,318		5,000,000		17,415,000		2,463,319
Repayments of short-term borrowings-related parties		(21,332,036)		(5,000,000)		(16,195,000)		(2,290,753)
Proceeds from long-term borrowings-related party		10,000,000		–		–		–
Repayments of long-term borrowings-related party		(371,975)		(684,191)		(747,630)		(105,751)
Proceeds from sale of common stock, net of issuance costs		65,004,531		–		26,141,051		3,697,603
Refund of capital contribution by a non-controlling shareholder		–		(200,000)		–		–
Capital contribution by non-controlling shareholders		3,700,000		850,000		405,000		57,286
Net cash provided by financing activities		76,888,838		3,546,905		33,238,421		4,701,512

Effect of exchange rate fluctuation on cash		1,765,249		1,393,873		(84,203)		(11,906)

Net (decrease) increase in cash		41,531,299		(40,819,253)		25,815,179		3,651,509
Cash at beginning of year		3,809,279		45,340,578		4,521,325		639,533
Cash at end of year	¥	45,340,578	¥	4,521,325	¥	30,336,504	$	4,291,042

Supplemental cash flow information
Cash paid during the year for interest	¥	868,042	¥	1,542,381	¥	1,400,462	$	198,093
Cash paid (received) during the year for taxes	¥	(22,671)	¥	2,002	¥	282,322	$	39,934

Non-cash investing and financing activities
Shares issued to settle salary payable	¥	1,554,908	¥	–	¥	–	$	–
Issuance of common stock in exchange of shares of FGS, net of issuance costs	¥		¥	21,433,796	¥	–	$	–
Investment payable in exchange of interest of FGS	¥	–	¥	6,400,000	¥	–	$	–
Right-of-use assets obtained in exchange for operating lease obligations	¥	–	¥	–	¥	1,228,963	$	173,834
Inventories used for fixed assets	¥	–	¥	–	¥	409,735	$	57,956
Payable for construction in progress	¥	3,096,781	¥	5,694,980	¥	732,513	$	103,613
Receivable for disposal of property and equipment	¥	81,900	¥	–	¥	110,000	$	15,559
Payable for issuance cost of common stock	¥	–	¥	–	¥	374,696	$	53,000

The accompanying notes are an integral part of these consolidated financial statements. * Retrospectively restated for effect of stock split on December 27, 2019.

Related Links :

http://www.recon.cn/

PR Newswire

Arctech Solar Unveils New Website to Boost Branding Efforts

October 9, 2020 TechENT Syndication Leave a comment

SHANGHAI, Oct. 9, 2020 — Arctech Solar, a leading solar tracking, racking and BIPV system provider, is proud to announce the launch of its newly redesigned website, aiming to offer an elevated and user-friendly browsing experience for our trusted and valued customers and business partners.

This is a new milestone in the innovation-driven, customer-centered company’s branding efforts. Arctech Solar’s new website features improved navigation and functionality, it treats orange as the main background color which is simple and graceful. More importantly, Arctech Solar endeavors to provide its current and prospective customers and partners with the most accurate, up-to-date information on the full product portfolio and comprehensive services of smart solar trackers that it can offer. A generous application of videos, photos and graphics, along with sufficiently detailed and engaging content regarding the company’s products, solutions, and cases to guide visitors. Amongst the new features, the site contains integrated social media buttons for LinkedIn, Facebook, Twitter, YouTube and WeChat to foster improved communication with partners and clients.

Arctech Solar is showing strong momentum in growth and innovation this year despite Covid-19 disruption. It successfully went public on Shanghai Sci-tech Innovation Board in August, and has officially unveiled state-of-the-art SkySmart II solution, which is compatible with high-power & large modules, and satisfy the stability and LCOE requirement. The newly-launched website is also a new starting point for the company. Looking forward, Arctech Solar is excited to see opportunity abounding, and will stay committed to serving valued customers and partners with top-quality products and excellent services.

For more information on Arctech Solar and to view the new site, please visit www.arctechsolar.com starting September 2020.

About Arctech Solar

Arctech Solar (SSE-STAR: 688408) is one of the world’s leading manufacturers and solution providers of solar tracking, racking and BIPV systems. In the past decade, Arctech Solar has successfully set up overseas subsidiaries/business service centers in China, Japan, India, U.S., Spain, Australia, UAE, Mexico, Chile, Brazil and Vietnam. As of the end of 2019, the company has cumulatively installed around 24 GW capacity and completed around 900 projects in 24 countries. Today, Arctech Solar is a reliable partner in the global PV tracking, racking and BIPV industry. For more information, please visit www.arctechsolar.com.

Press Contact:
Lisa Zhou
Telephone: +86-18918888669
Email Address: lisa.zhou@arctechsolar.com

Related Links :

http://www.arctechsolar.com

http://www.arctechsolar.cn

PR Newswire

Sungrow Bags 800 MWp PV Inverter Solution Contract in Qatar

October 7, 2020 TechENT Syndication Leave a comment

DOHA, Qatar, Oct. 7, 2020 — Sungrow, the global leading inverter solution supplier for renewables, announced that it will power the 800 MWp Al Kharsaa project in Qatar with featured 1500V string inverter SG250HX. The project is noteworthy as the third-largest solar plant in the world and the first utility-scale solar project in Qatar. It’s planned to be fully operational before the 2022 World Cup, supporting Qatar National Vision 2030 by facilitating local economic decarbonization and sustainable development.

The 800 MW Contract Signing Ceremony

The 800 MWp plant is located 80 km west of Doha, Qatar, covering 1000 hectares in a tropical desert and featuring ample sunlight whereas high temperatures and strong wind. The project was awarded to a consortium of Marubeni and Total as the result of the country’s first solar tender, benefiting from a 25-year power purchase agreement (PPA) to supply electricity to the offtaker Kahramaa. It will represent around 10% of electricity peak demand of the country and reduce the carbon dioxide emissions of Qatar by 26 million tonnes during its lifetime.

Sungrow will supply the world’s most powerful 1500V string inverter SG250HX, which is resilient in harsh conditions given the IP66 and C5 protection capability and smart forced air-cooling technology. Compatible with bifacial modules and tracking systems, the solution allows considerable yields by leveraging the sunlight resources onsite. It enables flexible block design allowing up to 6.75 MW, significantly saving the initial investment and streamlining O&M. As one of the best-selling PV inverter solutions, SG250HX is expected to be deployed over 3 GW by the end of 2020.

As the independent power producers (IPP) of the landmark project, Marubeni from Japan and Total from France show great confidence towards the rosy prospect of the project due to prominent product solutions and 100% bankability of Sungrow.

"The Al Kharsaa project is a breakthrough in our track record and will lay the solid foundation for our robust partnership with Sungrow. High-performing products, reliable service, timely deliveries and speed of commissioning have made them a preferred partner for our growing list of assets," commented Mr. Yu Hao, Vice General Manager from Power China, the EPC of the project.

"We are proud to pioneer the first utility-scale solar project in Qatar with the best of our expertise and prop up the national commitment towards a more sustainable society. We’d like to explore more competitive projects to unlock values for stakeholders in the Middle East," said James Wu, Vice President of Sungrow. Wu also mentioned that the Company supplied a 500 MW project in Oman and a 900 MW project in Dubai.

About Sungrow

Sungrow Power Supply Co., Ltd ("Sungrow") is the world’s most bankable inverter brand with over 120 GW installed worldwide as of June 2020. Founded in 1997 by University Professor Cao Renxian, Sungrow is a leader in the research and development of solar inverters, with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and energy storage systems for utility-scale, commercial, and residential applications, as well as internationally recognized floating PV plant solutions. With a strong 23-year track record in the PV space, Sungrow products power installations in over 120 countries, maintaining a worldwide market share of over 15%. Learn more about Sungrow by visiting www.sungrowpower.com.

Photo – https://photos.prnasia.com/prnh/20201007/2942872-1?lang=0

Related Links :

http://www.sungrowpower.com

PR Newswire

ReneSola Power and Vodasun to Form Joint Venture to Develop Solar Projects in Germany

September 28, 2020 TechENT Syndication Leave a comment

STAMFORD, Conn., Sept. 28, 2020 — ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, and Vodasun, a Munich, Germany-based project developer specialized in the development and construction of solar parks, today announced that they entered into a strategic partnership agreement to co-develop and market ready-to-build (RTB) ground-mounted solar projects in Germany.

As part of the agreement, ReneSola Power and Vodasun will create a 50/50 joint venture company with a starting project portfolio of 50 to 100 MW. The JV intends to develop these projects, as well as develop an additional 50 to 100 MW of new projects per year.

Mr. Josef Kastner, CEO of ReneSola European Region, commented, "From a strategic perspective, the combined strengths and reputations of both companies will provide new opportunities to enable further expansion into Germany. The JV will benefit both companies by building a more robust project portfolio while leveraging our know-how and experience in project development. Additionally, we believe the JV will produce cost synergies to enhance profitability as we navigate the challenging macro environment."

Mr. Yumin Liu, Chief Executive Officer of ReneSola Power, added, "We are excited about this strategic partnership with Vodasun, and look forward to working with their team to expand our reach into Germany. We believe this is a meaningful step for us to achieve our global pipeline growth target in the next several quarters and beyond."

About ReneSola Power

ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies. The Company’s strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.

About Vodasun

Since 2009, Vodasun plans, builds and operates turnkey photovoltaic systems throughout Germany. The range of services extends from single-family homes to complex large-scale projects with installed capacities in the megawatt range. The Vodasun Group is divided into three companies: Vodasun Akquise und Vertriebs GmbH develops and sells PV projects to private and institutional investors, Vodasun Construction is as EPC company responsible for the turnkey construction and Vodastrom subsequently takes over the commercial and technical management of the plants. The best engineering and the use of high quality components ensure the yield and longevity of the projects.

Related Links :

http://www.renesolapower.com

PR Newswire

Canadian Solar Comments on ITC Complaint Filed by Solaria Corporation

September 25, 2020 TechENT Syndication Leave a comment

GUELPH, ON, Sept. 25, 2020 — Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), today issued the following comment:

Over the past five months, Canadian Solar has been vigorously litigating a patent lawsuit filed by Solaria in April 2020 in the U.S. District Court in Oakland, California, entitled The Solaria Corporation v. Canadian Solar Inc., Case No. 4:20-cv-02169-JST (N.D. Cal.). Canadian Solar countersued with claims requesting that the Court declare, as Canadian Solar believes, that:

(1) none of the products at issue in the case infringe the Solaria patents;

(2) Solaria withheld key evidence from the U.S. Patent Office when seeking its patents; and

(3) this, among other reasons, renders the asserted claims both invalid and unenforceable.

In the face of Canadian Solar’s countersuit, Solaria opted to file a new lawsuit with the U.S. International Trade Commission (ITC), entitled Certain Shingled Solar Modules, Components Thereof, and Methods for Manufacturing the Same, Section 337 Investigation Docket No. 3491. The ITC investigation is expected to be instituted next month.

Asserting the same family of patents against the same limited number of products (HiDM and HiDM5) in a different forum does not make Solaria’s claims any less flawed. Canadian Solar will continue to vigorously defend these lawsuits, while the Company continues to focus its energy on developing superior product and bringing innovation to the market.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world’s largest solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale solar power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 46 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; delays in the process of qualifying to list the MSS subsidiary in the PRC; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 28, 2020. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

Related Links :

http://www.canadiansolar.com

PR Newswire

JinkoSolar Announces Second Quarter 2020 Financial Results

September 23, 2020 TechENT Syndication Leave a comment

SHANGRAO, China, Sept. 23, 2020 — JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the second quarter ended June 30, 2020.

Strategic Business Updates

Module shipments in the second quarter increased significantly compared with the first quarter, despite the negative impact caused by the global pandemic.
Large-area N-Type monocrystalline silicon solar cell reached a record high efficiency of 24.79%.
Demand and deployment of large-size modules exceeded expectations. The company recently launched its Tiger Pro N-type large-size module products with maximum power output of up to 610 W.
Industry consolidation is accelerating due to increased competition in a challenging economic environment. Module shipments of the top five module manufacturers are expected to account for 65% to 70% of the total shipments in the industry this year.
Announced the plan to list the Company’s principal operating subsidiary Jiangxi Jinko on the Shanghai Stock Exchange’s Sci-Tech innovation board, or the STAR Market.

Second Quarter 2020 Operational and Financial Highlights

Total solar module shipments were 4,469 megawatts ("MW"), within JinkoSolar’s guidance range of 4.2 GW to 4.5 GW, an increase of 31.0% from 3,411 MW in the first quarter of 2020 and an increase of 32.0% from 3,386 MW in the second quarter of 2019.
Total revenues were RMB8.45 billion (US$1.20 billion), exceeding JinkoSolar’s guidance range of US$1.10 billion to US$1.18 billion; a decrease of 0.4% from the first quarter of 2020 and an increase of 22.2% from the second quarter of 2019.
Gross margin was 17.9%, within JinkoSolar’s guidance range of 16.0% to 18.0%, compared with 19.5% in the first quarter of 2020 and 16.5% in the second quarter of 2019.
Income from operations was RMB434.7 million (US$61.5 million), compared with RMB732.7 million in the first quarter of 2020 and RMB260.3 million in the second quarter of 2019.
Net income attributable to the Company’s ordinary shareholders was RMB318.0 million (US$45.0 million) in the second quarter of 2020, compared with RMB282.4 million in the first quarter of 2020 and RMB125.4 million in the second quarter of 2019.
Diluted earnings per American depositary share ("ADS") were RMB6.55 (US$0.93) in the second quarter of 2020.
Non-GAAP net income attributable to the Company’s ordinary shareholders in the second quarter of 2020 was RMB376.1 million (US$53.2 million), compared with RMB227.5 million in the first quarter of 2020 and RMB202.9 million in the second quarter of 2019.
Non-GAAP basic and diluted earnings per ADS were RMB8.46 (US$1.20) in the second quarter of 2020, compared with RMB5.09 and RMB4.59, respectively, in the first quarter of 2020 and RMB4.87 for both in the second quarter of 2019.

Mr. Kangping Chen, JinkoSolar’s Chief Executive Officer commented, "JinkoSolar delivered a strong quarter with total revenue exceeding guidance. Despite the tough economic environment around the world, total solar module shipments and gross margin for the quarter were all within our guidance range. Module shipments hit a new high of 4,469 MW, an increase of 31.0% sequentially and 32.0% year-over-year. Total revenues during the quarter were US$1.20 billion, an increase of 16.0% (excluding the impact from disposal of the solar power plants in the first quarter of 2020) sequentially and 22.2% year-over-year, while gross profit was US$214.1 million. We expect orders for the third and fourth quarters to increase, with total solar module shipments expected to be in the range between 5 GW to 5.3 GW for the third quarter, and our guidance for total shipments for the full year 2020 remains unchanged at 18GW to 20 GW."

"Solar demand decreased during the quarter due to the economic slowdown, triggering a drop in module prices. Many upstream manufacturing companies were forced to reduce inventory and companies lacking product differentiation and cost flexibility struggled to remain competitive. The market continues to consolidate due to the challenging economic environment and strong competition within the industry, while the production capacity and infrastructure of integrated manufacturers remain resilient to risks and price fluctuations. All of the above has enabled a few key players, including JinkoSolar, to increase global market share. Overall, the combined shipment volumes of the top five solar module manufacturers are expected to account for 65% to 70% of the industry for the year."

"More than ever, technology is the major differentiating factor giving companies with integrated applications a clear advantage. Recently, our large-area N-type monocrystalline silicon solar cells reached a conversion efficiency of 24.79%, setting a new world record. This year, the popularity of large-sized bifacial modules exceeded our expectations and demonstrated that further reductions in the levelized cost of energy for solar remains the core distinction among clean energies. Additionally, we expect new technologies in energy storage to prompt the sector into a new era of rapid development."

"As economies have started to rebound in many markets, we believe global demand will eventually accelerate and we are well positioned to benefit from the momentum. Earlier this year, the shortage of supply in the Chinese market drove up prices along the supply chain, but prices have stabilized since then and we expect strong market demand to continue until the end of the year. With our strong R&D platform, expanding capacity and cost leadership, we believe we are well positioned to capitalize on the strong potential of solar energy as governments increasingly focus on clean energy in the wake of the pandemic and growing climate change challenges."

"This week, we announced our plan to list our principal operating subsidiary Jiangxi Jinko on the Shanghai Stock Exchange’s Sci-Tech innovation board, or the STAR Market. We are committed to maintaining the New York Stock Exchange listing for JinkoSolar. We believe the additional listing of Jiangxi Jinko on the STAR Market will raise our profile with investors both in China and globally and provide us with additional growth opportunities in the future."

Second Quarter 2020 Financial Results

Total Revenues

Total revenues in the second quarter of 2020 were RMB8.45 billion (US$1.20 billion), a decrease of 0.4% from RMB8.48 billion in the first quarter of 2020 and an increase of 22.2% from RMB6.91 billion in the second quarter of 2019. Excluding the impact from the disposal of two solar power plants in Mexico in the first quarter of 2020, revenue increased by 16.0% from RMB7.29 billion in the first quarter of 2020. The sequential increase (excluding the impact from disposal of the solar power plants in the first quarter of 2020) was mainly attributable to an increase in the shipment of solar modules partially offset by a decline in the average selling price of solar modules. The year-over-year increase was mainly attributable to the increase in shipment of solar modules.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2020 was RMB1.51 billion (US$214.1 million), compared with RMB1.66 billion in the first quarter of 2020 (or RMB1.44 billion if excluding the impact from the disposal of two solar power plants in Mexico) and RMB1.14 billion in the second quarter of 2019. The sequential increase was mainly attributable to an increase in the shipment of solar modules partially offset by a decline in the average selling price of solar modules. The year-over-year increase was mainly attributable to (i) an increase in the shipment of solar modules, (ii) an increase in self-produced production volume that is increasingly shifting toward integrated mono-based high-efficiency products capacity, and (iii) the continued reduction of integrated production costs resulting from the Company’s industry-leading integrated cost structure.

Gross margin was 17.9% in the second quarter of 2020, compared with 19.5% in the first quarter of 2020 (or 19.7% if excluding the impact from the disposal of two solar power plants in Mexico) and 16.5% in the second quarter of 2019.The sequential decrease was mainly attributable to a decline in the average selling price of solar modules due to the decrease of global demand of solar modules. The year-over-year increase was mainly attributable to (i) an increase in self-produced production volume by increasing shift toward integrated mono-based high-efficiency products capacity, and (ii) the continued reduction of integrated production costs resulting from the Company’s industry-leading integrated cost structure.

Income from Operations and Operating Margin

Income from operations in the second quarter of 2020 was RMB434.7 million (US$61.5 million), compared with RMB732.7 million in the first quarter of 2020 (including RMB213.2 million from the disposal of two solar power plants in Mexico) and RMB260.3 million in the second quarter of 2019.

Operating margin was 5.1% in the second quarter of 2020, compared with 8.6% in the first quarter of 2020 (or 7.1% if excluding the impact from the disposal of two solar power plants in Mexico) and 3.8% in the second quarter of 2019.

Total operating expenses in the second quarter of 2020 were RMB1.08 billion (US$152.6 million), an increase of 16.7% from RMB924.2 million in the first quarter of 2020 and an increase of 22.0% from RMB883.6 million in the second quarter of 2019. The sequential increase was mainly due to (i) an increase in warranty cost in relation to the increase in the shipment of solar modules. and (ii) an increase in disposal loss on property, plant and equipment due to the automation upgrade of the Company. The year-over-year increase was mainly due to (i) an increase in shipping costs and warranty cost in relation to the increase in the shipment of solar modules and (ii) an increase in disposal loss on property, plant and equipment.

Total operating expenses accounted for 12.8% of total revenues in the second quarter of 2020, compared to 10.9% in the first quarter of 2020 (or 12.6% if excluding the impact from the disposal of two solar power plants in Mexico) and 12.8% in the second quarter of 2019.

Interest Expense, Net

Net interest expense in the second quarter of 2020 was RMB106.2 million (US$15.0 million), a decrease of 2.2% from RMB108.6 million in the first quarter of 2020 and a decrease of 9.0% from RMB116.8 million in the second quarter of 2019. The sequential and year-over-year decreases were mainly due to an increase in interest income partially offset by an increase in interest expense with the increase of interest-bearing debts.

Exchange Gain and Change in Fair Value of Foreign Exchange Derivatives

The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB69.7 million (US$9.9 million) in the second quarter of 2020, compared to a net exchange loss of RMB106.8 million in the first quarter of 2020 and a net exchange gain of RMB45.9 million in the second quarter of 2019.

Change in Fair Value of Interest Rate Swap

The Company entered into Interest Rate Swap agreements with several banks for the purpose of reducing interest rate risk exposure associated with the Company’s overseas solar power projects. After the disposal of two solar power projects in Mexico in the first quarter of 2020, there was no change in fair value of interest rate swap recognized in the second quarter of 2020.

Change in Fair Value of Convertible Senior Notes and Call Option

The Company issued US$85.0 million of 4.5% convertible senior notes due 2024 (the "Notes") in May 2019 and has elected to measure the Notes at fair value. The Company recognized a loss from a change in fair value of the Notes of RMB89.2 million (US$12.6 million) in the second quarter of 2020, compared to a gain of RMB166.2 million in the first quarter of 2020. The change was primarily due to an increase in the Company’s stock price in the second quarter of 2020.

Concurrent with the issuance of the Notes in May 2019, the Company entered into a call option transaction with an affiliate of Credit Suisse Securities (USA) LLC. The Company accounted for the call option transaction as freestanding derivative assets in its consolidated balance sheets, which is marked to market during each reporting period. The Company recorded a gain from a change in fair value of the call option of RMB38.0 million (US$5.4 million) in the second quarter of 2020, compared to a loss of RMB100.2 million in the first quarter of 2020. The change was primarily due to an increase in the Company’s stock price in the second quarter of 2020.

Equity in (Loss)/Gain of Affiliated Companies

The Company indirectly holds a 20% equity interest in Sweihan PV Power Company P.J.S.C, a developer and operator of solar power projects in Dubai, and accounts for its investment using the equity method. The Company also holds a 30% equity interest in Jiangsu Jinko-Tiansheng Co., Ltd, which processes and assembles PV modules as an OEM manufacturer, and accounts for its investments using the equity method. The Company recorded equity in gain of affiliated companies of RMB4.2 million (US$0.6 million) in the second quarter of 2020, compared with a loss of RMB101.5 million in the first quarter of 2020 and a loss of RMB28.6 million in the second quarter of 2019. The gain primarily arose from revenue generated from operations in the second quarter of 2020. The sequential change was mainly due to the decreased losses arose from change in fair value of interest rate swap agreements purchased by Sweihan PV Power Company P.J.S.C. as the long-term interest rates remains stable in the second quarter of 2020. Hedge accounting was not applied for the derivative.

Income Tax (Expenses)/Benefit

The Company recorded an income tax expense of RMB22.8 million (US$3.2 million) in the second quarter of 2020, compared with an income tax expense of RMB109.5 million in the first quarter of 2020 and an income tax benefit of RMB55.9 million in the second quarter of 2019. The sequential decrease was mainly due to additional 2019 income tax deduction for R&D costs approved by the local tax bureau in the second quarter of 2020. The year-over-year change was mainly due to higher profit generated compared to the second quarter of 2019.

Net Income and Earnings per Share

Net income attributable to the Company’s ordinary shareholders was RMB318.0 million (US$45.0 million) in the second quarter of 2020, compared with RMB282.4 million in the first quarter of 2020 and RMB125.4 million in the second quarter of 2019.

Basic and diluted earnings per ordinary share were RMB1.79 (US$0.25) and RMB1.64 (US$0.23), respectively, during the second quarter of 2020. This translates into basic and diluted earnings per ADS of RMB7.16 (US$1.01) and RMB6.55 (US$0.93), respectively.

Non-GAAP net income attributable to the Company’s ordinary shareholders in the second quarter of 2020 was RMB376.1 million (US$53.2 million), compared with RMB227.5 million in the first quarter of 2020 and RMB202.9 million in the second quarter of 2019.

Non-GAAP basic and diluted earnings per ordinary share were RMB2.12 (US$0.30), during the second quarter of 2020. This translates into non-GAAP basic and diluted earnings per ADS of RMB8.46 (US$1.20).

Financial Position

As of June 30, 2020, the Company had RMB6.85 billion (US$969.6 million) in cash and cash equivalents and restricted cash, compared with RMB4.74 billion as of March 31, 2020.

As of June 30, 2020, the Company’s accounts receivables due from third parties were RMB5.90 billion (US$834.6 million), compared with RMB5.31 billion as of March 31, 2020.

As of June 30, 2020, the Company’s inventories were RMB6.89 billion (US$975.1 million), compared with RMB7.15 billion as of March 31, 2020.

As of June 30, 2020, the Company’s total interest-bearing debts were RMB16.5 billion (US$2.34 billion), of which RMB908.6 million (US$128.6 million) was related to the Company’s overseas downstream solar projects, compared with RMB12.79 billion, of which RMB1.15 billion was related to the Company’s overseas downstream solar projects as of March 31, 2020.

Second Quarter 2020 Operational Highlights

Solar Module Shipments

Total solar module shipments in the second quarter of 2020 were 4,469 MW.

Solar Products Production Capacity

As of June 30, 2020, the Company’s in-house annual mono wafer, solar cell and solar module production capacity was 20 GW,^[1] 11GW (10.2 GW for PERC cells and 800 MW for N type cells) and 25 GW, respectively.

Note 1:

In addition to the mono wafer, our multi wafer production capacity was 3.5 GW as of June 30, 2020^[1]

Operations and Business Outlook

Strong market demand is expected to continue until the end of the year. COVID-19 has negatively impacted demand and caused substantial challenges across the supply chain, which is expected to further accelerate market consolidation within the industry. The penetration of large-size modules exceed expectations.

Third Quarter and Full Year 2020 Guidance

The Company’s business outlook is based on management’s current views and estimates with respect to market conditions, production capacity, the Company’s order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management’s views and estimates are subject to change without notice.

For the third quarter of 2020, the Company expects total solar module shipments to be in the range of 5.0 GW to 5.3 GW. Total revenue for the third quarter is expected to be in the range of US$1.22 billion to US$1.30 billion. Gross margin for the third quarter is expected to be between 17% and 19%.

For full year 2020, the Company estimates total solar module shipments to be in the range of 18 GW to 20 GW.

Solar Products Production Capacity

JinkoSolar expects its annual mono wafer, solar cell and solar module production capacity to reach 20 GW, 11 GW (including 800 MW N-type cells) and 30 GW, respectively, by the end of 2020.

Recent Business Developments

In June 2020, JinkoSolar’s innovative Tiger Pro Series of high-efficiency modules received the world’s first IEC 61701 Ed. 3 (FDIS) certification for salt mist corrosion test issued by TÜV Nord AG, an independent provider of technical services for testing, inspection, certification, consultation and training.
In June 2020, United States International Trade Commission ("ITC") issued a favorable final determination concluding that JinkoSolar’s products do not infringe a patent asserted by Hanwha Q CELLS.
In June 2020, JinkoSolar appointed Mr. Ji Shao Guo as Chief Human Resources Officer.
In June 2020, JinkoSolar responded to the Regional Court of Düsseldorf’s recent determination concluding that third-party cell technology contained in certain JinkoSolar modules, no longer in production, infringes a patent held by Hanwha Q CELLS.
In June 2020, JinkoSolar announced that it will supply 60.9 MW of bifacial modules for the first industrial hybrid plant in Chile.
In July 2020, JinkoSolar won the 6th All Quality Matters Award for PV Module Energy Yield Simulation (Mono Group) at the Solar Congress 2020 organized by TÜV Rheinland.
In July 2020, JinkoSolar announced supply of 126 MW of solar modules for the expansion of an existing 160 MW solar PV park in Chile.
In July 2020, the maximum solar conversion efficiency of JinkoSolar’s large-area N-type monocrystalline silicon solar cells reached 24.79%, and have set a world record for large-size contact-passivated solar cells.
In August 2020, JinkoSolar unveiled its RE100 roadmap by providing details on its approach to achieve 100% capacity powered by renewables by 2025.
In August 2020, JinkoSolar launched its new generation of 610W Tiger Pro high-efficiency monocrystalline TR solar module and its BIPV solutions, Building Integrated Photovoltaics product series, which will be unveiled at SNEC 2020 in Shanghai.

Conference Call Information

JinkoSolar’s management will host an earnings conference call on Wednesday, September 23, 2020 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:

Hong Kong / International:	+852 3027 6500
U.S. Toll Free:	+1 855-824-5644
Passcode:	55345060

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, September 30, 2020. The dial-in details for the replay are as follows:

International:	+61 2 8325 2405
U.S.:	+1 646 982 0473
Passcode:	319337163#

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar’s website at www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 20 GW for mono wafers, 11 GW for solar cells, and 25 GW for solar modules, as of June 30, 2020.

JinkoSolar has 7 productions facilities globally, 14 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile and Australia, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland and Argentina.

To find out more, please see: www.jinkosolar.com

Use of Non-GAAP Financial Measures

To supplement its consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial measures including, non-GAAP net income, non-GAAP earnings per Share, and non-GAAP earnings per ADS, which are adjusted from the comparable GAAP results to exclude certain expenses or incremental ordinary shares relating to share-based compensation convertible senior notes and call option:

Non-GAAP net income is adjusted to exclude the expenses relating to issuance cost of convertible senior notes, change in fair value of convertible senior notes and call option, interest expenses of convertible senior notes and call option, exchange (gain)/loss on the convertible senior notes and call option, and stock-based compensation (benefit)/expense; given these Non-GAAP net income adjustments above are either related to the Company or its subsidiaries incorporated in Cayman Islands, which are not subject to tax exposures, or related to those subsidiaries with tax loss positions which result in no tax impacts, therefore no tax adjustment is needed in conjunction with these Non-GAAP net income adjustments; and
Non-GAAP earnings per share and non-GAAP earnings per ADS are adjusted to exclude the expenses relating to issuance cost of convertible senior notes, change in fair value of convertible senior notes and call option, interest expenses of convertible senior notes and call option, exchange gain on the convertible senior notes and call option, and stock-based compensation. As the Non-GAAP net income is adjusted to exclude the change in fair value of call option, the dilutive impact of call option, if any, is also excluded from the denominator for the calculation of Non-GAAP earnings per share and non-GAAP earnings per ADS.

The Company believes that the use of non-GAAP information is useful for analysts and investors to evaluate JinkoSolar’s current and future performances based on a more meaningful comparison of net income and diluted net income per ADS when compared with its peers and historical results from prior periods. These measures are not intended to represent or substitute numbers as measured under GAAP. The submission of non-GAAP numbers is voluntary and should be reviewed together with GAAP results.

Impact of the Recently Adopted Major Accounting Pronouncement

The Company adopted the update of ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): "Measurement of Credit Losses on Financial Instruments" on January 1, 2020.

Upon adoption of ASC 326 on January 1, 2020, the Company used the modified retrospective transition method through a RMB6.6 million cumulative-effect increase to retained earnings, among which RMB30.9 million was related to the decrease of allowance for accounts receivables-third parties, RMB15.0 million was related to the increase of allowance for accounts receivables- related parties and RMB9.3 million was related to the increase of allowance for other receivables and other current/non-current assets. The adoption of the new guidance did not have a material impact to the Company’s consolidated financial statements.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of June 30, 2020, which was RMB7.0651 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

Safe-Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: ir@jinkosolar.com

Rene Vanguestaine
Christensen
Tel: + 86 178 1749 0483
Email: rvanguestaine@ChristensenIR.com

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

JINKOSOLAR HOLDING CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except ADS and Share data)

	For the quarter ended				For the six months ended
	June 30, 2019	March 31, 2020	June 30, 2020		June 30, 2019	June 30, 2020
	RMB	RMB	RMB	USD	RMB	RMB	USD
Revenues from third parties	6,912,301	8,431,213	8,448,719	1,195,839	12,589,528	16,879,932	2,389,199

Revenues from related parties	725	52,710	1,943	275	145,546	54,653	7,736

Total revenues	6,913,026	8,483,923	8,450,662	1,196,114	12,735,074	16,934,585	2,396,935

Cost of revenues	(5,769,143)	(6,827,045)	(6,937,720)	(981,971)	(10,626,854)	(13,764,765)	(1,948,276)

Gross profit	1,143,883	1,656,878	1,512,942	214,143	2,108,220	3,169,820	448,659

Operating expenses:
Selling and marketing	(561,959)	(613,821)	(709,189)	(100,379)	(1,021,273)	(1,323,010)	(187,260)
General and administrative	(248,376)	(238,594)	(294,452)	(41,677)	(440,278)	(533,046)	(75,448)
Research and development	(73,258)	(71,784)	(74,643)	(10,565)	(150,636)	(146,427)	(20,725)
Total operating expenses	(883,593)	(924,199)	(1,078,284)	(152,621)	(1,612,187)	(2,002,483)	(283,433)

Income from operations	260,290	732,679	434,658	61,522	496,033	1,167,337	165,226
Interest expenses, net	(116,754)	(108,613)	(106,239)	(15,037)	(212,864)	(214,852)	(30,410)
Subsidy income	10,517	5,061	14,379	2,035	15,258	19,440	2,752
Exchange gain	87,487	10,951	51,616	7,306	6,507	62,567	8,856
Change in fair value of interest rate swap	(46,118)	(78,878)	–	–	(76,317)	(78,878)	(11,164)
Change in fair value of foreign exchange derivatives	(41,619)	(117,787)	18,133	2,567	(23,505)	(99,654)	(14,105)
Convertible senior notes issuance costs	(18,646)	–	–	–	(18,646)	–	–
Change in fair value of convertible senior notes and call option	(45,070)	65,990	(51,165)	(7,242)	(45,070)	14,825	2,098
Other income/(expense), net	7,302	(2,187)	2,127	301	14,700	(60)	(8)
Income before income taxes	97,389	507,216	363,509	51,452	156,096	870,725	123,245
Income tax benefit/(expense)	55,917	(109,520)	(22,754)	(3,221)	60,167	(132,274)	(18,722)
Equity in (loss)/gain of affiliated companies	(28,621)	(101,527)	4,211	596	(52,330)	(97,316)	(13,774)
Net income	124,685	296,169	344,966	48,827	163,933	641,135	90,749
Less: Net (loss)/income attributable to non-controlling interests	(725)	13,728	26,923	3,811	(1,664)	40,651	5,754
Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders	125,410	282,441	318,043	45,016	165,597	600,484	84,995

Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders per share:
Basic	0.75	1.58	1.79	0.25	1.02	3.37	0.48
Diluted	0.32	0.67	1.64	0.23	0.57	2.77	0.39

Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders per ADS:
Basic	3.01	6.32	7.16	1.01	4.10	13.48	1.91
Diluted	1.26	2.67	6.55	0.93	2.28	11.08	1.57

Weighted average ordinary shares outstanding:
Basic	166,605,808	178,743,903	177,718,162	177,718,162	161,670,693	178,231,033	178,231,033
Diluted	165,385,410	198,081,276	170,989,776	170,989,776	161,633,544	197,139,692	197,139,692

Weighted average ADS outstanding:
Basic	41,651,452	44,685,976	44,429,541	44,429,541	40,417,673	44,557,758	44,557,758
Diluted	41,346,352	49,520,319	42,747,444	42,747,444	40,408,386	49,284,923	49,284,923

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Net income	124,685	296,169	344,966	48,827	163,933	641,135	90,749
Other comprehensive income/(loss):
-Foreign currency translation adjustments	48,233	45,040	30,442	4,309	30,774	75,482	10,684
-Change in the instrument-specific credit risk	5,546	39,202	(52,681)	(7,457)	5,546	(13,479)	(1,908)
Comprehensive income	178,464	380,411	322,727	45,679	200,253	703,138	99,525
Less: Comprehensive (loss)/income attributable to non-controlling interests	(725)	13,728	26,923	3,811	(1,664)	40,651	5,754
Comprehensive income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders	179,189	366,683	295,804	41,868	201,917	662,487	93,771

Reconciliation of GAAP and non-GAAP Results

1. Non-GAAP earnings per share and non-GAAP earnings per ADS

GAAP net income attributable to ordinary shareholders	125,410	282,441	318,043	45,016	165,597	600,484	84,995

Convertible senior notes issuance costs	18,646	–	–	–	18,646	–	–

Change in fair value of convertible senior notes and call option	45,070	(65,990)	51,165	7,242	45,070	(14,825)	(2,098)

Net interest expenses of convertible senior notes and call option	2,914	6,128	6,734	953	2,914	12,862	1,820

Exchange (gain)/loss on convertible senior notes and call option	(721)	4,664	(291)	(41)	(721)	4,373	619

Stock-based compensation expense	11,587	249	423	60	4,663	672	95

Non-GAAP net income attributable to ordinary shareholders	202,906	227,492	376,074	53,230	236,169	603,566	85,431

Non-GAAP earnings per share attributable to ordinary shareholders –
Basic	1.22	1.27	2.12	0.30	1.461	3.39	0.48
Diluted	1.22	1.15	2.12	0.30	1.461	3.06	0.43

Non-GAAP earnings per ADS attributable to ordinary shareholders –
Basic	4.87	5.09	8.46	1.20	5.84	13.54	1.92
Diluted	4.87	4.59	8.46	1.20	5.84	12.25	1.73

Non-GAAP weighted average ordinary shares outstanding
Basic	166,605,808	178,743,903	177,718,162	177,718,162	161,670,693	178,231,033	178,231,033
Diluted	166,605,808	198,081,276	177,718,162	177,718,162	161,670,693	197,139,692	197,139,692

Non-GAAP weighted average ADS outstanding
Basic	41,651,452	44,685,976	44,429,541	44,429,541	40,417,673	44,557,758	44,557,758
Diluted	41,651,452	49,520,319	44,429,541	44,429,541	40,417,673	49,284,923	49,284,923

JINKOSOLAR HOLDING CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

	December 31, 2019	June 30, 2020
	RMB	RMB	USD
ASSETS
Current assets:
Cash and cash equivalents	5,653,854	6,256,894	885,606
Restricted cash	576,546	593,580	84,016
Restricted short-term investments	6,930,502	6,351,495	898,996
Accounts receivable, net – related parties	520,504	457,227	64,716
Accounts receivable, net – third parties	5,266,351	5,896,205	834,554
Notes receivable, net – related parties	18,629	38,629	5,468
Notes receivable, net – third parties	1,529,801	2,069,340	292,896
Advances to suppliers, net – third parties	2,522,373	2,131,005	301,624
Inventories, net	5,818,789	6,889,268	975,113
Forward contract receivables	52,281	997	141
Prepayments and other current assets, net – related parties	54,318	35,630	5,043
Prepayments and other current assets, net	1,573,482	1,570,550	222,297
Held-for-sale assets	1,170,818	–	–
Total current assets	31,688,248	32,290,820	4,570,470

Non-current assets:
Restricted cash	531,158	922,353	130,551
Accounts receivable, net – third parties	–	28,020	3,966
Project Assets	798,243	806,474	114,149
Long-term investments	278,021	163,442	23,134
Property, plant and equipment, net	10,208,205	11,336,560	1,604,586
Land use rights, net	597,922	721,113	102,067
Intangible assets, net	36,395	38,234	5,412
Financing lease right-of-use assets, net	1,259,713	975,047	138,009
Operating lease right-of-use assets, net	317,904	276,781	39,176
Deferred tax assets	271,286	271,286	38,398
Call Option-concurrent with issuance of convertible senior notes	294,178	235,084	33,274
Other assets, net – related parties	96,753	99,296	14,054
Other assets, net – third parties	1,466,692	1,437,186	203,421
Total non-current assets	16,156,470	17,310,876	2,450,197

Total assets	47,844,718	49,601,696	7,020,667

LIABILITIES
Current liabilities:
Accounts payable – related parties	36,310	20,473	2,898
Accounts payable – third parties	4,952,630	4,619,921	653,907
Notes payable – third parties	7,518,570	6,857,544	970,622
Accrued payroll and welfare expenses	879,465	793,927	112,373
Advances from related parties	749	–	–
Advances from third parties	4,350,380	2,380,763	336,975
Income tax payable	117,422	78,598	11,125
Other payables and accruals	3,055,928	3,296,258	466,560
Other payables due to related parties	13,127	14,633	2,070
Forward contract payables	3,857	37,716	5,338
Convertible senior notes – current	–	634,256	89,773
Financing lease liabilities – current	227,613	219,428	31,058
Operating lease liabilities – current	40,043	40,532	5,737
Short-term borrowings from third parties, including current portion of long-term bank borrowings	9,047,250	12,066,725	1,707,934
Guarantee liabilities to related parties	25,688	23,363	3,307
Held-for-sale liabilities	1,008,196	–	–
Total current liabilities	31,277,228	31,084,137	4,399,677

Non-current liabilities:
Long-term borrowings	1,586,187	2,831,051	400,709
Convertible senior notes	728,216	–	–
Accrued warranty costs – non current	651,968	703,747	99,609
Financing lease liabilities	583,491	471,138	66,685
Operating lease liabilities	279,534	236,566	33,484
Deferred tax liability	250,734	250,734	35,489
Guarantee liabilities to related parties – non current	46,332	41,109	5,819
Total non-current liabilities	4,126,462	4,534,345	641,795

Total liabilities	35,403,690	35,618,482	5,041,472

SHAREHOLDERS’ EQUITY
Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 180,653,497 and 180,829,497 shares issued as of December 31, 2019 and June 30, 2020, respectively)	25	25	4
Additional paid-in capital	4,582,850	4,587,584	649,330
Statutory reserves	689,707	689,707	97,622
Accumulated other comprehensive income	62,952	124,955	17,686
Treasury stock, at cost; 1,723,200 and 2,945,840 ordinary shares as of December 31, 2019 and June 30, 2020, respectively	(13,876)	(43,170)	(6,110)
Accumulated retained earnings	3,981,661	4,588,753	649,495

Total JinkoSolar Holding Co., Ltd. shareholders’ equity	9,303,319	9,947,854	1,408,027

Non-controlling interests	3,137,709	4,035,360	571,168

Total liabilities and shareholders’ equity	47,844,718	49,601,696	7,020,667

Related Links :

http://www.jinkosolar.com

PR Newswire

JinkoSolar Announces Strategic Plan of its Subsidiary to Access China’s Capital Markets

September 21, 2020 TechENT Syndication Leave a comment

SHANGRAO, China, Sept. 21, 2020 — JinkoSolar Holding Co., Ltd. ("JinkoSolar") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that its board of directors has approved a strategic plan to access China’s capital markets through its principal operating subsidiary Jinko Solar Co., Ltd. ("Jiangxi Jinko").

JinkoSolar is considering the opportunity to list Jiangxi Jinko, after certain intragroup restructuring, on the Shanghai Stock Exchange’s Sci-Tech innovation board (the "STAR Market"), an exchange intended to support innovative companies in China, within the next three years.

To qualify Jiangxi Jinko for a STAR Market listing and to raise additional capital to support its continuous expansion, the board has also approved an equity financing of Jiangxi Jinko, under which certain China-based reputable third-party investors, JinkoSolar’s founders, Xiande Li, Kangping Chen and Xianhua Li, and senior management personnel have agreed to invest an aggregate of RMB 3.1 billion (approximately US$ 458 million) into Jiangxi Jinko for an aggregate of 26.7% equity interest in Jiangxi Jinko. The transaction has been negotiated at arm’s length at a pre-money valuation of Jiangxi Jinko’s equity value of RMB 8.5 billion (approximately US$1.26 billion), which is 15.6% higher than JinkoSolar’s market capitalization on September 18, 2020, and 45.4% higher than JinkoSolar’s average market capitalization for the 90 days preceding September 18, 2020. The transaction is subject to customary closing conditions and is expected to be completed by the end of October 2020.

Mr. Kangping Chen, Chief Executive Officer of JinkoSolar, commented, "Listing Jiangxi Jinko on the STAR Market will enable it to access a new source of growth capital, which we believe will ultimately strengthen our leading position in the solar module industry and support our continuous growth over the long run. We believe the listings of JinkoSolar on the New York Stock Exchange and Jiangxi Jinko on the STAR Market will raise our profile with investors both in China and globally and provide us with additional opportunities to grow in the future."

Whether Jiangxi Jinko is able to be successfully listed on the STAR Market, the timing of the listing, and its valuation upon listing will depend on various factors, including but not limited to capital market conditions in China and globally, the regulatory environment for listed securities, Jiangxi Jinko’s business and financial performance and its fulfillment of the listing requirements in China.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes it solar products and sells its solutions and services to a diversified international utility, commercial, and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 17.5 GW for silicon wafers, 10.6 GW for solar cells, and 16.0 GW for solar modules, as of March 31, 2020.

JinkoSolar has 7 production facilities globally, and 14 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile, and Australia, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland, and Argentina.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

For investor and media inquiries, please contact:

In China:
Ms. Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: ir@jinkosolar.com

Mr. Rene Vanguestaine
Christensen
Tel: + 86 178 1749 0483
Email: rvanguestaine@ChristensenIR.com

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

Related Links :

http://www.jinkosolar.com

PR Newswire

Xinhua Silk Road: WIEIE 2020 kicks off in Changzhou, China

September 18, 2020 TechENT Syndication Leave a comment

BEIJING, Sept. 18, 2020 — The 2020 World Industrial and Energy Internet Expo & International Industrial Equipment Exhibition (WIEIE 2020) kicked off on Wednesday in Changzhou, Jiangsu Province, China, aiming to provide an exchange and cooperation platform for industrial development of industrial Internet, energy Internet, smart city and advanced manufacturing technology.

Photo taken during the 2020 World Industrial and Energy Internet Expo & International Industrial Equipment Exhibition (WIEIE 2020) on Wednesday

With the theme of "New industry, New energy, New infrastructure and New power", the expo will gather hundreds of domestic and overseas experts, scholar representatives of companies and government officials to share their forefront views and experiences and explore the new trend of industrial development during the 10-day Expo.

As a product of the deep integration of new generation of information technology and manufacturing, the industrial Internet is a key to promote the integration of the digital economy and real economy, becoming an important engine for promoting high-quality economic development.

In recent years, through further improvement of the intelligent manufacturing ecosystem, intelligent manufacturing and smart energy have become important signs for Changzhou’s progress in building star city of intelligent manufacturing.

"Changzhou enjoys good industrial foundation, abundant user resources and a livable ecological environment for the development of industrial Internet and energy Internet." said Qi Jiabin, Secretary of the CPC Changzhou Municipal Committee.

"In the future, the city will seize the opportunities to promote in-depth integration of Internet, big data, artificial intelligence and real economy, building a star city of industrial Internet and energy Internet with better infrastructures, stronger industry leading capabilities, and higher level of openness and cooperation." Qi added.

During the Expo, a cloud exhibition hall has also been launched, including 4 sections with the themes of industrial Internet, energy Internet, black tech and key equipment. Nearly 100 noted companies will show their products at the cloud exhibition covering many fields like Al, cloud computing and big data, communication interconnection and industrial Internet security, digitized factory, energy Internet platform and product application and smart city.

Among the ten theme activities of WIEIE 2020, the Industrial Internet Talents and Education Forum was held on Tuesday in Changzhou Science & Education Town. It explored new ways of talent training jointly by universities and industrial Internet enterprises, aiming to build Changzhou into a star city of intelligent manufacturing with talent supports.

See the original link: https://en.imsilkroad.com/p/316259.html

Photo – https://photos.prnasia.com/prnh/20200918/2920570-1?lang=0

Related Links :

http://www.zjzkypt.com

PR Newswire

CBAK Battery Won the Bidding for Haier Project and Expanded its Business in the Smart Home Market

September 16, 2020 TechENT Syndication Leave a comment

DALIAN, China, Sept. 16, 2020 — CBAK Energy Technology, Inc. ("CBAK Energy", NASDAQ: CBAT), a world’s leading lithium-ion battery manufacturer and electric energy solution provider, announced that its wholly owned subsidiary, Dalian CBAK Power Battery CO., LTD., ("CBAK Battery", or the "Company") has successfully entered into the supplier base of Haier Group and won the bidding for Haier project in the smart home market. CBAK Battery is going to help Haier build the Intelligent manufacturing information system, produce more favorable home appliance by consumers and the products fit their life style better.

"CBAK has many years of experience in Lithium ion battery, and we are exploring the home appliance sector. At the beginning of the design, we have already begun our full contact with our customer. We applied our experience in lithium ion battery from electrical design to structure design and outer look, giving them the best user experience. In the future we are going to conduct more point to point project development, devote ourselves fully into the smart home appliance field, which is a blue sea market," commented Mr. Yunfei Li, the CEO of CBAK Energy.

About CBAK Energy

CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a global leading high-tech enterprise engaged in the R&D, manufacture, and sales of high power lithium batteries. The application of its products and solutions covers such areas as electric vehicles, light electric vehicles, electric tools, transportation and energy storage. As the first lithium battery company in China to get listed in NASDAQ in January 2005, CBAK Energy possesses China’s first production base specially engaged in power battery, and has its wholly-owned subsidiary, Dalian CBAK Energy Technology Co., Ltd, Dalian CBAK Power Battery Co., Ltd, and a large-scale R&D and production base in Dalian.

For more information, please visit www.cbak.com.cn.

About Haier Group

Established at Qingdao, China in 1984, Haier Group is a world-leading provider of solutions to better life. Haier has topped Global Major Appliances Brand Rankings by Euromonitor International for 11 consecutive years. Its subsidiary Haier Smart Home is among the list of Global 500 and the World’s Most Admired Companies of Fortune and the World’s 2,000 Largest Public Companies of Forbes. Its new species COSMOPlat industrial Internet platform leads the top ten trans-industry and -field industrial Internet platforms of the Ministry of Industry and Information Technology and named a leader in Forrester’s Industrial IoT Platform and designated by the three international standard organizations, including ISO, IEEE and IEC to lead the drafting of international standards for mass customization models…In the era of IoT, Haier’s ecosystem brand is leading the world.

For more information, please visit www.haier.com.

Safe Harbor Statement

This press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All "forward-looking statements" relating to the business of CBAK Energy Technology, Inc. and its subsidiary companies, which can be identified by the use of forward-looking terminology such as "believes", "expects" or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. These factors include but are not limited to: the ability of the Company to meet its contract or agreement obligations; the uncertain market for the Company’s lithium battery cells; business, macroeconomic, technological, regulatory, or other factors affecting the profitability of battery cells designed for energy storage; and risks related to CBAK Energy’s business and risks related to operating in China. Please refer to CBAK Energy’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as well as other SEC reports that have been filed since the date of such annual report, for specific details on risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. CBAK Energy’s actual results could differ materially from those contained in the forward-looking statements. CBAK Energy undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

Related Links :

http://www.cbak.com.cn

PR Newswire

Canadian Solar Prices Offering of US$200 Million Convertible Senior Notes

September 11, 2020 TechENT Syndication Leave a comment

GUELPH, ON, Sept. 11, 2020 — Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world’s largest solar power companies, today announced pricing of its previously announced offering of US$200 million in aggregate principal amount of convertible senior notes due 2025 (the "Notes") that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The Company has granted the initial purchasers in the offering a 30-day option to purchase up to an additional US$30 million aggregate principal amount of the Notes. The Company plans to use the net proceeds from the offering for general corporate purposes, which may include the expansion of manufacturing capacity, development of solar power projects and working capital.

The Notes will be senior, unsecured obligations of the Company. The Notes will accrue interest at an annual rate of 2.50%. Interest on the Notes will be payable semi-annually in arrears on April 1 and October 1 of each year, beginning April 1, 2021. The Notes will mature on October 1, 2025, unless repurchased, redeemed or converted in accordance with their terms prior to such date. The Company may not redeem the Notes prior to October 6, 2023 unless certain tax-related events occur. On or after October 6, 2023, the Company may redeem for cash all or part of the Notes, at its option, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect on each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately prior to the date the Company provides notice of redemption. In the event of certain fundamental changes, holders of the Notes may require the Company to repurchase all or part of the Notes in cash, subject to certain conditions. In addition, if a make-whole fundamental change occurs prior to the maturity date or the Company redeems the Notes, the Company will, under certain circumstances, increase the conversion rate for holders who convert Notes in connection with such make-whole fundamental change or redemption.

The Notes will be convertible at the option of the holders at any time prior to the close of business on the second business day immediately preceding the maturity date. The initial conversion rate of the Notes is 27.2707 common shares of the Company, per US$1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately US$36.67 per common share and represents a conversion premium of approximately 32.50% above the NASDAQ last reported sale price of the Company’s common shares on September 10, 2020, which was US$27.675 per common share). The conversion rate for the Notes is subject to adjustments upon the occurrence of certain events. Upon conversion, the Company will deliver to such converting holders, a number of the Company’s common shares equal to the applicable conversion rate as of the relevant conversion date, together with a cash payment in lieu of any fractional share.

The Notes have been offered in the United States to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. The Notes and the common shares deliverable upon conversion of the Notes have not been and will not be registered under the Securities Act or the securities laws of any other place, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The Company expects to close the offering on or about September 15, 2020, subject to the satisfaction of customary closing conditions.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

This press release contains information about the pending offerings of the Notes, and there can be no assurance that any of the offerings will be completed.

About Canadian Solar Inc.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 28, 2020. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

Related Links :

http://www.canadiansolar.com

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