ReneSola Ltd (NYSE: SOL), a global manufacturer of solar products, today announced that the Company and its chief executive officer, Mr. Xianshou Li, repurchased an aggregate of 1,716,964 of ReneSola's outstanding ordinary American depositary shares ("ADSs"). The Company purchased 645,424 ADSs in accordance with its share repurchase program established in August 2011, while Mr. Li separately purchased 1,071,540 ADSs.
As announced previously, under the program the Company may from time to time over a period of six months, depending on market conditions, share price and other factors purchase on the open market or in privately negotiated transactions up to US$100 million in aggregate value of the Company's outstanding ordinary shares. ReneSola's management may also acquire shares in the open market during open trading windows.
Mr. Xianshou Li commented, "At present, we believe our stock is considerably undervalued. We believe our fundamentals are strong, and our business has been bolstered by our new Virtus wafer technology and increasing in-house production of polysilicon. Moreover, we maintain a positive long-term view on the solar industry as a whole, despite near-term fluctuations and challenges. Our swift move to repurchase our stock demonstrates our confidence in the long-term success of our business. Should the opportunity arise, we will continue to utilize our strong cash position to repurchase our shares in order to maximize shareholder value and reaffirm the market of our leadership position in wafer and solar manufacturing."