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Yingli Solar Clarified Business Concerns

published: 2015-05-21 13:43

Recently, industrial media coverage indicates that Yingli Solar has trouble as a going concern according to the company’s annual report on Form 20-F for 2014 filed with the U.S. Securities and Exchange Commission (SEC). Yingli issued a statement to respond to those reports, as follows:

In accordance with the relevant rules and regulations of the SEC and the New York Stock Exchange, Yingli Green Energy recently filed the 2014 Annual Report with the SEC, in which the Company disclosed its operating and financial results for 2014, including the Company's historical financial performance, as well as the Company's overall losses, debt-to-equity ratios and strategic investments. In line with the prudent analysis of its independent auditors, the Company stated in the 2014 Annual Report that there is substantial doubt as to the Company's ability to continue as a going concern. However, this statement has been taken and interpreted out of context in some media coverages. The Company has been transparent not only about the risks and challenges it faces, but also about the Company's alternative plans to mitigate future risks and challenges. The Company has already taken a series of positive and substantive actions and steps relating to its debt repayment plans, including the recent repayment of the Company's mid-term notes in the principal amount of RMB 1.2 billion, which matured on May 3, 2015. Overall, the Company is optimistic about and confident in its ability to continue servicing the global solar market, and feel well-positioned with our quality products and access to capital in order to take advantage of the current surge in solar demand.

Mr. Liansheng Miao, the chairman and chief executive officer of Yingli Green Energy, commented, "While we still have another series of medium term notes in the principal amount of RMB 1.0 billion due on October 13, 2015, we believe that we will meet our repayment obligations based on the substantial progress we have achieved to date to secure funds to repay these notes on schedule."

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