SHANGHAI, Sept. 8, 2016 /PRNewswire-FirstCall/ --
JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:
JKS), a global leader in the photovoltaic (PV) industry, today
announced its withdrawal from the European Union ("EU") Price
Undertaking ("UT") agreement.
Under the terms of the UT agreement that JinkoSolar was party
to, Chinese companies selling solar cells and solar panels in the
EU must sell at a price above a fixed Minimum Import Price ("MIP").
Chinese solar manufacturers that did not accept the UT agreement
faced anti-dumping ("AD") and anti-subsidy ("AS") duties, which for
JinkoSolar were 41.2% and 6.5%, respectively. After careful
strategic consideration, the Company believes that the UT agreement
is no longer conducive to the ongoing expansion of its business in
the EU. The Company believes that trade protectionism only harms
fair competition in the market, hinders the development of the
entire PV industry, and hurts PV consumers.
Mr. Xiande Li, Chairman of
JinkoSolar, commented: "After carefully reviewing our EU
operations, we believe that the current MIPs no longer accurately
reflect the current market price environment given that average
selling prices ("ASPs") in all major EU markets continue to
decline, and seriously erode our competitiveness in those markets.
We feel our competitiveness and market power were being unfairly
hampered and have opted to withdraw from the UT agreement. We
believe that we will be in a better position to leverage our strong
brand name, industry-leading technology, global production
facilities, and large customer base once we withdraw from the UT
agreement. We remain committed to our European customers and will
continue to supply them with the high quality, reliable products we
have become synonymous with."
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is a global leader in the solar
industry. 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
3.5 GW for silicon ingots and wafers, 3.5 GW for solar cells, and
6.5 GW for solar modules, as of June 30,
2016. JinkoSolar also sells electricity in China,
and had connected approximately 1,130 MW of solar power projects to
the grid, as of June 30, 2016.
JinkoSolar has over 15,000 employees across its 6
production facilities in Jiangxi, Zhejiang and Xinjiang
Provinces, China, Malaysia, Portugal and South
Africa, 16 overseas subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, Spain, United
States, Canada,
Mexico, Brazil, Chile, Australia and South
Africa. 18 global sales offices in China (2) ,United
Kingdom, Bulgaria,
Greece, Romania, United Arab
Emirates, Jordan,
Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya,
Costa Rica, Colombia, Brazil and Mexico.
To find out more, please see: www.jinkosolar.com
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:
Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: ir@jinkosolar.com
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SOURCE JinkoSolar Holding Co., Ltd.