BAODING, China, June 6, 2017 /PRNewswire/ -- Yingli Green
Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy"
or "the Company"), one of the world's leading solar panel
manufacturers, today announced its withdrawal from the European
Union ("EU") Price Undertaking agreement (the "UT agreement").
In December 2013, the Council of
the European Union adopted prior findings of the European
Commission and imposed definitive anti-dumping and anti-subsidy
duties on crystalline silicon photovoltaic, or CSPV, wafers, cells,
and modules imported from China.
In parallel, in August 2013 the
European Commission accepted the UT agreement whereby certain
Chinese exporters of PV products would limit their exports of solar
panels to the EU to a certain quota and set prices above a fixed
Minimum Import Price ("MIP"), in exchange for the EU agreeing to
forgo the imposition of anti-dumping and anti-subsidy duties.
Chinese exporters of PV products that did not accept the UT
agreement would face anti-dumping and anti-subsidy duties, which
would have been 35.5% and 6.3%, respectively, for Yingli Green
Energy. Therefore, at the time the Company chose to accept and
participate in the UT agreement and has since complied with its
terms and conditions.
However, given that the average selling prices of PV modules in
all major EU markets have continued to decline commensurate with
the significantly shrinking market for PV products in recent years,
the Company believes that the current MIP no longer accurately
reflects the current market price environment. The Company believes
that its continued acceptance of and participation in the UT
agreement would harm fair competition in the market. The Company
also is of the view that the UT agreement and its current MIP have
the potential to hamper the development of the PV industry and to
hurt PV consumers in the EU.
"Since accepting the UT agreement in 2013, we have been
committed to fair trade and robust market competition by
participating in the price undertaking. However, after carefully
reviewing our EU operations and the current market situation, we
have decided to withdraw from the UT agreement. We remain committed
to our European customers and intend to continue to serve them with
high-quality, reliable products through means that are feasible and
available to us after the withdrawal from the UT agreement,"
commented Mr. Liansheng Miao,
Chairman and CEO of Yingli Green Energy.
About Yingli Green Energy
Yingli Green Energy Holding Company Limited (NYSE: YGE), known
as "Yingli Solar," is one of the
world's leading solar panel manufacturers. Yingli Green Energy's
manufacturing covers the photovoltaic value chain from ingot
casting and wafering through solar cell production and solar PV
module assembly. Headquartered in Baoding, China, Yingli Green Energy has more than 20
regional subsidiaries and branch offices and has distributed more
than 17GW solar panels to customers worldwide. For more
information, please visit www.yinglisolar.com and join the
conversation on Facebook, Twitter and Weibo.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of 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," "target" and
similar statements. Such statements are based upon management's
current expectations and current market and operating conditions,
and relate to events that involve known or unknown risks,
uncertainties and other factors, all of which are difficult to
predict and many of which are beyond Yingli Green Energy's control,
which may cause Yingli Green Energy's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in Yingli Green
Energy's filings with the U.S. Securities and Exchange Commission.
Yingli Green Energy does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under applicable law.
For further information, please contact:
Eric Pan
Investor Relations
Yingli Green Energy Holding Company Limited
Tel: +86 312 8929787
E-mail: ir@yingli.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/yingli-green-energy-announced-withdrawal-from-eu-price-undertaking-300469272.html
SOURCE Yingli Green Energy Holding Company Limited