JinkoSolar Comments on U.S. Department of Commerce's Final Decision on Tariffs
SHANGHAI, Oct. 12, 2012 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a leading global solar power product manufacturer, today commented on the U.S. Department of Commerce's ("DOC") final determination to impose anti-dumping duties ("AD") of 25.96% and countervailing duties ("CVD") of 15.24% on JinkoSolar's crystalline silicon photovoltaic cells whether or not assembled into modules from the People's Republic of China.
"We believe that these duties are unfair and unfounded," commented Mr. Xiande Li, Chairman of JinkoSolar. "The ruling to impose stiff duties on JinkoSolar products does not reflect the reality of the highly competitive global solar industry and will only hinder the development of the entire PV industry. It will ultimately end up hurting US consumers, slow down the roll-out of green energy and limit job creation. Ill-conceived unilateral trade barriers such as these will reduce solar's competitiveness against other forms of electricity generation. However, the tariffs will not impact our global strategy and we will continue to commit ourselves to promoting the prosperity of the solar industry."
"While we respect the DOC decision, we strongly disagree with it and we will continue to actively defend our position before the International Trade Commission. Despite this setback, we believe that the impact of these tariffs on our business will be substantially limited as the United States accounted for a fairly small percentage of our total module shipments during the past twelve months. We are strongly dedicated to the success of Jinko Solar in the United States and we will soon see good results despite the inconvenience caused by the tariffs." added Mr. Arturo Herrero, Chief Marketing Officer of JinkoSolar.
JinkoSolar is a leading solar power product manufacturer with production operations in Jiangxi and Zhejiang Provinces in China and sales and marketing offices in Shanghai, China; Munich, Germany; Bologna, Italy; Montpellier, France; Zug, Switzerland; San Francisco, U.S.; Queensland, Australia; Ontario, Canada and Singapore.
JinkoSolar has built a vertically integrated solar product value chain with an integrated annual capacity of approximately 1.2GW each for silicon wafers, solar cells and solar modules as of June 30, 2012. JinkoSolar distributes its photovoltaic products to a diversified customer base in the global PV market, including in Germany, Italy, Belgium, Spain, the United States, France, Eastern Europe, China and other countries and regions.
Safe Harbor Statement
This press release may contain 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. 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:
JinkoSolar Holding Co., Ltd.
Tel: +86 21 6061 1792
Tel: +86 10 5826 4939
In the U.S.:
Tel: +1 480 614 3003
SOURCE JinkoSolar Holding Co., Ltd.