JinkoSolar Comments on U.S. Department of Commerce's Preliminary Decision on Countervailing Duty Investigation
SHANGHAI, June 6, 2014 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today commented on the U.S. Department of Commerce's ("DOC") preliminary decision on its countervailing duty ("CVD") investigation of imports of certain crystalline silicon photovoltaic products from the People's Republic of China.
The DOC's preliminary findings determined that producers and exporters in China will be subject to a countervailing subsidy rate ranging from 18.56% to 35.21%. According to the findings, JinkoSolar will be subject to a preliminary subsidy rate of 26.89%; at the mid-point of the range.
"We are disappointed to see the DOC's preliminary decision and believe that this will have a negative impact on the solar industry and will ultimately end up hurting US customers and US solar jobs the most," commented Mr. Xiande Li, Chairman of JinkoSolar. "Ill-conceived trade barriers such as these only aid in reducing the competitiveness of solar energy against other forms of power generation. JinkoSolar has fully cooperated with the relevant authorities throughout the investigation and will continue to do so in the hope that international trade and fair competition will eventually prevail. While we respect the DOC's decision, we strongly disagree with it. With a balanced and geographically diverse customer base, the tariffs are unlikely to have a significant impact on our entire business. We will continue to actively serve our customers in the US while we seek out other growth opportunities."
About JinkoSolar Holdings Co., Ltd.
JinkoSolar is a global leader in the solar PV industry with production operations in Jiangxi and Zhejiang Provinces in China and sales and marketing offices in Shanghai and Beijing, China; Munich, Germany; Bologna, Italy; Zug, Switzerland; San Francisco, the United States; Queensland, Australia; Ontario, Canada; Singapore; Tokyo, Japan and Cape town, South Africa.
JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of approximately 2.0 GW each for silicon ingots, wafers and solar cells and approximately 2.1 GW for solar modules, as of March 31, 2014. JinkoSolar sells electricity in China and distributes its solar products to a diversified customer base in the global PV market, including Germany, Italy, Belgium, Spain, the United States, Eastern Europe, China, India, Japan, South Africa, and other countries and regions.
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.
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