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Canadian Solar (Nasdaq: CSIQ) has joined a growing field of Chinese solar panel makers entering the risky business of speculative development in China, with its launch of a new locally-based fund for solar power construction. The move follows the establishment of self-financed vehicles for similar speculative construction by rivals Trina (NYSE: TSL), Yingli (NYSE: YGE) and wind power equipment maker Ming Yang (NYSE: MY), as they try to create more demand for their products. Read Full Post…
Wind power company Ming Yang (NYSE: MY) became China’s latest new energy equipment maker to dip its toe into project finance and development last week, when it announced a new plan for a massive wind farm project in Jiangsu province. Its announcement follows similar moves by many of its peers from the solar sector, and comes as Beijing embarks on a broader plan to clean up China’s air through initiatives like clean energy development. Read Full Post…
The following press releases and media reports about Chinese companies were carried on June 15-17. To view a full article or story, click on the link next to the headline.
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Yingli (NYSE: YGE) has become the latest player in China’s struggling solar sector to get a lifeline from Beijing, as an interesting picture starts to emerge of the relative health of the sector’s major players and who is likely to lead a coming consolidation. The list of who gets these lifelines could also reflect the relative importance Beijing places on China’s wide and varied field of solar panel and panel component makers, meaning some of these lifeline recipients could emerge as potential leaders to help consolidate the sector in the months ahead. Read Full Post…
With its new energy sector tottering on the brink of collapse, China no longer seems to care if foreign government accuse it of unfairly supporting its sector with low cost loans and other state subsidies. That at least appears to be the message from a new plan by Ming Yang Wind Power (NYSE: MY), which has just announced a massive new tie-up with policy lender China Development Bank to provide financing for wind power projects in India. (company announcement)
The following press releases and media reports about Chinese companies were carried on November 27. To view a full article or story, click on the link next to the headline.
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Wind power equipment maker Ming Yang (NYSE: MY) has become a tiny company over the past year as chilly sentiment towards new energy firms has caused its shares to plummet; but that hasn’t stopped it from making a steady stream of headlines these past 2 weeks for what look like relatively large deals. This series of deals seems a bit strange for a player of that size, and the only explanation I can see is that observers believe that Ming Yang, with access to funds via its Chinese government links, could become a potential consolidator and driver of new growth for the struggling global wind power industry.
The following press releases and media reports about Chinese companies were carried on July 12. To view a full article or story, click on the link next to the headline.
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The following press releases and media reports about Chinese companies were carried on March 24-26. To view a full article or story, click on the link next to the headline.
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◙ Vipshop (Nasdaq: VIPS) Falls 15.38 Pct on Trading Debut (Chinese article)
◙ China’s ZTE (HKEx: 763) to “Curtail” Business in Iran (English article)
◙ 360Buy to Go Global (English article)
◙ Camelot Information Systems (NYSE: CIS) Announces Unaudited Q4 and Full-Year Results (PRNewswire)
◙ Ming Yang (NYSE: MY) Announces Preliminary Results for Q4 and Full Year 2011 (PRNewswire)
◙ Latest calendar for Q4 earnings reports (Earnings calendar)
The following press releases and media reports about Chinese companies were carried on January 18. To view a full article or story, click on the link next to the headline.
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◙ ZTE (HKEx: 763) Aims to Pass Rival Huawei in Smartphone Sales in China (English article)
◙ China Telecom (HKEx: 728; NYSE: CHA) Targets Sales of 45 Mln Smartphones in 2012 (English article)
◙ New Oriental (NYSE: EDU) Announces Results for Fiscal Q2 Ended Nov 30 (PRNewswire)
◙ Ku6 Media (Nasdaq: KUTV) and YouTube Form Tie-Up, Ku6 Stocks Jumps 139 Percent (Chinese article)
◙ Ming Yang (NYSE: MY) Announces Issuance of Up to RMB 1.0 Billion 3 Year Notes (PRNewswire)
If China was trying to convince the world and the US that it doesn’t unfairly subsidize its solar panel makers, it has a strange way of doing that, as reflected by a recent series of high-profile moves that seem to say just the opposite. In the latest of those moves, Chinese investors — most likely local governments or financial institutions — have purchased a hefty 3 billion yuan, or nearly $500 million, worth of LDK Solar (NYSE: LDK) short-term notes at a meager interest rate of just 6.8 percent. (company announcement) That rate looks like a huge bargain for LDK, which reported a massive $115 million loss in the third quarter and whose other debt issued earlier this year to global investors now trades at about 50 cents on the dollar. Of course all this shows that LDK is able to borrow money at highly favorable rates from the Chinese government or government-backed entities, even as Beijing vehemently denies it unfairly supports to its solar companies amid a US anti-dumping probe that is likely to result in punitive tariffs against Chinese solar cell makers. (previous post) This latest contradiction comes on the heels of other similar gaffs, including wind power equipment maker Ming Yang’s (NYSE: MY) October announcement that Beijing will provide it with up to $5 billion to help finance its sales (previous post); and a top government official’s announcement in November of a new campaign to help developing countries build new solar plants. (previous post) I suspect that these moves from Beijing and local governments are less a deliberate attempt to anger Washington, and more a reflection of the longer term reality that China does strongly support its solar sector and is having a difficult time changing its ways. Regardless of the reasons, Beijing needs to stop this kind of action and even take one or 2 steps in the other direction — for example by letting a weak player like LDK fail — if it wants to ever resolve its solar trade dispute with Washington.
Bottom line: The latest government rescue for LDK underscores China’s ongoing support for its solar sector, undermining Beijing’s claims that it doesn’t provide unfair subsidies to the industry.
Related postings 相关文章:
◙ China Retaliates With Own US Solar Probe 中国启动对美可再生能源补贴调查
