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JinkoSolar Comments on Final International Trade Commission Rulings on Imported Chinese Solar Products
By: PR Newswire
Nov. 9, 2012 04:06 AM
SHANGHAI, Nov. 9, 2012 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a leading global solar power product manufacturer, today commented on the final determination of injury by the United States International Trade Commission ("USITC") concerning the anti-dumping duty ("AD") and countervailing duty ("CVD") investigation of imports of crystalline silicon photovoltaic cells and modules from the People's Republic of China.
The USITC finally determined that imports of crystalline silicon photovoltaic cells and modules from China "materially injure" a U.S. industry, but the USITC did not make an affirmative determination regarding critical circumstances. As a result, the Company will face AD at 15.42% and CVD at 15.24% for the cells and modules imported into the United States after the respective date of the preliminary determinations on AD and CVD were issued by the Department of Commerce.
"We are disappointed with the International Trade Commission's final determination on the injury," commented Mr. Xiande Li, Chairman of JinkoSolar. "While the decision was partially favorable to us, we believe that this ruling will have negative effects globally and will ultimately end up hurting consumers. Trade protectionism benefits no one and will only hinder the solar market's development. Despite the circumstances, we remain fully committed to our customers in the United States and are prepared to meet our contractual commitments there. As we have stated before, these tariffs are unlikely to have an impact on our business as the United States continues to account for a fairly small percentage of our total module shipments. We are still strongly dedicated to the success of JinkoSolar in the United States."
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 and Beijing, 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.
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SOURCE JinkoSolar Holding Co., Ltd.
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