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Solar firms warned on delisting from overseas stock markets

By XIE YU (China Daily)

09:55, November 21, 2012

Chinese companies have six months to raise share price to more than $1

Four Chinese solar equipment manufacturers have received delisting warnings from overseas stock markets, as orders shrink and profits slump.

LDK Solar Co Ltd, China's largest solar wafer manufacturer in terms of capacity, and a major producer of polysilicon and solar modules, informed its shareholders on Saturday that it received a notification from the New York Stock Exchange that it has to bring its share price above $1 within six months of Nov 5, or be delisted.

The move on LDK follows similar actions made by the NYSE on Chongqing-based Daqo New Energy Corp on Aug 22 and Suntech Power Holdings Co Ltd on Sept 10 and by Nasdaq on JA Solar Holdings Co on Oct 11.

With net losses of $220 million in the second quarter and a debt ratio of 93 percent in the first half, LDK sold 19.9 percent of its shares to a State-backed company in late October.

Its share price surged by 21 percent on the day of the announcement, but still remained below $1.

Company representative Li Longji said there had been no major recent developments that would likely increase its share price.

But he told the 21st Century Business Herald on Tuesday that based on new investment and new orders, the company is resuming its idled production capacity, and around 70 percent of its total production capacity for silicon wafers has been restarted.

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