Nov 28, 2013 - Hong Kong-based Xinyi Solar Holdings Ltd (HKG:00968) said today that the anti-dumping duties on Chinese solar glass unveiled yesterday by the European Union (EU) would not affect its business.
The recently spun off solar glass arm of Hong Kong-based glass maker Xinyi Glass Holdings (HKG:0868) faces a tariff of 39.3% on all its direct exports of ultra-clear photovoltaic (PV) processed glass to the EU.
In a statement on the Hong Kong Stock Exchange, Xinyi Solar said that its annual exports of that product to Europe had fetched revenues of between HKD 53.4 million (USD 6.7m/EUR 5m) and HKD 81.6 million, or no more than 7.6% of its total revenue from ultra-clear PV processed glass. For the first six months of this year sales of that type of PV glass to Europe amounted to HKD 9.2 million or 1.1% of the total revenue from the product. “[..] the application of the provisional anti-dumping duty would have no material adverse impact on the business, financial condition, and operating results of the Group,” Xinyi Solar said.
On Wednesday, the EU imposed provisional duties of between 17.1% and 42.1% on solar glass coming from China, effective November 28. It expalined that the move was aimed at protecting European solar glass producers from Chinese rivals selling the product at below market prices. The levies will be in force for six months and could be extended for five years. The EU’s 28 member countries are expected to take a final decision on the levies by May 27, 2014.