July 2 (Renewables Now) - Chinese solar photovoltaic (PV) products manufacturer Yingli Green Energy Holding (NYSE:YGE) said on Friday that its American Depositary Shares (ADS) will no longer trade on the New York stock exchange.
Trading of the Chinese firm’s stock has been suspended as its average market capitalisation has been below the required USD-50 million (EUR 42.9m) minimum over a 30-trading-day period and its stockholders' equity was less than USD 50 million. Yingli will not appeal the delisting decision, it said in a statement.
The solar panel maker expects its ADSs to start trading on the Over-The-Counter (OTC) Pink market on July 2 under the ticker "YGEHY.” This transition is not anticipated to have any effect on Yingli’s business activities and will see the company remain subject to the US Securities and Exchange Commission public reporting requirements for foreign issuers, but it will stop publishing regular quarterly earnings statements.
The company closed 2017 with a net loss of CNY 3.32 billion (USD 502m/EUR 431m), expanding from CNY 2.1 billion in 2016. Annual revenues declined slightly to CNY 8.36 billion from CNY 8.38 billion in 2016, even as PV module shipments were up by 36%.
(USD 1.0 = EUR 0.859)
(CNY 1.0 = USD 0.151/EUR 0.130)