Jun. 4, 2014, 9:30 AM
- The Department of Commerce has imposed new preliminary tariffs on Chinese solar module imports, covering both modules featuring Chinese and non-Chinese cells. Trina (NYSE:TSL) is seeing an 18.56% tariff, bankrupt Suntech (NYSE:STP) a 35.21% tariff, and most other firms a 26.89% tariff.
- The move follows a complaint from Germany's SolarWorld that Chinese firms are using a loophole involving imported cells to sidestep the DOCs 2012 tariffs. A separate anti-dumping decision is due on July 25.
- Morgan Stanley notes many were expecting either a lower tariff (perhaps around 15%) or a settlement similar to the EU/China deal. Not surprisingly, the Chinese government says it's "strongly dissatisfied" with the DOC's action, and warns it could hurt trade ties.
- Chinese solar exporters are off: TSL -6.2%. YGE -5.8%. CSIQ -5.1%. JKS -8.8%. JASO -4.4%. CSUN -3.3%.
- U.S. peers First Solar (FSLR +2.5%) and SunPower (SPWR +5.5%) are higher. But SolarCity (SCTY -2.8%) and SunEdison (SUNE -3.5%) are off, as investors fear higher panel costs for solar projects. Also: SunEdison has announced a new $500M convertible debt offering. $350M-$400M of the proceeds will go to its TerraForm Power (Pending:TERP) spinoff.
- Solar ETFs: KWT, TAN
Dec. 30, 2013, 12:56 PM
- Solar stocks aren't getting left out on a day that's seeing a number of heavily-shorted names shoot higher (see NQ Mobile and InvenSense). With one trading day left in the year, the Guggenheim Solar ETF (TAN +2.5%) is up 128% YTD.
- China Sunergy (CSUN +15.5%) is today's biggest winner: The company announced this morning it has completed the sale of a 5MW U.K. solar project to a local firm.
- Trina Solar and Real Goods Solar, each of which announced new solar project deals, are also posting solid gains. As is ReneSola (SOL +3%), which announced it has signed a memorandum of intent to sell 60MW worth of Chinese solar projects.
- Also rallying: DQ +8.2%. JASO +6.5%. SPWR +2.8%. HSOL +6.3%. CSIQ +4.6%. JKS +4%. YGE +6.3%. STP +2.3%. ENPH +4.9%.
Nov. 26, 2013, 10:58 AM
- With a lot of good news having been priced in this year, several Chinese solar stocks are selling off after JA Solar and LDK Solar both provided mixed Q3 numbers and fairly good guidance (I, II). LDK (LDK -2.5%), which continues to deal with major liquidity/debt payment issues (the company just reached a new two-week debt forbearance deal with creditors), has given up its premarket gains.
- Notable decliners: STP -10.4%. YGE -3.8%. SOL -2.9%. DQ -2.7%. TSL -2%.
Nov. 15, 2013, 11:26 AM
- Suntech's (STP) court-appointed Cayman Islands liquidators have objected to the $492M sale of the company's massive Wuxi, China unit to solar cell manufacturer Shunfeng.
- It's unclear if the liquidators will be able to stop the sale. An officer at the Wuxi Intermediate Court states the deal is "already settled."
- Suntech shares initially dove on the pink sheets in response to the news, but are now close to breakeven. They rallied yesterday, but are still down sharply from where they traded before the company announced on Nov. 6 it had filed for a "provisional liquidation" in the Cayman Islands.
Nov. 14, 2013, 12:29 PM| Nov. 14, 2013, 12:29 PM | Comment!
Nov. 8, 2013, 12:25 PM
- With the NYSE set to suspend trading in Suntech (STP -21.6%) before Monday's open, investors are jumping ship.
- Shares are down 46% since the NYSE made its announcement on Wednesday afternoon, and 56% since Suntech announced on Wednesday morning it had filed for liquidation proceedings in the Cayman Islands.
- Yesterday, Suntech argued against an involuntary bankruptcy petition filed by U.S. bondholders in a Manhattan court.
Nov. 7, 2013, 1:04 PM
Nov. 7, 2013, 9:14 AM| Nov. 7, 2013, 9:14 AM | Comment!
Nov. 6, 2013, 5:22 PM
- Trading in Suntech's (STP) shares will be suspended before Monday's open. The NYSE cites uncertainty regarding the troubled solar module vendor's ability to complete its Form 20-F in time, given its restructuring and financial restatement efforts. (PR)
- The announcement comes shortly after Suntech filed for liquidation proceedings in the Cayman Islands, and said it'll "consider pursuing" a U.S. Chap. 15 bankruptcy.
- Shares -11.1% AH.
Nov. 6, 2013, 12:45 PM
Nov. 6, 2013, 11:18 AM
- Suntech (STP -16.7%) has filed for a "provisional liquidation" in the Cayman Islands, where the company is incorporated. The company argues the move will give it more time to conclude negotiations with stakeholders and finish its restructuring.
- Suntech also says it'll "consider pursuing" a U.S. Chapter 15 bankruptcy filing (used for filings from non-U.S. companies) once the Cayman Islands approves its application to obtain similar protections in the U.S.
- The announcement comes shortly after Suntech struck a deal with Shunfeng Photovoltaic to sell its bankrupt Wuxi, China unit for $492M. Some of the company's disgruntled U.S. bondholders have petitioned an NY court to force Suntech into involuntary bankruptcy.
Nov. 6, 2013, 9:15 AM
- Top 10 Gainers: MSPD +69%. MCHX +22%. REGI +14%. BCOR +12%. OXBT +10%. AXAS +10%. MYGN +9%. YRCW +7%. VRNG +7%. ANV +7%. AU +6%. ABIO +6%. Z +6%. OPEN +5%. RMTI +5%. NQ +5%. ECOM +5%.
- Top 10 Losers: STP -41%. CRIS -18%. TSLA -13%. MELI -11%. TNGO -10%. SZYM -10%. NAVB -7%. CYTX -7%. ANF -7%. CTRP -6%.
Nov. 4, 2013, 12:56 PM
- Positive Q3 guidance revisions from Canadian Solar (previous) and Daqo (DQ +11.2%) are fueling another massive rally in solar stocks, some of which jumped last Friday thanks to blowout Q3 numbers from First Solar (FSLR +4.6%).
- Canadian hiked the midpoint of its Q3 module shipment guidance range by more than 10%, and the midpoint of its gross margin guidance range by 800 bps. Daqo has upped its polysilicon shipment range to 1,200-1,275 MT from a prior 1,000 MT, albeit while slightly lowering its wafer shipment guidance to 6.5-6.6 MT from prior 6.8 MT (shipping delays are blamed).
- The guidance hikes follow a string of positive Q2 reports from Chinese solar firms in August, as companies saw both their sales and margins benefit from growing local demand, diminishing overcapacity, and strong shipments to the high-margin Japanese market. Credit Suisse recently predicted improving demand could lead excess Chinese supply to evaporate by late 2014 or 2015.
- Also: Suntech (STP +13.6%) has officially reached a deal to sell its large and bankrupt Wuxi, China unit to solar cell maker Shunfeng (previous), SunPower (SPWR +10.9%) has announced it's buying module cleaning robot developer Greenbiotics, and SolarCity (SCTY +16.4%) has announced (as part of its seemingly non-stop financing binge) it's selling $54.4M in solar asset-backed notes maturing in Dec. 2026.
- Today's winners, aside from the aforementioned companies: JKS +9.8%. JASO +9.2%. RSOL +8.3%. LDK +6.5%. HSOL +5.2%. YGE +7.4%. CSUN +6%. SOL +6.9%. SUNE +3.5%. TSL +9.7%.
- Solar ETFs: KWT, TAN
Nov. 4, 2013, 12:46 PM
Nov. 4, 2013, 7:49 AM
- Suntech Power (STP) agreed over the weekend to sell its core assets in China to Hong Kong-listed Shunfeng Photovoltaic for 3bB yuan ($492M), as it attempts to pay back creditors after defaulting on billions of dollars in debt.
- The unit acquired in the purchase, Wuxi Suntech Power, owns intellectual property, more than two gigawatts of solar panel manufacturing capacity and am R&D operation.
- The unit was declared insolvent earlier this year, and U.S. creditors have been moving to force the U.S.-listed parent company into bankruptcy.
- Shares +3.4% premarket.
Oct. 30, 2013, 12:53 PM
- China's Wuxi Guolian Development Group is offering to invest $150M or more in Suntech (STP +11.8%) as part of a deal that would yield " a comprehensive rehabilitation and restructuring of the financial and operational affairs of the Company." (PR)
- Guolian also intends for "related solar and other businesses it owns to be injected" into Suntech, and for JVs or "similar arrangements" to be formed.
- Suntech admits a deal with Guolian would create "substantial dilution for existing shareholders."
- The letter of intent comes a few days after solar cell manufacturer Shunfen won regulatory approval to buy Suntech's pivotal Wuxi, China unit, which filed for bankruptcy in March.
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