JinkoSolar Announces Reappointment of PricewaterhouseCoopers Zhong Tian CPAs
Limited as its Independent Registered Public Accounting Firm for the Fiscal
Year Ended December 31, 2012
SHANGHAI, Feb. 1, 2013
SHANGHAI, Feb. 1, 2013 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd.
("JinkoSolar" or the "Company") (NYSE: JKS), a leading global solar power
product manufacturer, today announced that, based on discussions with both
PricewaterhouseCoopers Zhong Tian CPAs Limited ("PwC") and Ernst & Young Hua
Ming LLP ("EY"), the Company has decided to reappoint PwC to conduct the audit
for the fiscal year ended December 31, 2012, and, at the same time, has
requested EY to resign as the Company's auditor. EY has agreed to the
Company's request and has resigned on February 1, 2013. Pursuant to
JinkoSolar's articles of association, the decision to change auditors was
unanimously approved by the directors of the Company, including all members of
the Company's Audit Committee, on February 1, 2013.
On April 29, 2012, the Company dismissed PwC as its independent registered
public accounting firm. On May 30, 2012, the Company engaged EY as its
auditors to conduct the audit for the fiscal year ended December 31, 2012.
During EY's term of engagement from May 30, 2012 to February 1, 2013, EY did
not issue any report on the Company's consolidated financial statements. The
Company and EY did not have any disagreements on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure, which disagreements, if not resolved to the satisfaction of EY,
would have caused EY to make reference to the subject matter of the
disagreements in connection with its report.
Upon its resignation, EY advised the Company of a matter that it believed
constituted a reportable event, as defined in Item 16F of Form 20-F. In July
2012, the Company received a subpoena captioned "In the Matter of Riemann
Investment Holdings Ltd." from the Division of Enforcement (the "Division") of
the U.S. Securities and Exchange Commission (the "SEC") requesting documents
from the Company as part of an investigation conducted by the Division. The
cover letter that the SEC sent JinkoSolar with the subpoena states that "[t]he
investigation and subpoena do not mean that we have concluded that you or
anyone else has broken the law.Also, the investigation does not mean that we
have a negative opinion of any person, entity or security." In response to
the subpoena, the Company produced documents to the Division in December
2012. The Company authorized EY to respond fully to the inquiries of PwC
relating to the reportable event described above. As of the date of EY's
resignation, the Division had not completed its investigation.
JinkoSolar never had any business relationship with Riemann Investment
Holdings Ltd., which is believed to have had, at some point in time, a
business relationship with an outside investor of JinkoSolar.
PwC was the Company's auditor from the Company's inception through April 29,
2012. PwC performed audit work and issued audit reports on the Company's
consolidated financial statements for the years ended December 31, 2010 and
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, China, Munich, Germany, Bologna, Italy, Montpellier,
France, Zug, Switzerland, San Francisco, the United States, Queensland,
Australia, Ontario, Canada and Singapore.
JinkoSolar has built a vertically integrated solar product value chain with an
integrated annual capacity of approximately 1.2 GW each for silicon wafers,
solar cells and solar modules as of September 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 contains 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
For investor and media inquiries, please contact:
JinkoSolar Holding Co., Ltd.
In the U.S.:
SOURCE JinkoSolar Holding Co., Ltd.
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