JA Solar and Jinglong Group Secure RMB 550 Million Credit Facility From Bank
of Communications of China
SHANGHAI, China, Aug. 5, 2013 (GLOBE NEWSWIRE) -- JA Solar Holdings Co., Ltd.
(Nasdaq:JASO) ("JA Solar" or the "Company"), one of the world's largest
manufacturers of high-performance solar power products, today announced that
JA Solar and Jinglong Group, a related party of JA Solar, have secured a RMB
550 million credit facility from the Bank of Communications of China. Of the
credit facility, RMB 250 million (US$40.8 million) will be available to JA
Solar and RMB 300 million (US$48.9 million) will be available to Jinglong
Group. JA Solar intends to use the credit facility for working capital and
general corporate purposes.
The commitment from the Bank of Communications follows a series of incentive
policies for the solar industry announced by China's State Council in July
2013, including a pledge to provide credit support to leading solar companies
that have advanced technology and long-term growth potential.
Mr. Baofang Jin, executive chairman and CEO ofJA Solar, who is also chairman
of Jinglong Group, commented, "This credit facility demonstrates JA Solar's
healthy access to capital and ongoing support from the banking community. It
also highlights the value of JA Solar's relationship with Jinglong Group. We
remain focused on maintaining a strong balance sheet as we continue to build
our footprint across key growth markets."
Currency Convenience Translation
This announcement contains translations of certain amounts in Renminbi into
U.S. dollars, at specified rates solely for the convenience of the reader.
Unless otherwise noted, all translations from Renminbi to U.S. dollars are
made at a rate of RMB 6.1316 to US$1.00, the effective noon buying rate as of
July 26, 2013 in the City of New York for cable transfers of Renminbi as
certified for customs purposes by the Federal Reserve Bank of New York.
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 words such as "may," "expect," "anticipate," "aim," "intend,"
"plan," "believe," "estimate," "potential," "continue," and other similar
statements. Statements other than statements of historical facts in this
announcement are forward-looking statements, including but not limited to, our
expectations regarding the expansion of our manufacturing capacities, our
future business development, and our beliefs regarding our production output
and production outlook. These forward-looking statements involve known and
unknown risks and uncertainties and are based on current expectations,
assumptions, estimates and projections about the Company and the industry.
Further information regarding these and other risks is included in Form 20-F
and other documents filed with the Securities and Exchange Commission. The
Company undertakes no obligation to update forward-looking statements, except
as may be required by law. Although the Company believes that the expectations
expressed in these forward-looking statements are reasonable, it cannot assure
you that its expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the anticipated
About JA Solar Holdings Co., Ltd.
JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance
solar power products that convert sunlight into electricity for residential,
commercial, and utility-scale power generation. The Company is one of the
world's largest producers of solar power products. Its standard and
high-efficiency product offerings are among the most powerful and
cost-effective in the industry. The Company distributes products under its own
brand and also produces on behalf of its clients. The Company shipped 1.7 GW
of solar power products in 2012. JA Solar is headquartered in Shanghai, China,
and maintains production facilities in Shanghai, as well as Hebei, Jiangsu and
Anhui provinces. For more information, please visit www.jasolar.com.
CONTACT: In China
In the U.S.
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