JA Solar Rises After Announcing $100 Million Buyback

JA Solar Holdings Co. (JASO), China’s largest solar-cell maker, rose after announcing it may repurchase as much as $100 million worth of its American depository receipts.

JA Solar’s ADRs advanced 13 percent to $1.06 at the close in New York, paring gains after earlier rising as much as 25 percent, the most intraday since Jan. 11. Each ADR is worth one ordinary share.

The buyback is effective immediately and lasts through Sept. 30, 2012, according to a company statement today.

Chief Executive Officer Peng Fang said June 12 the company may produce outside of China to avoid U.S. anti-dumping tariffs. The U.S. Commerce Department, in preliminary findings announced May 17, said Chinese companies must pay solar-product import tariffs of 31 percent to 250 percent.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.