JA Solar Rises After Announcing $100 Million Buyback
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.
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