May 20 (Bloomberg) -- JA Solar Holdings Co., the largest solar-cell producer by capacity, surged the most on record as first-quarter shipments exceeded the company’s forecast on strong demand in Japan.
JA Solar’s American depositary receipts rose 70 percent to $9.56 at the close in New York, the most since trading began in February 2007. Each ADR is worth five ordinary shares. They have more than doubled this year.
Deliveries of solar cells and modules in the quarter reached 442.7 megawatts, surpassed the company’s March forecast of 410 megawatts to 430 megawatts, Shanghai-based JA Solar said today in a statement.
“We performed especially well in Japan, which accounted for a record 38 percent of our module shipments during the quarter,” Chief Executive Officer Jin Baofang said in the statement. The country is promoting wider use of solar energy after reconsidering its dependence on nuclear power following the March 2011 disaster in Fukushima.
JA Solar expects second-quarter deliveries of 410 megawatts to 430 megawatts and maintained its forecast for 2013 shipments of 1.7 gigawatts to 1.9 gigawatts.
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