Chaori Solar Shares Face Suspension in Shenzhen on 2013 Loss
Shares of Shanghai Chaori Solar Energy Science & Technology Co., a Chinese maker of solar panels, are poised to be suspended after the company said it expected a net loss this year.
The Shenzhen stock exchange told the company that its stock would be suspended from trading and its bonds delisted if it reported a net loss in 2013, Shanghai-based Chaori Solar said in a statement dated yesterday. It had a net loss of 534 million yuan ($88 million) in the first nine months, the company said.
Chaori Solar forecast in the statement an annual loss in 2013, its third straight yearly loss, according to data compiled by Bloomberg. It comes as a global oversupply cut profits of solar-energy component makers in the past two years.
Trading of Chaori’s March 2017 bonds were halted July 8. The bonds will have 89.8 million yuan of interest payments due on March 7, the company said in yesterday’s statement.
The company plans to sell 52 megawatts of solar farms in Bulgaria and Greece to pay the bond interests, it said. Shunfeng Photovoltaic International Ltd. (1165) may be interested in buying the assets worth about 119 million euros ($163 million), it added.
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