Research Desk Line-up: Canadian Solar Post Earnings Coverage
LONDON, UK / ACCESSWIRE / June 8, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for JA Solar Holdings Co., Ltd. (NASDAQ: JASO). The Board of Directors of JA Solar Holdings announced on June 06, 2017, that they had received a non-binding proposal from Baofang Jin, the Chairman and CEO of the Company, to acquire all of the outstanding ordinary shares. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Baofang Jin's proposal
The proposal was sent on jointly by Baofang Jin and Jinglong Group Co., Ltd, a British Virgin Islands Company in which Baofang Jin is the sole director. The proposal offers $6.80 in cash for each American depositary share of JA Solar. Each American depositary share is equal to five ordinary shares, which means that the offer price is $1.36 per ordinary share.
JA Solar Board of Director's reaction
This is not Baofang Jin's first attempt to take over the Company. Earlier in June 2015, he had made a similar offer, wherein he offered to pay $9.69 in cash for each American Depositary Share of the Company. At that time, the Company had formed a special committee to review the proposal. The special committee had even retained the services of a legal and financial advisor to assist in the review of the proposal.
This time around to JA Solar's Board has indicated that the same special committee will review the fresh proposal. It will take the help of financial and legal advisors in this matter. The special committee has cautioned the stakeholders in the Company that the Board of Directors as well as the special committee has not reached any decision. It has further stated that there are no assurances that any definitive offer will materialize or any agreement will be signed or that the transaction will actually take place.
About Baofang Jin
Baofang Jin has been the Chairman of Board of JA Solar since Board since May 2005. Simultaneously, he has also been the Chairman and CEO at Jinglong Group since 2003. He took over as Executive Chairman in July 2009. In January 2013, he was appointed as the CEO of the Company. Baofang Jin started his career in 1970 and had held several important positions over the years. He was also the Deputy at the 10th, 11th, and 12th National People's Congress. Currently, Baofang Jin is the Vice President of the Chamber of Commerce in Hebei, Deputy Director of the Hebei Association of Entrepreneurs, Executive Chairman of the Hebei Information Industry Association, and Chairman of the Electronic Information Materials Sub-Association of Hebei Information Industry and Informatization Association apart from the several other positions he holds.
About JA Solar
Founded in May 2005, JA Solar is headquartered in Beijing, China. It is a leading global manufacturer of high-performance solar power products for residential, commercial and utility-scale power generation. The Company was listed in NASDAQ in February 2007.
The Company manufactures solar cell and modules and its modules are known for their unparalleled conversion efficiency, yield efficiency, and reliability. JA Solar adopts a selective vertical integration model, covering silicon wafer, cell and module production, as well as photovoltaic power plant investment, development, construction, operation and maintenance. The Company has production facilities worldwide including in Shanghai, Hebei, Jiangsu and Anhui provinces in China, and at Penang, Malaysia and Hanoi, Vietnam.
For FY16, the Company shipped 5.2 GW of solar power products.
Last Close Stock Review
On Wednesday, June 07, 2017, the stock closed the trading session at $6.44, dropping 1.38% from its previous closing price of $6.53. A total volume of 806.96 thousand shares have exchanged hands, which was higher than the 3-month average volume of 573.10 thousand shares. JA Solar's stock price skyrocketed 35.86% in the last three months and 18.17% in the past six months. Moreover, the stock soared 35.29% since the start of the year. The stock is trading at a PE ratio of 3.00. At Wednesday's closing price, the stock's net capitalization stands at $317.36 million.
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SOURCE: Pro-Trader Daily