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China Industrial Waste Management Announces 2011 First Quarter Financial Results

16 May 2011 12:35:00 GMT

China Industrial Waste Management Announces 2011 First Quarter Financial Results

China Industrial Waste Management, Inc. (OTCBB: CIWT) ("China Industrial Waste Management" or the "Company"), a leading environmental services and solutions provider in China, today announced its financial results for the first quarter ended March 31, 2011.

First Quarter Highlights

Revenues increased 48.1% to $6.1 million

Gross profit increased 15.2% to $3.1 million

Operating income increased 10.3% to $1.7 million

Net income attributable to the Company increased 101.4% to $1.2 million

Diluted earnings per share doubled to $0.08

About China Industrial Waste Management, Inc.

China Industrial Waste Management is a leading environmental services and solutions provider in China. The Company is based in Dalian, Liaoning Province, China and has been engaged in the industrial solid waste treatment business since 1991. Today, the Company is the largest industrial solid waste management enterprise in northeastern China. China Industrial Waste Management's main businesses are industrial solid waste treatment and recycling, municipal sewage and sludge treatment, and environmental protection engineering.

Last Trade: 1.08 52 Week: 1.98 – 0.87 Market Cap: 16.56 Million

darcy.zhang@chinaciwt.com

China Green Material Technologies, Inc. Reports First Quarter 2011 FinancialS

16 May 2011 11:00:00 GMT

-- Q1 2011 revenues increased to $4.5 million, 61.4% over the comparable quarter of 2010

-- Q1 2011 net income increased 112.3% to $0.9 million

-- Q1 2011 EPS increased to $0.04 from $0.02 in Q1 2010

-- Q1 2011 cash flow from operations of $2.4 million

May 16, 2011 (PR Newswire) --

HARBIN, China, May 16, 2011 /PRNewswire-Asia/ -- China Green Material Technologies, Inc. (OTC Bulletin Board: CAGM; "CAGM" or "the Company"), a Chinese leader in developing and manufacturing starch-based biodegradable, disposable containers, tableware and packaging materials, today announced financial results for the first quarter ended March 31, 2011.

First Quarter 2011:

Revenues - First quarter revenues increased 61.4% to $4.5 million from $2.8 million in the first quarter of 2010. The increased revenues reflect strong reorders from existing customers and expansion in the supermarket sector as well as railway bureaus. The Company increased average selling prices by approximately 6.0% in the first quarter of 2011 and gained a 52.5% increase in tonnage sold as compared to the corresponding period in 2010. In the first quarter of 2011, 40.7% of sales were from customized product orders and 99% of sales were to customers in the PRC. In the first quarter of 2010, only 24.4% of sales were from customized product orders.

Mr. Su Zhonghao, Chief Executive Officer of the Company, declared, "We experienced further acceleration in our revenue growth which increased from 49.5% for the year ended December 31, 2010 to 61.4% in the first quarter of 2011. This strong momentum reflects growing demand from new and existing customers in China, particularly for the product categories of disposable cups, food containers and plates. As we continue to introduce new branded products, which are stronger and less expensive than those from our competitors, while expanding our distribution capabilities to make our products available to more Chinese consumers, we are poised to capture additional market share in the rapidly growing RMB2.5 billion biodegradable products market in China." (Source: Degradable Plastics Committee of China Plastics Processing Industry Association)

Gross Profit - Gross profit in the first quarter of 2011 increased 43.2% to $1.7 million compared to $1.2 million in the first quarter of last year, while gross margin was 37.3% versus 42.1% a year ago. The decrease in the gross margin percentage was largely due to increases in overall production costs by 14.7%, which were mainly caused by higher raw material prices, amortization expenses of intangible assets and depreciation expenses.

Operating Expense - Operating expenses in the first quarter of 2011 totaled $0.5 million, or 11.2% of sales versus $0.3 million, or 10.2% of sales in the first quarter of 2010. Selling expenses were constant at $0.05 million period-over-period, while general and administrative expenses increased to $0.5 million in compared to $0.2 million in 2010. The increase in operating expenses included a $0.04 million increase in stock compensation expenses and Zhonghao Biodegradable Materials Co., Ltd start up costs of $0.14 million for the period ended March 31, 2011.

Operating Income – 2011 first quarter income from operations increased 32.2% to $1.2 million from $0.9 million in the comparative period. Operating margin was 26.1% in the 2011 period versus 31.8% a year ago.

Other Income (Expense) - Other expenses were $0.03 million in the first quarter of 2011 versus a $0.4 million expense in the first quarter of 2010.

Net Income - Net income in the first quarter of 2011 was $0.9 million compared to $0.4 million in the first quarter of 2010. Adjusted net income (non-GAAP) was $1.1 million, an increase of 46.2% versus a year ago adjusted net income (non-GAAP) of $0.8 million. Net income per diluted share was $0.04 in the first quarter of 2011 versus net income per diluted share of $0.02 in the first quarter of 2010 based on weighted average shares of 25.7 million and 22.4 million, respectively. The increase in share count reflects the issuance of 6.9 million common shares in two private placements completed in the first and second quarters of 2010.

The Company's effective tax rate was 19.4% in the first quarter of 2011 versus 17.7% for the same period in 2010.

"We are focused on expanding our capacity to meet the robust demand for our products. During the first quarter of 2011, our new state-of-the-art facility which is located in the Harbin Economic and Technological Development Zone has commenced production. The new facility allows us to operate more efficiently and will provide the ability to fill larger orders from our growing base of domestic and international customers. All in all, I am extremely excited about the future growth outlook for China Green Materials," concluded Mr. Su.

Liquidity and Capital Resources:

As of March 31, 2011, the Company had $13.9 million in cash and cash equivalents, an increase of approximately $1.8 million from the end of 2010, primarily due to net cash inflow from operating activities of $2.4 million in the first quarter of 2011, offset by $0.8 million of equipment and property investments for the new manufacturing facility. The Company made progress on improving its accounts receivable turnover, with Days Sales Outstanding decreasing from 187 days in the first quarter of 2010 to 171 days in the first quarter of 2011, based on annualized quarterly revenue. The Company had $20.2 million in working capital and no long-term debt as of March 31, 2011. The current ratio was 6 to 1.

About China Green Material Technologies, Inc.

Website: http://www.sinogreenmaterial.com

China Green Material Technologies, Inc. (OTCBB: CAGM) is a China-based manufacturer of starch-based biodegradable and disposable food trays, containers, tableware and packaging products. Headquartered in Harbin city of China, the Company currently has 245 employees. The Company has developed proprietary biodegradable food packaging materials technologies.

Safe Harbor Statement

This press release contains certain statements that may include 'forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "anticipate," "optimistic," "intend," "will" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks, other factors and those risks and other factors discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission, including the Annual Report on Form 10-K filed April 12, 2011. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

CHINA GREEN MATERIAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

	March 31, 2011		December 31, 2010
	(Unaudited)
Assets
Current Assets:
Cash and equivalents	$	13,858,980		$	12,090,345
Restricted cash		410			4,266
Accounts receivable		8,435,184			10,097,506
Inventories		1,051,611			684,534
Accrued rental receivables		274,541			203,844
Deferred consulting expense		-			108,036
Other current assets		561,755			570,596
Total Current Assets		24,182,481			23,759,127

Deposits for construction		762,614			301,992
Property and equipment, net		17,451,327			17,372,325
Intangible assets, net		5,126,246			5,103,278
Technology and patent right, net		1,963,730			2,000,695
Investment		15,306			15,154
Deferred income taxes		148,696			147,207
Total Assets	$	49,650,400		$	48,699,778

Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued expenses	$	485,654		$	539,275
Deferred revenue		17,863			14,695
Advances from a third party		1,384,906			1,371,042
Due to stockholders/officers		210,511			208,404
Warrants liability		909			95,085
Taxes payable		405,224			738,647
Other payables for technology and patent right purchase		1,525,227			1,509,958
Total Liabilities		4,030,294			4,477,106

Commitments and contingencies

Stockholders' Equity
Preferred stock, $0.001 par value, 20,000,000 shares authorized and 0 shares issued and outstanding		-			-
Common stock, $0.001 par value, 100,000,000 shares authorized, 25,701,025 shares issued at March 31, 2011 and December 31, 2010		25,701			25,701
Additional paid-in capital		25,213,966			25,191,392
Statutory reserves		1,817,035			1,699,062
Retained earnings		13,211,221			12,405,789
Accumulated other comprehensive income		5,352,183			4,900,728
Total Stockholders' Equity		45,620,106			44,222,672
Total Liabilities and Stockholders' Equity	$	49,650,400		$	48,699,778

CHINA GREEN MATERIAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Three Months Ended March 31,
	2011		2010
	(Unaudited)		(Unaudited)

Revenues	$	4,502,594		$	2,789,398
Cost of Goods Sold		2,822,087			1,615,790

Gross Profit		1,680,507			1,173,608

Operating Expenses
Selling expenses		45,300			42,723
General and administrative expenses		461,180			242,761
Total Operating Expenses		506,480			285,484

Income From Operations		1,174,027			888,124

Other Income (Expenses)
Interest income		2,775			1,527
Interest expenses		(1,152)			-
Net rental (expense)/income		(29,142)			(10,423)
Loss on disposal of fixed assets		-			(123,404)
Impairment loss on investments		-			(197,098)
Other income (expense)		(1,232)			(30,433)

Total Other Expenses, Net		(28,751)			(359,831)

Income Before Income Taxes		1,145,276			528,293

Provision for Income Taxes		221,871			93,394

Net Income	$	923,405		$	434,899

Foreign Currency Translation Adjustment		451,455			3,460

Comprehensive Income	$	1,374,860		$	438,359

Net Income Per Common Share
-Basic	$	0.04		$	0.02
-Diluted	$	0.04		$	0.02

Weighted Average Common Shares Outstanding
-Basic		25,701,025			22,415,793
-Diluted		25,701,025			22,415,793

CHINA GREEN MATERIAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2011		2010
	(Unaudited)		(Unaudited)
Cash flows From Operating Activities:
Net Income	$	923,405		$	434,899
Adjustments to reconcile Net Income to Net Cash
Provided by Operating Activities
Depreciation and amortization		530,298			340,394
Stock based compensation for shares issued to director and CFO		22,576			-
Amortization of deferred consulting expenses		108,036			-
Changes in warrants fair value		(94,176)			-
Changes in deferred tax		-			617
Bad debt expenses		-			(4,115)
Loss on long-term investment		-			197,098
Loss on disposal of fixed assets		-			123,404
Changes in operating assets and liabilities
Restricted cash		3,886			(96,557)
Accounts receivable		1,758,241			822,663
Inventories		(358,891)			176,703
Accrued rental receivable		(68,394)			236,460
Other current assets		14,560			(45,943)
Accounts payable and accrued expenses		(57,486)			(207,805)
Deferred revenue		3,009			24,362
Taxes payable		(339,706)			(84,087)

Net Cash Provided by Operating Activities		2,445,358			1,918,093

Cash Flows From Investing Activities:
Deposit for construction		(455,963)			-
Purchase of property and equipment		(348,433)			(7,297)
Proceeds from disposal of fixed assets		-			117,183
Net Cash Provided by (Used in) Investing Activities		(804,396)			109,886

Cash Flows From Financing Activities:
Proceeds from shareholders/officers loan		-			4,941
Proceeds from stock issued		-			4,481,913
Net Cash Provided by Financing Activities		-			4,486,854

Effect of Exchange Rate Changes on Cash and Equivalents		127,673			1,146

Net Increase in Cash and Equivalents		1,768,635			6,515,979

Cash and Equivalents at Beginning of Period		12,090,345			7,321,276

Cash and Equivalents at End of Period	$	13,858,980		$	13,837,255

SUPPLEMENT DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for Interest	$	1,152		$	-
Cash paid for Income taxes	$	346,899		$	219,036

About Non-GAAP Financial Measures

This press release contains non-GAAP financial measures which Company management uses for financial and operational decision making, and as a means to evaluate period-to-period comparisons. The Company believes that these non-GAAP financial measures are useful to investors because they exclude start-up costs for our new subsidiary company, a loss on the disposal of fixed assets and a loss on long-term investments that our management excludes when it internally evaluates the performance of the Company's business and makes operating decisions, including internal budgeting, and performance measurement, because these measures provide a consistent method of comparison to historical periods. Moreover, management believes these non-GAAP measures reflect the essential operating activities of CAGM. Accordingly, management excludes these losses when making operational decisions. The Company believes that providing the non-GAAP measures that management uses to its investors is useful to investors for a number of reasons. The non-GAAP measures provide a consistent basis for investors to understand the Company's financial performance in comparison to historical periods. In addition, it allows investors to evaluate the Company's performance using the same methodology and information as that used by our management. Non-GAAP measures are subject to inherent limitations because they do not include all of the expenses included under GAAP and because they involve the exercise of judgment of which charges are excluded from the non-GAAP financial measure. However, our management compensates for these limitations by providing the relevant disclosure of the items excluded.

The following table provides a reconciliation of non-GAAP earnings to the equivalent GAAP measure.


		Three Months Ended
(in thousands, except per share data)	31-March		31-March
		2011		2010
Net income	$923		$435
Start-up costs for Zhonghao Biodegradable Materials., Co. Ltd	$145		-
Non-cash stock compensation expense	$36		-
Loss on investments	-		$197
Loss on fixed asset disposal	-		$123
Adjusted net income (non-GAAP)	$1,104		$755
Adjusted earnings per share (non-GAAP):
- Basic		$0.04		$0.03
- Diluted		$0.04		$0.03


For more information, please contact:

In China:

Low Yan Seong, CFO
China Green Material Technologies, Inc.
Email: cfo@sinogreenmaterial.com
Web: http://www.sinogreenmaterial.com

Buddy Lee, Corporate Secretary
China Green Material Technologies, Inc.
Email: secretary@sinogreenmaterial.com
Office: +86-451-51750888

SOURCE China Green Material Technologies, Inc.

Source: PR Newswire (May 16, 2011 - 7:00 AM EDT)

Canadian Solar Supplies More than 35,000 Solar Modules to EOSOL Energies

19 Apr 2011 10:00:00 GMT

PARIS, April 19, 2011 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced that the Company has supplied 8 MW of solar modules to a solar power plant constructed by EOSOL Energies and the Caisse des depots et consignations in Villeneuve de Marsan, Aquitaine, France. The new solar power plant, inaugurated on April 18th is expected to provide the equivalent, in terms of production capacity, to the average annual electricity consumption of 2,500 households.

EOSOL Energies Nouvelles and the Caisse des depots et consignations, grouped under the project company "SAS SOLANDES", were inaugurating their first joint ground-mounted solar power project in Villeneuve de Marsan, located in the French department des Landes. For the new installation EOSOL is using 35,000 high-quality and high-performance Canadian Solar CS6P 230-Watt modules.

The ground-mounted solar plant at Villeneuve de Marsan has an installed capacity of more than 8 MW, representing the consumption of 2,500 households and preventing the emission of 9,180 tons of carbon dioxide (CO2).

In addition to EOSOL Energies Nouvelles and the Caisse des depots et des consignations, FORCLUM, a EIFFAGE group company, was responsible for the electrical installation and SIEMENS, for the supervision, conception and construction (inverters, the electrical system, system monitoring) of the plant.

The 2nd EOSOL solar power plant in partnership with Canadian Solar

The installation of this solar power plant follows another EOSOL and Canadian Solar project, which was put into operation in late 2010. This 1st plant, with 6,000 square meters of solar panels installed in the town of Le Barp, in Aquitaine, France, delivers more than 230 KW of green energy.

M. Bruno BERNAL, President of EOSOL Group declared: "This was an easy decision for EOSOL EN to expand its relationship with Canadian Solar given its meticulous design and production techniques, which ensure a high-yield, long-term performance for their modules. Canadian Solar's solar panels have been field-tested to offer higher energy production and include an industry-leading plus power tolerance. This new plant, on 17 acres in Villeneuve de Marsan is another important project in terms of output installed and corresponds to our common desire to continue our commitment and investment in green projects to generate renewable energies."

Dr. Shawn QU, Chairman and Chief Executive Officer of Canadian Solar, said: "This is another example of Canadian Solar's momentum in a strategic market, leveraging a relationship with a local partner. We are proud of our work with EOSOL and our ability to support this 8 MW solar plant project in Villeneuve de Marsan. Our partners have demonstrated their confidence in the quality, durability and performance of our photovoltaic panels. Our six year product and 25 year performance warranty, which are jointly insured by leading insurance companies in Europe and the U.S., provide our customers solid assurance and protection for their solar investments. This landmark service reflects Canadian Solar's commitment to our customers' and their peace of mind."

About EOSOL Energies Nouvelles

EOSOL Energies Nouvelles is a major player in the development, investment and production of energy from natural resources. Specializing in solar, wind energy, biomass and solar thermal energy, EOSOL EN benefits from the confidence of the Caisse des depots et consignations for the co-financing of their projects and has worked with the best partners in the industry (Eiffage Energie, Siemens, Ingeteam, Forclum Aquitaine…) to strengthen its expertise. Installed two years ago in the science and technology park in Laseris1 in Barp (33), EOSOL Energies Nouvelles is a young company from Aquitaine which, with more than EUR 20M in assets, presents itself as the leading regional producer of electricity from ground-mounted solar energy. For more information, please visit www.eosol-en.com.

About Canadian Solar

Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest solar companies. As a leading vertically integrated provider of ingot, wafer, solar cell, solar module and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. With operations in North America, Europe and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. For more information, please visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers, including customers of our silicon materials sales; changes in demand from major markets such as Germany and Canada; risks associated with building our new Ontario facility; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F originally filed on June 8, 2009, as amended by its report on Form 20-F/A filed on October 14, 2009. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

SOURCE Canadian Solar Inc.

Source: PR Newswire (April 19, 2011 - 6:00 AM EDT)

A-Power Signs MOU worth US$75 million

18 Apr 2011 12:00:00 GMT

SHENYANG, China, April 18, 2011 /PRNewswire-Asia-FirstCall/ -- A-Power Energy Generation Systems, Ltd. ("A-Power," Nasdaq: APWR), a leading provider of distributed power generation systems in China and a manufacturer of wind turbines, today announced that on April 13, 2011, it signed a Memorandum of Understanding ("Memorandum") with Liaoyuan Zhongneng Electrical Equipment Ltd., for an engineering, procurement, and construction contract to develop a combined heat and power generation plant consisting of two 25 megawatt power generation units.

The plant, to be located in the city of Huinan in the Jilin province of China, will provide both heat and electricity to the local economic and technology development district. The total cost of the project is currently estimated to be RMB500 million (approximately US$75 million), according to the Memorandum.

A-Power expects to make a further announcement once the final contract has been signed.

About A-Power

A-Power Energy Generation Systems, Ltd. ("A-Power"), through its China-based operating subsidiaries, is a leading provider of distributed power generation systems in China and is expanding into the production of alternative power generation systems. Focusing on energy-efficient and environmentally friendly distributed power generation projects of 25 to 400 megawatts, A-Power also operates one of the largest wind turbine manufacturing facilities in China. A-Power acquired Evatech Co. Ltd., a designer and manufacturer of industrial equipment for amorphous-silicon photovoltaic panels, in January 2010, and acquired Hallys Corporation in May 2010.

In addition to the establishment of strategic relationships with some of the world's leading wind energy design and engineering companies, A-Power has formed joint research programs with Tsinghua University and the China Academy of Sciences to develop and commercialize other renewable energy technologies.

For more information, please visit http://www.apowerenergy.....

Safe harbor statement

This news release may contain forward-looking statements. Any such statement is made within the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "anticipates," "believes," "expects," "estimates," "future," "intends," "may," "plans," "will," and other similar statements. Statements that are not historical facts, including statements relating to anticipated future earnings, margins, and other operating results, future growth, construction plans and anticipated capacities, production schedules and entry into expanded markets are forward-looking statements. Such forward-looking statements, based upon the current beliefs and expectations of our management, are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements, including but not limited to, the risk that: inclement weather conditions could adversely affect our operating results in particular quarters and/or fiscal years; we may experience construction, manufacturing and development delays on our projects which could adversely affect our financial condition and operating results; our limited operating history and recent entrance into new lines of business and jurisdictional markets may make it difficult for you to evaluate our business and future prospects; we may not be able to successfully develop our business in new jurisdictional markets, which would have a negative impact on the results of our operations derived from such new jurisdictional markets; our customers may not be able to obtain the financing required for these projects, and thus, we may not be able to derive revenues from such agreements, as well as other relevant risks detailed in our filings with the Securities and Exchange Commission, including those set forth in our annual report filed on Form 20-F for the fiscal year ended December 31, 2009. The information set forth herein should be read in light of such risks. We assume no obligation to update the information contained in this press release, except as required under law.

For more information, please contact:

A-Power Energy Generation Systems, Ltd.

Richard Cai

Mobile: +86 131 2230 4436 in China

Email: richard@apowerenergy.com

Christensen

Patty Bruner

Mobile: +1 480 332 6397

Email: pbruner@ChristensenIR.com

Tom Myers

Mobile: +86 139 1141 3520

Email: tmyers@ChristensenIR.com

Yongye International Announces Preliminary First Quarter 2011 Financial Results

11 Apr 2011 12:01:00 GMT

~1Q 2011 sales more than double year-over-year~

~Company achieves 1Q 2011 positive cash flow from operations~

Apr. 11, 2011 (PR Newswire) --

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BEIJING, April 11, 2011 /PRNewswire-Asia-FirstCall/ -- Yongye International, Inc. (NASDAQ: YONG), a leading agricultural nutrient company in China ("Yongye" or the "Company"), today announced preliminary financial results for the first quarter of 2011.

The Company's revenues for the three months ended March 31, 2011, were $50.2 million, more than double last year's first quarter revenues of $24.9 million. The significant increase in revenues was driven by higher demand for the Company's products in its traditional markets, and growth in several new markets. In addition, after the acquisition of the Hebei customer list in July 2010, the Company is selling its products at a higher price directly to lower level distributors in Hebei, which is Yongye's largest regional market in China. As of March 31, 2011, Yongye had 26,006 independently-owned branded stores in its network, compared to 24,036 stores at the end of 2010. In addition, during the first quarter of 2011, the Company achieved positive cash flow from operations.

For full year 2011, the Company continues to expect revenues of between $315 million and $325 million, representing an increase of 47.1% and 51.8% over 2010's revenue of $214.1 million. The Company expects adjusted net income attributable to Yongye, which excludes non-cash expenses related to share-based compensation for management and independent directors, the amortization of the acquired Hebei customer list, and a change in the fair value of derivative liabilities, of between $80 million and $82 million, representing an increase of between 47.9% and 51.6% over 2010 adjusted net income attributable to Yongye of $54.1 million. The Company has a year-end target of at least 30,000 for the number of independently-owned, branded stores selling Yongye's Shengmingsu products.

"We are pleased with our first quarter sales and cash flow results," stated Mr. Zishen Wu, Chairman and Chief Executive Officer. "As many of our investors know, our first and fourth quarters are seasonally our slowest. Nevertheless, we were able to achieve strong sales growth as a result of continued demand for our Shengmingsu agricultural nutrient products from Chinese farmers in both new and existing provinces. Also of importance, we achieved positive cash flow from operations as a result of our improved working capital management, while more than doubling our sales year-over-year."

Mr. Wu concluded, "Our management team and board of directors are committed to enhancing shareholder value and are confident in the long-term health and future financial performance of our business. Based on current market prices, we believe that our shares are presently undervalued in the marketplace. Our board of directors is contemplating various alternatives to address this issue and will make an announcement as soon as the board determines the appropriate course of action."

The results announced in this press release are unaudited. The Company plans to release its first quarter 2011 financial results in May 2011.

About Yongye International

Yongye International is a leading agricultural nutrient company headquartered in Beijing, with its production facilities located in Hohhot, Inner Mongolia, China. Yongye produces and markets two lines of organic nutrient products: a liquid nutrient product which is sprayed on plants and a powder nutrient product which is added to animal feed. Both products are sold under the brand name "Shengmingsu," which means "life essential" in Chinese. The Company's patented technologies and formulas allow it to create products that increase crop yields and improve the health of livestock. The Company sells its products primarily to provincial or regional level distributors, who then channel those products to a carefully selected network of over 26,000 independently owned, Yongye branded stores or directly to rural farmers and government farms in China. For more information, please visit the Company's website at http://www.yongyeintl.com.

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Contact:
Yongye International	CCG Investor Relations
Ms. Kelly Wang	Mr. Athan Dounis
Finance Director – Capital Markets	Phone: +1-646-213-1916
Phone: +86-10-8231-9608	Email: athan.dounis@ccgir.com
E-mail: ir@yongyeintl.com

Ms. Wendy Xuan – Business Associate
Phone: +86-10-8232-8866 x 8827
E-mail: ir@yongyeintl.com

SOURCE Yongye International, Inc.

Source: PR Newswire (April 11, 2011 - 8:01 AM EDT)

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China Wind Systems, Inc. Reports Fourth Quarter and Full Year 2010 Results

30 Mar 2011 10:30:00 GMT

WUXI, Jiangsu, China, March 30, 2011 /PRNewswire-Asia-FirstCall/ -- China Wind Systems, Inc. (Nasdaq:CWS - News), ("China Wind Systems" or the "Company"), a leading supplier of forged rolled rings and other forged components to the wind power and other industries and industrial equipment primarily to the textile industry in China, today announced its financial results for the fourth quarter and full year ended December 31, 2010.

Fourth Quarter 2010 Financial Highlights

Revenue increased 41.5% year-over-year to $22.5 million
Revenue from the sale of forged products to the wind power and other industries increased 62.8% year-over-year to $17.0 million, or 75.8% of revenue
Revenue from the sale of forged products exclusively to the wind power industry increased 76.5% year-over-year to $12.1 million, or 53.6% of revenue
Operating income increased 17.9% year-over-year to $4.4 million
Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measurement, increased 26.5% year-over-year to $5.5 million
Net income increased 16.6% to $3.1 million, or $0.13 per diluted share
The Company received a new $3.0 million order to supply 1,500 units of high-speed shafts to Nanjing Chang Feng New Energy Holdings ("Nanjing Chang Feng"). The Company commenced shipping the order in December 2010 and expects to complete the order by June 30, 2011
The Company received a conditional purchase order for approximately $1.0 million to supply precision manufactured subassemblies for solar cell manufacturing equipment, for which the initial units were delivered in March 2011.

Full Year 2010 Financial Highlights:

Revenue increased 48.8% year-over-year to $79.5 million
Revenue from the sale of forged products to the wind power and other industries increased 63.3% year-over-year to $58.3 million, or 73.4% of revenue
Revenue from the sale of forged products exclusively to the wind power industry increased 102.3% year-over-year to $40.6 million, or 51.1% of revenue
Operating income increased 44.8% year-over-year to $15.5 million
EBITDA increased 47.8% year-over-year to $18.8 million
Net income increased 45.5% to $11.1 million, or $0.44 per diluted share

"In the fourth quarter of 2010, we continued to expand our market presence in the wind sector. We reported strong year-over-year and quarter-over-quarter revenue growth from our business selling forged products to the wind industry," commented Mr. Jianhua Wu, Chairman and Chief Executive Officer of China Wind Systems. "During the quarter, we delivered precision forged products from our newly built electro-slag remelting (ESR) facility while maintaining output from our traditional forged rolled ring facility. However, gross margin for our ESR products did not meet our previously anticipated level and we are revising down our margin guidance for our ESR products to 32%-35% range. In addition, our next generation, energy efficient and environmentally friendly dyeing machines continue to gain increased traction and we are receiving strong customer interest."

Fourth Quarter 2010 Results

Revenue for the fourth quarter of 2010 increased 41.5% to $22.5 million, compared to $15.9 million in the same period of 2009. The increase was primarily due to strong sales growth of forged rolled rings and related components sold to the wind power and other industries, as well as the addition of ESR products. The Company's dyeing and finishing equipment segment also contributed to the quarter's revenue growth as a result of increased interest and order flow from the Company's next generation and energy efficient dyeing machines and positive growth in China's textile industry following a year in which the industry suffered as a result of the worldwide economic decline. Revenue from the sale of forged rolled rings to the wind power industry and other industries grew 62.8% to $17.0 million, or 75.8% of revenue, compared to $10.5 million, or 65.9% of net revenue, in the same period last year.

Revenue from the sale of forged rolled rings exclusively to the wind power industry rose 76.5% to $12.0 million, representing 53.6% of revenue, compared to $6.8 million, or 43.0% of revenues in the comparable period last year.

Revenue from the sale of forged rolled rings to other industries increased 37.1% to $5.0 million, or 22.1% of revenue, compared with $3.6 million for the comparable period of the prior year.

Revenue from the Company's dyeing and finishing equipment segment increased 11.0% to $5.4 million, or 24.2% of net revenues, compared to $4.9 million, or 30.9% of revenue, for the fourth quarter of 2009.

Gross profit for the fourth quarter of 2010 increased 41.0% to $6.1 million, compared to $4.3 million for the same period in 2009. Gross margin remained similar at 27.2% during the fourth quarter of 2010 compared to 27.3% for the same period a year ago. Gross margins for the Company's forged rolled rings and other components and dyeing and finishing equipment were 29.0% and 21.4%, respectively, during the fourth quarter of 2010.

Operating expenses increased 194.7% to $1.7 million, compared to $0.6 million in the comparable period last year, as a result of higher selling, general, and administrative expenses related to increased payroll expenses, stock-based compensation, traveling expenses and shipping expenses reflecting the Company's growth. The Company also significantly increased its bad debt allowance based on its evaluation of its account receivable balances.

Operating income increased 17.9% to $4.4 million, compared to $3.8 million for the same period of 2009. Operating margin was 19.7% compared to 23.7% in the fourth quarter last year.

EBITDA, a non-GAAP measurement, rose 26.5% to $5.5 million, compared to $4.3 million in the same period last year. The reconciliation of EBITDA to net income is provided in Table 4 below.

Net income increased 16.6% to $3.1 million, compared to $2.7 million in the comparable period last year. Basic earnings per share in 2010 and 2009 were $0.17 and $0.17, respectively. Basic earnings per share were calculated using basic weighted average shares of 18,493,325 and 15,514,682 for the three months ended December 31, 2010 and 2009, respectively. Diluted earnings per share were $0.13, compared to $0.11 in the same period of 2009. Diluted earnings per share were calculated using diluted weighted average shares of 24,285,100 and 24,006,547 for the three months ended December 31, 2010 and December 31, 2009, respectively.

Full Year 2010 Results

For the year ended December 31, 2010, revenues increased 48.8% to $79.5 million from $53.5 million in 2009. Gross profit increased 61.9% to $20.9 million, compared to $12.9 million last year. Gross margin for the forged rolled rings segment was 28.2% compared to 25.5% in 2009. The increase in gross margin was due to the Company's increased operational efficiency. For the dyeing and finishing equipment segment, gross margin was 20.9% compared to 21.4% in 2009. The slight decrease in gross margin was due to an increase in raw material costs that could not be passed on to customers and a decline in selling prices due to stronger competition in China's textile industry. Overall, gross margin for 2010 was 26.3%, up 210 basis points from 24.2% in 2009. Operating income increased 44.8% to $15.5 million from $10.7 million in 2009. EBITDA, a non-GAAP measurement, rose 47.8% to $18.8 million, compared to $12.7 million last year. Net income was $11.1 million, a 45.5% increase from $7.6 million last year. Basic earnings per share in 2010 and 2009 were $0.62 and $0.37, respectively. Diluted earnings per share in 2010 and 2009 were $0.44 and $0.24, respectively.

Financial Condition

As of December 31, 2010, China Wind Systems held cash and cash equivalents of $0.9 million, accounts receivable of $8.2 million, and total current assets of $15.7 million. The Company had $1.8 million in short-term loans payable, no long-term debt and stockholders' equity stood at $62.6 million.

In fiscal 2010, the Company generated $14.7 million in operating cash flow and had capital expenditures of $19.4 million, primarily for property and equipment related to the Company's ESR production line. The Company also added heat treatment related equipment, machining equipment, a hydraulic press for its forging factory, and purchased a large scale machining center for its new solar division.

Recent Events

In January 2011, the Company announced it has appointed Mr. Fernando Liu, CPA, as its new Chief Financial Officer, effective January 1, 2011. The Company also announced that it sold 35,014 shares of its common stock to its Mr. Liu at the market price, for a total purchase price of $125,000.

On January 12, 2011, the Company engaged Shanghai KRC Business Consulting Co., Ltd. to assist the Company in preparing for the compliance of the internal control over financial reporting requirements of Article 404 of the Sarbanes-Oxley Act.

In March 2011, announced the appointment of Mr. Jason Carline as the Company's Chief U.S. Sales Director effective March 15, 2011.

Business Outlook

As previously announced in November 2010, China Wind received a conditional purchase order for approximately $1.0 million to supply precision manufactured subassemblies for solar cell manufacturing equipment. The Company has completed delivery of two initial units to the customer and has received purchase orders to supply 15 additional units by May 2011.

In addition, the Company has received positive customer feedback on its next generation air dye machine equipment which it launched in November 2010. The next generation dye machine model is designed to be environmentally friendly and energy and cost efficient as it uses mostly airflow instead of water to help dye clothing. Since its introduction, the Company has recorded sales of approximately $1.0 million through March 29, 2011, reflecting, in part, government policies which encourage the use of energy efficient and environmentally friendly equipment. The Company also expects to deliver another 11 units of air dye machine for total revenue of $0.9 million by the second quarter of fiscal 2011. Mr. Wu concluded, "In addition to supplying components to the wind industry, we have made significant progress in delivering clean energy products and solutions in other sectors. In the solar market, we are pleased with the initial feedback from our customer. We are confident that our products will meet our customer's requirements and look forward to entering into a long term supply contract. This will mark a major milestone for China Wind Systems as we diversify our product offering to the solar industry.

"Our next generation dye machine models continue to generate increased interest from new and existing customers and we expect to achieve a higher sales contribution from this segment. We believe clean energy solutions will drive our future growth and profitability and we are committed to focusing on this area to create both environmental benefits and sustainable shareholder value."

Conference Call

China Wind Systems will conduct a conference call at 8:00 a.m. Eastern Time on Wednesday, March 30, 2011 to discuss results for the fourth quarter and fiscal year 2010.

To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (866) 759-2078. International callers should dial (706) 643-0585. When prompted, please enter conference passcode: 548 37 040

If you are unable to participate in the conference call at this time, a replay will be available for 14 days starting on March 30, 2011 at 10:00 a.m. ET. To access the replay, dial (800) 642-1687. International callers dial (706) 645-9291, and enter passcode: 548 37 040

About China Wind Systems, Inc.

China Wind Systems, Inc. is a profitable, rapidly growing supplier of precision forged components primarily to the wind industry in China - the world's leading wind-power market. The Company also supplies forged and other components and fabricated products to other industries. For more information on the Company, visit http://www.chinawindsyst.... Information on the Company's Web site or any other Web site does not constitute a portion of this release.

Safe Harbor Statement

This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary and affiliated companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website. All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.

CHINA WIND SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	For the Three Months Ended	For the Years Ended
	December 31,	December 31,
	2010	2009	2010	2009


NET REVENUES	$ 22,468,599	$ 15,880,399	$ 79,548,609	$ 53,457,566

COST OF REVENUES	16,363,257	11,550,270	58,628,150	40,536,636

GROSS PROFIT	6,105,342	4,330,129	20,920,459	12,920,930

OPERATING EXPENSES:
Depreciation	79,746	82,996	319,239	326,972
Selling, general and administrative	1,589,353	483,397	5,091,592	1,880,455

Total Operating Expenses	1,669,099	566,393	5,410,831	2,207,427

INCOME FROM OPERATIONS	4,436,243	3,763,736	15,509,628	10,713,503

OTHER INCOME (EXPENSE):
Interest income	582	1,869	3,794	2,727
Interest expense	(30,092)	(57,147)	(147,428)	(311,127)
Foreign currency loss	(2,265)	(5,931)	(15,338)	(9,337)
Grant income	274	35	49,552	146,180
Debt issuance costs	-	-	-	(14,000)

Total Other Income (Expense)	(31,501)	(61,174)	(109,420)	(185,557)

INCOME BEFORE INCOME TAXES	4,404,742	3,702,562	15,400,208	10,527,946

INCOME TAXES	1,274,194	1,018,419	4,325,876	2,918,773

NET INCOME	3,130,548	2,684,143	11,074,332	7,609,173

DEEMED PREFERRED STOCK DIVIDEND	-	(1,560,000)	-	(2,022,000)

NET INCOME ALLOCABLE TO COMMON SHAREHOLDERS	$ 3,130,548	$ 1,124,143	$ 11,074,332	$ 5,587,173


NET INCOME	$ 3,130,548	$ 2,684,143	$ 11,074,332	$ 7,609,173

OTHER COMPREHENSIVE INCOME:
Unrealized foreign currency translation gain	782,903	3,126	1,907,789	87,455

COMPREHENSIVE INCOME	$ 3,913,451	2,687,269	$ 12,982,121	$ 7,696,628

NET INCOME PER COMMON SHARE:
Basic	$ 0.17	$ 0.17	$ 0.62	$ 0.37
Diluted	$ 0.13	$ 0.11	$ 0.44	$ 0.24

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic	18,493,325	15,514,682	17,879,940	15,236,023
Diluted	24,285,100	24,006,547	25,396,821	22,821,086

CHINA WIND SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

	December 31, 2010	December 31, 2009

ASSETS

CURRENT ASSETS:
Cash and cash equivalents	$ 947,177	$ 2,278,638
Notes receivable	50,593	329,492
Accounts receivable, net of allowance for doubtful accounts	8,207,797	6,046,422
Inventories, net of reserve for obsolete inventory	3,371,128	2,232,264
Advances to suppliers	333,923	450,507
Prepaid VAT on purchases	2,759,763	378,543
Prepaid expenses and other	36,338	213,835

Total Current Assets	15,706,719	11,929,701

PROPERTY AND EQUIPMENT - net	54,742,993	36,863,501

OTHER ASSETS:
Land use rights, net	3,767,159	3,729,427

Total Assets	$ 74,216,871	$ 52,522,629

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Loans payable	$ 1,814,937	$ 2,040,111
Accounts payable	7,660,768	3,404,521
Accrued expenses	526,006	556,662
VAT and service taxes payable	81,614	25,284
Advances from customers	236,004	143,261
Income taxes payable	1,331,713	1,018,514

Total Current Liabilities	11,651,042	7,188,353

STOCKHOLDERS' EQUITY:
Preferred stock $0.001 par value (60,000,000 shares authorized, all of which were designated
as series A convertible preferred, 16,205,268 and 15,419,088 shares issued and outstanding
at December 31, 2010 and 2009, respectively)	16,205	15,419
Common stock ($0.001 par value; 150,000,000 shares authorized;
18,751,128 and 16,402,204 shares issued and outstanding at December 31, 2010 and 2009, respectively)	18,751	16,402
Additional paid-in capital	26,579,053	22,332,756
Retained earnings	29,264,152	18,595,037
Statutory reserve	1,658,197	1,252,980
Accumulated other comprehensive gain - foreign currency translation adjustment	5,029,471	3,121,682

Total Stockholders' Equity	62,565,829	45,334,276

Total Liabilities and Stockholders' Equity	$ 74,216,871	$ 52,522,629

CHINA WIND SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

					For the Years Ended
					December 31,
					2010		2009

CASH FLOWS FROM OPERATING ACTIVITIES:
	Net income		$ 11,074,332		$ 7,609,173
	Adjustments to reconcile net income from operations to net cash
		provided by operating activities:
		Depreciation		3,192,662		1,808,899
		Amortization of debt discount to interest expense		44,993		47,992
		Interest expense related to debt conversion		-		135,272
		Amortization of land use rights		87,204		86,413
		Increase (decrease) in allowance for doubtful accounts		1,006,162		(118,872)
		Increase in inventory reserve		-		81,222
		Stock-based compensation expense		546,963		188,483
	Changes in assets and liabilities:
		Notes receivable		282,986		(59,241)
		Accounts receivable		(2,913,257)		(1,397,241)
		Inventories		(1,036,591)		(416,511)
		Prepaid value-added taxes on purchases		(2,309,987)		(378,339)
		Prepaid and other current assets		159,152		(159,587)
		Advances to suppliers		128,693		(332,241)
		Due from related party		-		438,540
		Accounts payable		4,040,484		912,852
		Accrued expenses		(48,312)		376,435
		VAT and service taxes payable		54,102		(72,260)
		Income taxes payable		271,619		447,487
		Advances from customers		85,695		97,347

NET CASH PROVIDED BY OPERATING ACTIVITIES		14,666,900		9,295,823

CASH FLOWS FROM INVESTING ACTIVITIES:
		Purchase of property and equipment		(19,406,064)		(12,662,466)

NET CASH USED IN INVESTING ACTIVITIES		(19,406,064)		(12,662,466)

CASH FLOWS FROM FINANCING ACTIVITIES:
		Proceeds from loans payable		1,770,238		1,207,080
		Repayment of loans payable		(2,100,238)		-
		Proceeds from sale of common stock		380,000		-
		Proceeds from sale of preferred stock, net		-		3,493,000
		Proceeds from exercise of warrants		3,320,000		615,945

NET CASH PROVIDED BY FINANCING ACTIVITIES		3,370,000		5,316,025

EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS		37,703		642

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(1,331,461)		1,950,024

CASH AND CASH EQUILAVENTS - beginning of year		2,278,638		328,614

CASH AND CASH EQUIVALENTS - end of year		$ 947,177		$ 2,278,638

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
	Cash paid for:
			Interest		$ 104,578		$ 125,430
			Income taxes		$ 4,054,257		$ 2,485,941

NON-CASH INVESTING AND FINANCING ACTIVITIES:
	Debt discount for grant of warrants		$ -		$ 92,985
	Deemed preferred stock dividend reflected in paid-in capital		$ -		$ 2,022,000
	Series A preferred converted to common shares		$ 3,646		$ 2,109
	Common stock issued for debt and interest		$ -		$ 146,180
	Common stock issued for prior and future service		$ 2,469		$ 40,500

Use of Non-GAAP Financial Information

To supplement the Company's consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information, namely earnings before interest, taxes, depreciation and amortization (EBITDA). The Company's management believes that this non-GAAP measure provides investors with an understanding of how the results relate to the Company's historical performance. The non-GAAP information is not meant to be considered in isolation or as a substitute for GAAP financials. A reconciliation of each non-GAAP measures appear below:

China Wind Systems, Inc. and Subsidiaries Reconciliation of Net Income to EBITDA (USD)
	Three Months Ended	For the year ended
	31-Dec	31-Dec	31-Dec	31-Dec
	2010	2009	2010	2009
Net income from consolidated statement of income	3,130,548	2,684,143	$11,074,332	$7,609,173
Income tax expense	1,274,194	1,018,419	4,325,876	2,918,773
Interest expense(net of interest income)	29,510	55,278	143634	308400
Depreciation and amortization	1,069,361	592,596	3,279,866	1,895,312
EBITDA	5,503,613	4,350,436	18,823,708	12,731,658

For more information, please contact:

Company Contact:		Investor Relations Contact:
Mr. Fernando Liu		Mr. Athan Dounis
Chief Financial Officer		CCG Investor Relations
China Wind Systems, Inc.		Tel: +1-646-213-1916
Tel: + 86-13761347367		Email: athan.dounis@ccgir.com
Email: fol@chinawindsystems.com		Web: www.ccgirasia.com
Web: www.chinawindsystems.com

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China Sunergy Announces Fourth Quarter and Full Year 2010 Financial Results

24 Mar 2011 10:32:00 GMT

Reports Fourth Quarter and Full Year 2010 Shipments of 97.9 MW and 347.8 MW Respectively, as a Result of Acquisition of Module Manufacturing

Mar. 24, 2011 (PR Newswire) --

NANJING, China, March 24, 2011 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, announced today its financial results for the fourth quarter and full year 2010. Results reported reflect a shift in the Company's focus in November 2010 to in-house module manufacturing following the acquisitions of CEEG (Shanghai) Solar Science & Technology Co., Ltd and CEEG (Nanjing) New Energy Co., Ltd.

Fourth Quarter Financial and Operational Highlights

Revenue for fourth quarter was US$169.6 million, representing cell sales of US$51.1 million and module sales of US$116.8 million, an increase of 34.8% sequentially and 73.8% year on year.

Shipment for the fourth quarter was 97.9 MW, including 60.6 MW of solar modules, and 33.9 MW of solar cells, compared to company's previous guidance of approximately 102 MW.

Gross profit was US$27.1 million, an 8.4% of increase sequentially and 160.6% year-on-year.

Gross margin was 16.0%, compared to the Company's previous guidance of 15%. Integrated gross margin related to the Company's in-house cell production to solar module was 18.7%. (1)

Net income was US$15.4 million, compared to the net loss of US$3.6 million and net income of US$15.4 million in the fourth quarter of 2009 and the third quarter of 2010 respectively.

Net income per ADS was US$0.38 on basic basis, and US$0.37 on diluted basis, compared to a net loss of US$0.09 per ADS on both basic and diluted basis in the fourth quarter of 2009 and net income per ADS of US$0.38 on basic and US$0.37 on diluted basis in the third quarter of 2010.

Operating cash inflow in the fourth quarter was US$5.1million. As of December 31, 2010, the Company had cash and cash equivalents of US$106.5 million.

(1) Integrated gross margin is derived from modules manufactured using the solar cells produced internally.

Full Year Financial Results

Solar products shipment was 347.8 MW, in which 277.2 MW was solar cells and 67.2 MW was solar modules

Total net revenue was US$517.2 million, an 81.5 % increase from 2009.

Gross profit for 2010 was US$92.3 million, 456.0% increase from 2009; gross margin was 17.8% for the whole year.

Net income for the full year was US$51.7 million, compared to the net loss of US$10.3 million in 2009.

Net profit per ADS was US$1.29 on basic basis and US$1.26 on diluted basis, compared to a net loss of US$0.26 per ADS on both basic and diluted basis in 2009.

Technological and Operational Highlights

Compared to 2009, average multi-crystalline and mono-crystalline cell efficiencies in 2010 improved from 15.9% to 16.5% and from 17.5% to 17.9%, respectively.

The full year cell production was 335.6 MW, representing a full capacity operation.

Non silicon cost of cell was reduced from US$0.25 in the fourth quarter of 2009 to US$0.20 per watt in the fourth quarter of 2010.

Commenting on the fourth quarter, Mr. Stephen Zhifang Cai, CEO of China Sunergy remarked:

"We are pleased with our solid results in the fourth quarter and 2010 on the whole as we experienced operational and financial progress, and achieved record shipment, revenue, gross profit and net income. Our strategic shift to in-house module manufacturing, following the acquisitions of CEEG (Shanghai) Solar Science & Technology Co., Ltd and CEEG (Nanjing) New Energy Co., Ltd., has already had a positive impact, as demonstrated by the continued momentum we saw through the fourth quarter that helped us end the year with solid results."

"We believe the PV market is poised for growth, despite incentive program adjustments in Europe. Demand there remains strong while emerging markets will continue to grow. 2011 will be another year of growth and progress for China Sunergy as we continue to focus on cell efficiency improvement, cost control, sales network expansion and further vertical integration," added Mr. Cai.

Fourth Quarter & Full Year 2010 Financial Review

Revenues, Shipment and Production

During the fourth quarter of 2010, revenue was US$169.6 million, compared to the first, second and third quarter revenues of US$104.3 million, US$117.6 million and US$125.8 million respectively. Revenue in 2010 was US$517.2 million, compared to US$284.9 in 2009.

During the fourth quarter of 2010, sales from solar cells, modules and other sales accounted for 30.2%, 68.9% and 0.9% of the total revenue, respectively. Shipment for the fourth quarter included 60.6 MW for module sales, and 33.9 MW for cell sales.

For 2010, sales from solar cells, modules, and other sales during the year accounted for 72.3%, 24.9% and 2.8% of total revenue respectively. Shipments for the year amounted to approximately 347.8 MW, including 67.2 MW for module sales.

Gross Profit and Gross Margins

Gross profit for the quarter was US$27.1 million, which led to a gross margin of 16.0%. Gross profit for the year was US$92.3 million with a gross margin of 17.8%.

Average Selling Price ("ASP")

Blended cell ASP during the fourth quarter was US$1.51 per watt. Blended module ASP during the fourth quarter was US$1.93 per watt.

Costs

In the fourth quarter of 2010, blended wafer costs were US$0.99 per watt.

Processing costs of cell and module for the fourth quarter of 2010 were US$0.20 and US$0.33 per watt respectively.

Operating Expense, Operating Profit/Loss and Net Income/Loss

SG&A expenses in the fourth quarter of 2010 were US$7.8 million, compared to US$4.5 million in the third quarter of 2010, and US$10.7 million in the fourth quarter of 2009, respectively, representing a consolidated result of one cell plant and two acquired module businesses.

Operating expenses were US$8.8 million for the fourth quarter of 2010 and US$26.3 million for 2010, representing 5.2 % and 5.1% of net revenues respectively.

Income from operations was US$18.3 million for the fourth quarter of 2010 and US$66.0 million for 2010.

Net income for the fourth quarter of 2010 was US$15.4 million and for 2010 was US$51.7 million.

Balance Sheet and Cash Flow

As of December 31, 2010, the Company had cash and cash equivalents of US$106.5 million. Net operating cash inflow was US$5.1 million for the fourth quarter and US$32.8 million for 2010. Depreciation and amortization was US$3.9 million and US$12.8 million for the fourth quarter and year respectively. Capital expenditures were US$52.6 million for the fourth quarter and US$63.9 million for 2010.

Additional Company Updates

Business Highlights in the Fourth Quarter

During the fourth quarter of 2010, the Company:

Completed the acquisition of 100% equity interest of two module businesses, CEEG (Shanghai) Solar Science & Technology Co., Ltd and CEEG (Nanjing) New Energy Co., Ltd on November 1, 2010. Through the acquisition, the Company acquired a total annual module capacity of 480 MW and became a module manufacturer in solar industry since then.

Announced the signing of contracts to supply 120 megawatts (MW) of PV modules to Ecoware S.p.A., a subsidiary of Kerself Group, a leading Italian company in the integration of photovoltaic systems and solar fields, from the fourth quarter of 2010 to the third quarter of 2011.

Subsequent Events to the Fourth Quarter

Subsequent to the fourth quarter of 2010, the Company:

Announced the signing of an approximately 7 MW solar module supply contract with CEEG (Nanjing) Solar Energy Research Institute, for the Nanjing South Railway Station solar roof project, the world's largest stand-alone building integrated photovoltaic ("BIPV") project for one structure.

Announced the signing of a 1.1 MW solar module supply contract with Sunergic S.A., one of the leading solar system integrators in Switzerland, for Services Industriel de Geneve (SIG), a Swiss utility.

Announced the signing of approximately 4,400 MW of wafers purchase contract with GCL-Poly Energy Holdings Limited, China's largest polysilicon producer and one of the world's leading wafer suppliers, commencing in February 2011 for completion in December 2016. This agreement will strengthen Company's supply chain and solidify competitive cost position in the dynamic solar industry.

Ongoing Disputes

Regarding the ongoing dispute with REC, China Sunergy had served a writ upon REC Wafer, claiming it is not a party to the contract between China Sunergy and the dissolved REC Sitech AS. In July 2010, the Salten District Court in Norway ruled against China Sunergy in the case. The Company appealed the ruling in August 2010. An appeal hearing, originally scheduled for March 2011, will now be held in June 2011.

In parallel to the main dispute, the Supreme Court of Norway ruled on July 15, 2010 and overturned the Court of Appeal's order denying China Sunergy's injunction petition with regard to a US$50 million bank guarantee. The injunction petition was sent back to the Court of Appeal for a new ruling. The Court of Appeal decided that the injunction shall remain in force until the Court of Appeal has passed a judgment in the main case.

First Quarter and Fiscal Year 2011 Guidance

The Company believes that for the first quarter shipments will be between 98 MW to 110 MW. For the full year of 2011, the Company expects to ship 670 MW to 690 MW of solar products. The Company expects its gross margin for the first quarter of 2011 to be approximately between 9%-10.5%, with an integrated margin between 14%-15%. Such guidance is based on the average exchange rate between the Euro and U.S. dollar from January 1, 2011 to March 21, 2011.

Quarterly Earnings Conference Call Details

China Sunergy will host a conference call at 8:00 a.m. Eastern Time or 5:00 a.m. Pacific Time (Beijing / Hong Kong Time: March 24, 2011 at 8:00 p.m.). The management team will be on the call to discuss results and Q4 and full year 2010 highlights and answer questions.

The dial-in details for the live conference call are as follows:

US Toll-Free Dial In:	+1-800-638-5495
International Dial In:	+1-617-614-3946
Participant Passcode:	18088164

The webcast will also be available online at China Sunergy's website via: http://phx.corporate-ir.net/playerlink.z...

For those who cannot access the live broadcast, a replay will be available from two hours after the end of the call until May 24, 2011. The replay is available online or using the numbers below:

U.S toll free number:	+1-888-286-8010
International:	+1-617-801-6888
Passcode:	85463714

About China Sunergy Co., Ltd.:

China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy") is a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilize crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators, and solar power systems for use in various markets.

For more information please visit http://www.chinasunergy.com.

For further information contact:

Elaine Li
Senior Investor Relations Manager
China Sunergy
Tel: +86 25 5276 6696
Email: Elaine.li@chinasunergy.com

Tom Evrard
Senior Vice President
FD Beijing
Tel: +86 138 1174 8244
Email: tom.evrard@fd.com

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts in this announcement are forward-looking statements. These forward-looking statements are based on current expectations, assumptions, estimates and projections about the Company and the industry, and involve known and unknown risks and uncertainties, including but not limited to, the Company's ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and the marketability of its products; litigations and other legal proceedings; the economic slowdown in China and elsewhere and its impact on the Company's operations; demand for and selling prices of the Company's products, the future trading of the common stock of the Company; the ability of the Company to operate as a public Company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; future shortage or availability of the supply of raw materials; impact on cost-competitiveness as a result of entering into long-term arrangements with raw material suppliers and other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

The following financial information is extracted from the Company's condensed consolidated financial statements for the respective periods.

China Sunergy Co., Ltd. Unaudited Condensed Consolidated Income Statement Information (In US$ '000, except share and per share data)

	For the 3 months ended
	Dec 31, 2010	Sep 30, 2010	Dec 31, 2009*

Sales to third parties	114,082	33,713	66,165
Sales to related parties	55,478	92,045	31,470
Total sales	169,560	125,758	97,635
Cost of goods sold	(142,451)	(100,774)	(87,235)
Gross profit	27,109	24,984	10,400
Operating expenses:
Selling expenses	(2,655)	(1,153)	(855)
General and administrative expenses	(5,168)	(3,375)	(9,874)
Research and development expenses	(987)	(903)	(723)
Total operating expenses	(8,810)	(5,431)	(11,452)
Income/(loss) from operations	18,299	19,553	(1,052)
Interest expense	(2,619)	(2,143)	(2,298)
Interest income	428	200	338
Other (expenses)/income, net	(1,473)	831	(999)
Changes in fair value of derivatives	1,294	(683)	179
Income/(loss) before income tax	15,929	17,758	(3,832)
Income tax (expense)/benefit	(516)	(2,371)	240

Net income/(loss)	15,413	15,387	(3,592)

Net income/(loss) per ADS
Basic	$0.38	$0.38	($0.09)
Diluted	$0.37	$0.37	($0.09)

Weighted average ADS outstanding
Basic	40,116,876	40,116,876	39,983,692
Diluted	43,694,111	43,694,111	39,983,692


	For the Year Ended
	December 31
	2010	2009*

Sales to third parties	254,137	202,520
Sales to related parties	263,082	82,345
Total sales	517,219	284,865
Cost of goods sold	(424,917)	(268,252)
Gross profit	92,302	16,613
Operating expenses:
Selling expenses	(5,467)	(2,920)
General and administrative expenses	(17,518)	(24,517)
Research and development expenses	(3,346)	(4,382)
Total operating expenses	(26,331)	(31,819)
Income/(loss) from operations	65,971	(15,206)
Interest expense	(9,065)	(7,719)
Interest income	1,162	1,633
Other (expenses)/income, net	(3,687)	2,100
Changes in fair value of derivatives	2,920	8,020
Income/(loss) before income tax	57,301	(11,172)
Income tax (expense)/benefit	(5,567)	903

Net income/(loss)	51,734	(10,269)

Net income/(loss) per ADS
Basic	$1.29	($0.26)
Diluted	$1.26	($0.26)

Weighted average ADS outstanding
Basic	40,090,969	39,894,473
Diluted	43,668,204	39,894,473

China Sunergy Co., Ltd Unaudited Condensed Consolidated Balance Sheet Information (In US$ '000, except share and per share data)

	Dec 31, 2010	Dec 31, 2009 *
Assets
Current Assets
Cash and cash equivalents	106,468	123,855
Restricted cash	84,988	55,678
Accounts receivable, net	65,581	15,292
Other receivable, net	22,775	3,838
Inventories, net	72,335	22,645
Advance to suppliers, net	8,503	184
Amount due from related parties	42,578	22,102
Current deferred tax assets	3,941	2,839
Other current assets	428	251
Total current assets	407,597	246,684
Property, plant and equipment, net	111,629	93,790
Prepaid land use rights	11,042	6,427
Deferred tax assets	3,118	1,568
Intangible assets	7,626	-
Goodwill	14,806	-
Restricted cash-collateral account	18,522	20,471
Other long-term assets	3,739	4,849
Total assets	578,079	373,789

Liabilities and equity
Current liabilities
Short-term bank borrowings	139,530	102,516
Accounts payable	51,646	27,411
Notes payable	31,634	1,294
Accrued expenses and other current liabilities	14,287	5,474
Amount due to related parties	2,463	2,369
Income tax payable	6,162	-
Current deferred tax liability	654	-
Total current liabilities	246,376	139,064
Collateral account payable	18,522	20,471
Convertible bond payable	44,000	44,000
Long-term debt	30,199	-
Accrued warranty costs	8,631	2,022
Other liabilities	3,542	513
Total liabilities	351,270	206,070

Equity:
Ordinary shares: US$0.0001 par value; 267,287,253 and 267,287,253 shares issued outstanding as of December 31, 2010 and December 31, 2009, respectively	27	27
Additional paid-in capital	185,475	185,337
Subscription receivable	-	(405)
Accumulated profit/(deficit)	13,286	(38,448)
Accumulated other comprehensive income	28,021	21,208
Total equity	226,809	167,719
Total liabilities and equity	578,079	373,789

* On January 1, 2010, The Company adopted ASC 470-20 (former EITF 09-1), "Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other Financing". Accordingly, the share lending arrangement has been measured at fair value and recognized as an issuance cost associated with the convertible debt offering. As a result, additional debt issuance costs of $1.9 million were retrospectively recorded on the issuance date with a corresponding increase to additional paid-in capital. The debt issuance costs have also been retrospectively amortized over the life of the convertible notes. The cumulative effect of the adoption resulted in a decrease of US$386,372 and US$809,349 in the beginning balance of retained earnings on January 1, 2009 and 2010 respectively, and the adoption of ASC 470-20 resulted in additional interest expenses in the fourth quarter of 2009 totaling US$74,560 and US$422,977 in 2009.

SOURCE China Sunergy Co., Ltd.

Source: PR Newswire (March 24, 2011 - 6:32 AM EDT)

News by QuoteMedia

A-Power Wins $30.5 Million Contract to Build Biomass Power Plant in China

14 Mar 2011 10:20:00 GMT

SHENYANG, China, March 14, 2011 /PRNewswire-Asia-FirstCall/ -- A-Power Energy Generation Systems, Ltd. (Nasdaq: APWR) ("A-Power" or the "Company"), a leading provider of distributed power generation systems in China and a manufacturer of wind turbines, today announced that on March 8, 2011 it signed a definitive contract with a total value of RMB 200.7 million (approximately US$ 30.5 million) to develop a biomass power plant consisting of two 15 megawatt power generation units for the Xin County Guangchao Biomass Power Generation LCC (the "Owner"). The project is expected to begin shortly and be completed by mid 2012.

The biomass power plant will be located in Xin county in the Shandong province of China. As the engineering, procurement, and construction contractor, A-Power will carry out the design and construction of the power plant, procurement, and installation of two 15 megawatt pure condensed steam turbine generator sets, two straw-fired boilers with a capacity of producing 75 metric tons of steam per hour, auxiliary equipment, a heat pipeline system, and final delivery of the facility to the Owner. When the power plant is permitted to connect to China's national electric grid, it will be able to generate about 150 million kilowatt hours of electricity each year.

About A-Power

For more information, please visit http://www.apowerenergy.com.

Safe harbor statement

This news release may contain forward-looking statements. Any such statement is made within the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "anticipates," "believes," "expects," "estimates," "future," "intends," "may," "plans," "will," and other similar statements. Statements that are not historical facts, including statements relating to anticipated future earnings, margins, and other operating results, future growth, construction plans and anticipated capacities, production schedules and entry into expanded markets are forward-looking statements. Such forward-looking statements, based upon the current beliefs and expectations of our management, are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements, including but not limited to, the risk that: inclement weather conditions could adversely affect our operating results in particular quarters and/or fiscal years; we may experience construction, manufacturing and development delays on our projects which could adversely affect our financial condition and operating results; our limited operating history and recent entrance into new lines of business and jurisdictional markets may make it difficult for you to evaluate our business and future prospects; we may not be able to successfully develop our business in new jurisdictional markets, which would have a negative impact on the results of our operations derived from such new jurisdictional markets; our customers may not be able to obtain the financing required for these projects, and thus, we may not be able to derive revenues from such agreements, as well as other relevant risks detailed in our filings with the Securities and Exchange Commission, including those set forth in our annual report filed on Form 20-F for the fiscal year ended December 31, 2009. The information set forth herein should be read in light of such risks. The Company assumes no obligation to update the information contained in this news release, except as required by law.

For more information, please contact:

A-Power Energy Generation Systems, Ltd. Richard Cai Telephone: +(86) 131 2230 4436 in China Email: richard@apowerenergy.com

Christensen Patty Bruner Mobile: +1 480 332 6397 in the USA Email: pbruner@ChristensenIR.com

Tom Myers Mobile: +86 139 1141 3520 in China Email: tmyers@ChristensenIR.com

SOURCE A-Power Energy Generation Systems, Ltd.

Source: PR Newswire (March 14, 2011 - 6:20 AM EDT)

http://www.zoominto.com/software/ieplugi...http://";

China Integrated Energy Reports Fourth Quarter and Full Year 2010 Financial Resu

10 Mar 2011 12:27:00 GMT

(RTTNews) - China Integrated Energy, Inc. (CBEH: News) Thursday posted increase in fourth-quarter income reflecting higher sales. The company also offered outlook for the fiscal year 2011.

Net Income grew to $15.3 million or $0.39 per share from $12.0 million or $0.30 per share in the comparable quarter year ago.

Three analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share for the quarter. Analysts' estimates typically exclude one-time items. Sales increased to $118.0 million from $93.3 million prior year, while analysts estimated revenue of $116.05 million.

The increase in sales was due to strong growth in biodiesel sales as newly acquired capacity was brought online, in addition to strong retail gas sales, which were driven by new locations supported by growth at existing locations.

Looking ahead, the company expects to report sales of $588.1 million and net income of $72.2 million for the year ended December 31, 2011.

Three analysts project revenue of $545.97 million for the year. Commenting on the results, Gao Xincheng, Chief Executive Officer of China Integrated Energy, Inc., said, "Our fourth quarter results demonstrate our ability to continue executing on our growth plans by increasing biodiesel production to drive incremental, high margin revenues. Sales growth was driven during the quarter by a combination of increased sales volume and higher average selling prices. Biodiesel sales increased 35.7% for the fourth quarter of 2010, compared to the fourth quarter of 2009, while retail gas station sales increased 144.6% due to 3 newly acquired or leased gas stations in 2010, strong consumer demand across 13 stations, as well as higher fuel prices at the pump."

China Energy Corp. Reports Record Fiscal Year 2010 Results

01 Mar 2011 12:32:00 GMT

Fiscal 2010 cash flow increased 35.6% to $17.9 million

Mar. 1, 2011 (PR Newswire) --

HOHHOT CITY, China, March 1, 2011 /PRNewswire-Asia-FirstCall/ -- China Energy Corporation (OTC Bulletin Board: CHGY), ("China Energy" or the "Company"), a producer and trader of coal for domestic heating, electrical generation, and coking purposes and a supplier of heating and electric energy services in Inner Mongolia, today announced financial results for the fourth quarter and fiscal year ended November 30, 2010.

Summary Financials


FY 2010 Year End Results
USD	FY 2010	FY 2009	Change
Sales	$88.0 million	$43.3 million	+103.2%
Gross Profit	$33.9 million	$14.0 million	+142.1%
Net Income	$17.6 million	$5.1 million	+245.1%
EPS (fully diluted)	$0.39	$0.11	+254.5%


Fourth Quarter Results (3 months ended November 30)
USD	FY 2010	FY 2009	Change
Sales	$25.6 million	$23.9 million	+7.1%
Gross Profit	$9.9 million	$11.3 million	(12.4%)
Net Income	$4.9 million	$7.1 million	(31.0%)
EPS (fully diluted)	$0.11	$0.16	(31.3%)

Revenues for fiscal 2010 fourth quarter ended November 30 totaled $25.6 million, an increase of approximately 7.1% over $23.9 million reported in the same year ago period. China Energy produced and sold approximately 221,841 metric tons of coal at an average price of $49.4, compared to 295,168 metric tons at an average price of $39.1 in the fourth quarter of fiscal year 2009. Currently, China Energy has the capacity to produce up to 800,000 metric tons annually.

Gross profit decreased 12.4% to $9.9 million, with gross margin of 38.7% compared to 47.3% in the fourth quarter of 2009.

During the first three quarters of 2009, the Company did not have normal coal production while the long wall extraction machinery was being installed. When full production resumed in the fourth fiscal quarter, the Company ramped output above normal thresholds to make up for the shortfall which created an exceptionally strong quarter from an earnings perspective and higher margins.

Net income for the fourth quarter of fiscal year 2010 was $4.9 million, or $0.11 per diluted share, compared to $7.1 million, or $0.16 per diluted share, in the fourth quarter of fiscal year 2009. The effective tax rate was 26.0% compared to 19.7% for each respective period.

Fiscal Year 2010 Financial Results

For the year ended November 30, 2010, the Company reported revenue of $88.0 million, an increase of 103.2% over revenue of $43.3 million generated in 2009. For fiscal 2010, revenue from the coal group increased 121.2% to $71.0 million, and represented 80.7% of total sales, compared to $32.1 million, or 74.1% of total sales in fiscal year 2009. As a component of this, 39.4% of total company sales came from coal trading, and 41.3% came from coal production during fiscal year 2010. China Energy produced and sold 820.3 thousand tons of coal in 2010, a 80.9% increase from the 453.4 thousand tons in 2009, which mostly occurred during the fourth quarter. Average sales price of coal during fiscal year 2010 was $44.2 per ton, compared to $37.4 per ton in fiscal year 2009.

Revenue from the heat power group totaled $17.0 million, or 19.3% of total sales, in fiscal 2010, compared to $11.2 million, or 25.9% of total sales in fiscal year 2009. Higher revenues in this segment were due to an increase in the coverage area of Heat Power's operations of over 19%.

"We were able to report significant growth across each of our businesses," stated WenXiang Ding, chief executive officer and president. "We successfully ramped production at our Laiyegou mine, as well as capitalized on our expanded quota from the railway bureau to accelerate our coal trading volumes. Continued strong demand for energy and electricity provide both diversification and another conduit for incremental growth in 2011. As consolidation across our industry accelerates we continue to evaluate opportunities to expand our mining assets."

Cost of goods sold for fiscal year 2010 was approximately $54.1 million, compared to approximately $29.3 million for fiscal year 2009. Gross profit was $33.9 million and gross margins were 38.5% in 2010, compared to $14.0 million in gross profit and gross margins of 32.3% during 2009. The increase in overall gross profit margin was primarily attributable to the improvement of the gross profit margin of the Company's coal trading business which experienced a 1400 basis points margin improvement year-over-year. The Company benefited from the ability to sell coal at higher open market prices at the port. Heat Power benefited from a 275.2% increase in government subsidies to compensate for lower government regulated heat price and higher cost of coal.

Operating expenses for fiscal year 2010 were approximately $9.3 million, compared to $5.5 million in 2009. Selling and marketing expenses in fiscal year 2010 were $5.5 million compared to $2.2 million in 2009, which was driven by the increase of transportation and storage costs necessary to support the coal trading business. General and administration expenses totaled $3.8 million and $3.3 million in the respective periods.

Net income for fiscal year 2010 totaled approximately $17.6 million, or $0.39 per diluted, share, compared to approximately $5.1 million, or $0.11 per diluted share, in fiscal year 2009. A total of 45 million shares were utilized in the calculations for both years. Net income margins were 20.0% and 11.8% for fiscal years 2010 and 2009, respectively. The effective tax rate was 26.2% and 29.9% in fiscal 2010 and 2009, respectively.

Balance Sheet and Cash Flow

Cash and equivalents and restricted cash totaled $4.6 million on November 30, 2010 compared to $5.1 million on November 30, 2009. The Company had total stockholders' equity of $52.0 million, with total assets of $103.3 million versus total liabilities of $51.3 million on November 30, 2010. For fiscal year 2010, the Company generated $17.9 million in cash from operations versus $13.2 million in fiscal year 2009.

About China Energy Corporation

China Energy Corporation is a producer and trader of coal for domestic heating, electrical generation and coking purposes for steel production primarily in the People's Republic of China. The Company produces coal through its subsidiary Inner Mongolia Tehong Coal Group Co, Ltd. ("Coal Group") and supplies heating and electricity requirements throughout the XueJiaWan district through its subsidiary Inner Mongolia Zhunger Heat Power Co., Ltd. ("Heat Power"). Through Heat Power, China Energy operates a thermoelectric plant and 32 heat transfer stations located in XueJiaWan, Ordos City in which the Company has a monopoly for heating supply granted to the Company by the local government. For additional information on China Energy Corporation see http://www.ceccec.com .

Cautionary Statement Regarding Forward-Looking Information

This press release may contain certain "forward-looking statements" relating to the business of China Energy Corporation, and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the impact of the proceeds from the private placement on the Company's short term business and operations, the general ability of the Company to achieve its commercial objectives, including the ability of the Company to sustain growth; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov)

For more information, please contact:


Company:
Alex (Yuan) Gong, Chief Financial Officer
Tel: +86-10-5203-6900
Email: alexgong08@gmail.com

Investor Relations:
HC International, Inc.
Ted Haberfield, Executive VP
Tel: +1-760-755-2716
Email: thaberfield@hcinternational.net

CHINA ENERGY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF Income And comprehensive income FOR THE YEARS ENDED NOVEMBER 30, 2010 AND 2009
		2010		2009


Revenues	$	88,045,275	$	43,348,078
Cost of revenues		54,118,119		29,357,944
Gross profit		33,927,156		13,990,134

Operating expenses:
Selling and marketing		5,509,682		2,207,042
General and administrative		3,816,461		3,256,729
Total operating expenses		9,326,143		5,463,771

Income from operations		24,601,013		8,526,363

Other income and expenses:
Finance expenses, net		(1,619,552)		(793,670)
Non-operating income		1,056,502		510,565
Non-operating expenses		(206,387)		(955,648)
Income before income taxes		23,831,576		7,287,610

Provision for income taxes		(6,236,416)		(2,181,391)

Net income	$	17,595,160	$	5,106,219

Other comprehensive income:
Foreign currency translation adjustment		1,010,025		43,559
Total comprehensive income	$	18,605,185	$	5,149,778

Net income per common share
basic and diluted	$	0.39	$	0.11

Weighted average common shares outstanding
basic and diluted		45,000,000		45,000,000

CHINA ENERGY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
		November 30,
		2010		2009

ASSETS
Current assets:
Cash and cash equivalents	$	4,580,540	$	5,073,645
Accounts receivables, net of allowance for doubtful accounts of $54,747 and $120,853, respectively		5,748,007		4,600,667
Other receivables		4,091,867		4,447,272
Advance to suppliers		4,516,324		5,511,630
Inventories		3,248,605		5,574,465
Total current assets		22,185,343		25,207,679

Fixed assets, net		57,607,500		47,326,294

Other assets:
Investment property, net of accumulated depreciation of $288,735 and $166,172, respectively		4,350,739		1,936,278
Mining right, net of amortization of $1,133,133 and $787,417, respectively		3,387,551		3,627,642
Restricted cash		546,048		149,898
Other long term assets		560,250		450,021
Notes receivable		14,679,099		7,913,100
Total other assets		23,523,687		14,076,939

TOTAL ASSETS	$	103,316,530	$	86,610,912

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short term bank loans	$	9,599,520	$	12,012,012
Accounts payable		16,000,738		10,757,128
Advance from customers		5,278,848		12,125,187
Accrued liabilities		374,530		325,539
Other payables		2,838,663		1,120,169
Shareholder loans		8,772,316		9,972,279
Current portion of deferred income		1,044,326		822,930
Total current liabilities		43,908,941		47,135,244

Non-current liabilities
Deferred income		7,451,567		6,224,033

Total liabilities		51,360,508		53,359,277

Stockholders' equity:
Common stock: authorized 200,000,000 shares of $0.001 par value; 45,000,000 shares issued and outstanding		45,000		45,000
Additional paid-in capital		9,070,007		8,970,805
Retained earnings		29,642,370		12,542,081
Statutory reserves		8,573,636		8,078,765
Accumulated other comprehensive income		4,625,009		3,614,984
Total stockholders' equity		51,956,022		33,251,635

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	103,316,530	$	86,610,912

SOURCE China Energy Corporation

Source: PR Newswire (March 1, 2011 - 7:32 AM EST)

JA Solar Announces Fourth Quarter and Full Year 2010 Results

22 Feb 2011 12:34:00 GMT

Feb. 22, 2011 (GlobeNewswire) --

- Record Shipment Volumes, Revenue, and Earnings for Q4 and FY 2010

- Record Revenue of $1.78 Billion, PV Product Shipment of 1.46GW, and GAAP Diluted EPS of US$1.61 for FY 2010

- More Than 2GW of Sales Contracts for 2011 Delivery Signed With Multiple Customers; Total Shipments Expected to Exceed 2.2GW

SHANGHAI, China, Feb. 22, 2011 (GLOBE NEWSWIRE) -- JA Solar Holdings Co., Ltd., (Nasdaq:JASO), one of the world's largest manufacturers of high-performance solar cells and solar power products, today announced its financial results for its fourth quarter and full year ended December 31, 2010.

Fourth Quarter and Full Year 2010 Financial and Operating Highlights:

Record fourth quarter shipments of 463MW, an increase of 11% sequentially and 100% year-over-year
Full Year 2010 shipments grew to 1.46 GW, an increase of 187% over 2009
Full Year 2010 revenue of $1.78 billion, an increase of 211% from $572.5 million in 2009
Annual gross margin of 21.7%, up from 12.8% in 2009
Full year 2010 operating income of $299.6 million and operating margin of 16.8%
Full year 2010 net income of $266 million and GAAP diluted EPS of $1.61
Fourth quarter revenue of $584.3 million, operating income of $89.5 million and operating margin of 15.3%
Fourth quarter net income of $118.7 million and GAAP diluted EPS of $0.59, a sequential increase of 24.3%
Diversified global customer base in Q4: 53% international customers and 47% domestic customers
Strong balance sheet with cash balance of $346.9 million and working capital of $662.8 million

"2010 was a transformational year for our company, with annual revenues growing by 211% and shipments rising by 187% as we enhanced our position as one of the global leaders in the solar industry," said Dr. Peng Fang, CEO of JA Solar. "During the year, we firmly established JA Solar as the market leader in solar cell production and shipment. Customers worldwide responded to our clear advantages in technology, quality and cost, enabling us to build a very healthy and diversified global customer base."

According to reports published by SolarBuzz and IMS Research in December 2010, JA Solar ranked first globally in terms of solar cells produced and shipped in Q3 2010.

"Our results in 2010 are clear proof of the success of our emphasis on developing long term partnerships with the major players in the solar industry. Today, a growing number of top tier solar companies worldwide consider JA Solar to be their strategic supply partner of choice for high-quality, low-cost PV products."

"As one of the world's largest solar cell producers, JA Solar is well-positioned to take advantage of robust industry growth in 2011. With demand for our products currently well ahead of what we can produce, we intend to quickly ramp up production capacity in 2011. In particular, we intend to increase solar cell production capacity to more than 3GW, while module capacity is expected to increase to 800MW and wafer capacity to 600MW by year-end. We also intend to continue focusing on developing innovative new technologies that can enable us to further optimize our cost structure and ensure that our high quality solar products are even more attractive to our customers."

Fourth Quarter 2010 Financial Results

Total shipments in the fourth quarter of 2010 were a record 463MW, compared with third quarter shipments of 418MW, representing sequential growth of 11%. Compared with the same period last year, shipments grew 100% from 231MW.

Revenue in the fourth quarter of 2010 was RMB 3.9 billion ($584.3 million), an increase of 6.6% compared to RMB 3.6 billion ($548.3 million) reported in the third quarter of 2010 and an increase of 137% from RMB 1.6 billion ($246.5 million) reported in the fourth quarter of 2009.

Gross profit in the fourth quarter of 2010 was RMB 740.4 million ($112.2 million), compared with RMB 816.0 million ($123.6 million) in the third quarter of 2010 and RMB 335.0 million ($50.8 million) in the fourth quarter of 2009. Gross margin was 19.2% in the fourth quarter of 2010, compared with 22.5% in the third quarter of 2010 and 20.6% in the fourth quarter of 2009.

Total operating expenses in the fourth quarter of 2010 were RMB 149.8 million ($22.7 million), compared with RMB 146.7 million ($22.2 million) in the third quarter of 2010 and RMB 88.3 million ($13.4 million) in the fourth quarter of 2009.

Operating income in the fourth quarter of 2010 was RMB 590.7 million ($89.5 million), compared with RMB 669.3 million ($101.4 million) in the third quarter of 2010 and RMB 246.7 million ($37.4 million) in the fourth quarter of 2009. Operating margin was 15.3% in the fourth quarter of 2010, compared with 18.5% in the third quarter of 2010 and 15.2% in the fourth quarter of 2009.

Earnings per diluted ADS in the fourth quarter of 2010 were RMB 3.90 ($0.59), an increase of 24% compared with RMB 3.14 ($0.48) in the third quarter of 2010 and an increase of 366% compared with RMB 0.84 ($0.13) in the fourth quarter of 2009.

Included in other income are significant transactions from activities other than normal business operations:

$34.6 million of proceeds from sales of Lehman Notes. The $100 million face-value USD 3-Month LCMNER Index-Linked Note was issued by Lehman Brothers Treasury Co. B.V. incorporated in The Netherlands and was previously written off as a result of the bankruptcy of Lehman Brothers and its affiliates. The proceeds from Lehman Notes resulted in a $0.20 gain per diluted ADS.
Non-cash gain on change in fair value of derivatives was mainly related to a convertible bond issued in May 2008. Embedded derivative was calculated using a valuation model with many input assumptions such as interest rate yield curve, foreign exchange rates, stock price, volatility, expected terms, risk-free rate and fundamental change event probabilities. This gain had a positive impact of $0.13 on basic earnings per ADS. However, due to dilution, the gain of $21.9 million was excluded from the calculation of diluted earnings per share and the share count was increased by 7.5 million shares to 172.3 million shares assuming that the convertible bonds were converted at the beginning of the quarter. The calculation reduced diluted earnings per ADS by $0.13.

The Company also recorded a net loss from discontinuing operations of $3.0 million associated with the potential sale of the 3MW solar power plant. This solar power plant was previously recorded in fixed assets. In conjunction with the potential sale, the operating results of this project have been reclassified out of continuing operations for all periods presented. The loss had an impact of $0.02 per ADS in the fourth quarter.

In the fourth quarter of 2010, the Company generated operating cash flow of RMB 169.0 million ($25.6 million) or RMB 0.98 ($0.15) per diluted ADS.

Full Year 2010 Results

Full year 2010 shipments were 1.46GW, an increase of 187%, from 509MW in full year 2009.

Total revenue for full year 2010 was RMB 11.8 billion ($1.8 billion), an increase of 211% compared with RMB 3.8 billion ($572.5 million) in full year 2009.

Total gross profit in full year 2010 was RMB 2.55 billion ($385.8 million) or 21.7%, compared with RMB 482.1 million ($73.0 million) or 12.8% in full year 2009. Operating income for full year 2010 was RMB 1.98 billion ($299.6 million), compared with RMB 93.7 million ($14.2 million) in full year 2009. In full year 2010, net income per diluted ADS was RMB 10.61 ($1.61), compared with a net loss per diluted ADS of RMB 1.20 (a loss of $0.18) in full year 2009.

For full year 2010, the Company generated an operating cash flow of RMB 1.3 billion ($193.9 million) or RMB 7.48 ($1.13) per diluted ADS.

Liquidity

The Company maintained a strong balance sheet with cash and cash equivalents of RMB 2.3 billion ($346.9 million), and total working capital of RMB 4.4 billion ($662.8 million) at December 31, 2010. Total long term bank borrowings were RMB 1.5 billion ($230.3 million) and the face value of outstanding convertible bonds due 2013 was RMB 1.5 billion ($228.2 million) at December 31, 2010.

Operations and Business Outlook

Research & Development Update

In February 2011, the Company announced that it had developed a new high-power multi-crystalline solar cell, dubbed Maple, which has achieved an 18.2% conversion efficiency rate in large-volume manufacturing conditions. Maple cells feature a proprietary technology that enables significantly improved conversion efficiency compared to traditional multi-crystalline silicon solar cells.

Supply Chain Optimization

In addition to expanding production capacity in 2011, the Company intends to further enhance its cost structure by optimizing its supply chain. The Company has signed long-term supply contracts with several strategic partners for 2011, a number of whom have announced their intention to locate production facilities close to JA Solar's factories in order to serve the Company's fast-rising demand. This cost-effective capacity is expected to ramp up throughout 2011.

Full Year 2011 Outlook

Based on strong customer demand for JA Solar's products and a number of new customer wins, the Company currently expects total cell and module shipments to exceed 2.2GW in 2011, representing an increase of approximately 50% compared to 2010. Module shipments are expected to be approximately 500MW to 600MW. Sales contracts signed to date for 2011 delivery amount to more than 2GW, representing approximately 90% of the Company's expected shipments for 2011.

Investor Conference Call / Webcast Details

A conference call has been scheduled for today, Tuesday February 22, 2011 at 8:00 AM Eastern Time. The call may be accessed by dialing +1-866-270-6057 (U.S.) or +1-617-213-8891 (international). The passcode is JA SOLAR. A live webcast of the conference call will be available on the Company's website at www.jasolar.com. A replay of the call will be available beginning two hours after the live call and will be accessible by dialing +1-888-286-8010 (U.S.) or +1-617-801-6888 (international). The passcode for the replay is 91792010.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the reader, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of December 31, 2010, which was RMB 6.6000 to $1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on December 31, 2010, or at any other date. The percentages stated in this press release are calculated based on Renminbi.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "may," "expect," "anticipate," "aim," "intend," "plan," "believe," "estimate," "potential," "continue," and other similar statements. Statements other than statements of historical facts in this announcement are forward-looking statements, including but not limited to, our expectations regarding the expansion of our manufacturing capacities, our future business development, and our beliefs regarding our production output and production outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Further information regarding these and other risks is included in Form 20-F and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

About JA Solar Holdings Co., Ltd.

JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance solar power products. The Company sells its products to solar manufacturers worldwide, who assemble and integrate solar cells into modules and systems that convert sunlight into electricity for residential, commercial, and utility-scale power generation. For more information, please visit http://www.jasolar.com.

The JA Solar Holdings Co., Ltd. logo is available at http://www.globenewswire.com/newsroom/pr...



JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
	For three months ended
	Dec. 31, 2009	Sept. 30, 2010	Dec. 31, 2010	Dec. 31, 2010
	RMB'000	RMB'000	RMB'000	USD'000
	Adjusted	Adjusted
	(a),(b)	(b)

Net revenues	1,627,042	3,618,796	3,856,189	584,271
Cost of sales	(1,292,033)	(2,802,820)	(3,115,776)	(472,087)
Gross profit	335,009	815,976	740,413	112,184
Selling, general and administrative expenses	(79,285)	(123,573)	(135,863)	(20,585)
Research and development expenses	(9,027)	(23,082)	(13,894)	(2,105)
Total operating expenses	(88,312)	(146,655)	(149,757)	(22,690)
Income from operations	246,697	669,321	590,656	89,494
Interest expense	(48,603)	(56,326)	(64,928)	(9,838)
Loss on buyback of convertible bond	(9,468)	-	-	-
Other (loss)/income (c)	(42,388)	(17,127)	355,317	53,836
Income before income taxes	146,238	595,868	881,045	133,492
Income tax expenses	(15,810)	(85,528)	(78,100)	(11,833)
Net income from continuing operations	130,428	510,340	802,945	121,659
Net gain/(loss) from discontinued operations	5,441	3,344	(19,607)	(2,971)
Net income	135,869	513,684	783,338	118,688

Net income per share:
Basic	0.84	3.15	4.79	0.73
Diluted	0.84	3.14	3.90	0.59

Weighted average number of shares outstanding:
Basic	161,979,819	163,065,242	163,382,659	163,382,659
Diluted	162,272,950	163,668,148	172,306,566	172,306,566



JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
	For twelve months ended
	Dec. 31, 2009	Dec. 31, 2010	Dec. 31, 2010
	RMB'000	RMB'000	USD'000
	Adjusted
	(a),(b)

Net revenues	3,778,553	11,760,780	1,781,936
Cost of sales	(3,296,502)	(9,214,394)	(1,396,120)
Gross profit	482,051	2,546,386	385,816
Selling, general and administrative expenses	(343,253)	(505,101)	(76,530)
Research and development expenses	(45,101)	(63,816)	(9,669)
Total operating expenses	(388,354)	(568,917)	(86,199)
Income from operations	93,697	1,977,469	299,617
Interest expense	(231,487)	(221,209)	(33,516)
Loss on buyback of convertible bond	(24,156)	-	-
Other (loss)/income (c)	(26,969)	271,628	41,155
(Loss)/income before income taxes	(188,915)	2,027,888	307,256
Income tax expenses	(7,999)	(252,707)	(38,289)
Net (loss)/income from continuing operations	(196,914)	1,775,181	268,967
Net income/(loss) from discontinued operations	3,415	(19,830)	(3,005)
Net (loss)/income	(193,499)	1,755,351	265,962

Net (loss)/income per share:
Basic	(1.20)	10.78	1.63
Diluted	(1.20)	10.61	1.61

Weighted average number of shares outstanding:
Basic	161,643,312	162,900,657	162,900,657
Diluted	161,643,312	171,116,684	171,116,684


^{(a) On January 1, 2010, the Company adopted the FASB's update to the Debt topic of the FASB codification which requires an entity that enters into an equity-classified share lending agreement, utilizing its own shares, in contemplation of a convertible debt issuance or other financing to initially measure the share lending arrangement at fair value and treat it as a cost of the financing. In addition, if it becomes probable that the counterparty to the arrangement will default, the issuer shall recognize an expense for the fair value of the unreturned shares, net of probable recoveries. These rules require revision of prior periods to conform to current accounting. As a result of retrospectively adopting the new guidance related to the Company's offering of senior convertible notes in May 2008, the line items of Interest expense, Gain/(loss) on buyback of convertible bond, Other income, Income before income taxes, Net income and Net income/(loss) per share in the condensed consolidated statements of operations for the three months ended Dec 31, 2009 and twelve months ended Dec 31, 2009 have been revised.}

^{(b) In Q4 we have determined to dispose of a subsidiary which was mainly focusing on the solar power plant business. The subsidiary represented a component of an entity as defined by ASC 205 "Presentation of Financial Statements". As such, the operating results of this subsidiary have been reclassified out of continuing operations for all periods presented.}

^{c) Other (loss)/income mainly consists of proceeds from sales of Lehman Notes and change in fair value of derivatives.}



JA Solar Holdings Co., Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)

	Dec. 31,	Dec. 31,
	2009	2010	2010
	RMB'000	RMB'000	USD'000
	Adjusted
	(d)

ASSETS
Current assets:
Cash and cash equivalents	1,867,248	2,289,482	346,891
Restricted cash	43,612	112,593	17,060
Accounts receivable	339,524	945,633	143,278
Inventories	641,140	1,349,329	204,444
Advances to suppliers	423,283	605,630	91,762
Other current assets	346,488	1,115,561	169,024
Total current assets	3,661,295	6,418,228	972,459
Property and equipment, net	1,724,442	3,170,721	480,413
Advances to suppliers	1,835,421	1,653,177	250,481
Derivative asset	10,521	14,591	2,211
Deferred issuance cost	143,243	110,868	16,798
Other long term assets	87,248	251,797	38,150
Total assets	7,462,170	11,619,382	1,760,512
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term bank borrowings	10,000	-	-
Accounts payable	367,863	1,036,416	157,033
Advances from customers	53,859	484,458	73,404
Accrued and other liabilities	197,506	522,769	79,206
Total current liabilities	629,228	2,043,643	309,643
Convertible Bond	1,171,438	1,230,175	186,390
Embedded derivatives	136,632	66,174	10,026
Long-term bank borrowings	680,000	1,520,000	230,303
Other long term liabilities	22,314	79,235	12,005
Total liabilities	2,639,612	4,939,227	748,367
Commitment and Contingencies
Shareholders' equity	4,822,558	6,680,155	1,012,145
Total liabilities and shareholders' equity	7,462,170	11,619,382	1,760,512


^{(d) On January 1, 2010, the Company adopted the FASB's update to the Debt topic of the FASB codification which requires an entity that enters into an equity-classified share lending agreement, utilizing its own shares, in contemplation of a convertible debt issuance or other financing to initially measure the share lending arrangement at fair value and treat it as a cost of the financing. In addition, if it becomes probable that the counterparty to the arrangement will default, the issuer shall recognize an expense for the fair value of the unreturned shares, net of probable recoveries. These rules require revision of prior periods to conform to current accounting. As a result of retrospectively adopting the new guidance related to the Company's offering of senior convertible notes in May 2008, the line items of Deferred issuance cost and Shareholders' equity in the condensed consolidated balance sheet as at December 31, 2009 have been revised.}

CONTACT: In China

         Martin Reidy
         Brunswick Group
         Tel: +86-10-5960-8600
         E-mail: jasolar@brunswickgroup.com

         In the U.S.

         Cindy Zheng
         Brunswick Group
         Tel: +1-212-333-3810
         E-mail: jasolar@brunswickgroup.com

Source: Globe Newswire (February 22, 2011 - 7:34 AM EST)

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Yingli Green Energy Reports Fourth Quarter and Full Year 2010 Results

18 Feb 2011 10:45:00 GMT

Sustainable Profitability Supported by Historical High Shipment and 32.9% Gross Margin

Fourth Quarter Non-GAAP Diluted EPS Reached Historical High of US$0.57

Achieved PV Module Shipment of 1,061.6 MW, Gross Margin of 33.2% and Non-GAAP Diluted EPS of US

Feb. 18, 2011 (PR Newswire) --

BAODING, China, Feb. 18, 2011 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, which markets its products under the brand "Yingli Solar," today announced its unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2010.

Fourth Quarter 2010 Consolidated Financial and Operating Highlights

Total net revenues were RMB 4,066.2 million (US$616.1 million) and PV module shipment increased by 21.6% quarter over quarter, reaching a historical high.
Gross profit was RMB 1,337.7 million (US$202.7 million), representing a gross margin of 32.9%.
Operating income was RMB 943.5 million (US$142.9 million), representing an operating margin of 23.2%.
Net income(1) was RMB 554.4 million (US$84.0 million) and diluted earnings per ordinary share and per American depositary share ("ADS") were RMB 3.46 (US$0.52).
On an adjusted non-GAAP(2) basis, net income was RMB 598.3 million (US$90.7 million) and diluted earnings per ordinary share and per ADS were RMB 3.73 (US$0.57).
In October 2010, through one of its operating subsidiaries in China, the Company has become the first China-based solar company to have completed a successful registration of RMB 2.4 billion and issuance of RMB 1.0 billion medium-term notes on the PRC inter-bank debenture market.
In December 2010, the Company re-purchased an aggregate of US$171.3 million principal amount of its zero coupon convertible senior notes due 2012 (the "Notes") for a total cash consideration of US$199.4 million based on a yield to put of 5.125%. The Company only had US$1.2 million Notes outstanding due December 2012 as of the date of this press release.
The Company has been selected to supply approximately 70% of the total amount of 272 MW PV projects under the Golden Sun Program, which is sponsored by the Ministry of Finance of China, and received an advance payment of RMB 749.4 million, or 35% of the total purchase price in December 2010. The majority of the shipments are scheduled to be delivered by the Company in the second half of 2011.

(1) For convenience purposes, all references to "net income" in this press release, unless otherwise specified, represent "net income attributable to Yingli Green Energy" for all periods presented.
(2) All non-GAAP measures exclude share-based compensation, non-cash interest expenses, additional accounting charge upon the previously announced conversion of the senior secured convertible notes due 2012 (the "Convertible Notes"), the non-cash loss on debt extinguishment, the non-cash expense due to the changes in the fair value of the derivative liabilities and the amortization and impairment of intangible assets arising from purchase price allocation in connection with a series of acquisitions of equity interests in Baoding Tianwei Yingli New Energy Resources Co., Ltd. ("Tianwei Yingli"), an operating subsidiary of the Company. For further details on non-GAAP measures, please refer to the reconciliation table and a detailed discussion of the Company's use of non-GAAP information set forth elsewhere in this press release.

Full Year 2010 Consolidated Financial and Operating Highlights

PV module shipment increased by 102.1% year over year to 1,061.6 MW, exceeding the Company's previously announced guidance of 1,020 MW to 1,040 MW.
Total net revenues were RMB 12,500.0 million (US$1,893.9 million), exceeding the Company's previously announced guidance of US$1,780 million to US$1,810 million.
Gross profit was RMB 4,152.8 million (US$629.2 million), representing a gross margin of 33.2%, exceeding the Company's previously announced guidance of 32.0% to 32.5%.
Operating income was RMB 2,780.6 million (US$421.3 million), representing an operating margin of 22.2%.
Net income was RMB 1,419.2 million (US$215.0 million) and diluted earnings per ordinary share and per ADS were RMB 9.06 (US$1.37).
On an adjusted non-GAAP basis, net income was RMB 1,662.8 million (US$251.9 million) and diluted earnings per ordinary share and per ADS were RMB 10.62 (US$1.61).

"I'm pleased to report that we concluded a successful 2010 punctuated by another strong quarter of sustainable profitability," said Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy. "Our success was driven by the continuously robust market demand, our competitive cost structure, diversified customer base and the well-established 'Yingli Solar' brand."

"Europe continued to be the region with the largest demand for PV products in 2010 where we generated approximately 80% of our global sales. In addition to our strong presence in existing European markets, we also achieved great success in fast growing markets such as Italy, France, Greece and the UK. In 2011, we expect to generate around 60% of our global sales in Europe. We are confident to further diversify our market exposure by combining our strong regional sales efforts with our partners' strong channel building capabilities."

"Outside Europe, we have never stopped penetrating deeper into new and emerging markets such as the U.S. and China. Throughout 2010, we continued our past success in the U.S. distributed generation market through leading the commercial component of the California Solar Initiative program. We are also proud to announce our growing success in the utility segment by acting as the exclusive supplier to four ground-mount projects, totaling over 55 MW. In 2010, the U.S. market accounted for over 10% of our global sales, and we are expecting to bring the number up to 13% to 15% in 2011. In China, we have been selected to supply approximately 70% of the PV modules for the 272 MW solar projects under the Golden Sun Program sponsored by the Ministry of Finance of China, which marks another significant business milestone in our market expansion. Under the terms of the sales agreements with system owners, we are scheduling to ship the majority of the PV modules in the second half of 2011," Mr. Miao continued.

"To support our rapid expansions on market geographies and customer portfolios, we have carried out a series of strategic marketing activities such as sponsoring the 2010 FIFA World Cup to further promote our 'Yingli Solar' brand. To continue our marketing efforts, we recently became an Official Premium Partner of the FC Bayern Munchen, one of the most successful and popular football clubs in the world. We firmly believe that these are right steps to take in order to build our brand even more appealing to end customers."

"We are also continuing to make progress on the research and development front. On the PANDA commercial production lines, we have reached another historical high cell efficiency rate of 19.89%. Furthermore, we are leveraging the robust R&D platform afforded by our vertically integrated business model to optimize manufacturing techniques throughout the value chain."

"With these strategies and activities in place, I strongly believe that we are well positioned to enhance our industry leading position and emerge stronger in 2011," Mr. Miao concluded.

Fourth Quarter 2010 Financial Results

Total Net Revenues

Total net revenues were RMB 4,066.2 million (US$616.1 million) in the fourth quarter of 2010, an increase of 23.8% from RMB 3,284.2 million in the third quarter of 2010 and 60.7% from RMB 2,530.9 million in the fourth quarter of 2009. The increase quarter over quarter was primarily attributable to a 21.6% increase in PV module shipment and improved average selling price compared to the third quarter of 2010, which in turn were primarily attributable to the robust market demand, broader recognition of our premium brand and diversified customer base.

Gross Profit and Gross Margin

Gross profit was RMB 1,337.7 million (US$202.7 million) in the fourth quarter of 2010, an increase of 22.2% from RMB 1,094.5 million in the third quarter of 2010 and 78.3% from RMB 750.4 million in the fourth quarter of 2009.

Gross margin was 32.9% in the fourth quarter of 2010, slightly down from 33.3% in the third quarter of 2010 and an increase from 29.6% in the fourth quarter of 2009. The slight decrease in gross margin compared to the third quarter of 2010 was primarily attributable to the increase in the blended cost of polysilicon, partially offset by the improved average selling price.

Operating Expenses

Operating expenses were RMB 394.3 million (US$59.7 million) in the fourth quarter of 2010, compared to RMB 358.7 million in the third quarter of 2010 and RMB 801.8 million in the fourth quarter of 2009. The increase from the third quarter of 2010 was consistent with the Company's expanded scale of operations. The higher operating expenses in the fourth quarter of 2009 included a non-cash impairment of intangible assets and a non-cash bad debt expense of RMB 453.8 million.

Operating expenses as a percentage of total net revenues were 9.7% in the fourth quarter of 2010, a decrease from 10.9% in the third quarter of 2010 and 31.7% in the fourth quarter of 2009. The decrease from the third quarter of 2010 was primarily attributable to economies of scale and effective cost controls.

Operating Income and Margin

As a result of the foregoing, operating income was RMB 943.5 million (US$142.9 million) in the fourth quarter of 2010, an increase of 28.2% from RMB 735.8 million in the third quarter of 2010 and compared to operating loss of RMB 51.4 million in the fourth quarter of 2009.

Operating margin was 23.2% in the fourth quarter of 2010, an increase from 22.4% in the third quarter of 2010 and compared to a negative operating margin of 2.0% in the fourth quarter of 2009.

Interest Expense

Interest expense was RMB 130.6 million (US$19.8 million) in the fourth quarter of 2010, compared to RMB 92.4 million in the third quarter of 2010 and RMB 80.8 million in the fourth quarter of 2009. The increase quarter over quarter was primarily attributable to the decrease in capitalized interest expense resulted from the completion of 300 MW PANDA production capacity in Baoding and 100 MW production capacity in Hainan, as well as the expanded scale of borrowings. As of December 31, 2010, the Company had an aggregate of RMB 9,146.8 million (US$1,385.9 million) banks borrowings and convertible notes, an increase of 13.1% from RMB 8,084.7 million as of September 30, 2010.

After excluding non-cash interest expense items, interest expense was RMB 114.6 million (US$17.4 million) in the fourth quarter of 2010, compared to RMB 70.9 million in the third quarter of 2010 and RMB 58.7 million in the fourth quarter of 2009. Excluding non-cash interest expenses, the weighted average interest rate for debt outstanding in the fourth quarter of 2010 was 5.87%, compared to 5.58% in the third quarter of 2010.

Foreign Currency Exchange Losses (Gains)

Foreign currency exchange loss was RMB 62.9 million (US$9.5 million) in the fourth quarter of 2010, compared to a foreign currency exchange gain of RMB 52.3 million in the third quarter of 2010 and a foreign currency exchange loss of RMB 48.5 million in the fourth quarter of 2009. The foreign currency exchange loss in this quarter was primarily attributable to the depreciation of the Euro and U.S. dollars against the Renminbi.

Income Tax Expense (Benefit)

Income tax expense was RMB 89.3 million (US$13.5 million) in the fourth quarter of 2010, compared to an income tax expense of RMB 106.4 million in the third quarter of 2010 and an income tax benefit of RMB 65.9 million in the fourth quarter of 2009.

Net Income (Loss)

Net income was RMB 554.4 million (US$84.0 million) in the fourth quarter of 2010, an increase of 21.5% from RMB 456.1 million in the third quarter of 2010 and compared to a net loss of RMB 117.2 million in the fourth quarter of 2009. Diluted earnings per ordinary share and per ADS were RMB 3.46 (US$0.52) in the fourth quarter of 2010, an increase of 18.5% from RMB 2.92 in the third quarter of 2010 and compared to a loss of RMB 0.79 in the fourth quarter of 2009.

On an adjusted non-GAAP basis, net income was RMB 598.3 million (US$90.7 million) in the fourth quarter of 2010, an increase of 7.5% from RMB 556.6 million in the third quarter of 2010 and 817.9% from RMB 65.2 million in the fourth quarter of 2009. Adjusted non-GAAP diluted earnings per ordinary share and per ADS were RMB 3.73 (US$0.57) in the fourth quarter of 2010, an increase of 4.5% from RMB 3.57 in the third quarter of 2010 and 747.7% from RMB 0.44 in the fourth quarter of 2009.

Balance Sheet Analysis

As of December 31, 2010, Yingli Green Energy had RMB 6,501.1 million (US$985.0 million) in cash and restricted cash, an increase of 48.3% from RMB 4,384.2 million as of September 30, 2010. The increase in cash quarter over quarter was primarily attributable to positive operating and financing cash flow.

As of December 31, 2010, accounts receivable was RMB 2,099.8 million (US$318.2 million), compared to RMB 2,055.6 million as of September 30, 2010. Days sales outstanding decreased to 46 days in the fourth quarter of 2010 from 56 days in the third quarter of 2010 and 65 days in the fourth quarter of 2009, due to the effective accounts receivable management.

As of December 31, 2010, advances from customers increased significantly to RMB 1,001.3 million (US$151.7 million) from RMB 48.3 million as of September 30, 2010 and RMB 30.6 million as of December 31, 2009, primarily attributable to the advance payment we received in December 2010 as a selected supplier of the Golden Sun Program, as well as the down payments from customers to secure solar module sales contracts for delivery in 2011.

As a result, working capital representing current assets less current liabilities was RMB 3,124.1 million (US$473.3 million) as of December 31, 2010, an increase of 62.0% from RMB 1,928.3 million as of September 30, 2010.

As of the date of this press release, the Company had approximately RMB 4,795 million in unutilized short-term lines of credit, and RMB 2,707 million committed long term facility that can be drawn down in the near future.

Full Year 2010 Results

Total Net Revenues

Total net revenues in 2010 were RMB 12,500.0 million (US$1,893.9 million), an increase of 72.3% from RMB 7,254.9 million in 2009. PV module shipment volume in 2010 was 1,061.6 MW, an increase of 102.1% from 525.3 MW in 2009. The increase in total shipments was primarily due to the robust market demand, broader recognition of our premium brand and diversified customer base, and was supported by the completion of an additional 400 MW of total production capacity for each of polysilicon ingots and wafers, PV cells and PV modules in the third quarter of 2010. The increase in net revenues was consistent with the increase in shipment volume year over year and was partially offset by the decrease in the average selling price for PV modules compared to 2009.

Gross Profit and Margin

Gross profit in 2010 was RMB 4,152.8 million (US$629.2 million), an increase of 142.2% from RMB 1,714.4 million in 2009. Gross margin was 33.2% in 2010, a substantial increase from 23.6% in 2009. The increase in gross margin in 2010 was primarily a result of the Company's continuous efforts in cost reduction, despite the decrease in the average selling price for PV modules.

Operating Expenses

Operating expenses in 2010 were RMB 1,372.2 million (US$207.9 million), compared to RMB 1,395.8 million in 2009. The higher operating expenses in 2009 included a non-cash impairment of intangible assets and a non-cash bad debt expense of RMB 453.8 million. After excluding the two non-cash charges, operating expenses in 2009 was RMB 942.0 million. The increase in operating expenses in 2010 was primarily attributable to the Company's expanded scale of operations and higher selling expenses relating to the 2010 FIFA World Cup sponsorship.

Operating expenses as a percentage of net revenues were 11.0% in 2010, a decrease from 13.0% after excluding the two non-cash charges in 2009.

Interest Expense

Interest expense in 2010 was RMB 387.2 million (US$58.7 million), compared to RMB 354.1 million in 2009. The interest expense in 2010 included non-cash interest expenses of RMB 80.6 million (US$12.2 million), compared to RMB 75.8 million in 2009. Such non-cash interest expenses were primarily related to certain financial instruments issued in 2009.

After excluding the non-cash interest expenses, interest expense in 2010 was RMB 306.5 million (US$46.4 million), a slight increase from RMB 278.3 million in 2009. The increase in 2010 was primarily attributable to the expanded scale of borrowings. The weighted average interest rate for these borrowings in 2010 was 6.37%, a decrease from 7.07% in 2009, which was primarily attributable to the Company's efforts in replacing the high yield financing with cheaper bank loans.

Foreign Currency Exchange Losses (Gains)

Foreign currency exchange loss was RMB 338.2 million (US$51.2 million) in 2010, compared to a foreign currency exchange gain of RMB 38.4 million in 2009. The foreign currency exchange loss in 2010 was primarily due to the depreciation of the Euro and U.S. dollars against the Renminbi.

Additional Non-cash Accounting Charge upon Conversion of Convertible Notes

Additional non-cash accounting charge of RMB 50.9 million (US$7.7 million) was recognized in the third quarter of 2010 upon the conversion of US$26.2 million Convertible Notes into ordinary shares of the Company by Trustbridge Partners II, L.P. This additional charge was a non-cash charge and did not impact the Company's cash flow.

Loss on Debt Extinguishment and Loss on Derivative Liabilities

A loss on debt extinguishment of RMB 244.7 million and a loss on derivative liabilities of RMB 231.3 million were recognized in 2009, which were primarily attributable to certain financial instruments issued in 2009. There were no similar transactions in 2010.

Income Tax Expense (Benefit)

Income tax expense was RMB 301.1 million (US$45.6 million) in 2010, compared to an income tax benefit of RMB 31.8 million in 2009. The income tax expense in 2010 was primarily attributable to the net operating income generated by Tianwei Yingli and Yingli China. The income tax benefit in 2009 was primarily attributable to the release of deferred tax liability as a result of intangible assets impairment.

Net Income (Loss)

Net income was RMB 1,419.2 million (US$215.0 million) and fully diluted earnings per ordinary share and per ADS were RMB 9.06 (US$1.37) in 2010.

On an adjusted non-GAAP basis, net income was RMB 1,662.8 million (US$251.9 million) in 2010. Adjusted non-GAAP fully diluted earnings per ordinary share and per ADS were RMB 10.62 (US$1.61) in 2010.

Business Outlook for Full Year 2011

Based on current market and operating conditions, estimated production capacity and forecasted customer demand, the Company expects its PV module shipment target to be in the estimated range of 1,700 MW to 1,750 MW for fiscal year 2011, which represents an increase of 60.1% to 64.8% compared to fiscal year 2010.

Non-GAAP Financial Measures

To supplement the financial measures calculated in accordance with GAAP, this press release includes certain non-GAAP financial measures of adjusted net income (loss) and adjusted diluted earnings (loss) per ordinary share and per ADS, each of which is adjusted to exclude items related to share-based compensation, non-cash interest expense, the non-cash loss on debt extinguishment resulting from the early full repayment of ADM Capital loan, the non-cash expense due to the changes in the fair value of the derivative liabilities, additional accounting charge upon the previously announced conversion of the Convertible Notes, and the amortization and impairment of intangible assets arising from purchase price allocation in connection with a series of acquisitions of equity interests in Tianwei Yingli. The Company believes excluding these items from its non-GAAP financial measures is useful for its management and investors to assess and analyze the Company's core operating results as such items are not directly attributable to the underlying performance of the Company's business operations and do not impact its cash earnings. The Company also believes these non-GAAP financial measures are important to help investors understand the Company's current financial performance and future prospects and compare business trends among different reporting periods on a consistent basis. These non-GAAP financial measures should be considered in addition to financial measures presented in accordance with GAAP, but should not be considered as a substitute for, or superior to, financial measures presented in accordance with GAAP. For a reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see the financial information included elsewhere in this press release.

Currency Conversion

Solely for the convenience of readers, certain Renminbi amounts have been translated into U.S. dollar amounts at the rate of RMB 6.6000 to US$1.00, the noon buying rate in New York for cable transfers of Renminbi per U.S. dollar as set forth in the H.10 weekly statistical release of the Federal Reserve Board as of December 31, 2010. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollar amounts at such rate, or at any other rate. The percentages stated in this press release are calculated based on Renminbi.

Conference Call

Yingli Green Energy will host a conference call and live webcast to discuss the results at 8:00 AM Eastern Standard Time (EST) on February 18, 2011, which corresponds to 9:00 PM Beijing/Hong Kong time the same day.

Dial-in details for the live conference call are as follows:
-- U.S. Toll Free Number: +1-866-272-9941
-- International dial-in number: +1-617-213-8895
-- Passcode: 18757847

A live and archived webcast of the conference call will be available on the Investors section of Yingli Green Energy's website at http://www.yinglisolar.com. A replay will be available shortly after the call on Yingli Green Energy's website for 90 days.

A replay of the conference call will be available until February 25, 2011 by dialing:
-- U.S. Toll Free Number: +1-888-286-8010
-- International dial-in number: +1-617-801-6888
-- Passcode: 37967910

About Yingli Green Energy

Yingli Green Energy Holding Company Limited (NYSE: YGE), which markets its products under the brand "Yingli Solar", is a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers. Yingli Green Energy's manufacturing covers the entire photovoltaic value chain, from the production of polysilicon through ingot casting and wafering, to solar cell production and module assembly. Currently, Yingli Green Energy maintains a balanced production capacity of over 1 GW per year. Two capacity expansion projects of 600 MW and 100 MW are under construction in Baoding and Hainan, respectively, and are expected to start initial production in the middle of 2011 and increase the Company's total capacity to 1.7 GW in late 2011. In addition, Yingli Green Energy's in-house polysilicon plant, Fine Silicon, which has a designed annual production capacity of 3,000 metric tons, has successfully started commercial operation since early August 2010. Yingli Green Energy distributes its photovoltaic modules to a wide range of markets, including Germany, Spain, Italy, Greece, France, South Korea, China and the United States. Headquartered in Baoding, China, Yingli Green Energy has more than 9,000 employees and more than 10 subsidiaries and branch offices worldwide. Yingli Green Energy is publicly listed on the New York Stock Exchange (NYSE: YGE). For more information, please visit http://www.yinglisolar.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "schedule," "target" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yingli Green Energy's control, which may cause Yingli Green Energy's actual results, performance or achievements to differ materially from those in the forward- looking statements. Further information regarding these and other risks, uncertainties or factors is included in Yingli Green Energy's filings with the U.S. Securities and Exchange Commission. Yingli Green Energy does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For further information, please contact:

Qing Miao
Director, Investor Relations
Yingli Green Energy Holding Company Limited
Tel: +86-312-3100-502
Email: ir@yinglisolar.com

YINGLI GREEN ENERGY HOLDING COMPANY LIMITED AND SUBSIDIARIES Unaudited Condensed Consolidated Balance Sheets (In thousands)
	December 31, 2009	December 31, 2010
	RMB	RMB	US$

ASSETS
Current assets:
Cash and restricted cash	3,463,278	6,501,060	985,009
Accounts receivable, net	1,827,490	2,099,805	318,152
Inventories	1,665,021	2,524,956	382,569
Prepayments to suppliers	329,457	573,937	86,960
Prepaid expenses and other current assets	671,229	1,207,303	182,925
Total current assets	7,956,475	12,907,061	1,955,615

Long-term prepayments to suppliers	678,311	504,326	76,413
Property, plant and equipment, net	6,573,851	9,933,956	1,505,145
Land use rights	354,560	358,834	54,369
Goodwill and intangible assets, net	481,492	434,160	65,782
Restricted cash, excluding current portion	167,774	-	-
Other assets	44,642	82,557	12,508
Total assets	16,257,105	24,220,894	3,669,832

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term bank borrowings, including current portion of
long-term bank borrowings	3,501,027	5,557,878	842,103
Convertible senior notes	1,291,843	-	-
Accounts payable	1,852,216	2,475,415	375,063
Other current liabilities and accrued expenses	294,302	1,749,685	265,103
Total current liabilities	6,939,388	9,782,978	1,482,269

Convertible notes	100,139	91,334	13,838
Long-term bank borrowings, excluding current portion	752,809	2,496,482	378,255
Medium-term notes	-	1,001,128	151,686
Other liabilities	278,910	542,956	82,266
Total liabilities	8,071,246	13,914,878	2,108,314

Shareholders' equity:
Ordinary shares	11,363	11,881	1,800
Additional paid-in capital	6,130,890	6,412,995	971,666
Accumulated other comprehensive income	12,784	59,183	8,967
Retained earnings	480,037	1,899,213	287,760
Total equity attributable to Yingli Green Energy	6,635,074	8,383,272	1,270,193
Noncontrolling interests	1,550,785	1,922,744	291,325
Total shareholders' equity	8,185,859	10,306,016	1,561,518
Total liabilities and shareholders' equity	16,257,105	24,220,894	3,669,832

YINGLI GREEN ENERGY HOLDING COMPANY LIMITED AND SUBSIDIARIES Unaudited Condensed Consolidated Statements of Operations (In thousands, except for share, ADS, per share and per ADS data)
	Three months ended
	December 31, 2009	September 30, 2010	December 31, 2010
	RMB	RMB	RMB	US$
Net revenues:
Sales of PV modules	2,489,313	3,205,039	4,003,996	606,666
Sales of PV systems	16,077	10,915	19,333	2,929
Other revenues	25,471	68,283	42,873	6,496
Total net revenues	2,530,861	3,284,237	4,066,202	616,091
Cost of revenues:
Cost of PV modules sales	(1,745,031)	(2,113,997)	(2,665,839)	(403,915)
Cost of PV systems sales	(12,263)	(9,893)	(13,572)	(2,056)
Cost of other revenues	(23,191)	(65,810)	(49,045)	(7,431)
Total cost of revenues	(1,780,485)	(2,189,700)	(2,728,456)	(413,402)
Gross profit	750,376	1,094,537	1,337,746	202,689
Selling expenses	(138,903)	(195,325)	(226,036)	(34,248)
General and administrative expenses	(474,163)	(125,876)	(123,311)	(18,684)
Research and development expenses	(57,567)	(37,516)	(44,947)	(6,810)
Impairment of intangible assets	(131,177)	-	-	-
Total operating expenses	(801,810)	(358,717)	(394,294)	(59,742)
Income (loss) from operations	(51,434)	735,820	943,452	142,947
Other income (expense):
Interest expense	(80,843)	(92,357)	(130,595)	(19,787)
Additional accounting charge upon
conversion of Convertible Notes	-	(50,857)	-	-
Interest income	2,836	3,403	4,122	625
Foreign currency exchange gains (losses)	(48,474)	52,334	(62,882)	(9,528)
Other income (expense)	(3,321)	1,945	1,930	292
Earnings (loss) before income taxes	(181,236)	650,288	756,027	114,549
Income tax benefit (expense)	65,871	(106,363)	(89,332)	(13,535)
Net income (loss)	(115,365)	543,925	666,695	101,014
Less: Earnings attributable to the noncontrolling interests	(1,831)	(87,784)	(112,341)	(17,021)
Net income (loss) attributable to Yingli Green Energy	(117,196)	456,141	554,354	83,993
Weighted average shares and ADSs outstanding
Basic	148,416,746	151,678,213	155,987,778	155,987,778
Diluted	148,416,746	156,085,199	160,441,684	160,441,684

Earnings (loss) per share and per ADS
Basic	(0.79)	3.01	3.55	0.54
Diluted	(0.79)	2.92	3.46	0.52


Reconciliation of Non-GAAP measures to GAAP measures

Non-GAAP income attributable to Yingli Green Energy	65,183	556,627	598,329	90,656
Share-based compensation attributable to Yingli Green Energy	(16,242)	(16,048)	(15,819)	(2,397)
Amortization of intangible assets attributable to Yingli Green Energy	(12,846)	(12,111)	(12,111)	(1,835)
Impairment of intangible assets attributable to Yingli Green Energy	(131,177)	-	-	-
Additional accounting charge upon conversion of Convertible Notes	-	(50,857)	-	-
Non-cash interest expenses attributable to Yingli Green Energy	(22,114)	(21,470)	(16,045)	(2,431)
Net income (loss) attributable to Yingli Green Energy	(117,196)	456,141	554,354	83,993
Non-GAAP diluted earnings per share and per ADS	0.42	3.57	3.73	0.57
Diluted earnings (loss) per share and per ADS	(0.79)	2.92	3.46	0.52

YINGLI GREEN ENERGY HOLDING COMPANY LIMITED AND SUBSIDIARIES Unaudited Condensed Consolidated Statements of Operations (In thousands, except for share, ADS, per share and per ADS data)
	Year ended
	December 31, 2009	December 31, 2010
	RMB	RMB	US$
Net revenues:
Sales of PV modules	7,158,441	12,276,854	1,860,129
Sales of PV systems	50,197	56,662	8,585
Other revenues	46,231	166,471	25,223
Total net revenues	7,254,869	12,499,987	1,893,937
Cost of revenues:
Cost of PV modules sales	(5,458,284)	(8,131,218)	(1,232,002)
Cost of PV systems sales	(39,851)	(49,190)	(7,453)
Cost of other revenues	(42,361)	(166,794)	(25,272)
Total cost of revenues	(5,540,496)	(8,347,202)	(1,264,727)
Gross profit	1,714,373	4,152,785	629,210
Selling expenses	(347,545)	(780,244)	(118,219)
General and administrative expenses	(732,769)	(454,418)	(68,851)
Research and development expenses	(184,332)	(137,525)	(20,837)
Impairment of intangible assets	(131,177)	-	-
Total operating expenses	(1,395,823)	(1,372,187)	(207,907)
Income from operations	318,550	2,780,598	421,303
Other income (expense):
Interest expense	(354,094)	(387,154)	(58,659)
Interest income	6,321	15,992	2,423
Additional accounting charge upon
conversion of Convertible Notes	(22,242)	(50,857)	(7,706)
Foreign currency exchange gains (losses)	38,389	(338,216)	(51,245)
Loss on debt extinguishment	(244,744)	-	-
Loss from revaluation of embedded derivative	(231,345)	-	-
Other income	4,604	11,136	1,687
Earnings (loss) before income taxes	(484,561)	2,031,499	307,803
Income tax benefit (expense)	31,831	(301,066)	(45,616)
Net income (loss)	(452,730)	1,730,433	262,187
Less: Earnings attributable to the noncontrolling interests	(78,865)	(311,257)	(47,160)
Net income (loss) attributable to Yingli Green Energy	(531,595)	1,419,176	215,027

Weighted average shares and ADSs outstanding
Basic	138,759,177	151,542,518	151,542,518
Diluted	138,759,177	156,558,197	156,558,197

Earnings (loss) per share and per ADS
Basic	(3.83)	9.36	1.42
Diluted	(3.83)	9.06	1.37

Non-GAAP income attributable to Yingli Green Energy	292,103	1,662,771	251,935
Share-based compensation attributable to Yingli Green Energy	(62,306)	(63,680)	(9,648)
Amortization of intangible assets attributable to Yingli Green Energy	(56,066)	(48,444)	(7,340)
Loss on debt extinguishment attributable to Yingli Green Energy	(244,744)	-	-
Loss from revaluation of embedded derivative attributable to Yingli Green Energy	(231,345)	-	-
Impairment of intangible assets attributable to Yingli Green Energy	(131,177)	-	-
Additional accounting charge upon conversion of Convertible Notes	(22,242)	(50,857)	(7,706)
Non-cash interest expenses attributable to Yingli Green Energy	(75,818)	(80,614)	(12,214)
Net income (loss) attributable to Yingli Green Energy	(531,595)	1,419,176	215,027
Non-GAAP diluted earnings per share and per ADS	2.03	10.62	1.61
Diluted earnings (loss) per share and per ADS	(3.83)	9.06	1.37

SOURCE Yingli Green Energy Holding Company Limited

Source: PR Newswire (February 18, 2011 - 5:45 AM EST)

China Sunergy Signs 4400 MW Long Term Wafer Supply Agreement with GCL-Poly

14 Feb 2011 12:00:00 GMT

NANJING, China, Feb. 14, 2011 /PRNewswire-Asia/ -- China Sunergy Co., Ltd., (Nasdaq: CSUN) ("China Sunergy" or the "Company") a specialized solar cell and module manufacturer based in Nanjing, China, announced today that it has entered into a long-term wafer supply agreement with GCL-Poly Energy Holdings Limited ("GCL-Poly") (SEHK:3800).

Under the terms of the agreement, GCL-Poly will supply China Sunergy with an aggregate of approximately 4,400 MW of wafers over six years. Delivery of wafers will commence in February 2011 for completion in December 2016. The agreement also contains a clause for a price adjustment mechanism based on wafer market price.

"We are very pleased to build up the long term strategic partnership with GCL-Poly," said Mr. Stephen Zhifang Cai, CEO of China Sunergy. "This agreement will strengthen our supply chain and solidify our competitive cost position in the dynamic solar industry. We expect that the partnership will positively contribute to CSUN's rapid growth in the global solar industry."

Mr. Shu Hua, the Executive Director and president of GCL-Poly, stated, "We are delighted to partner with China Sunergy, one of China's leading solar companies, and look forward to supporting China Sunergy's growth with our high quality services. We believe the partnership will be a win-win situation for both companies in the global solar industry."

About China Sunergy Co., Ltd.:

For more information please visit http://www.chinasunergy.com.

About GCL-Poly Energy Holdings Limited

GCL-Poly Energy Holdings Limited (3800. HK) is China's largest polysilicon producer and one of the world's leading wafer suppliers and also a top green energy enterprise in China. Annual polysilicon production capacity attained 21,000 MT by the end of 2010, and the quality of polysilicon products has reached electronic grade level. The Group's wafer production capacity has already achieved 3.5 GW in November 2010. In addition, the Group owns a 20 MW solar farm in Xuzhou, Jiangsu province, which is currently the largest solar farm in China. For more information about GCL-Poly, please visit the company's website at www.gcl-poly.com.hk .

For further information contact:

FD
Helen Jing Zhu: Helen.JingZhu@fd.com
Phone: + (86) 10-8591-1958

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts in this announcement are forward-looking statements. These forward-looking statements are based on current expectations, assumptions, estimates and projections about the Company and the industry, and involve known and unknown risks and uncertainties, including but not limited to, the Company's ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and the marketability of its products; litigations and other legal proceedings; the economic slowdown in China and elsewhere and its impact on the Company's operations; demand for and selling prices of the Company's products, the future trading of the common stock of the Company; the ability of the Company to operate as a public Company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; future shortage or availability of the supply of raw materials; impact on cost-competitiveness as a result of entering into long-term arrangements with raw material suppliers and other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

SOURCE China Sunergy Co., Ltd.

Source: PR Newswire (February 14, 2011 - 7:00 AM EST)

China Green Agriculture, Inc. Reports Second Quarter Fiscal Year 2011 Financials

10 Feb 2011 04:05:00 GMT

China Green Agriculture, Inc. Reports Second Quarter Fiscal Year 2011 Financial Results and Revises Fiscal Year 2011 Guidance

-- Q2 FY 2011 Sales Increases 216.1% to $35.3 million, Net Income Increases 32.0% to $6.2 million with EPS of $0.24

-- Q2 FY 2011 Gross Margin Decreases to 34.9% from 60.6% Y-O-Y; Operating Margin Decreases to 22.3% from 48.6% Y-O-Y

-- Company Revises F

Feb. 9, 2011 (PR Newswire) --

XI'AN, China, Feb. 9, 2011 /PRNewswire-Asia-FirstCall/ -- China Green Agriculture, Inc. (NYSE: CGA) ("China Green Agriculture" or the "Company"), a leading producer and distributor of humic acid ("HA") based compound fertilizer, blended fertilizer, organic compound fertilizer and mixed organic-inorganic compound fertilizer through its wholly owned subsidiaries in China, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong") and Beijing Gufeng Chemical Products Co., Ltd. ("Gufeng"), today announced the financial results for its fiscal year 2011 second quarter ending December 31, 2010.

Financial Summary


Second Quarter FY 2011 Results (USD)
(Three months ended December 31, 2010)

	Q2 FY2011	Q2 FY2010	CHANGE (%)*

Net Sales	$35.3 million	$11.2 million	+216.1%
Gross Profit	$12.3 million	$6.8 million	+82.2%
Net Income	$6.2million	$4.7 million	+32.0%
EPS (Basic and Fully Diluted)	$0.24	$0.20	+ 18.4%
Basic Weighted Average Shares Outstanding	25.9 million	23.3 million	+11.5%
Fully Diluted Weighted Average Shares Outstanding	26.4 million	23.3million	+13.3%

*The Company's results for the current fiscal quarter include the operating results of Beijing Gufeng Chemical Products Co., Ltd., a company organized under the laws of the People's Republic of China, and its wholly-owned subsidiary, Beijing Tianjuyuan Fertilizer Co., Ltd., which we acquired in July 2010 and whose results were not included in our results for any period prior to the acquisition.


First six months FY 2011 Results (USD)
(Six months ended December 31, 2010)

	Six Months	Six Months	CHANGE (%)*
	FY2011	FY2010
Net Sales	$74.8million	$22.4 million	+233.2%
Gross Profit	$25.5 million	$13.7 million	+85.5%
Net Income	$14.0 million	$10.0 million	+40.6%
EPS (Basic and Fully Diluted)	$0.54	$0.44	+ 21.7%
Basic Weighted Average Shares Outstanding	25.9 million	22.5 million	+15.5%
Fully Diluted Weighted Average Shares Outstanding	26.4 million	22.5 million	+17.4%

*The Company's results for the six months ended December 31, 2010 include the operating results of Beijing Gufeng Chemical Products Co., Ltd., a company organized under the laws of the People's Republic of China, and its wholly-owned subsidiary, Beijing Tianjuyuan Fertilizer Co., Ltd., which we acquired in July 2010 and whose results were not included in our results for any period prior to the acquisition.

"We are pleased with our strong performance in the second quarter and with the continuing development, integration and expansion of the company as a whole. Gufeng added $18.9 million to our net sales while Jinong continued to turn in a solid performance with a 56.4% sales increase compared to the second quarter of fiscal 2010, allowing us to exceed our revenue guidance. While we fell short of our guidance on net income and EPS, this was mostly due to litigation related expenses and stock compensation charge triggered by our strong performance in fiscal 2010. Without these expenses, we almost would have met our net income range provided in the guidance," stated Mr. Tao Li, Chairman, President and Chief Executive Officer of China Green Agriculture.

"During this quarter we made substantial progress in many key areas of our business. With the integration process solidly on track, Gufeng's sales doubled from a year ago and they launched two new humic acid-based fertilizers as part of our strategic shift towards higher-margin products. Our new product development roll-out was complemented by the launch of four new humic-acid based liquid and powder fertilizer products by Jinong. Our nationwide distribution network continued its solid expansion into new provinces to reach a total of 755 distributors as Jinong added 10 new distributors while Gufeng added five. The construction of Yuxing [defined below] is also progressing well. In addition to the completion of the 100 sunlight greenhouses during the first quarter, which are now operational, six of the 12 intelligent greenhouses had been completed as of December 31, 2010."

Second Quarter of FY2011 Results of Operations

Net sales for the second quarter of fiscal year 2011 were $35.3 million, an increase of 216.1%, from $11.2 million for the same quarter of fiscal year 2010.

Gufeng contributed $18.9 million in net sales, representing 53.5% of our total net sales, in the three months ended December 31, 2010. Jinong's net sales increased 56.4%, to $14.3 million from $9.1 million for the same quarter of fiscal year 2011. This increase was mainly attributable to stronger sales of Jinong's main stream products including both existing and new liquid fertilizers, powder fertilizers, and particularly, the lower-margin granular fertilizers released since our 40,000 metric-ton production line began production in August 2009. The net sales of Xi'an Jintai Agriculture Development Technology Company, a wholly-owned subsidiary of Jinong ("Jintai"), which include sales of agricultural products, namely top-grade fruits, vegetables, flowers and colored seedlings which are produced using our own fertilizers were $2.2 million for the quarter as compared to $2.1 million for the same period in 2009. Jintai's products continue to show slightly growing margins with a mix of higher-margin flower and lower-margin vegetable products, adding consistently to our overall revenues. But we expect flat growth rates as greenhouse facility reached its maximum capacity. Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd., a wholly-owned subsidiary of Jinong ("Yuxing"), had no revenues during the period ended December 31, 2010 but we expect to begin production of agriculture products at Yuxing which will generate sales revenue during the second half of fiscal year 2011.

Cost of goods sold increased to $23.0 million, up $18.6 million or 422.0% from approximately $4.4 million reported in the second quarter of fiscal year 2010. This significant increase was mainly due to the costs attributable to the production and sale of Gufeng's products, which accounted for 65.3% of total cost of goods sold. Cost of sales as a percentage of sales was approximately 65.1% for the second quarter and 39.4% for the same period of fiscal year 2010.

Gross profit for the three months ended December 31, 2010 increased by $5.6 million, or 82.2%, to $12.3 million from $6.8 million for the three months ended December 31, 2009. Gross profit margin decreased to approximately 34.9% from 60.6% for the same period of last year. The decrease was primarily due to higher sales of lower-margin granular fertilizer products, mostly as a result of the acquisition of Gufeng.

Selling expenses were $1.6 million, an increase of $1.1 million, or 205.5%, compared to the same period of the prior year. This increase was primarily due to the inclusion of Gufeng's selling expenses for the period ended December 31, 2010.

General and administrative expenses were $2.9 million, an increase of 252.5%, from the same period of the prior year. The increase reflected $0.5 million in litigation related legal expenses incurred in this quarter, $0.1 million in acquisition expenses for Gufeng and the non-cash amortization expenses of $0.5 million from Gufeng's estimated intangible assets. In addition, non-cash stock compensation expenses increased to $0.9 million as a result of our issuance of options and restricted shares to our directors, officers and employees under our 2009 Equity Incentive Plan.

Total operating expenses as a percentage of sales were 12.6% compared to 11.9% for the same period of last year.

Operating income was $7.9 million, up 44.8% from $5.4 million in the second quarter of fiscal year 2010. Operating margin was 22.3%, compared to 48.6% in the same quarter of fiscal year 2010.

Net income was $6.2 million, up 32.0% from $4.7 million during the same period in fiscal year 2010. For the three month period ended December 31, 2010 diluted net income per share was $0.24 as compared to $0.20 for the same period in 2009, based on diluted weighted average shares outstanding of 26.4 million and 23.3 million, respectively. Net income margin approximated 17.6% and 42.3% for the three months ended December 31, 2010 and 2009, respectively. Net income was negatively impacted by litigation related expenses and a stock compensation non-cash charge triggered by the Company's strong performance in fiscal 2010. Without these expenses, the Company almost would have met its net income target.

Six Months FY2011 Results

For the six months ending December 31, 2010, net sales increased 233.2% to $74.8 million, up from $22.4 million for the six months ended December 31, 2009. Newly acquired Gufeng contributed $ 40.7 million in net sales, representing 54.4% of our total net sales for the six months ended December 31, 2010. For the first six months in fiscal year 2011, Jinong's net sales, which accounted for 41.2% of total net sales, increased $11.5 million, or 59.8%, to $30.8 million from $19.3 million for the six months ended December 31, 2009. Jintai's net sales were $3.3 million as compared to $3.2 million for the same period in 2009.

Gross profit increased 85.5% to $25.5 million, versus $13.7 million in the same period a year ago. Gross margin was 34.1% and 61.2% for the six months ended December 31, 2010 and 2009, respectively. Operating income for the first six months rose 50.3% to $17.5 million compared to $11.6 million for the first six months of fiscal year 2010. Net income in the first six months of fiscal year 2011 was $14.0 million, or $0.53 per fully diluted share, based on 26.4 million weighted average shares outstanding. Net income in the first six months of fiscal year 2010 was $10.0 million, or $0.44 per basic and fully diluted share, based on 22.5 million weighted average shares outstanding.

Financial Condition

As of December 31, 2010, cash and cash equivalents were $56.7 million, a decrease of $5.6 million, or 9.1%, from $62.3 million as of June 30, 2010.

Our principal sources of liquidity include cash from operations, borrowings from local commercial banks and net proceeds of offerings of our securities consummated in July 2009 and November/December 2009.

Fiscal Year 2011 and the Third Quarter Guidance

China Green Agriculture's second quarter fiscal year 2011 revenue of $35.3 million met the high end of its revenue guidance. However, due to the unexpected professional expenses related to the pending litigations and the non-cash stock compensation expense, net income of $6.2 million missed the low end of the Company's net income guidance for the second quarter of $7.76 million to $7.86 million. Diluted net income of $0.24 per share was lower than the second quarter fiscal year 2011 EPS guidance of $0.29 per share based on 26.9 million weighted average shares. Without taking into account the litigation related expenses and one-time non-cash stock compensation expenses, the diluted net income per share would have been $0.29.

For the fiscal year ending June 30, 2011, management has raised revenue guidance to a range of $155.0 million to $165.0 million due to the large export contract signed by Gufeng in this fiscal year, lowered the net income guidance to a range of $31.5 million to $33.2 million due to additional legal and investor relations fees related to certain pending litigations, and reduced EPS guidance to a range of $1.17 to $1.24 based on 26.9 million weighted average shares. For the third quarter ending March 31, 2011, management expects revenues from in a range of $41.8 million to $43.6 million, net income in a range of $8.2 million to $8.6 million, and EPS in a range of $0.31 to $0.32 based on 26.9 million weighted average shares. This guidance reflects the anticipated strong sales resulting from the Company's incoming peak sales season as well as the larger sales force and better marketing efforts on the high-end fertilizer products.

Outlook

Chairman Li commented: "We continue to see great benefits ahead from the acquisition and integration of Gufeng, capacity expansion and product mix rebalancing. We expect further gains in efficiency, continued expansion of our sales network and additional roll-outs of more potent products both at Jinong and at Gufeng. Although unexpected litigation caused additional expenses for the Company in this past quarter, we will strive hard to earn better financial results to offset these litigation costs with additional revenues. We believe our enlarged portfolio of diversified and branded products combined with continued solid financial performance will position us well to capitalize on the inevitable consolidation in the highly fragmented Chinese fertilizer industry and to create value for our shareholders."

Conference Call

The Company will host a conference call to discuss the second quarter 2011 financial results at 8:00 a.m. ET on Thursday, February 10, 2011.


To participate in the conference call, please dial any of the following numbers:

USA:	1-877 407-8033
International:	1-201-689-8033

The conference ID for the call is 365933.

A replay of the call will remain available through 11:59 PM ET on February 23, 2010.


To access the replay, please dial any of the following numbers:

USA:	1-877-660-6853
International:	1-201-612-7415

Replay Pass codes (both required for playback):
Account:	286
Conference ID:	365933

This conference call will be broadcast live over the Internet. To listen to the live webcast, go to http://www.ir-site.com/cgagri/events.asp... Investors can also access the webcast at http://www.InvestorCalendar.com.

About China Green Agriculture, Inc.

The Company mainly produces and distributes humic acid-based compound fertilizers and other varieties of compound fertilizers through its wholly-owned subsidiaries, Jinog and Gufeng. Jinong produces and sells 146 different kinds of fertilizer products, all of which are certified by the PRC government as Green Food Production Materials, as stated by the China Green Food Research Center. Jinong currently markets its fertilizer products to private wholesalers and retailers of agricultural farm products in 21 provinces, four autonomous regions and three central-government-controlled municipalities in the PRC. For the three months ended December 31, 2010, the top five provinces (or municipalities) of fertilizer sales accounted for 29.2% of total revenues. The five provinces (or municipalities) and their respective percentage contribution to total fertilizer revenues were Hebei (7.0%), Jilin (6.8%), Liaoning (6.4%), Shaanxi (4.8%) and Beijing (4.1%). Jinong had 598 distributors in China. Gufeng had 157 distributors including some large state-owned enterprises. The recently acquired company, Gufeng and its wholly-owned subsidiary, Beijing Tianjuyuan Fertilizer Co., Ltd., are Beijing-based producers of compound fertilizer, blended fertilizer, organic compound fertilizer and mixed organic-inorganic compound fertilizer. Gufeng produces and sells over 300 different kinds of fertilizer products, and has over 150 distributors nationwide. For more information, visit http://www.cgagri.com. The Company routinely posts important information on its website.

Safe Harbor Statement

This press release contains forward-looking statements concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the SEC. China Green Agriculture undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulation.


For investor and media inquiries, please contact:

China Green Agriculture, Inc.
Mr. Ken Ren, Chief Financial Officer
Tel: +1-530-220-3026
Email: kenren@cgagri.com

Christensen
Rene Vanguestaine
Tel: +1-646-209-2574
+852-6686-1376
Email: rvanguestaine@christensenir.com

or

Kathy Li
Tel: +1-480-614-3036
Email: kli@christensenir.com

SOURCE China Green Agriculture, Inc.

Source: PR Newswire (February 9, 2011 - 11:05 PM EST)

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Yingli Green Energy and Borrego Solar Enter into New PV Module Supply Agreement

09 Feb 2011 12:08:00 GMT

20 MW Agreement Doubles Shipments of Yingli Solar PV Modules to Borrego Solar from 2010

Feb. 9, 2011 (PR Newswire) --

BAODING, China, Feb. 9, 2011 /PRNewswire-Asia-FirstCall/ -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers, which markets its products under the brand "Yingli Solar," announced today that its U.S. subsidiary, Yingli Green Energy Americas, Inc. ("Yingli Americas"), has signed a new PV module supply agreement with San Diego-based Borrego Solar Systems Inc. ("Borrego Solar"). Under the terms of the agreement, Yingli Americas is expected to supply 20 megawatts (MW) of PV modules to Borrego Solar in 2011. These modules are designated for commercial solar projects across the U.S.

Borrego Solar purchased 10 MW of Yingli Solar PV modules in 2010, which were used in several high-profile projects, including the San Diego Community College District (San Diego, CA, 2.8 MW), City of Ridgecrest (Ridgecrest, CA, 500 kW), and San Diego County Water Authority (San Diego, CA, 1.8 MW). In total, these projects created approximately 400 green jobs, and are expected to deliver enough clean solar energy to power approximately 8,500 homes.

(Photo: http://photos.prnewswire.com/prnh/201102... )

"We have been impressed by Yingli Americas' dedicated team, commitment to quality and dependable delivery since our very first order," said Aaron Hall, President of Borrego Solar. "Borrego Solar will always continue to work with multiple vendors, and as with the case with Yingli Americas, we have doubled our purchase volume in 2011. We made this decision based on our past positive experiences and the confidence that Yingli Americas can supply our customers with reliable products."

Robert Petrina, Managing Director of Yingli Americas, said, "We are pleased to announce our expanded relationship with Borrego Solar, a proven solar developer and committed long-term partner. With a significant pipeline of contracted sales secured and a highly-experienced team, we're continuing to work closely with customers like Borrego Solar to further the accessibility of solar energy, and to lower power costs for the end user."

Mr. Liansheng Miao, Chairman and Chief Executive Officer of Yingli Green Energy, commented, "We have known Borrego Solar for several years and value the strength of our relationship, as well as our combined focus on solar energy adoption. Together, our companies are bringing green jobs and clean electricity to leading commercial businesses and institutions throughout the U.S."

About Borrego Solar

Established in 1980, Borrego Solar Systems, Inc. is a leading national financier, designer and installer of commercial and government grid-connected solar electric power systems. Borrego Solar's photovoltaic systems are efficient, reliable and cost-effective. With more than three decades of experience and over a 1,000 installations completed—totaling more than 35 MW—Borrego Solar offers a comprehensive line of design and installation services throughout California, New England, and the Mid Atlantic. For more information, visit www.borregosolar.com.

About Yingli Green Energy

Yingli Green Energy Holding Company Limited (NYSE: YGE), which markets its products under the brand "Yingli Solar," is a leading solar energy company and one of the world's largest vertically integrated photovoltaic manufacturers. Yingli Green Energy's manufacturing covers the entire photovoltaic value chain, from the production of polysilicon through ingot casting and wafering, to solar cell production and module assembly. Currently, Yingli Green Energy maintains a balanced vertically integrated production capacity of over 1 GW per year. Two capacity expansion projects of 600 MW and 100 MW are under construction in Baoding and Hainan, respectively, which are expected to start initial production in the middle of 2011 and will increase the Company's total nameplate capacity to 1.7 GW in late 2011. In addition, Yingli Green Energy's in-house polysilicon plant, Fine Silicon, which has a designed annual production capacity of 3,000 metric tons, has successfully started commercial operation in early August 2010. Yingli Green Energy distributes its photovoltaic modules to a wide range of markets, including Germany, Spain, Italy, Greece, France, South Korea, China and the United States. Headquartered in Baoding, China, Yingli Green Energy has more than 9,000 employees and more than 10 subsidiaries and branch offices worldwide. Yingli Green Energy is publicly listed on the New York Stock Exchange (NYSE: YGE). For more information, please visit http://www.yinglisolar.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yingli Green Energy's control, which may cause Yingli Green Energy's actual results, performance or achievements to differ materially from those in the forward- looking statements. Further information regarding these and other risks, uncertainties or factors is included in Yingli Green Energy's filings with the U.S. Securities and Exchange Commission. Yingli Green Energy does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For further information, please contact:

In *China:*	In *the* *Americas:*	In *Europe:*
Qing Miao	Helena Kimball	Rebecca Jarschel
Director, Investor Relations	Head of Marketing Communications	Brand Manager
Yingli Green Energy Holding Co. Ltd.	Yingli Green Energy Americas	Yingli Green Energy Europe GmbH
Tel: +86 312 3100502	Phone: +1 603 591 5812	Telephone: +49 89 540303412
Email: ir@yinglisolar.com	Email: helena.kimball@yinglisolar.com	Email: rebecca.jarschel@ygee.eu

SOURCE Yingli Green Energy Holding Company Limited

Source: PR Newswire (February 9, 2011 - 7:01 AM EST)

JA Solar to Supply 400 MW of Solar Modules to a Leading European Provider of Pho

01 Feb 2011 22:39:00 GMT

SHANGHAI, China, Feb. 1, 2011 (GLOBE NEWSWIRE) -- JA Solar Holdings Co., Ltd. (Nasdaq:JASO) ("JA Solar" or "the Company"), one of the world's largest manufacturers of high-performance solar cells and solar power products, today announced that it has signed a supply agreement with one of the leading European specialists in photovoltaic systems to provide 400 megawatts (MW) of solar modules from 2011 through the end of 2013.

Under the terms of this agreement, JA Solar will supply the company with 100 megawatts of solar modules in 2011, 125 megawatts in 2012 and 175 megawatts in 2013.

"We are excited to embark on this long-term relationship with one of Europe's leading suppliers of solar power systems and PV modules," said Dr. Peng Fang, CEO of JA Solar. "Combining our high quality solar modules with our partner's extensive and diversified customer reach in Europe will enable us to further strengthen our position in this important market."

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words such as "may," "expect," "anticipate," "aim," "intend," "plan," "believe," "estimate," "potential," "continue," and other similar statements. Statements other than statements of historical facts in this announcement are forward-looking statements, including but not limited to, our expectations regarding the expansion of our manufacturing capacities, our future business development, and our beliefs regarding our production output and production outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the company and the industry. Further information regarding these and other risks is included in Form 20-F and other documents filed with the Securities and Exchange Commission. The company undertakes no obligation to update forward-looking statements, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

About JA Solar Holdings Co., Ltd.

JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance solar power products. The company sells its products to solar manufacturers worldwide, who assemble and integrate solar cells into modules and systems that convert sunlight into electricity for residential, commercial, and utility-scale power generation. For more information, please visit http://www.jasolar.com.

The JA Solar Holdings Co., Ltd. logo is available at http://www.globenewswire.com/newsroom/pr...

CONTACT: In China
        
         Martin Reidy
         Brunswick Group
         Tel: +86-10-5960-8600
         E-mail:jasolar@brunswickgroup.com
        
         In the U.S.
        
         Cindy Zheng
         Brunswick Group
         Tel: +1-212-333-3810
         E-mail:jasolar@brunswickgroup.com

Source: Globe Newswire (February 1, 2011 - 5:00 PM EST)

China Integrated Energy Provides Update on Expansion Plans

31 Jan 2011 12:27:00 GMT

China Integrated Energy, Inc. (Nasdaq: CBEH) (the "Company"), a leading non-state-owned integrated energy company in the People's Republic of China ("PRC"), today announced an update on its expansion plans.

Management is committed to growing all three of the Company's business segments - the production and sale of biodiesel, the wholesale distribution of finished oil and heavy oil products, and the operation of retail gas stations - to support the Company's long term growth strategy. As of September 30, 2010, the Company had cash and cash equivalents of approximately $79.7 million. Together with strong operating cash flow and net proceeds of approximately $37.4 million from two recent capital raises, the Company believes that it has adequate funds to support its growth plans. In the fourth quarter of 2010, the Company spent a total of $25.7 million for two separate acquisitions that will generate a combined $44.3 million in revenues in 2011.

Shenmu gas station: On October 25, 2010, the Company acquired Shenmu gas station in Yulin City, Shaanxi Province, for $9.2 million in cash. Management estimates the Shenmu gas station will generate approximately $12.3 million in revenue in 2011.
Chongqing biodiesel production plant: On October 26, 2010, the Company acquired a 50,000-ton biodiesel production facility, located in Chongqing City, from Chongqing Tianrun Energy Development Co., Ltd., for $16.5 million in cash. Management expects this acquisition to add approximately $32 million in revenue in 2011.

Additionally, the Company is expected to complete the construction of its new 50,000-ton biodiesel production facility adjacent to its existing 100,000-ton biodiesel production facility in Tongchuan City, Shaanxi Province, by the end of this month. The total construction cost of the new 50,000-ton biodiesel production facility is now approximately $19.3 million, of which $18.3 million has been spent by the Company to date. The remaining $1 million will be paid in the first quarter of 2011. The Company expects to generate approximately $21 million in annual revenues from this new facility in 2011.

The Company has identified the following as priority capital projects in 2011:


Project	Description	Investment	Projected Cap E x	Projected Revenue (Annualized)	Projected Closing Date
Hainan Lin Gao Chemical Co., Ltd.	300,000-ton new generation biodiesel production facility	$9.0 million	$37.0 million for Phase I: 200,000-tons	$140.0 million ^(a)	Q1 2011
Chongqing FengDou Keyu Trade Co., Ltd.	50,000-ton wholesale distribution partnership in 2011	$8.2 million	N/A	$45.0 million	Q1 2011
	Total	$17.2 million	$37.0 million	$185.0 million

(a) The 200,000-ton facility is expected to be ramping up to 90% capacity in the fourth quarter of 2012, and expected to reach full utilization in 2013. The new 200,000-ton facility is expected to contribute $84 million in annual revenue in 2012 and $140 million in annual revenue in 2013.

Update on the Acquisition of Hainan Lin Gao Chemical Co., Ltd

On January 3, 2011, the Company announced plans to expand its biodiesel production capacity by acquiring assets including but not limited to infrastructure, land use rights to 15 acres of land, and storage tanks with 15,000 cubic meters of storage capacity in Lin Gao County, Hainan province, for approximately $9 million in cash. The Company is performing due diligence, and expects to complete the acquisition by the end of the first quarter 2011.

The Company plans to build a 300,000-ton biodiesel plant at this facility and has revised its phase one expansion plan to construct a 200,000-ton biodiesel production facility, from the previously announced 100,000-ton facility. The estimated construction cost of phase one is approximately $37 million and is expected to be completed fourteen months after the closing of the acquisition.

Working Capital Needs to Fuel Growth in 2011

For 2011, the Company estimates a $45.0 million to $50.0 million of working capital requirements for the growth of all three business segments, which includes an increase of approximately 25% to 30% in wholesale distribution volume in 2011 from 2010, and the two capital projects of Hainan Lin Gao Chemical Co., Ltd. and Chongqing FengDou Keyu Trade Co., Ltd. The Company believes that it has adequate capital to support its current growth plans.

About China Integrated Energy, Inc.

China Integrated Energy, Inc. is a leading non-state-owned integrated energy company in China engaged in three business segments: the production and sale of biodiesel, the wholesale distribution of finished oil and heavy oil products, and the operation of thirteen retail gas stations. The Company operates a 100,000-ton biodiesel production plant located in Tongchuan City, Shaanxi Province and a 50,000-ton plant in Chongqing City, China. The Company expects to increase the total biodiesel production capacity to 200,000 tons upon completion of a new 50,000-ton production facility adjacent to the 100,000-ton plant in Tongchuan City in January 2011. The Company utilizes a distribution network covering 16 provinces and municipalities, established over the past 11 years, to distribute both heavy oil and finished oil including gasoline, petro-diesel and biodiesel. For additional information on the Company please visit http://www.chinaintegrat....

An online investor kit including a company presentation, press releases, current price quotes, stock charts and other valuable information for investors is available at http://www.chinaintegrat...

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company">

JA Solar to Supply 29 MW of PV Modules to a Leading Renewable Energy Com

26 Jan 2011 13:00:00 GMT

SHANGHAI, China, Jan. 26, 2011 (GLOBE NEWSWIRE) -- JA Solar Holdings Co., Ltd. (Nasdaq:JASO - News) ("JA Solar" or the "Company"), one of the world's largest manufacturers of high-performance solar cells and solar power products, today announced that the Company has signed a module supply contract with a leading Italian renewable energy company, which belongs to a large utility group in Europe.

Under the terms of this agreement, JA Solar will supply this customer with a total of 29 megawatts (MW) of photovoltaic modules during 2011.

About JA Solar Holdings Co., Ltd.

Last Trade: 7.35 52 Week: 10.24 – 4.22 Market Cap: 1.24 Billion

A-Power Receives US$ 10.2 million Government Subsidy

19 Jan 2011 12:32:00 GMT

SHENYANG, China, Jan. 19, 2011 /PRNewswire-Asia-FirstCall/ -- A-Power Energy Generation Systems, Ltd. (Nasdaq: APWR) ("A-Power" or the "Company"), a leading provider of distributed power generation systems in China and a manufacturer of wind turbines, today announced that it received a RMB 68.17 million (approximately US$ 10.2 million) cash subsidy on January 6, 2011 from the Liaoning Provincial Government in support for the Company's acquisition in January 2010 of Evatech Co. Ltd. ("Evatech"), a designer and manufacturer of industrial equipment for liquid crystal displays, plasma display panels, and amorphous-silicon photovoltaic panels. Evatech is based in Japan.

A-Power's acquisition of Evatech qualified the Company for certain subsidies that the Liaoning Provincial Government makes available for the acquisition of non-Chinese enterprises that have important technologies and patents. The subsidy is equivalent to approximately 20% of the total cost of the acquisition. The acquisition, completed in January 2010, was valued at US$ 49.9 million and was paid for with cash.

About A-Power

For more information, please visit http://www.apowerenergy.com .

Safe harbor statement

This news release may contain forward-looking statements. Any such statement is made within the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "anticipates," "believes," "expects," "estimates," "future," "intends," "may," "plans," "will," and other similar statements. Statements that are not historical facts, including statements relating to anticipated future earnings, margins, and other operating results, future growth, construction plans and anticipated capacities, production schedules and entry into expanded markets are forward-looking statements. Such forward-looking statements, based upon the current beliefs and expectations of our management, are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements, including but not limited to, the risk that: inclement weather conditions could adversely affect our operating results in particular quarters and/or fiscal years; we may experience construction, manufacturing and development delays on our projects which could adversely affect our financial condition and operating results; our limited operating history and recent entrance into new lines of business and jurisdictional markets may make it difficult for you to evaluate our business and future prospects; we may not be able to successfully develop our business in new jurisdictional markets, which would have a negative impact on the results of our operations derived from such new jurisdictional markets; our customers may not be able to obtain the financing required for these projects, and thus, we may not be able to derive revenues from such agreements, as well as other relevant risks detailed in our filings with the Securities and Exchange Commission, including those set forth in our annual report filed on Form 20-F for the fiscal year ended December 31, 2009. The information set forth herein should be read in light of such risks. The Company assumes no obligation to update the information contained in this news release, except as required by law.

For more information, please contact:

A-Power Energy Generation Systems, Ltd.
Ben Ruan
Tel: +1-626-898-2088
Email: ben@apowerenergy.com

Christensen
Patty Bruner
Mobile: +1-480-332-6397
Email: pbruner@ChristensenIR.com

Tom Myers
Mobile: +86-139-1141-3520 in Beijing
Email: tmyers@ChristensenIR.com

SOURCE A-Power Energy Generation Systems, Ltd.

Source: PR Newswire (January 19, 2011 - 7:30 AM EST)

A-Power Signs $43 million EPC Contract with China Resources Land Limited (Shenya

12 Jan 2011 11:58:00 GMT

SHENYANG, China, Jan. 12, 2011 /PRNewswire-Asia-FirstCall/ -- A-Power Energy Generation Systems, Ltd. (Nasdaq: APWR) ("A-Power" or the "Company"), a leading provider of distributed power generation systems in China and a manufacturer of wind turbines, today announced that its 90% owned Liaoning International Construction Group Limited ("Liaoning") has signed a RMB 288 million (approximately $43 million) engineering, procurement, and construction contract with China Resources Land Limited (Shenyang) to develop the Oak Bay real estate project. Liaoning will act as the engineering, procurement, and construction contractor for the construction of the first-stage and second-stage of the project.

The Oak Bay project is located on Baishan Road in the Yuhong district of the city of Shenyang, China. The first and second stages of the project include 9 townhouses, 16 western-style houses, and 4 multi-level houses that will total about 150,000 square meters, with 100,000 square meters of area located above ground level and 50,000 square meters located underground. The project started construction recently and is expected to be completed to the contract's rough house specification on July 30, 2012.

About A-Power

For more information, please visit http://www.apowerenergy.com.

Safe harbor statement

For more information, please contact:

A-Power Energy Generation Systems, Ltd. Ben Ruan Telephone: +1 626 898 2088 Email: ben@apowerenergy.com

Christensen Patty Bruner Mobile: +1 480 332 6397 Email: pbruner@ChristensenIR.com

Tom Myers Mobile: +86 139 1141 3520 in Beijing Email: tmyers@ChristensenIR.com

SOURCE A-Power Energy Generation Systems, Ltd.

Source: PR Newswire (January 12, 2011 - 6:10 AM EST)

LDK Solar Agrees to Acquire 70% of Solar Power, Inc. for $33 Million

06 Jan 2011 12:00:00 GMT

XINYU CITY, China & SUNNYVALE, Calif.--(BUSINESS WIRE)-- LDK Solar Co., Ltd. ("LDK Solar") (NYSE:LDK - News), a leading manufacturer of multicrystalline solar wafers, high purity polysilicon and PV products, and Solar Power, Inc. (“SPI”) (OTCBB:SOPW.ob - News), announced today that LDK Solar agreed to acquire a 70% interest in SPI for approximately $33 million. LDK Solar’s investment provides strategic benefits to both parties. The transaction significantly strengthens SPI’s balance sheet, which will enable the acceleration of the development of its project pipeline, which primarily consists of utility-scale power plants and commercial/industrial distributed generation systems. SPI’s growing development portfolio and pipeline, in turn, should provide LDK Solar with enhanced downstream benefit to its vertical integration model through module supply for large scale projects.

In addition, LDK Solar will purchase certain components of SPI’s manufacturing equipment and assume total manufacturing control of SPI’s former module manufacturing facility in Shenzhen, China. SPI will maintain a separate logistical team in Shenzhen to enhance project development, design and related project management functions at a new location in Shenzhen. The transition in manufacturing is strategic; allowing SPI to focus on development and construction of large scale and utility scale U.S. solar projects, while maintaining product quality and enhancing its competitive position. As a vertically integrated manufacturer and supplier of photovoltaic (PV) products, LDK Solar has more than 20,000 employees worldwide.

“We are very pleased with this new strategic relationship,” said Xiaofeng Peng, Chairman and CEO of LDK Solar. “We have known the SPI team for several years and have been very impressed with the quality of their work and the caliber of the customers they serve. We look forward to working closely with the team that is responsible for outstanding solar projects such as the Staples Center and the Aerojet solar farm,” Chairman Peng stated. “This transaction also expands our downstream vertical integration opportunities and provides LDK Solar and SPI the opportunity to jointly explore opening manufacturing operations in the U.S. to further enhance SPI’s competitive advantage in North America.”

“This investment in SPI clearly places our company among the most elite photovoltaic solar developers today,” said Steve Kircher Chairman and CEO of Solar Power, Inc. “We are honored that LDK Solar has placed value in our legacy projects and in our pipeline. Projects such as the Aerojet solar farm, a 6MW ground mount, single-axis tracking solar system, and the Staples Center, our first installation of Skymount, SPI’s proprietary rooftop system, reflect the quality of our team,” Mr. Kircher added. “LDK Solar’s commitment to project development through capital from their direct stock purchase clearly enhances our position in the market. The strength of our newly combined vertical platform should provide us significant competitive advantages going forward,” Mr. Kircher concluded.

The terms of the investment are detailed in the Form 8-K filed by SPI, which outlines the timing of the proposed investment and closings.

About LDK Solar (NYSE:LDK - News):

LDK Solar Co., Ltd. (NYSE:LDK - News) is a leading vertically integrated manufacturer of photovoltaic (PV) products and the world's largest producer of multicrystalline wafers. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, modules and cells. The Company also engages in project development activities in selected segments of the PV market. Through its broad product offering, LDK Solar provides its customers with a full spectrum of PV solutions. LDK Solar's headquarters and manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about our company and products, please visit www.ldksolar.com.

About Solar Power, Inc. (OTCBB:SOPW.ob - News):

Founded in 2005, Solar Power, Inc. is a vertically integrated solar developer; the Company manages its value chain from material sourcing, to manufacturing, through post-installation asset management of its systems, and manufactures its own line of world-class solar modules and balance-of-system products. The Company designs, manufactures and delivers world-class photovoltaic solar systems to its business, government and utility customers.

Safe Harbor Statement:

This release may contain certain "forward-looking statements" relating to the business of LDK Solar Co., Ltd., Solar Power, Inc., or their respective subsidiaries, as well as the solar industry, which statements can be identified by the use of forward looking terminology such as "believes, expects, should" or similar expressions. The forward looking statements contained in this press release include statements regarding the closing of the Stock Purchase Agreement entered into by Solar Power and LDK, and future business prospects. The closing of the Stock Purchase Agreement is subject to customary closing conditions and there is no guarantee that such conditions will be met. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the respective Company reports filed with the Securities and Exchange Commission. Neither LDK Solar Co., Ltd. nor Solar Power, Inc. undertakes any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.

Contact:

Solar Power, Inc:
Mike Anderson, 916-745-0916
Vice President Marketing
manderson@solarpowerinc.net
or
Steve Kircher, 916-745-0900
Chairman & CEO
or
LDK Solar Co., Ltd.:
The Blueshirt Group for LDK Solar
Lisa Laukkanen, +1-415-217-4967
lisa@blueshirtgroup.com
or
Jack Lai, +1-408-245-8801
Executive VP and CFO
IR@ldksolar.com

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