Yingli Green Energy Holding Co. (YGE) said it
"strongly rejects" accusations contained in an anti-subsidy complaint
that was submitted at the European Commission Tuesday.
The complaint was filed by EuProsun, an initiative of European solar companies
led by SolarWorld AG (SWW.XE).
Yingli Green Energy Holding Co. (YGE) said it "strongly rejects"
accusations contained in an anti-subsidy complaint filed by EuProsun, an
initiative of European solar companies led by SolarWorld AG(SWW.XE), which was
submitted at the European Commission Tuesday.
"As a publicly-traded company listed on the New York Stock Exchange, we
have been fully transparent with our funding sources and cost," Chief
Executive Liansheng Miao said in a statement. "We receive financing at the
usual market rates and act according to international accounting standards and
norms."
He emphasized that the Chinese solar-products maker does not and has never
received illegal subsidies from the government.
The company's managing director in Europe, Darren Thompson, said "punitive
tariffs will inevitably lead to higher prices for solar products threatening
thousands of jobs in the industry, in particular small and medium-sized
companies, and craftsmanship in Europe will be hit hard."
Last month, Yingli said it swung to a fiscal second-quarter loss amid a
double-digit fall in revenue, as photovoltaic modules sales suffered and
margins narrowed sharply.
A glut of supply and weakened demand in key European markets have been
challenges for the solar sector as a whole, although Yingli has said it
anticipates improved demand in 2012.
Recently the company said Europe continued to be its largest market in the
second quarter due to pull-in demand before feed-in-tariff adjustments in
Germany.
American Depositary Shares closed at $1.74 Tuesday and were inactive premarket.
The stock has fallen 54% so far this year.