JA Solar: Share Repurchase Program
JA Solar Holdings Co., Ltd., a manufacturer of high-performance solar products, announced today that its Board of Directors has approved a share repurchase program, effective Dec. 14, 2009. Under this program, JA Solar is approved to repurchase up to an aggregate of US$75 million of its American Depositary Shares, or ADSs, representing its ordinary shares.
The repurchases will be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market and in block trades, pursuant to a 10b5-1 plan (which, if adopted, will allow JA Solar to repurchase its ADSs during periods in which it may be in possession of material non-public information or otherwise). The purchases will be made subject to restrictions relating to volume, price and timing. The timing and extent of any purchases will depend upon market conditions, the trading price of our ADSs and other factors.
"This share repurchase program is a demonstration of confidence in our financial strength and long-term growth opportunities," said Baofang Jin, chairman and CEO of JA Solar. "The approval of the share repurchase program by our Board of Directors reflects our ongoing commitment to increase shareholder value."
About JA Solar Holdings Co., Ltd.
JA Solar Holdings Co., Ltd. is one of the world's largest suppliers of high-performance solar cells and solar 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. The company's products are utilized for residential, commercial, and utility-scale renewable energy generation. For more information, please visit http://www.jasolar.com.
Safe Harbor/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 "will," "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.
SOURCE: JA Solar Holdings Co., Ltd.