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Shanghai Chaori on its last legs?

odyd12

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Saturday, April 27th 2013, 6:01pm

Shanghai Chaori on its last legs?

Could use some good translation here.
It looks like rework of 2011 results was necessary. Turned int to a loss. Huge amounts quoted but do not know what really it is. Lastly I think reduction of capacity as well
http://guangfu.bjx.com.cn/news/20130409/427539.shtml

odyd12

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Saturday, April 27th 2013, 6:13pm

I am attaching a short version of their report. Looks like they are essentially shutdown,
Anyone with Chinese language skills, it would be great to see a breakdown of trouble.
odyd12 has attached the following file:

joshchang

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Sunday, April 28th 2013, 1:18am

Quoted from "odyd12"

Could use some good translation here.
It looks like rework of 2011 results was necessary. Turned int to a loss. Huge amounts quoted but do not know what really it is. Lastly I think reduction of capacity as well
http://guangfu.bjx.com.cn/news/20130409/427539.shtml
Chaori lost 1.369B yuan (more than $200m) in 2012. Chaori was sued by banks for not being able to repay the loan and is in deep trouble. The article didn't say if Chaori is idling any of its capacity.

Looks like Chaori is following STP's path...

This post has been edited 1 times, last edit by "joshchang" (Apr 28th 2013, 1:26am)

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joshchang

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Sunday, April 28th 2013, 1:25am

Quoted from "odyd12"

I am attaching a short version of their report. Looks like they are essentially shutdown,
Anyone with Chinese language skills, it would be great to see a breakdown of trouble.
In the annual report, Chaori states:

1. Only 2 (for Japan orders and OEM) of the 6 module lines are operating at the headquarter.

2. Only 2 (for OEM) of 8 cell lines in Jiujiang city are operating.

3. They are idling all other capacity.
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odyd12

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Sunday, April 28th 2013, 3:03am

They have a relatively small capacity but still. This sounds like bankruptcy to me.

explo

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Sunday, April 28th 2013, 4:41am

Does it says anything about total assets and liabilities?

odyd12

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Friday, May 3rd 2013, 7:59am

explo

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Saturday, May 4th 2013, 2:32am

Interesting. Let's see if Chaori issues are reflected in exports data just as it has been for ldk and stp.

odyd12

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Monday, May 6th 2013, 2:13pm

Saga continues with other companies exporting modules. Talesun and Hareon
https://solarpvinvestor.com/spvi-news/488…ons-for-profits

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