Chinese Solar Shares Hammered By Fallout From Suntech Fraud Case
Chinese solar stocks continued their freefall Tuesday in the wake of Monday’s revelations from Suntech, the world’s largest solar panel maker, that it may have been the victim of a $690 million fraud. The news came as another big Chinese solar company, Trina, slashed its estimate for photovoltaic module shipments in the second quarter.
Suntech shares were down 20% to $1.08 Tuesday after falling 15.3% on Monday. Trina Solar’s stock took a 9% hit and shares were trading at $4.42. Yingli, another of the Big Four Chinese solar companies saw its shares fall nearly 11% to $1.63. JA Solar was up a bit to 94 cents.
The two big U.S. solar panel makers, meanwhile, did not seem affected by the Chinese problems. SunPower is up 2% to $3.84 while First Solar is up about by the same percentage to $15.15.
Chinese Solar Giant Suntech Says It May Be Victim Of $690 Million Fraud
On Monday, Suntech revealed that a preliminary investigation showed that some $690 million in German government bonds put up as security for a loan guarantee by one of its partners may not exist. That put into question Suntech’s ability to pay off convertible notes when they come due in 2013.
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