国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Solar firms warned on delisting

Govt bailout plan for LDK Solar sparks debate

(Xinhua) Updated: 2012-07-21 16:25

Govt bailout plan for LDK Solar sparks debate

Workers assemble solar cells in one of LDK Solar's plants in Xinyu, Jiangxi province. [File Photo/Xinhua] 

NANCHANG -- A bailout plan created by the government of the city of Xinyu for LDK Solar, one of the world's largest solar wafer manufacturers, has sparked controversy in China regarding its credibility.

The Xinyu Municipal People's Congress, the city's legislative body, passed a resolution on July 12 that included the repayment of 500 million yuan ($79 million) in loans extended to LDK Solar by the Huarong International Trust and Investment Corp in the city government's annual fiscal budget.

The use of public funds to repay the debts of a private company, a rarity in China, has aroused heated debate.

"The fiscal budget is for public service, not for the development of a company," Shi Zhengwen, director of the taxation and financing research center of the China University of Political Science and Law, was quoted as saying by China Business News.

"LDK Solar is just a leading company in a competitive industry, and it has no bearing on major public interests and economic security," Shi said. "The government cannot repay a company's debt just because it pays more taxes and employs more people," he said.

LDK Solar, established in 2005, was the first company in East China's Jiangxi province to be listed on the New York Stock Exchange. It employs more than 20,000 people and paid 1.3 billion yuan ($203.97 million) in taxes in 2011, almost 12 percent of the city's total fiscal revenues.

LDK Solar is ranked 266th on Forbes' list of the top 500 Chinese companies for 2012. The provincial government has stated its desire to turn the photovoltaic industry into pillar industry, with LDK Solar expected to have annual sales of 100 billion yuan in 2015.

The drastic expansion has made LDK Solar a shining star in China's new energy industry. But shrinking demand for solar products and dropping prices for panels that convert sunlight into electricity have forced several companies in China, Europe and the US to shut down their operations.

LDK Solar had sales revenues of 13.93 billion yuan and suffered a net loss of 5.49 billion yuan in 2011, according to its yearly report. Its total debt amounted to 30.23 billion yuan by the end of 2011.

The company saw it sales drop by $185 million in the first quarter and posted a gross margin of negative 65.5 percent due to serious price erosion.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
南漳县| 台南市| 集贤县| 芦溪县| 谷城县| 广水市| 栖霞市| 龙江县| 焉耆| 沛县| 北票市| 葵青区| 冕宁县| 平顶山市| 嘉祥县| 丹东市| 景宁| 梁平县| 长海县| 子长县| 巢湖市| 无极县| 临桂县| 桦甸市| 余庆县| 农安县| 怀集县| 延吉市| 清镇市| 凤城市| 天等县| 敖汉旗| 衡阳县| 方山县| 成武县| 堆龙德庆县| 钦州市| 鄂温| 景德镇市| 车致| 淮滨县|