On November 9th, JA Technology announced the Investor Relations Activity Record Form, explaining the investigation items of the actual controller and chairman of the company.
JA Tech stated that after internal investigations, the company did not have any financial fraud, major shareholders’ equity, or misappropriation of the interests of listed companies that harmed the interests of listed company shareholders. The final result of the case involved in the actual controller is subject to the investigation results of the Supervisory Committee. , The company’s daily operation and management is the responsibility of the company’s senior management team, and this matter will not have a significant impact on the company’s daily production and operation activities. The production and operation order of the company and its subsidiaries is normal, and various businesses are progressing steadily.
JA Tech’s Investor Relations Activity Record Sheet shows that the company has a sound governance structure and internal control mechanism. During the period when the chairman of the board is filed for investigation, the company’s general meeting of shareholders and the board of directors will operate in accordance with the “Company Law”, “Guidelines for the Normative Operation of Listed Companies on the Shenzhen Stock Exchange”, and “Articles of Association”. The company is also actively evaluating the impact of emergencies on the future and maintaining close communication with customers and the market. After the incident, overseas customers successively contacted sales to understand the situation, but more of them were encouragement to the company.
In answering investors’ questions, the management emphasized that the company’s shipments, scale, and net profit in the third quarter reported significant growth. In the fourth quarter, the company had full orders and guaranteed profitability. In the first quarter of next year, orders were basically received. Judging from the results announced in the third quarter and the business plan for the fourth quarter, the company’s management is very confident in the operating conditions to achieve the annual performance indicators. The expansion of new production capacity is also in full swing. In addition, the company has also made breakthroughs in technology. Topcon battery efficiency has been increased to nearly 24%, and it is also promoting HJT’s technology research and development. It is expected to build a pilot line next year.
In terms of production expansion, Qujing, Yunnan, plans to pull and slice 20GW of crystals. The first phase of 10GW has already started. There will be no changes due to the investigation incident. Other expansions are in progress as originally planned.
In terms of finance and capital, JA Tech pointed out that at the end of the third quarter, the company’s total monetary capital balance was 10.2 billion yuan, and the inventory was 4.9 billion yuan. Funds for production and operation were guaranteed, and inventory turnover for production was sufficient. Cooperative banks continue to increase credit to the company. Cooperative banks have been partners for many years and have established long-term trustworthy cooperation.
At the same time, the company’s management stated that although the actual controller incident is a major event, the company’s senior management team will definitely work together to lead the company’s 23,000 employees to actively respond to it, maintain the company’s steady operation, perform well, and live up to the investors’ Australia’s recognition and long-term support. In addition, some organizations believe that JA Solar has accumulated a good management system and believe that the company will properly handle the incident to minimize or even eliminate its impact.