By Jim Efstathiou Jr., Bloomberg
Yingli Green Energy Holding Co., once the world’s biggest solar-panel manufacturer, has been delisted from the New York Stock Exchange as its value has plummeted.
Trading was suspended after the exchange told Yingli it failed to maintain an average market capitalization of at least $50 million for 30 consecutive trading days, the Baoding, China-based company said in a statement Friday.
Yingli, which has a market value of about $26 million, won’t appeal the decision. The company said it expects its American depositary receipts to begin trading over the counter July 2.
Yingli has been unraveling for years. The company, which hasn’t posted an annual profit since 2010, was part of a wave of Chinese manufacturers that flooded the market with low-cost equipment, borrowing aggressively to expand factories. Its market value peaked in 2007 at almost $5 billion, but it amassed debt as the falling price of solar panels squeezed revenue. The company surrendered its position as the top manufacturer in 2014.
Wall Street has held a dim view of solar manufacturers in recent years. Other public companies including Canadian Solar Inc. and JA Solar Holdings Co. have looked to go private as panel prices have fallen and shares have followed suit. Trina Solar Ltd., which replaced Yingli as the largest manufacturer, went private last year.
Yingli, which has warned investors that it may not be able to pay debts, will remain subject to U.S. Securities and Exchange Commission reporting requirements for foreign issuers, according to the statement. The company will cease issuing regular quarterly earnings statements.
Yingli’s ADRs ceased trading at $1.43, an all-time low.