Tier-one PV manufacturer JA Solar is to form a special committee to advice on the offer from its chairman and CEO, Baofang Jin over taking the company private by acquiring all outstanding (ADS) shares listed on NASDAQ.
JA Solar said that the ‘Special Committee; was composed of independent and disinterested directors that included, Shaohua Jia and Yuwen Zhao. Shaohua Jia would be the Chairperson of the Special Committee.
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However, the Special Committee was said to be working on engaging a legal counsel and an independent financial advisor for assistance in evaluating the offer from Baofang Jin.
No timelines have been given by JA Solar over the offer or why the offer was proposed.
The share purchase offer by Baofang Jin remains slightly higher than recent share price has been post the offer.
Speculation within the financial community is that JA Solar would delist from the NASDAQ and apply for listing on one of the Chinese stock exchanges or Hong Kong exchange, which have been known to drive solar stocks higher on strong private shareholder engagement.
China-based PV manufacturers listed on both the NYSE and NASDAQ have persistently had their share price heavily discounted against US-based companies such as First Solar and SunPower.