Yingli Green hit by resignation of all four independent directors

Facebook
Twitter
LinkedIn
Reddit
Email
China-based PV manufacturer, Yingli Green Energy has been hit by all four of its independent directors resigning their positions, effective March 6, 2020. Image: PV Tech

China-based PV manufacturer Yingli Green Energy has been hit by all four of its independent directors resigning their positions, effective 6 March 2020. 

In a financial filing, Yingli Green did not provide any reasons for the resignations of three of the four departing independent directors, including Mr. Ming Huang, Mr. Zheng Xue and Mr. Junmin Liu.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Huang and Xue had sat on Yingli Green’s audit committee, compensation committee and the special committee. The latter of the three committees was dealing with the long outstanding bond defaults and restructuring efforts by the company, which remains technically bankrupt.

Meanwhile, however, Yingli Green cited personal reasons for the resignation of Iain Ferguson Bruce, the chairperson of the audit committee, compensation committee and the special committee.

In a revised financial filing, Yingli Green explained that its entire board of directors (three) had “assumed all of the responsibilities previously assigned to the audit committee, compensation committee and special committee.”

“However, the Company’s current board of directors do not include any independent members and each director is also an executive officer of the Company,” the company went on to say. “As such, the Company’s current board of directors may not be able to perform the functions previously assigned to its audit committee, compensation committee or special committee as properly as performed by independent directors.” 

Yingli Green previously reported 2018 full-year revenue of US$648.1 million, down from US$1.28 billion in 2017, a 49% year-on-year decline. For their part, PV module shipments (mainly in China) declined from 2,953MW in 2017 to 1,731MW in 2018, a fall of almost 40% year-on-year.

The result was a net loss of US$240.6 million, compared to a net loss of US$530.3 million in 2017. In 2018, gross profit margin decreased to a negative 6.2%.

The financial results recorded total debts of over US$2.3 billion at the end of 2018. 

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

July 11, 2025
Renewable electricity generation has grown more than twice as fast as total global electricity generation since 2012, according to the International Renewable Energy Agency (IRENA).
July 11, 2025
The Asia Pacific (APAC) region has accounted for 69% of the 589GW solar PV inverters shipped in 2024, according to a report from analyst Wood Mackenzie.
Premium
July 11, 2025
According to the latest pricing data from the Silicon Industry Branch, released on 9 July, the transaction price range for n-type dense polysilicon has oscillated between RMB34,000-38,000/ton (US$4,741-5,299/ton).
July 9, 2025
Indian solar water pump and motor manufacturer Shakti Pumps has successfully raised INR2.9 billion (US$34.1 million) to build a solar cell and module manufacturing plant.
July 8, 2025
The Chinese government has moved to curb excessive competition in the PV sector and stabilise pricing as companies report growing losses.
July 7, 2025
Chinese energy giant China Petroleum and Chemical Corporation, also known as Sinopec, has commenced operations at a 7.5MW offshore floating PV plant in China.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK