Yingli Green hit by resignation of all four independent directors

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.

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. 

15 September 2022
Bifacial PV modules will be the dominant solar PV technology globally within one or two years; in the utility-scale sector, their market share is already above 70%. This webinar will provide a clear view on the successful implementation of bifacial technology, maximizing system performance and minimising LCoE.
4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

August 10, 2022
Canadian Solar plans to build an integrated PV manufacturing plant in Western China, with a capacity of 200,000MT of high-purity polysilicon, 10GW of both cells and modules and multi-GW productions of raw and auxiliary materials.
PV Tech Premium
August 8, 2022
The price of polysilicon in China rose across the board last week, despite signals that it may have stabilised, constituting the 25th round of price increases this year alone.
August 4, 2022
Hanwha Solutions is reportedly considering expanding its investment into US solar production if the newly agreed upon Inflation Reduction Act (IRA) is passed.
August 3, 2022
Global investment in renewable energy reached a record half-year figure of US$226 billion in H1 2022, driven by soaring demand for clean energy technologies amid the ongoing energy and climate crisis, according to a BloombergNEF (BNEF) report.
PV Tech Premium
August 1, 2022
China’s polysilicon price finally stabilised this week, according to the Silicon Industry Branch of the China Nonferrous Metals Industry Association, following several long-term contracts being signed, helping to reduce market volatility in the short-term.
July 27, 2022
Solar wafer and cell prices have risen once again this week, with the price of polysilicon continuing to climb unabated.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event