JA Solar expects a net loss of $110 million for the first half of the year – SPE

YES solar energy said it expects a net loss of between CNY800 million ($110 million) and CNY1.2 billion for the first half of 2024, from a net profit of CNY4.8 billion in the first six months of last year. It attributed the expected loss to increased competition in the solar market, which resulted in continued price declines, lower gross profit from core activities and significant provisions for inventory write-downs. Previous quarterly reports showed a 22% year-on-year revenue decline to CNY15.971 billion, with a net quarterly loss of CNY483 million.

Akcome technology said this week that some of its assets in Ganzhou, Jiangxi province, have been subject to a public judicial auction on online platforms due to local court rulings regarding debt disputes. The auction includes three industrial plots and associated land buildings, with an initial bid price of CNY 550 million. Akcome Technology’s shares stopped trading on Chinese stock exchanges in mid-June and its main subsidiaries halted production.

GCL New Energy said its subsidiary Suzhou GCL Operation has signed two operation and maintenance contracts with subsidiaries of GCL Energy Technology. The first agreement concerns the provision of services to Nanjing Xinneng for three years at a cost of CNY 1.79 million per year. The second contract concerns the provision of services to Zhongwei Xinhua for three years at a cost of CNY 2.19 million per year. Both contracts took effect on July 2, 2024.

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