Monday, November 9, 2020

China Solar Major, JA Solar's Stock Crashes as Chairman Is Arrested

 From YiCai Global, November 9:

JA Solar Technology's shares plunged by the exchange-imposed limit today on the news that the chairman of the world’s fourth largest solar panel supplier has been taken into custody and is under investigation.

The Beijing-based firm’s stock [SHE:002459] plummeted 10 percent to close at CNY32.83 (USD5).

Jin Baofang, who is also actual controller and general manager of the company, has been arrested, JA Solar said yesterday, citing the supervisory commission of Pingdu city, northeastern Shandong province.

No reasons were given for the probe, but earlier today JA Solar said that an internal investigation had not uncovered any instances of financial fraud, embezzlement by major shareholders or other acts that could harm the interest of shareholders. Its words, however, did little to placate investors.

68-year-old Jin holds 57 percent equity in JA Solar. His family ranked 113rd on the Forbes China Rich List this year with wealth of CNY29.3 billion (USD4.4 billion)....


I haven't mentioned recently how risky it is to be a Chinese billionaire.

From 2012 we have "Another Chinese Billionaire Dies Unnaturally: Poisoned Cat Meat Suspected"  

Which included this from Forbes 2011:

Friends Don't Let Friends Become Chinese Billionaires
I’m no statistics whiz, but it seems to me that a Chinese billionaire dies every 40 days.
China Daily reported Friday that unnatural deaths have taken the lives of 72 mainland billionaires over the past eight years. (Do the math.)

In 2017 Newscorp Australia was reporting:

Scores of Chinese billionaires and CEOs have disappeared in ‘state-sanctioned abductions’

You know that after he brought down upon Ant Financial the Party's wrath that Jack Ma is looking over his shoulder.