Solar Energy Boss Detained by Authorities on Sunday

What’s new: Jin Baofang, chairman of Shenzhen-listed JA Solar Technology Co. Ltd., has been put under investigation and detained by a local county-level supervisory commission in the eastern province of Shandong, the company said in a Sunday filing (link in Chinese) to the Shenzhen Stock Exchange.

The solar-panel maker said in the filing that it did not know if the investigation has anything to do with the company. It said that the company has a sound corporate governance structure and internal control mechanisms, and that the investigation would not have a significant impact on the company’s operations.

JA Solar’s shares plunged Monday by the daily limit of 10% to 32.83 yuan per share, after slipping 10% on Friday.

What’s the background: Jin, 68, founded JA Solar in 2005 and has served as chairman ever since. He once served as a delegate to the National People’s Congress, the country’s top legislature.

Listed on the Nasdaq in 2007, JA Solar left the U.S. exchange in 2018 in order to relist on the Shenzhen Stock Exchange, where it began trading in December. The firm makes most of its money from solar panels, which contributed 89.5% of its total revenue in the first half of 2020, according to its interim report (link in Chinese).

In the first three quarters of this year, JA Solar booked 16.7 billion yuan ($2.5 billion) in revenue, up 23.5% year-on-year, according to its latest quarterly report (link in Chinese). Its net profit expanded by 85.3% year-on-year to 1.3 billion yuan, the report showed.

Related: World’s Largest Solar-Panel Maker Reports 78% Profit Growth in First Half

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Contact reporter Timmy Shen (hongmingshen@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)

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