0001144204-13-031191.txt : 20130523 0001144204-13-031191.hdr.sgml : 20130523 20130523061349 ACCESSION NUMBER: 0001144204-13-031191 CONFORMED SUBMISSION TYPE: 20-F/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130523 DATE AS OF CHANGE: 20130523 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JinkoSolar Holding Co., Ltd. CENTRAL INDEX KEY: 0001481513 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 20-F/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-34615 FILM NUMBER: 13866656 BUSINESS ADDRESS: STREET 1: 1 JINGKE ROAD STREET 2: SHANGRAO ECONOMIC DEVELOPMENT ZONE CITY: JIANGXI PROVINCE STATE: F4 ZIP: 334100 BUSINESS PHONE: (86-793)846-9699 MAIL ADDRESS: STREET 1: 1 JINGKE ROAD STREET 2: SHANGRAO ECONOMIC DEVELOPMENT ZONE CITY: JIANGXI PROVINCE STATE: F4 ZIP: 334100 20-F/A 1 v345928_20fa.htm 20-F/A

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 20-F/A

 

(Mark One)

 

¨REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

 

OR 

 

xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2012.

 

OR

 

£TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

OR

 

£SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of event requiring this shell company report             

 

Commission file number: 001-34615

 

JinkoSolar Holding Co., Ltd.

(Exact name of Registrant as specified in its charter)

  

N/A

(Translation of Registrant's name into English)

 

Cayman Islands

(Jurisdiction of incorporation or organization)

 

1 Jingke Road

Shangrao Economic Development Zone

Jiangxi Province, 334100

People's Republic of China

(86-793) 846-9699

(Address of principal executive offices)

 

 
 

 

Longgen Zhang, Chief Financial Officer

1 Jingke Road

Shangrao Economic Development Zone

Jiangxi Province, 334100

People's Republic of China

Tel: (86-793) 846-9699

Fax: (86-793) 846-1152

E-mail: longgen.zhang@jinkosolar.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

 

Securities registered or to be registered pursuant to Section 12(b) of the Act:

 

Title of each class   Name of each exchange on which
registered
     

American Depositary Shares, each representing

four shares, par value US$0.00002 per share

  New York Stock Exchange  

 

Securities registered or to be registered pursuant to Section 12(g) of the Act:

 

None

(Title of Class)

 

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

 

None

(Title of Class)

 

Indicate the number of outstanding shares of each of the Issuer's classes of capital or common stock as of the close of the period covered by the annual report. 88,758,778 shares, par value US$0.00002 per share, as of December 31, 2012.

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ¨    No  x

 

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes  ¨    No  x

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer  ¨                 Accelerated filer  ¨                 Non-accelerated filer  x

 

 
 

  

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

 

U.S. GAAP  x    International Financial Reporting Standards as issued by the International Accounting
Standards Board  ¨
  Other  ¨

 

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17  ¨    Item 18  ¨

 

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

 

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.  Yes  ¨    No  ¨

 

 
 

  

TABLE OF CONTENTS

 

         
    Page  
EXPLANATORY NOTE     1  
SIGNATURE     2  
EXHIBIT INDEX     3  
 EX-101 INSTANCE DOCUMENT
 EX-101 SCHEMA DOCUMENT
 EX-101 CALCULATION LINKBASE DOCUMENT
 EX-101 LABELS LINKBASE DOCUMENT
 EX-101 PRESENTATION LINKBASE DOCUMENT
 EX-101 DEFINITION LINKBASE DOCUMENT

  

 
 

  

EXPLANATORY NOTE

 

We are filing this Amendment No. 1 on Form 20-F/A to our annual report on Form 20-F for the fiscal year ended December 31, 2012 which was originally filed with the Securities and Exchange Commission on April 30, 2013, for the sole purpose of furnishing the Interactive Data File as Exhibit 101. 

 

No other changes have been made to the Form 20-F. This Amendment does not reflect events that have occurred after the April 30, 2013 filing date of the annual report on Form 20-F, or modify or update the disclosures presented therein, except to reflect the amendment described above.

 

  

1
 

 

SIGNATURES 

 

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on this Form 20-F/A for the fiscal year ended December 31, 2012 on its behalf. 

 

  JinkoSolar Holding Co., Ltd.
   
  By: /s/ Kangping Chen
   
  Name: Kangping Chen
   
  Title: Director and Chief Executive Officer
   
  Date: May 23, 2013

 

2
 

 

EXHIBIT INDEX

     
Exhibit   Description
101.INS   XBRL Instance Document. *
101.SCH   XBRL Taxonomy Extension Schema Document. *
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document. *
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document. *
101.LAB   XBRL Taxonomy Extension Label Linkbase Document. *
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document. *

 

     
*   XBRL (eXtensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

  

3

EX-101.INS 2 jks-20121231.xml XBRL INSTANCE DOCUMENT false --12-31 FY 2012 2012-12-31 20-F 0001481513 88758778 Yes Non-accelerated Filer 2006-11-10 2009-11-25 2006-12-13 2009-12-24 2009-09-30 2010-06-13 2011-12-06 2010-12-01 2011-05-03 2010-04-01 2010-08-19 2011-06-07 2011-07-08 2011-09-12 2011-11-18 2011-12-07 2012-04-26 2012-07-30 JinkoSolar Holding Co., Ltd. No JKS 384500000 21100000 800000 9224859 11089584 63552991 10200958 208104089 209630940 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; WIDTH: 0.25in"><strong>7.</strong></td> <td style="COLOR: black; TEXT-ALIGN: left"><strong>ADVANCES TO SUPPLIERS</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Advances to suppliers under purchase contracts with term of less than 1 year</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 188,358,498</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 63,552,991</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Advances to suppliers under purchase contracts with term of more than 1 year</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 229,376,531</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Total</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 417,735, 029</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">63,552,991</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Advances to suppliers to be utilized beyond one year</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (209,630,940</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Advances to suppliers-current</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 208,104,089</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 63,552,991</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="FONT-FAMILY: Times New Roman, Times, Serif; COLOR: black">The Group&#39;s advance payments to suppliers with purchase contracts with term of more than one year were made to two major suppliers, Hoku Materials, Inc. ("Hoku"), a fully owned subsidiary of Hoku Corporation (formerly known as "Hoku Scientific, Inc.") and Wuxi ZhongCai Technologies Co., Ltd., ("Wuxi Zhongcai") respectively. The Group previously entered into long-term polysilicon supply agreements with each of Hoku and Wuxi Zhongcai. As a result of continuing significant decline in the polysilicon purchase price and the adverse developments in those suppliers&#39; operations during 2012, including the suspension of their productions, the Group made full provision of RMB223,043,440 for the full outstanding balances of inventory purchase prepayment made to those two suppliers under long-term polysilicon supply contracts during the year ended December 31, 2012</font>.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2011 and 2012, advances to suppliers with term of less than 1 year mainly represent payments for procurement of recoverable silicon materials, virgin polysilicon and solar cells and the Group has delivery plan with the respective suppliers to receive the materials in the next twelve months.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 63552991 188358498 63552991 417735029 229376531 132120599 46723125 1.76 0.50 1.64 0.46 4075087 6546151 1050730 5558122 -126152136 -56894 -14397530 126152136 56894 14397530 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>al. Convenience translation</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Translations of amounts from RMB into United States dollars ("US$" or "USD") are solely for the convenience of readers and were calculated at the rate of RMB6.2301 to US$1.00, the noon buying rate in effect on December 31, 2012, as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2012, or at any other rate.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <!--EndFragment--></div> </div> 507674747 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>21.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>CONVERTIBLE SENIOR NOTES</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company issued USD 125 million of convertible senior notes on May 17, 2011 (the "Notes"). The Notes will mature on May 15, 2016. The interest rate is 4% per annum payable semi-annually, in arrears. No accrued interest to be paid on the Notes when they are converted.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Holders have the option to convert their Notes from the earlier of (i) when the registration statement of the Notes becomes effective and (ii) the first anniversary of the date on which the Notes are first issued, through to and including the business day prior to the maturity date into ADSs representing the ordinary shares initially at a conversion rate of 29.6307 ADSs per US$1,000 principal amount of Notes (equivalent to an initial conversion price of approximately US$33.75 per ADS).</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The conversion rate is subject to change on anti-dilution and upon certain fundamental changes. Fundamental changes are defined as 1) any "person" or "group" beneficially owns (directly or indirectly) 50% or more of the total voting power of all outstanding classes of Company&#39;s shares or has the power to elect a majority of the members of the board of directors; 2) Company consolidates with, or merge with or into, another person or the Company sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets, or any person consolidates with, or merges with or into, the Company; 3) Termination of trading of Company&#39;s ADSs; and 4) adoption of a plan relating to our liquidation or dissolution.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The holders have the option to require the Company to repurchase the Notes, in whole or in part, in the event of a fundamental change for an amount equal to the 100% of the principal amount and any accrued and unpaid interest in the event of fundamental changes. Management assessed that the likelihood of fundamental change is remote.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The holders will have the right to require the Company to repurchase for cash all or any portion of their notes on May 15, 2014 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> While the Notes remain outstanding, the Company or its subsidiaries will not create or permit to subsist any security upon its property, assets or revenues (present or future) to secure any international investment securities or to secure any guarantee of or indemnity of any international investment securities unless the obligations under the Notes and the indenture (a) are secured equally and ratably therewith, or (b) have the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by holders of a majority in aggregate principal amount of the Notes then outstanding.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has RMB as its functional currency, and the Notes are denominated in USD. As a result, the conversion feature is dual indexed to the Company&#39;s stock as well as the RMB and USD exchange rate, and is considered an embedded derivative which needs to be bifurcated from the host instrument in accordance with ASC 815.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> ASC 815-15-25 provides that if an entity has a hybrid financial instrument that would require bifurcation of embedded derivatives under ASC 815, the entity may irrevocably elect to initially and subsequently measure a hybrid financial instrument in its entirety at fair value with changes in fair value recognized in earnings. The fair value election can be made instrument by instrument and shall be supported by concurrent documentation or a preexisting documented policy for automatic election.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company elected to measure the Notes in their entirety at fair value with changes in fair value recognized as non-operating income or loss at each balance sheet date in accordance with ASC 815-15-25. Further, as the functional currency of the Company is RMB, the fair value of the Notes is translated into RMB at each balance sheet date with the difference being reported as exchange gain or loss. In addition, all issuance costs associated with the Notes offering has been expensed as incurred in the year ended December 31, 2011.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The estimated fair value of the Notes amounted to approximately RMB387,777,235 and RMB483,581,668 as of December 31, 2011 and 2012. In the year ended December 31, 2011 and 2012, the Company recorded foreign exchange gain of RMB21,567,522 and RMB1,047,241, gain from change in fair value of convertible senior notes of RMB398,030,217 and loss of RMB96,851,674, respectively (Note 27).</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As a result of the depressed market conditions, the Company repurchased Notes with face value of US$2 million or 1.6% of the Notes at approximately 41% of the face value as of December 31, 2011.There were no repurchase of Notes for the year ended December 31, 2012.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Capped Call Options</strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Concurrent with the Company&#39;s issuance of the Convertible Senior Notes on May 17, 2011, it entered into a capped call option transactions with an affiliate of the initial purchaser of the Notes. The capped call transaction was designed to reduce the potential dilution that would otherwise occur as a result of new ordinary share issuances upon conversion of the Notes and effectively increase the conversion price of the Notes for the Company to $48.21 per ADS from the actual conversion price to the Notes holders of $33.75 per ADS. The total premium paid by the Company for the capped call transactions was US$18 million. The purchaser of the Notes have the right to require us to repurchase for cash all or any portion of their notes on May 15, 2014 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#39;s functional currency is different from the denomination of the capped call. Therefore, in accordance with ASC 815, Derivatives and Hedging, the Company accounted for the capped call transactions as freestanding derivative assets in the consolidated balance sheets. The derivative is marked to market each reporting period utilizing the binomial model.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The fair value of capped call options was RMB16,408,445 and RMB16,131,208 as of December 31, 2011 and 2012. An amount of loss of RMB98,282,510 andRMB309,052 was recorded in change in fair value of capped call options for the year ended December 31,2011 and 2012 (Note 27).</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>v. Cost of revenue</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Cost of revenue includes production and indirect costs, as well as shipping and handling costs for raw materials purchase and provision for inventories.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Costs of revenue for integration projects, include all direct material, labor, subcontractor cost, and those indirect costs related to contract performance, such as indirect labor, supplies and tools. The Group recognizes job material costs as incurred costs when the job materials have been installed. The Group considers job materials to be installed materials when they are permanently attached or fitted to the solar power systems as required by the engineering design.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 508524639 244000000 80000000 1 0.5 0.41 0.016 P6Y P15Y P3Y 56931594 11048442 -28557111 6726539 3131413 -3532006 -2920881 50487 4517852 329813147 69445609 203971 919670 1787252 45078092 5141460 825261 0.1 0.05 44.64 -69.52 -11.16 11.64 43.69 -69.52 -11.16 -4.92 0.016 -0.211 0.032 6740845 31815 1047241 23534284 8928354 17489306 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ac. Financial guarantees</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group issues guarantees in favor of certain third parties. A guarantee requires the issuer to make payments to reimburse the holder for a loss it incurs when a specified debtor fails to make repayments to the holder, when the debtor&#39;s liability to the holder falls due.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A guarantee is initially recognized at the estimated fair value in the Group&#39;s consolidated balance sheets unless it becomes probable that the Group will reimburse the holder of the guarantee for an amount higher than the carrying amount, in which case the guarantee is carried in the Group&#39;s consolidated balance sheets at the expected amount payable to the holder. The guarantee is derecognized when the Group&#39;s obligation to the holder expires.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <!--EndFragment--></div> </div> 0.005 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ae. Government grants</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Government grants related to technology upgrades and enterprise development are recognized as subsidy income when received. For the years ended December 31, 2010, 2011 and 2012, the Group received financial subsidies of RMB15,696,641, RMB25,553,802 and RMB40,902,610 from the local PRC government authorities, respectively. These subsidies were non-recurring, not refundable and with no conditions, including none related to specific use or disposition of the funds, attached. Such amounts were recorded as subsidy income in the consolidated statements of operations. There are no defined rules and regulations to govern the criteria necessary for companies to enjoy such benefits and the amount of financial subsidy is determined at the discretion of the relevant government authorities.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Government grants related to assets are initially recorded as other payables and accruals which are then deducted from the carrying amount when the assets are ready for use. The Company received government grant related to assets of RMB55,000,000, RMB91,611,300 and RMB119,820,411during the years ended December 31, 2010, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <!--EndFragment--></div> </div> 15696641 40902610 6565322 25553802 55000000 119820411 91611300 P3Y 70260894 4784595 252439360 -122844275 -19717866 -150636168 P70Y P10Y P50Y P5Y 21160244 14614093 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; FONT-SIZE: 10pt; TEXT-ALIGN: left; WIDTH: 3%"> <strong>12.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; FONT-SIZE: 10pt; TEXT-ALIGN: justify; WIDTH: 96%"> <strong>LAND USE RIGHTS, NET</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Land use rights represent fees paid to the government to obtain the rights to use certain lands over periods of 50 or 70 years, as applicable, in the PRC.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Land use rights</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 382,657,019</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 386,909,459</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: accumulated amortization</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (14,614,093</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (21,160,244</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Land use rights, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 368,042,926</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 365,749,215</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Amortization expense was RMB4,075,087, RMB5,558,122 and RMB6,546,151 for the years ended December 31, 2010, 2011 and 2012, respectively. As of December 31, 2012, estimated amortization expense in each of the next five years is RMB6,740,845.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Certain land use rights are pledged as collateral for the Company&#39;s borrowings (Note 17).</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 386909459 382657019 365749215 58706797 368042926 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Land use rights represent fees paid to the government to obtain the rights to use certain lands over periods of 50 or 70 years, as applicable, in the PRC.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Land use rights</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 382,657,019</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 386,909,459</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: accumulated amortization</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (14,614,093</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (21,160,244</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Land use rights, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 368,042,926</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 365,749,215</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 1591650 2521000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; WIDTH: 0.25in"><strong>4.</strong></td> <td style="COLOR: black; TEXT-ALIGN: left"> <strong>REVENUES</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group&#39;s revenues for the respective periods are detailed as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Sales of solar modules</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 3,247,825,572</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 6,647,264,147</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 3,897,288,039</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales of silicon wafers</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">909,647,382</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">517,935,191</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">328,428,550</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales of solar cells</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">432,863,616</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">168,388,351</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">138,686,401</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Solar system integration projects</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">24,798,017</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">213,174,391</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales of silicon ingots</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">10,803,010</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">14,363,232</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,885,648</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales of recovered silicon materials</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,365,978</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">270,406</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Processing service fees</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">53,715,143</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">5,836,528</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">213,427,948</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Revenue from generated electricity</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,607,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,654,854,723</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7,384,951,444</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,794,768,449</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group operates in a single business segment that includes the design, development, and manufacture of PV products, solar system integration projects as well as developing commercial solar power projects. The following table summarizes the Group&#39;s net revenues generated from sales of products and provision of processing services and solar system integration projects in respective geographic locations:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Inside China (including Hong Kong and Taiwan)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,600,001,420</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,281,483,521</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 2,179,670,146</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Outside China</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Germany</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,157,707,877</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,422,250,586</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,177,954,567</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Italy</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,130,191,372</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,846,512,600</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">382,077,005</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Spain</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">111,097,087</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">204,135,242</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">251,902,465</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Cyprus</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">304,723,650</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">138,312,812</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> USA</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">83,166,809</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">118,132,913</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">135,839,209</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> Rest of the world</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 572,690,158</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,207,712,932</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 529,012,245</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,654,854,723</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7,384,951,444</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,794,768,449</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 0 -1357861 4263521 684343 28257089 817393146 131200647 813027659 253431693 274948772 181160000 121560000 26545382 88654952 28799192 23904150 35204650 14148324 16888607 21179367 11101709 2020242 8651046 13844655 6031954 50991380 12112492 184623149 223306031 19593436 11719622 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>15.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 96%"> <strong>OTHER PAYABLES AND ACCRUALS</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Other payables and accruals consisted of the following:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Payables for purchase of property, plant and equipment</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 274,948,772</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 253,431,693</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Payables for project assets</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">223,306,031</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">184,623,149</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Government grants related to assets</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">121,560,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">181,160,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Value-added tax and other tax payable</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">88,654,952</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">26,545,382</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Freight payables</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">23,904,150</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">28,799,192</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued utilities, rentals and interest</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">14,148,324</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">35,204,650</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Payables to Zhejiang Global Photovoltaic Technology Co., Ltd. (Note 26(c))</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">16,888,607</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Contracted labor fee</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">11,719,622</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">19,593,436</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued warranty cost</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">11,101,709</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">21,179,367</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Commission payables</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">8,651,046</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,020,242</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued professional service fees</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,031,954</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">13,844,655</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Others</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 12,112,492</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 50,991,380</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 813,027,659</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 817,393,146</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The government grant was under Golden Sun Program which was sponsored by China&#39;s Ministry of Finance, Ministry of Science and Technology, the National Energy Administration of the National Development and Reform Commission, and the Ministry of Housing and Urban-Rural Development. Jiangxi Jinko and Zhejiang Jinko were granted by the government for the construction of solar power generation facilities under the project. These grants will be deducted from the carrying amount when the assets are ready for use.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 2270876 364501 1094047 0.73 0.73 -116845750 -18755036 -235198641 37556165 7200 1156 115987700 6479850 12869033 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; WIDTH: 0.25in"><strong>9.</strong></td> <td style="COLOR: black; TEXT-ALIGN: left"><strong>PREPAYMENTS AND OTHER CURRENT ASSETS</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Prepayments and other current assets consisted of the following:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Value-added tax deductible</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 703,696,703</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 209,695,401</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepayment for share repurchase</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">31,924,842</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">25,963,848</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Employee advances</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">19,866,729</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">12,069,024</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid service fees</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">12,869,033</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,479,850</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid rent and others</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">12,628,829</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,800,420</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Advances recoverable from supplier</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">11,089,584</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">9,224,859</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid insurance premium</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,520,930</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">8,398,332</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid advertizing fee and sponsorship</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,916,317</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">361,635</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepayment for income tax</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,432,374</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,390,847</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Employee loans</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,521,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,591,650</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Deposits for customs duty, rental and open bidding for solar projects.</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,579,159</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">46,450,079</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Deferred charges</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">391,979</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">910,065</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Receivable from insurance company</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">81,388,706</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Others</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,472,802</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,606,077</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 813,910,281</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 413,330,793</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Value-added tax deductible represented the balance that the Group can utilize to deduct its value-added tax liability within the next 12 months.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2011 and 2012, all of the employee advances were business related, interest-free, not collateralized and will be repaid or settled within one year from the respective balance sheet dates.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Receivable from insurance company represented the insurance compensation which the Group has claimed with the insurance company that insures the Group against customer credit default and the collection of receivable is reasonably assured.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 25963848 31924842 160861 25820 160861 25820 640000000 160000000 184623149 29634059 37306301 536391099 86096708 272504672 349485131 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>m. Project assets</em></strong></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="FONT-FAMILY: Times New Roman, Times, Serif">Project assets consist primarily of costs relating to construction of solar power plants at various stages of development. These costs include costs for land and costs for developing and constructing PV solar power plants. While the project assets are not constructed for any specific customers, the Group intends to sell the project assets upon their completion. Upon completion of development and connection of the solar power plants, income generated from connection to the grid is recognized as revenue and the project assets are amortized over the expected life of 20 years.</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has reclassified the 2011 balance of RMB 272,504,672 from Property, Plant and Equipment to conform to the current period presentation in the Consolidated Balance Sheet. These reclassifications had no impact on previous reported total non-current assets and total assets.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has reclassified the 2011 amount of RMB 235,198,641 from purchase of property, plant and equipment to construction of project assets to conform to the current period presentation in the Consolidated Statement of Cash Flows. The Group has separately presented the 2011 balance of RMB 37,306,301 from purchase of property, plant and equipment included in other payable to purchase of project assets included in other payable to conform to the current period presentation in the supplemental disclosure of non-cash investing and financing cash flow information section of the Consolidated Statement of Cash Flows. These reclassifications had no impact on previous reported net total cash used in investing activities.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> P20Y <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; WIDTH: 0.25in"><strong>11.</strong></td> <td style="COLOR: black; TEXT-ALIGN: left"><strong>PROJECT ASSETS</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2011 and 2012, the balances of project assets were RMB272,504,672 and RMB536,391,099, respectively. As of December 31,2011 and 2012, project assets with book value of nil and RMB 349,485,131 had been completed and connected to the grid. The revenue from connection to the grid for the years ended December 31, 2011 and 2012 is nil and RMB1,607,066, respectively.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 268668526 253431693 40678592 274599278 3080421654 3308401471 227073440 36447800 652937 150000000 750000000 81388706 13433242 17479734 13433242 17479734 0.125 0.125 0.125 P10Y 3131747833 0.37 0.002 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Advances to suppliers under purchase contracts with term of less than 1 year</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 188,358,498</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 63,552,991</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Advances to suppliers under purchase contracts with term of more than 1 year</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 229,376,531</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Total</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 417,735, 029</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">63,552,991</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Advances to suppliers to be utilized beyond one year</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (209,630,940</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Advances to suppliers-current</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 208,104,089</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 63,552,991</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 61%; COLOR: black">The aggregate amount of effect</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 132,120,599</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 46,723,125</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Per share effect-basic</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1.76</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.50</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Per share effect-diluted</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1.64</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.46</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Net operating losses</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 74%; COLOR: black">Provision for inventories, accounts receivable, other receivable</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 57,690,574</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 170,795,477</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Change in fair value of forward contracts</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(14,042,284</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(1,749,190</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued warranty costs</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,688,813</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,952,344</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued interest</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,529,370</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Other temporary differences</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 599,211</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (5,153,313</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Total deferred tax assets</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">45,936,314</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">175,374,688</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: Valuation allowance</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (45,936,314</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (175,374,688</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Net deferred tax assets-current</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 74%; COLOR: black">Net operating losses</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 13,970,679</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 91,384,912</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued warranty costs</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">12,485,470</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">25,690,397</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Increase in fair value of property, plant and equipment and land use rights arising from business combination</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(2,920,881</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(3,532,006</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Impairment of property, plant and equipment</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">598,075</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">10,744,006</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Provision for advance to suppliers to be utilized beyond one year</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">56,931,594</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Provision of prepayment for purchase of property, plant and equipment</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">11,048,442</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Pre-operating expenses of a subsidiary that are deductible in future periods</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">50,487</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Assets related government grant</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,131,413</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,726,539</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Timing difference for revenue recognition of retainage contract</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(28,557,111</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Other temporary differences</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 715,514</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (65,135</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Total deferred tax assets</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">28,030,757</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">227,485,860</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: Valuation allowance</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (28,030,757</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (227,485,860</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Deferred tax assets-non-current, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Other payables and accruals consisted of the following:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Payables for purchase of property, plant and equipment</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 274,948,772</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 253,431,693</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Payables for project assets</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">223,306,031</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">184,623,149</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Government grants related to assets</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">121,560,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">181,160,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Value-added tax and other tax payable</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">88,654,952</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">26,545,382</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Freight payables</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">23,904,150</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">28,799,192</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued utilities, rentals and interest</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">14,148,324</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">35,204,650</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Payables to Zhejiang Global Photovoltaic Technology Co., Ltd. (Note 26(c))</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">16,888,607</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Contracted labor fee</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">11,719,622</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">19,593,436</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued warranty cost</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">11,101,709</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">21,179,367</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Commission payables</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">8,651,046</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,020,242</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued professional service fees</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,031,954</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">13,844,655</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Others</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 12,112,492</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 50,991,380</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 813,027,659</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 817,393,146</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group&#39;s revenues for the respective periods are detailed as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Sales of solar modules</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 3,247,825,572</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 6,647,264,147</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 3,897,288,039</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales of silicon wafers</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">909,647,382</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">517,935,191</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">328,428,550</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales of solar cells</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">432,863,616</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">168,388,351</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">138,686,401</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Solar system integration projects</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">24,798,017</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">213,174,391</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales of silicon ingots</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">10,803,010</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">14,363,232</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,885,648</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales of recovered silicon materials</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,365,978</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">270,406</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Processing service fees</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">53,715,143</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">5,836,528</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">213,427,948</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Revenue from generated electricity</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,607,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,654,854,723</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7,384,951,444</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,794,768,449</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of non-vested shares activity under the share-based compensation plan is as follow:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Number of<br /> option<br /> outstanding</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Weighted-Average<br /> Fair Value in<br /> Grant Date</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">(RMB/share)</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 70%; COLOR: black">Non-vested at January 1, 2012</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 6,988,848</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">7.59</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="COLOR: black">Granted</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">160,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">5.60</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black">Vested</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(1,877,440</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">8.29</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; COLOR: black">Forfeited</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (589,560</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 5.00</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">Non-vested at December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,681,848</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7.56</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">Expected to vest as of December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,735,216</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7.64</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table sets forth information concerning the Company&#39;s major subsidiaries as of December 31, 2012:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap"><strong>Subsidiaries</strong></td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2" nowrap="nowrap"> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Date of Incorporation</strong></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>/Acquisition</strong></p> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap"> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Place of</strong></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Incorporation</strong></p> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2" nowrap="nowrap"><font style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"><strong> Percentage of</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"><strong> Ownership</strong></font></td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2"> &nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: bottom" colspan="2"> &nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left; WIDTH: 45%"> JinkoSolar Technology Limited ("<em>Paker</em>")</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom"> &nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top; WIDTH: 20%"> November 10, 2006</td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: top"> &nbsp;</td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: top"> &nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top; WIDTH: 18%"> Hong Kong</td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: top"> &nbsp;</td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: top"> &nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top; WIDTH: 10%"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top; WIDTH: 1%"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar International Limited ("<em>JinkoSolar International</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> November 25, 2009</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Hong Kong</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jinko Solar Co., Ltd. ("<em>Jiangxi Jinko</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 13, 2006</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jinko Solar Import and Export Co., Ltd. ("<em>Jinko Import and Export</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 24, 2009</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Zhejiang Jinko Solar Co., Ltd.("<em>Zhejiang Jinko</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> September 30, 2009</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Zhejiang Jinko Trading Co., Ltd.("<em>Zhejiang Trading</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> June 13, 2010</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Delingha Ruiqida Solar Power Co., Ltd ("<em>Delingha Solar Power</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 6, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 88.7</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jiangxi Photovoltaic Materials Co., Ltd ("<em>Jiangxi Materials</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 1, 2010</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar (Switzerland) AG("<em>Jinko Switzerland</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> May 3, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Switzerland</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar GmbH ("<em>Jinko GmbH</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> April 1, 2010</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Germany</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar (U.S.) Inc. ("<em>Jinko US</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> August 19, 2010</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> USA</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar (US) Holdings Inc.("<em>Jinko US Holding</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> June 7, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> USA</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar Italy S.R.L. ("<em>Jinko Italy</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> July 8, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Italy</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar SAS ("<em>Jinko France</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> September 12, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> France</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jinko Solar Canada Co., Ltd ("<em>Jinko Canada"</em>)</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> November 18, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Canada</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jinko Solar Australia Holdings Co. Pty Ltd ("<em>Jinko Australia</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 7, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Australia</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Gansu Longchang Solar Power Co., Ltd. ("<em>Longchang</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> April26, 2012</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Hainanzhou Zhongnan Solar Electricity Co., Ltd. ("<em>Hainanzhou</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> July 30, 2012</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 7.64 P7Y 3735216 5 5 5 5 5 24 5 36 5 1 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>23.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>SHARE BASED COMPENSATION</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company adopted a long-term incentive plan (the "Plan") in July 2009 which was subsequently amended and restated. The Plan provides for the issuance of options of the Company&#39;s ordinary shares in the amount of up to 7,325,122. The options have a contractual life of seven years with the exception of certain options granted to an employee that can be exercised until October 1, 2013. From August 28, 2009 to September 15, 2009, options were granted to certain of the Company&#39;s administrative and management personnel to purchase in total 3,024,750 shares of the Company&#39;s ordinary shares at an exercise price of US$3.13 per share. On April 6, 2010, the exercise price of these share options was adjusted from US$3.13 per share to US$2.08 per share ("repricing"). The impact of this amendment of RMB5,132,052 was recognized during the year ended December 31, 2010 as a result of the IPO condition described below. The share options will generally vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel&#39;s service with the Company has not terminated prior to each such vesting date. For one employee, the share options will vest in a series of 36 successive equal monthly installments, on the last day of each month, commencing from October 1, 2008, provided that the personnel&#39;s service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On September 28, 2011, the Company amended and restated the Plan to increase the maximum number of shares that may be issued under the Plan to 9,325,122.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On January 25, 2010, the Company granted to certain officers and employees options to purchase 726,250 ordinary shares of the Company at an exercise price of 85% of the initial public offering price per share. These options will vest in five successive equal annual installments on the last day of each year from January 25, 2010, provided that the personnel&#39;s service with the Company has not been terminated prior to each such vesting date. These share options were considered as not effectively granted until their exercise price was determined at US$2.08 on April 12, 2010.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> From April 12, 2010 to April 26, 2010, the Company granted additional options to purchase 785,480 ordinary shares at an exercise price of US$2.08 per share to certain administrative and management personnel. The share options will generally vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel&#39;s service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> No portion of any of the above granted share options, even vested, may be exercised prior to and within the 180-day period following an effective initial public offering as defined in the Plan. Given the exercise restriction, the recognition of share-based compensation expense was delayed. Such expense of RMB14,651,329 accumulated from grant date was recognized at the time of the Company&#39;s initial public offering on May 14, 2010.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On March 11, 2011, the Company granted to certain officers and employees options to purchase 300,000 ordinary shares of the Company at an exercise price of US$5.65 per share. The share options will vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel&#39;s service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On May 3, 2011, the Company granted to one officer options to purchase 100,000 ordinary shares of the Company at an exercise price of US$6.50 per share. The share options will vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel&#39;s service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On October 1, 2011, the Company granted to certain officers and employees options to purchase 4,180,000 and 32,000 ordinary shares of the Company at an exercise price of US$1.42 per share, with which the share options will vest in 5 and 1 successive equal annual installments on the last day of each year from the grant date, respectively, provided that the personnel&#39;s service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On November 3, 2011, the Company granted to one officer options to purchase 1,120,000 ordinary shares of the Company at an exercise price of US$1.42 per share. The share options will vest in 24 successive equal monthly installments on the last day of each month from October 1, 2011, provided that the personnel&#39;s service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On December 21, 2012, the Company granted to certain officers options to purchase 160,000 ordinary shares of the Company at an exercise price of US$1.42 per share. The share options will vest in 5 successive equal annual installments on the last day of each year from December 21, 2011 and February 1, 2012, provided that the personnel&#39;s service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of activity under the share-based compensation plan is as follow:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Number of<br /> option<br /> outstanding</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Weighted-Average<br /> Exercise Price</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Weighted-Average<br /> Remaining<br /> Contractual Term</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Aggregate<br /> Intrinsic value</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">(US$/share)</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">(in years)</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">(Rmb)</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.125in; WIDTH: 40%; COLOR: black">Balance as of January 1, 2012</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 8,540,384</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">1.80</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.125in; COLOR: black">Granted</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">160,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1.42</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.125in; COLOR: black">Exercise</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(18,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1.42</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.125in; COLOR: black">Forfeited</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(621,330</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1.51</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0.125in; COLOR: black"> Balance as of December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 8,061,054</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1.81</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4.7</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,936,172</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">Vested and expected to vest as of December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7,114,422</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1.82</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4.5</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,344,962</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">Vested and exercisable as of December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,379,206</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1.87</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3.8</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,145,040</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The aggregate intrinsic value is calculated as the difference between the market value of ordinary, US$1.55 per share as of December 31, 2012 and the exercise prices of the options.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Total intrinsic value of options exercised for the years ended December 31, 2010, 2011 and 2012 were RMB2,938,203, nil and RMB14,454, respectively. The weighted average grant date fair value of options granted during the years ended December 31, 2010, 2011 and 2012 was RMB16.85, RMB6.91 and RMB5.6 per share, respectively. The total fair value of options vested during the years ended December 31, 2010, 2011 and 2012 was RMB9,363,356, RMB9,558,119 and RMB14,784,850.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of non-vested shares activity under the share-based compensation plan is as follow:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Number of<br /> option<br /> outstanding</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Weighted-Average<br /> Fair Value in<br /> Grant Date</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="2">&nbsp;</td> <td>&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">(RMB/share)</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 70%; COLOR: black">Non-vested at January 1, 2012</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 6,988,848</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">7.59</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="COLOR: black">Granted</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">160,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">5.60</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black">Vested</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(1,877,440</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">8.29</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; COLOR: black">Forfeited</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (589,560</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 5.00</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">Non-vested at December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,681,848</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7.56</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">Expected to vest as of December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,735,216</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7.64</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The total fair value of shares vested <font style="COLOR: black">for the years ended December 31, 2010, 2011 and 2012 were RMB23,534,284, RMB17,489,306 and RMB8,928,354, respectively.</font></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The share-based compensation expense for the year ended December 31, 2012 was recorded in the respective items:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 85%; COLOR: black">Costs of revenues</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 947,428</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Selling expenses</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,128,245</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> General and administrative expenses</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 14,267,437</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 17,343,110</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, the Company had unrecognized share-based compensation expense RMB14,995,972 related to non-vested share options. That deferred cost is expected to be recognized over a weighted-average period of 3.40 years. For the year ended December 31, 2012, total cash received from the exercise of share options is nil.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The fair value of option grant during the year ended December 31, 2012 is estimated on the date of grant using Black-Scholes model with the following assumptions for options granted to employees:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 85%; COLOR: black">Risk-free interest rate</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">0.78</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Expected term</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4.8</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Expected dividend yield</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0</td> <td style="TEXT-ALIGN: left; COLOR: black">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Expected volatility</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">80</td> <td style="TEXT-ALIGN: left; COLOR: black">%</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Fair value per option at grant date (RMB)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">5.60</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The risk-free interest rate is based on the China government bond yield denominated in US$ for a term consistent with the expected life of the awards in effect at the time of grant.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The expected term is based on the contractual term of the option and expected employee exercise and post-vesting employment termination behavior. Currently, it is based on the simplified approach.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has no history or expectation of paying dividends on its ordinary shares.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company chose to use the historical volatility and implied volatility of a basket of comparable publicly-traded companies for a period equal to the expected term preceding the grant date.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>22.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>REPURCHASE OF ORDINARY SHARES</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On May 6, 2011, the Board of Directors approved a share repurchase program to repurchase up to US$30 million of its outstanding ADS of the Company from time to time over the next 12 months, depending on market conditions, share price and other factors, as well as subject to the memorandum and articles of association of the Company, the relevant rules under United States securities laws and regulations and the relevant stock exchange rules. The share repurchases may be made on the open market, in block trades or otherwise and is expected to include derivative transactions. The program may be suspended or discontinued at any time.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the year ended December 31, 2011, 1,222,600 outstanding American Depositary Shares ("ADSs") (4,890,400 shares) were repurchased for full retirement with a total consideration of RMB48,503,352. Additional paid-in capital was reduced by RMB48,502,683. As of December 31, 2011, 257,230 ADSs (1,028,920 shares) were repurchased but have not been retired with a total consideration of RMB8,354,423 which is shown as treasury stock.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the year ended December 31, 2012, 173,570 outstanding ADSs" (694,280 shares) were repurchased with a total consideration of RMB5,521,130, which is shown as treasury stock. As of December 31, 2012, 430,800 ADSs (1,723,200 shares) were repurchased but have not been retired with a total consideration of RMB13,875,553 which is shown as treasury stock.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 5521130 886202 5521130 886202 2245630796 360448596 2200032066 P25Y P5Y P10Y P2Y 0.2 0.1 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ag. Statutory reserves</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Zhejiang Jinko, as sino-foreign owned joint venture incorporated in the PRC, is required to make appropriations of net profits, after recovery of accumulated deficit, to (i) a general reserve fund, (ii) an enterprise expansion fund, and (iii) a staff bonus and welfare fund prior to distribution of dividends to investors. These reserve funds are set at certain percentage of after-tax profit determined in accordance with PRC accounting standards and regulations (the "PRC GAAP"). The percentage of net profit for appropriation to these funds is at the discretion of their board of directors.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Jiangxi Jinko, as a wholly foreign owned enterprise incorporated in the PRC, is required on an annual basis to make appropriations of net profits, after the recovery of accumulated deficit, to a general reserve fund and a staff bonus and welfare fund. These reserve funds are set at certain percentage of after-tax profit determined in accordance with the PRC GAAP. The percentage of the appropriation for general reserve fund is at least 10%, and the percentage of the appropriation for staff bonus and welfare fund is at the discretion of its boards of directors.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Except for the aforementioned subsidiaries, the Company&#39;s other subsidiaries, as domestic enterprises incorporated in the PRC, are required on an annual basis to make an appropriation of net profits, after the recovery of accumulated deficit, to a statutory reserve fund. The statutory reserve fund is set at the percentage of not lower than 10% of the after-tax profit determined in accordance with the PRC GAAP.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Once the level of the general reserve fund and the statutory reserve fund reach 50% of the registered capital of the underlying entities, further appropriations to these funds are discretionary. The Group&#39;s statutory reserves can only be used for specific purposes of enterprises expansion and staff bonus and welfare, and are not distributable to the shareholders except in the event of liquidation. Appropriations to these funds are accounted for as transfers from retained earnings to the statutory reserves.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> During the years ended December 31, 2010, 2011 and 2012, the Group made total appropriations to these statutory reserves of RMB126,152,136, RMB14,397,530 and RMB56,894, respectively.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 23340000 3187 368561458 368564645 1.5 0.67 175000000 225000000 200000000 250000000 275000000 325000000 250000000 300000000 450000000 100000000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>af. Repurchase of share</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> When the Company&#39;s shares are purchased for retirement, the excess of the purchase price over its par value is recorded entirely to additional paid-in capital subject to the limitation of the additional paid in capital when the shares were originally issued. When the Company&#39;s shares are acquired for purposes other than retirement, the purchase price is shown separately as treasury stock.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 10 0.17 44193769 7093589 1347326958 216260888 340998588 30045245 4822594 35887845 61197969 9822952 65331777 2386356664 1779953029 1712685219 274904932 1600206864 105531368 16938953 31010170 545695322 87590139 583271399 154819927 118271256 3275 526 32884140 732881877 412394030 236395 37944 -134611 236395 37944 -134611 1524728796 244735846 1507224827 1524728796 244735846 1507224827 24128751 17343110 9879124 24128751 17343110 9879124 35183709 5647375 947428 2128245 14267437 17343110 14651329 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">At beginning of year</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 2,800,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 378,888</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 179,746,165</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Addition</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">8,534,372</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">184,990,129</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">541,662,539</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Write-off</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(10,764,771</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(24,140</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Reversal</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (190,713</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (5,598,712</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (47,737,259</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> At end of year</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 378,888</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 179,746,165</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 673,671,445</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 93200000 126000000 -10764771 -24140 673671445 179746165 378888 2800000 8534372 541662539 184990129 -190713 -47737259 -5598712 500000 250000 40128 500000 58219 764312 122681 223926 8372320321 1343850071 9176399341 1917306710 307748946 3353980066 3985609158 639734380 4608473740 575507944 92375394 634232987 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>a. Basis of presentation and use of estimates</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company&#39;s consolidated financial statements include allowance for doubtful receivables, provision for inventories and advances to suppliers, impairment of long-lived assets, the economic useful lives of property, plant and equipment and intangible assets, assumptions used in purchase price allocation, assumptions used to measure impairment of goodwill, property, plant and equipment, project assets and intangible assets, certain accrued liabilities including accruals for warranty costs, accounting for share-based compensation, fair value measurements, legal contingencies, and income taxes and related tax valuation allowance, and the assessment of going concern assumption as discussed below.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has negative working capital at December 31, 2012. Management believes that the Company<font style="FONT-FAMILY: Times New Roman, Times, Serif">&#39;</font>s current cash position as of December 31, 2012, the cash expected to be generated from operations and funds available from borrowings under the bank quotas will be sufficient to meet the Company<font style="FONT-FAMILY: Times New Roman, Times, Serif">&#39;</font>s working capital and capital expenditure requirements for at least the next twelve months from December 31, 2012. However, given that certain bank borrowings and bonds are due within the near term future (Note 16 and Note 17), and possible exercise of the put option of the convertible senior notes on May 14, 2014 (Note 21), sufficient funds may not be available to the Company. Accordingly, the Company may need to reduce discretionary spending and raise additional funds through public or private equity or debt financing. Any additional equity financing may be dilutive to stockholders and debt financing, if available, may involve covenants that would restrict the Company.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Additional funds may not be available on terms favourable to the Company or at all. Failure to manage discretionary spending or raise additional capital or debt financing as required may adversely impact the Company&#39;s ability to achieve its intended business objectives. The Company believes, although it is not certain, that it will be able to maintain compliance with the convertible senior notes covenants including the put option on May 15, 2014 and repay short term borrowings and other liabilities as those become due for at least the next twelve months from December 31, 2012, and as such, these financial statements are prepared under the going concern assumption which contemplates the realization of assets and the liquidation of liabilities in the ordinary course of business.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>q. Business combination</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The</font> Group <font style="COLOR: black">accounts for business combinations using the acquisition method of accounting. This method requires that the acquisition consideration to be allocated to the assets, including separately identifiable intangible assets, and the liabilities that the Company acquires based on their estimated fair values. The</font> Group <font style="COLOR: black">makes estimates and judgments in determining the fair value of the acquired assets and liabilities based on its experience with similar assets and liabilities in similar industries. If different judgments or assumptions were used, the amounts assigned to the individual acquired assets or liabilities could be materially different.</font></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 279130015 44803457 433850961 69637881 521204802 152479597 2260713 362869 17279974 2773627 9084131 368725205 -154720946 -24834424 -87353841 9084131 -15019261 -2410758 8195843 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>d. Cash and cash equivalents</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions, which have original maturities of three months or less.</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>e. Restricted cash</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Restricted cash represents deposits legally held by a bank which are not available for the Group&#39;s general use. These deposits are held as collateral for issuance of letters of credit or guarantee, bank acceptance notes to vendors for purchase of machinery and inventories and forward contracts.</p> <!--EndFragment--></div> </div> 382800000 461700000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>26.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>COMMITMENTS AND CONTINGENCIES</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>(a) Operating lease commitments</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> From January 1, 2008, Jiangxi Jinko leased buildings and land use rights from Desun, under a non-cancelable operating lease expiring in January 2018. In addition, the Group also leased office buildings for its offices under non-cancelable operating lease from third parties.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Future minimum obligations for operating leases are as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 70%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Year ending December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; WIDTH: 85%; COLOR: black"> 2013</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 9,997,574</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; COLOR: black"> 2014</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">7,956,089</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; COLOR: black"> 2015</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,674,185</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; COLOR: black"> 2016</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,809,349</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; COLOR: black"> 2017</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,637,673</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 10pt; COLOR: black"> Years thereafter</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,388,202</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 10pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 25,463,072</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Rental expense under all operating leases were RMB4,455,490, RMB5,493,427 and RMB8,588,661 for the years ended December 31, 2010, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>(b) Capital commitments</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group entered into several purchase agreements and supplementary agreements with certain suppliers to acquire machineries to be used in the manufacturing of its products or for construction of solar power plants. The Group&#39;s total future payments under these purchase agreements amounted to RMB282.1 million as of December 31, 2012.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>(c) Contingencies</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In the opinion of management, as confirmed by its legal counsel, as of December 31, 2012, the ownership structure of the Group is in compliance with all existing PRC laws and regulations. It is also in the opinion of management that potential losses arising from the ownership structure based on current regulatory environment is remote. However, the Company cannot be assured that the PRC government authorities will not take a view contrary to the opinion of management. In addition, there may be changes and other developments in the PRC laws and regulations or their interpretations. If the current ownership structure of the Group was found to be not in compliance with any existing or future PRC laws or regulations, the Group may be required to restructure its ownership structure and operations in the PRC to comply with current or new PRC laws and regulations.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On December 20, 2010, Zhejiang Global Photovoltaic Technology Co., Ltd., or Zhejiang Global, one of our customers, filed an action in Shaoxing People&#39;s Court, Zhejiang Province against Zhejiang Jinko for the late delivery of products and claimed late charges of RMB14 million and the return of advances paid by Zhejiang Global to Zhejiang Jinko of RMB5 million. On April 20, 2011, Shaoxing People&#39;s Court ruled in favor of Zhejiang Global that Zhejiang Jinko must pay the late charge of RMB12 million and return the advances of RMB4.8 million to Zhejiang Global. On May 30, 2011, Zhejiang Jinko filed an appeal to the Shaoxing Intermediate People&#39;s Court, Zhejiang Province. On December 15, 2011, Shaoxing Intermediate People&#39;s Court upheld the judgment of the lower court. On February 9, 2012, Zhejiang Jinko made a payment of RMB17.2 million (US$2.8 million) as damages to Zhejiang Global in compliance with the court judgment..</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On March 9, 2011, Jiangsu Yangsheng Energy Technology Co., Ltd., or Jiangsu Yangsheng, one of our customers, filed an action in Haining People&#39;s Court, Zhejiang Province against Zhejiang Jinko for the return of prepayment of RMB8 million and the accrued interest of RMB74,667 due to the delayed return of prepayment. The case was subsequently referred to the Jiaxing Intermediate People&#39;s Court. On February 20, 2012, Jiaxing Intermediate People&#39;s Court ruled in favor of Zhejiang Jinko for lack of contractual relationship between Jiangsu Yansheng and Zhejiang Jinko. On March 6, 2012, Jiangsu Yangsheng filed an appeal to Zhejiang High People&#39;s Court, Zhejiang Province. On July 10, 2012, Zhejiang High People&#39;s Court upheld the judgment of the lower court.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In October 2011, the Group sued Cixi Boneng Photovoltaic Electronic Technology Co., Ltd. ("Boneng"), one of our suppliers, for a breach of contract for damages of RMB29.0 million. In February 2012, Boneng countersued us seeking to recover RMB24.4 million of outstanding payments under the supply contract. In July 2012, the Group settled the cases and made a settlement payment of RMB6 million to Boneng and recorded the reversal of the remaining accrual of RMB17.4 million as income.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In November 2011, the Group sued Henan Zhaoge New Energy Company ("Zhaoge"), a polysilicon supplier with which the Group had entered into a strategic cooperation agreement for our purchase of silicon. The Group sought to recover RMB7.0 million, a portion of the prepayment that the Group made to Zhaoge for our purchase. Zhaoge initiated a countersuit against us. In June 2012, the Group settled the case with Zhaoge, who agreed to provide us with 10 tonnes of silicon and RMB1.0 million. The Group made provisions for RMB4.03 million for the loss of the balance of our prepayment.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On October 11, 2011, JinkoSolar was named as a defendant in a putative shareholder class action lawsuit filed in the United States District Court for the Southern District of New York captioned Marco Peters v. JinkoSolar Holding Co., Ltd., et al., Case No. 11-CV-7133 (S.D.N.Y.) (the "U.S. Securities Action"). In addition to JinkoSolar, the complaint also names as defendants Xiande Li, Kangping Chen, Xianhua Li, Wing Koen Siew, Haitao Jin, Zibin Li, Stephen Markscheid, Longgen Zhang or the Individual Defendants, and the underwriters of our initial public offering in May 2010. The plaintiff in the U.S. Securities Action seeks to represent a class of all purchasers and acquirers of ADSs of JinkoSolar between May 13, 2010 and September 21, 2011, inclusive. The plaintiff alleges that the defendants violated Sections 11 and 12(a)(2) of the Securities Act and Section 10(b) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, by making material misstatements or failing to disclose material information regarding, among other things, JinkoSolar&#39;s compliance with environmental regulations at its Haining facility. The complaint also asserts claims against the Individual Defendants for control person liability under Section 15 of the Securities Act and Section 20(a) of the Exchange Act. The complaint seeks, among other things, certification of the putative class, unspecified compensatory damages (including interest), and costs and expenses incurred in the action. On March 19, 2012, the court entered an order appointing lead plaintiffs in the U.S. Securities Action.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 1, 2012, the court-appointed lead plaintiffs filed an amended complaint (the "Amended Complaint") asserting similar allegations and the same causes of action as in the original complaint and naming one additional underwriter as a defendant. On August 1, 2012, JinkoSolar filed a motion to dismiss the amended complaint, as did Stephen Markscheid, who was the only Individual Defendant to have been served in the action. On the same date, the underwriter defendants filed a joinder to JinkoSolar&#39;s motion to dismiss. On January 22, 2013, the court issued a Memorandum and Order granting JinkoSolar&#39;s and Stephen Markscheid&#39;s motions to dismiss in their entirety and dismissing the Amended Complaint as against all defendants. The Court entered judgment in favor of defendants on the same date. On February 19, 2013, lead plaintiffs filed a notice of appeal with respect to the court&#39;s January 22, 2013 Memorandum and Order and Judgment. Lead plaintiffs&#39; appeal is currently pending in the United States Court of Appeals for the Second Circuit<font style="COLOR: black">.</font> The Company is unable to reliably estimate the probability of the case and the range of any exposure if any.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In July 2008, the Group entered into a long-term supply agreement with Wuxi Zhongcai, a producer of virgin polysilicon materials. The Group provided a prepayment of RMB95.6 million pursuant to such contract. Wuxi Zhongcai subsequently halted production as a result of the adverse changes in the polysilicon market. In February 2013, the Group sued Wuxi Zhongcai in Shangrao City Intermediate People&#39;s Court for the refund of the outstanding balance of our prepayment of RMB93.2 million after deducting delivery made to us by an affiliate of Wuxi Zhongcai. In January 2013, the Group notified Wuxi Zhongcai to terminate our long-term supply agreement. In February 2013, Wuxi Zhongcai sued us in Shanghai Pudong New Area People&#39;s Court for approximately RMB2.7 million for breaching the contract by failing to make allegedly required payments. The Group considered the recovery of the RMB93.2 million unlikely as a result of the polysilicon market conditions, the mutually alleged claims and the adverse developments in the operations of Wuxi Zhongcai and recorded provisions of RMB93.2 million for the balance of our prepayment to Wuxi Zhongcai. As of the date of this report, these suits are still pending. The Company is unable to reliably estimate the probability of the case and the range of any exposure if any.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In March 2012, COGIP S.p.A., or COGIP, one of our customers, initiated arbitration proceedings in the Chinese European Arbitration Centre for approximately EUR20.4 million for damages allegedly relating to the late delivery of modules and defects in our products. The Group responded to the arbitration summons on April 18, 2012 and raised a counterclaim for the outstanding portion of the purchase price of EUR23,310,000.00 plus liquidated damages of 0.5% of this amount per week since March 6, 2012. As of December 31, 2012, the Group have made provision of RMB126 million for the accounts receivable from COGIP. On April 24, 2013, the Group reached a settlement agreement with COGIP, pursuant to which COGIP agreed to pay EUR14 million to us in three installments to settle all claims.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>(d) Guarantees</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 13, 2009, Jiangxi Jinko entered into a loan agreement with Shangrao Heji Investment Co., Ltd. ("Heji"), in the principal amount of RMB100 million with a term of three years. Of this amount, RMB nil was outstanding as of December 31, 2011. In consideration of this loan agreement, Heji required Jiangxi Jinko to enter into a guarantee agreement with Jiangxi International Trust Co., Ltd. ("JITCL") on May 31, 2009 for Heji&#39;s payment obligations under its separate trust loan agreement with JITCL ("JITCL Loan Agreement"), under which JITCL extended a loan to Heji in the principal amount of RMB50 million for a term of three years. In the event that Heji fails to perform its obligations under the JITCL Loan Agreement or otherwise defaults thereunder, Jiangxi Jinko will become liable for Heji&#39;s obligations under the JITCL Loan Agreement. The Company recorded a guarantee liability of RMB1.5 million as of December 31, 2010 and reclassified to short term liability as of December 31, 2011. Corresponding deferred financing cost was recorded and amortized over the period of Jiangxi Jinko&#39;s long-term borrowing. Jiangxi Jinko has fully repaid the entrusted loans in July 2011. During 2012, Heji repaid the loan and Jiangxi Jinko was released from its obligations.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ab. Commitments and Contingencies</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 0.00002 0.00002 0.00002 0.00002 500000000 500000000 500000000 500000000 88758778 89435058 88758778 89435058 88758778 89435058 88758778 89435058 13202 2119 13200 13202 2119 13200 881873227 -1542051062 -247516262 273208208 1393950 223744 16937 -1543445012 -247740006 273191271 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ak. Other comprehensive income/(loss)</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Other comprehensive income/(loss) is defined as the change in equity during a period from non-owner sources. The Company&#39;s other comprehensive income/(loss) for each period presented is comprised of foreign currency translation adjustment of the Company&#39;s foreign subsidiaries whose assets and liabilities are translated from their respective functional currencies at exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates prevailing during the applicable period.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>25.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 96%"> <strong>CERTAIN RISKS AND CONCENTRATION</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>a) Concentrations of credit risk</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Financial instruments that potentially subject the Group to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, prepayments and other current assets. As of December 31, 2011 and 2012, substantially all of the Group&#39;s cash were held by major financial institutions located in the PRC.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group is also exposed to the credit and financial risks of its suppliers to which the Group made advances. The Group&#39;s financial condition and results of operations may be materially affected if the suppliers fail to meet their obligations of supplying silicon materials according to the contractually agreed schedules.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>b) Foreign currency risk</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has contracts for the purchases of materials and equipment which are denominated in foreign currencies, including US Dollars, Swiss Francs and Euros. For the year ended December 31, 2012, 55% of the Group&#39;s revenues are dominated in foreign currencies, including US Dollars, Euros, Australian Dollars, Canadian Dollars and South African Rand. Renminbi, the functional currency of the Group, is not freely convertible into foreign currencies.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>c) Major customers</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group performs ongoing credit evaluations of its customers&#39; financial condition whenever deemed necessary and generally does not require collateral. The Group maintains an allowance for doubtful accounts based upon the expected collectability of all accounts receivable, which takes into consideration an analysis of historical bad debts, specific customer creditworthiness and current economic trends.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table summarizes the percentage of the Company&#39;s revenue over 10% of total revenue for the years ended December 31, 2010, 2011 and 2012, and accounts receivable represented by customers with balances over 10% of accounts receivables as of December 31, 2011 and 2012, respectively:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="10" nowrap="nowrap">Revenue</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="10" nowrap="nowrap">Year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Company A</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">5</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">%</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">16</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="6" nowrap="nowrap">Accounts receivable</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="6" nowrap="nowrap">December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Company B</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">14</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">%</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Company C</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">11</td> <td style="TEXT-ALIGN: left; COLOR: black">%</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 0.55 0.05 0.16 0.14 0.11 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>30.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The separate condensed financial statements of the Company as presented below have been prepared in accordance with Securities and Exchange Commission Regulation S-X Rule 5-04 and Rule 12-04 and present the Company&#39;s investments in its subsidiaries under the equity method of accounting. Such investment is presented on separate condensed balance sheets of the Company as "Investments in subsidiaries " and the Company&#39;s shares of the profit or loss of subsidiaries are presented as "Share of (loss) / income from subsidiaries" in the statements of operations.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company did not have any significant commitment, long term obligation, or guarantees as of December 31, 2011 and 2012.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Condensed statements of operations:</strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 8pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="14"><strong>Year ended December 31,</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" colspan="2"><strong>2010</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" colspan="2"><strong>2011</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" colspan="2"><strong>2012</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>2012</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>RMB</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>RMB</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>RMB</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>USD</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left" colspan="2"> &nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left" colspan="2"> &nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left" colspan="2"> &nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>(Note 2 (aj))</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 47%"> Net revenues</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 8pt">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; WIDTH: 10%"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 8pt">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; WIDTH: 10%"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 8pt">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; WIDTH: 10%"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 8pt">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; WIDTH: 11%"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Cost of revenues</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Gross profit</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>Total operating expenses</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(5,867,589</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(7,319,613</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(8,459,461</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(1,357,838</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>Loss from operations</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(5,867,589</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(7,319,613</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(8,459,461</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(1, 357,838</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Convertible senior notes issuance costs</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (24,463,052</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Share of income /(loss) from subsidiaries and affiliates</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 884,060,266</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 26,457,224</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (1,405,807,872</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (225,647,722</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Interest income/(expense), net</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 1,342</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (19,844,874</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (31,043,624</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (4,982,847</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Exchange gain/(loss)</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 291,950</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (1,204,936</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 49,615</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 7,964</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Other expense</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 3,332,320</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (29,637</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Change in fair value of embedded derivative</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 54,938</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Change in fair value of convertible senior notes and capped call option</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 299,747,707</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (97,160,726</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (15,595,372</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>Income before income tax expenses</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right"> <strong>881,873,227</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right"> <strong>273,342,819</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right"> <strong>(1,542,422,068</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(247,575,815</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Income tax expenses</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> <strong>Net income for the year</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>881,873,227</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>273,342,819</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(1,542,422,068</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(247,575,815</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> <strong>)</strong></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Series A Redeemable Convertible Preferred Shares accretion</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (13,433,242</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Series B Redeemable Convertible Preferred Shares accretion</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (17,479,734</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Allocation to preferred shareholders</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (15,156,606</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.&#39;s ordinary shareholders</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>835,803,645</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>273,342,819</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>(1,542,422,068</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>(247,575,815</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>)</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Condensed balance sheets:</strong></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">December 31, 2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">USD</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">(Note 2 (aj))</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black; FONT-WEIGHT: bold">ASSETS</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Current assets:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 61%; COLOR: black"> Cash and cash equivalents</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 17,279,974</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 2,260,713</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 362,869</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Due from subsidiaries</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">583,271,399</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">545,695,322</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">87,590,139</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Other current assets</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 33,681,614</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 27,551,909</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 4,422,386</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Total current assets</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 634,232,987</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 575,507,944</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 92,375,394</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Investments in subsidiaries</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,703,338,634</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,325,667,558</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">212,784,315</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Capped call option</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 16,408,445</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 16,131,208</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 2,589,237</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Total assets</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 3,353,980,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 1,917,306,710</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 307,748,946</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black; FONT-WEIGHT: bold">LIABILITIES</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Current liabilities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Due to subsidiaries</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">65,331,777</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">61,197,969</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">9,822,952</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Other current liabilities</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 5,680,539</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 7,404,779</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,188,549</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Total current liabilities</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 71,012,316</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 68,602,748</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 11,011,501</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 387,777,235</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 483,581,668</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 77,620,210</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> Total liabilities</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 458,789,551</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 552,184,416</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 88,631,711</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Shareholders&#39; Equity</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt; COLOR: black">Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 89,435,058 and 88,758,778 shares issued and outstanding as of December 31, 2011and 2012, respectively)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">13,200</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">13,202</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,119</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Additional paid-in capital</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,507,224,827</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,524,728,796</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">244,735,846</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Treasury stock, at cost; 1,028,920 and 1,723,200 shares of ordinary shares as of December 31, 2011 and 2012, respectively</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(8,354,423</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(13,875,553</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(2,227,180</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Retained earnings/(accumulated losses)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,396,441,522</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black; FONT-SIZE: 10pt; TEXT-ALIGN: right"> 145,980,546</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black"><font style="COLOR: black; FONT-SIZE: 10pt">23,431,494</font> </td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Accumulated other comprehensive loss</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (134,611</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 236,395</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 37,944</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> Total Shareholders&#39; Equity</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 2,895,190,515</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 1,365,122,294</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 219,117,235</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Total liabilities and shareholders&#39; equity</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 3,353,980,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 1,917,306,710</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 307,748,946</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The balance due from subsidiaries represented the expenses paid on behalf by the Company for its subsidiaries.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Other current assets mainly represented the prepaid insurance premium, prepaid rent and other miscellaneous expenses.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The balance due to subsidiaries represented the professional service fees paid by Jiangxi Jinko.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Other current liabilities represented accrual for unpaid professional service fees.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has long term obligations arising from the issuance of Convertible Senior Notes (See Note 21 of the notes to the consolidated financial statements).</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt -0.5in; FONT: 10pt Times New Roman, Times, Serif"> <strong>Condensed statements of cash flows:</strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="14" nowrap="nowrap">For the years ended</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">USD</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">(Note 2 (al))</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Cash flows from operating activities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 48%; COLOR: black">Net income</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 881,873,227</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 273,342,819</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> (1,542,422,068</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> (247,575,815</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Change in fair value of embedded derivatives</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(54,938</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Change in fair value of convertible senior notes</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(398,030,217</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">96,851,674</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">15,545,766</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Change in fair value of capped call option</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">98,282,510</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">309,052</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">49,606</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Share of (income)/loss from subsidiaries</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(884,060,266</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(26,457,224</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,405,807,872</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">225,647,722</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Exchange (gain)/loss</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(291,950</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,204,936</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(49,615</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(7,964</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Changes in operating assets and liabilities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> (Increase)/decrease in due from subsidiaries</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(1,662,280</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(571,729,995</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">27,696,952</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,445,668</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Decrease/(increase) in other current assets</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,795,634</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,567,600</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">769,436</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">123,503</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Increase in due to a subsidiary</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">16,417,507</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">44,435,210</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(4,133,808</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(663,522</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> (Decrease)/increase in other current liabilities</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (886,756</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (19,959,953</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 647,916</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 104,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Net cash from/(used in) operating activities</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 14,130,178</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (596,344,314</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (14,522,589</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (2,331,036</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Cash flows from investing activities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> Investments in subsidiaries</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (821,266,865</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (543,555</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (87,247</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Net cash used in investing activities</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (821,266,865</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (543,555</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> (87,247</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Cash flows from financing activities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Proceeds from issuance of ordinary shares</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">814,286,284</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Proceeds from exercise of share options</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,076,090</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,759,081</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Proceeds from issuance of convertible senior notes</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">812,525,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Repurchase of convertible senior notes</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(5,222,773</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Cash paid for capped call option</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(117,003,600</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Prepayment for share repurchase</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(31,924,842</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> Repurchase of common stock</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (56,857,774</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Net cash provided by financing activities</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 816,362,374</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 605,275,092</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Effect of foreign exchange rate changes on cash</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (141,556</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (734,935</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 46,883</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 7,525</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Net increase in cash</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">9,084,131</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">8,195,843</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(15,019,261</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(2,410,758</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> Cash and cash equivalents, beginning of year</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 9,084,131</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 17,279,974</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 2,773,627</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Cash and cash equivalents, end of year</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 9,084,131</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 17,279,974</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 2,260,713</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 362,869</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Supplemental disclosure of non-cash investing and financing cash flow information</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 48%; COLOR: black"> Shares repurchase utilized prepayment made in prior year</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 5,521,130</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 886,202</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Proceeds from exercise of share options received in subsequent year</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">160,861</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">25,820</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>b. Consolidation</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the Company&#39;s majority-owned subsidiaries, non-controlling interests is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has revised the statement of cash flows for 2011 to correct the classification of a RMB 31,924,842 cash outflow related to prepayment for share repurchases from operating activities to financing activities. The impact of the revision was not material to the previously reported net total cash flows from operating activities and net total cash flows from financing activities.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 249451007 259892829 -100000 -10000000 -100000 -10000000 121814534 701500 3812900 483581668 387777235 483581668 387777135 483581668 77620210 387777235 483581668 77620210 387777235 1 1.0054 3297468914 4562531334 732336774 6235100290 138020196 -7561393 76792019 -838169 71536 138020196 -8399562 76863555 121031162 19426841 85523982 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>17.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 96%"> <strong>BORROWINGS</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>(a) Short-term borrowings</em></strong></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Short-term bank borrowings</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,808,032,066</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,917,630,796</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Long-term bank borrowings-current portion (Note 17 (b))</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 392,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 328,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total short-term borrowings</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 2,200,032,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 2,245,630,796</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The short-term bank borrowings outstanding as of December 31, 2011 and 2012 carried a weighted average interest rate of 5.38% and 5.41% per annum, respectively. The borrowings were for one year term and matured at various times. Proceeds from these short-term bank borrowings were for working capital purposes.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Included in the balance of short-term bank borrowings as of December 31, 2012 were borrowings of RMB22,749,052 and RMB28,731,021 which are denominated and repayable in EURO and USD, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Jiangxi Jinko had short-term bank borrowings of RMB134,991,426 which were only credit loans. As of December 31, 2012, Jiangxi I&amp;E had short-term bank borrowings of RMB142,335,543 which were credit loans, including RMB49,855,701 which was guaranteed by Jiangxi Jinko. As of December 31, 2012, Zhejiang Jinko had short-term bank borrowings of RMB190,091,005 which were credit loans, including RMB170,091,005 was also guaranteed by Jiangxi Jinko and 20,000,000 was collateralized on certain land use rights. The net book value of the land use right under collaterals were RMB36,360,880.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Jiangxi Jinko had short-term bank borrowings of RMB30,000,000 which was collateralized on Jiangxi Jinko&#39;s fixed deposit of RMB30,000,000. As of December 31, 2012, Zhejiang Jinko had short-term bank borrowing of RMB36,500,000 which was collateralized on Zhejiang Jinko&#39;s fixed deposit of RMB40,300,000.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Jiangxi Jinko had short-term bank borrowings of RMB304,400,000 which were collateralized on certain land use rights, plants, equipments, including RMB70,000,000 which was guaranteed by the Shareholders, and RMB23,000,000 which was also guaranteed by the Shareholders and Zhejiang Jinko (Notes 24). The net book value of the land use rights, plant and equipments under collaterals were RMB141,339,404, RMB95,798,430 and RMB388,138,496 respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Jiangxi Jinko had short-term bank borrowings of RMB140,000,000 which were collateralized on Jiangxi Jinko&#39;s inventories of RMB319,953,046. Included in these borrowings was RMB50,000,000 guaranteed by the Shareholders and Zhejiang Jinko (Notes 24).</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Jiangxi Jinko had short-term bank borrowings of RMB17,000,000 collateralized on certain land use rights and buildings of Desun. In addition, this borrowing was also guaranteed by the Shareholders and Zhejiang Jinko (Note 24).</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Jiangxi I&amp;E had short-term bank borrowings of RMB92,051,818 which are collateralized on Jiangxi Jinko&#39;s certain equipments. The net book values of these assets under collaterals were RMB92,969,587 as of December 31, 2012 and were guaranteed by Shareholders and Jiangxi Jinko.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012 Jiangxi Jinko had short-term bank borrowings of RMB169,977,821 which was guaranteed by the Shareholders, including RMB119,977,821 was also guaranteed by Zhejiang Jinko. As of December 31, 2012 Jiangxi I&amp;E had short-term bank borrowing of RMB86,225,000 which was guaranteed by the Shareholders, including RMB6,225,000 guaranteed by Jiangxi Jinko, RMB80,000,000 guaranteed by Zhejiang Jinko. As of December 31,2012, Zhejiang Jinko had short-term bank borrowings of RMB163,000,000 which was guaranteed by Jiangxi Jinko, including 80,000,000 was also guaranteed by the third-party.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Zhejiang Jinko had short-term bank borrowings of RMB25,000,000 which are collateralized on its certain equipments and guaranteed by Jiangxi Jinko. The net book values of these assets under collaterals were RMB95,977,919 as of December 31, 2012.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Zhejiang Jinko had short-term bank borrowings of RMB178,000,000 which are collateralized on its land use rights, plants and certain equipments. The net book values of these assets under collaterals were RMB 42,742,315, 108,925,069, and RMB 888,135,724, respectively, as of December 31, 2012.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Jiangxi Jinko had short-term borrowings of RMB196,418,183from Jiangxi Heji Investment Co., Ltd. which are interest free and without definite repayment term.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Jiangxi Materials had short-term borrowings of RMB11,640,000fromShangrao Hexing Co., Ltd. which are interest free and without definite repayment term.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Subsequent to December 31, 2012, the Company obtained additional short-term bank borrowings of RMB1,172,000,590, and repaid short-term bank borrowings of RMB1,060,710,938. These additional short-term bank borrowings were collateralized on part of the Company&#39;s letter of credit, land use right and buildings, equipments and were guaranteed by the Shareholders and Jiangxi Jinko.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>(b) Long-term borrowings</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Long-term bank borrowings</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 547,750,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 495,000,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Less: Current portion</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(392,000,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(328,000,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Deferred financing cost (Note 26(d))</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (250,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total long-term borrowings</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 155,500,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 167,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Future principal repayments on the long-term borrowings are as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 75%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Year ending December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; WIDTH: 85%; COLOR: black"> 2013</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 328,000,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 10pt; COLOR: black"> 2014</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 167,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 10pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 495,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In February2012, Jiangxi Jinko obtained a bank borrowing of RMB50,000,000 which is repayable in February 2014. The borrowing carries a variable interest rate that is determined quarterly with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.98% as of December 31, 2012. Interest is payable monthly. The borrowing was collateralized on Jiangxi Jinko&#39;s equipments on net book value of RMB171,333,024 as of December 31, 2012.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2012, Jiangxi Jinko obtained a bank borrowing of RMB90,000,000 which was due in June 2014. The borrowing carries a variable interest rate that is determined semi-annually with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.72% as of December 31, 2012. Interest is payable monthly. The borrowing was collateralized on Jiangxi Jinko&#39;s plants on net book value of RMB134,640,918, as of December 31, 2012.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In December 2012, Jiangxi Jinko obtained a bank borrowing of RMB27,000,000 which was due in December 2014. The borrowing carries a variable interest rate that is determined semi-annually with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.46% as of December 31, 2012. Interest is payable monthly. The borrowing was collateralized on Jiangxi Jinko&#39;s land use right with net book value of RMB99, 923,017 as of December 31, 2012.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In September 2011, Jiangxi Jinko obtained a bank borrowing of RMB13,000,000 which was repayable in installments from February 2013 to August 2014. The borrowing carries a variable interest rate that is determined quarterly with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.4% as of December 31, 2012. Interest is payable quarterly. The borrowing was only credit loan.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In March 2010, Zhejiang Jinko obtained a bank borrowing of RMB10,000,000 which was due in March 2013. The borrowing carries a variable interest rate that is determined quarterly with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.65% as of December 31, 2012. Interest is repayable monthly. The borrowing was collateralized on Zhejiang Jinko&#39;s equipments with net book value of RMB81,425,922 as of December 31, 2012. In additions to the collaterals, the borrowing is guaranteed by Jiangxi Jinko.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In May 2010, Zhejiang Jinko obtained a bank borrowing of RMB10,000,000 which is repayable in May 2013. The borrowing carries a variable interest rate that is determined quarterly with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.65% as of December 31, 2012. Interest is repayable monthly. The borrowing was collateralized on Zhejiang Jinko&#39;s equipments with net book value of RMB81,425,922 as of December 31, 2012. In additions to the collaterals, the borrowing is guaranteed by Jiangxi Jinko.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> From April 2011, Zhejiang Jinko entered into loan agreements with a group of PRC banks. Pursuant to these loan agreements, Zhejiang Jinko obtained bank borrowings of RMB 270,000,000 from a group of PRC banks of which are repayable in installments from June 2013 to December 2013. The borrowing carries a variable interest rate that is determined quarterly with repayable with reference to the prevailing base lending rate set by PBOC. The effective interest rates of the borrowings are at the range of 6.15% to 6.65% as of December 31, 2012. Interest is repayable monthly. The borrowing was collateralized on Zhejiang Jinko&#39;s land use rights, plants and certain equipments with net book value of RMB 42,742,315, RMB108,925,069 and RMB 888,135,724, respectively, as of December 31, 2012. In additions to the collaterals, the borrowing is guaranteed by Jiangxi Jinko.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2011, Zhejiang Jinko obtained a bank borrowing of RMB 25,000,000 of which is repayable in December 2013. The borrowing carries a variable interest rate that is determined quarterly with repayable with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.4% as of December 31, 2012 Interest is repayable monthly. The borrowing was guaranteed by Jiangxi Jinko as of December 31, 2012.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Subsequent to December 31, 2012, the Company obtained additional long-term bank borrowings of RMB360,000,000 and repaid long-term bank borrowings of RMB28,000,000. These long-term bank borrowings are collateralized by certain of Jiangxi Jinko&#39;s equipments. These borrowings carry variable interest rates that are determined by reference to the prevailing base lending rate set by PBOC.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 33.75 48.21 29.6307 800000000 300000000 300000000 400000000 300000000 125000000 360000000 50000000 90000000 27000000 10000000 10000000 270000000 25000000 13000000 monthly monthly monthly monthly monthly monthly quarterly monthly 0.0698 0.0672 0.0646 0.0665 0.0665 0.064 0.064 0.0665 0.0615 0.0528 0.056 0.065 0.063 0.04 0.0899 At the end of the third year in the life of the bonds, the Group has the option to raise the interest rate by up to 100 basis points, and the bondholders will have the right to require the Company to repurchase all or part of their bonds, at such time. 2013-01-29 2011-05-17 2013-03-19 2012-02-29 2012-06-30 2012-12-31 2010-03-31 2010-05-31 2011-04-30 2011-06-30 2011-09-30 2019-01-29 2016-05-15 2014-02-28 2014-06-30 2014-12-31 2013-03-31 2013-05-31 2013-12-31 2013-12-31 2014-08-31 2000000 30154071 24463052 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>g. Notes receivable and payable</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group accepts bank acceptance notes from customers in China in the normal course of business. The Group may discount these notes with banks in China or endorse these notes with its suppliers to clear its accounts payable. Notes that have been discounted with banks or endorsed with suppliers are derecognized from the consolidated balance sheets when the criteria for sale treatment are met.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group also issues bank acceptance notes to its suppliers in China in the normal course of business. The Group classified the changes in notes payable and the restricted cash held as collateral for issuance of bank acceptance notes as financing activities.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Notes receivable and payable are typically non-interest bearing and have maturities of less than six months.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 3.13 2.08 2.08 2.08 5.65 6.50 1.42 1.42 1.42 1.42 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Prepayments and other current assets consisted of the following:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Value-added tax deductible</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 703,696,703</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 209,695,401</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepayment for share repurchase</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">31,924,842</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">25,963,848</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Employee advances</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">19,866,729</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">12,069,024</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid service fees</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">12,869,033</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,479,850</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid rent and others</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">12,628,829</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,800,420</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Advances recoverable from supplier</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">11,089,584</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">9,224,859</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid insurance premium</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,520,930</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">8,398,332</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid advertizing fee and sponsorship</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,916,317</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">361,635</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepayment for income tax</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,432,374</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,390,847</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Employee loans</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,521,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,591,650</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Deposits for customs duty, rental and open bidding for solar projects.</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,579,159</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">46,450,079</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Deferred charges</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">391,979</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">910,065</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Receivable from insurance company</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">81,388,706</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Others</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,472,802</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,606,077</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 813,910,281</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 413,330,793</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 910065 391979 250000 8110198 -518086 -83159 4209187 -1749190 -14042284 175374688 45936314 227485860 28030757 91384912 13970679 -5153313 599211 -65135 715514 10744006 598075 170795477 57690574 6529370 4952344 1688813 25690397 12485470 -175374688 -45936314 -227485860 -28030757 402860548 73967071 6308714 1994833 46450079 1579159 96751960 323152636 51869574 263846113 16131208 16408445 12930159 64954682 16131208 16408445 12930159 64954982 16131208 16408445 12930159 2075434 64954682 16131208 2589237 16408445 16131208 2589237 16408445 18000000 98039341 -9043079 -1451514 36604889 54938 -97160726 -15595372 299747707 98039341 -9043079 36604889 54938 -96851674 398030217 -309052 -98282510 98094279 -106203805 336352596 5490630 5524497 5490630 5524497 5490630 881307 5524497 46069582 19855810 -21567522 -398030217 12069024 19866729 5840380 937446 691242 111371748 31701412 2161345 1094047 32316121 36981892 11.16 -17.38 -2.79 2.91 10.92 -17.38 -2.79 -1.23 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ai. Earnings(Loss) per share</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Basic earnings(loss) per share is computed by dividing net income(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings(loss) per share is calculated by dividing net income(loss) attributable to ordinary shareholders, as adjusted for the change in income or loss as result from the assumed conversion of those participating securities, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary share equivalents consist of the ordinary shares issuable upon the conversion of the convertible senior notes (using the if-converted method) and ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method). Potential dilutive securities are not included in the calculation of dilutive earnings per share if the effect is anti-dilutive.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>18.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 96%"> <strong>EARNINGS/(LOSS) PER SHARE</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Basic earnings/(loss) per share and diluted earnings/(loss) per share have been calculated as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Numerator:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 881,873,227</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 273,342,819</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (1,542,422,068</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Series A Redeemable Convertible Preferred Shares accretion</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(13,433,242</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Series B Redeemable Convertible Preferred Shares accretion</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(17,479,734</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Allocation to preferred shareholders</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (15,156,606</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Net income / (loss) attributable to JinkoSolar Holding Co., Ltd.&#39;s ordinary shareholders-Basic</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">835,803,645</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">273,342,819</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(1,542,422,068</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of Preferred Shares</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">46,069,582</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of convertible senior notes interest</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">19,855,810</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of exchange gain on convertible senior notes</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(21,567,522</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Dilutive effect of change in fair value of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (398,030,217</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Net income / (loss) attributable to JinkoSolar Holding Co., Ltd.&#39;s ordinary shareholders-Diluted</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">881,873,227</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(126,399,110</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(1,542,422,068</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Denominator:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Denominator for basic calculation-weighted average number of ordinary shares outstanding</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">74,896,543</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">93,966,535</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">88,752,706</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of share options</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,131,653</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,367,900</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of preferred shares</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,719,884</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Dilutive effect of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 7,352,536</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Denominator for diluted calculation-weighted average number of ordinary shares outstanding</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">80,748,080</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">102,686,971</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">88,752,706</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Basic earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.&#39;s ordinary shareholders</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">11.16</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2.91</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(17.38</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Diluted earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.&#39;s ordinary shareholders</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">10.92</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(1.23</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(17.38</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2010, there were no anti-dilutive securities.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2011 and 2012, the Company&#39;s average stock price for the period was below the strike price of the call options; therefore the call options were not included in the computation of diluted EPS because of their anti-dilutive effect.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, the Company was in the loss situation, therefore the convertible bonds and share options were not included in the computation of diluted EPS because of its anti-dilutive effect.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 0.142 -0.006 0.228 0.25 0.165 0.0862 0.314 0.3333 0.15 0.35 0.33 0.25 -0.25 0.25 0.15 0.3 0.006 0.212 0.191 -0.075 0.009 0.008 0.044 0 0.009 -0.009 0.008 0.056 0.006 0.003 0.007 -0.006 0.0884 0.11 -0.129 0.069 -0.132 -5959840 508622 81639 -7969056 -141556 46883 7525 -734935 18200000 54938 65200000 54938 -96851674 -15545766 398030217 -309052 -49606 -98282510 40122159 37134122 72700241 206425079 33133510 176647819 14995792 P3Y4M24D 0.887 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>r. Investments in affiliates</em></strong></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The</font> Group <font style="COLOR: black">holds equity investments in affiliates for which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. These investments are accounted for under equity method of accounting wherein the</font> Group <font style="COLOR: black">records its&#39; proportionate share of the investees&#39; income or loss in its consolidated financial statements.</font></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Investments are evaluated for impairment when facts or circumstances indicate that the fair value of the investment is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Group reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2011 and 2012, information about inputs into the fair value measurements of the Company&#39;s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="14" nowrap="nowrap">Fair Value Measurements at Reporting Date Using</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">Description</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Balance as of<br /> December 31,<br /> 2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Quote Prices in<br /> Active market for<br /> Identical Assets<br /> (Level 1)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Significant<br /> Other<br /> Observable<br /> Inputs (Level 2)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Significant<br /> Unobservable<br /> Inputs (Level 3)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Assets:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 40%; COLOR: black">Foreign exchange forward contracts</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 64,954,682</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 64,954,682</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Capped call options</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">16,408,445</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">16,408,445</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Liabilities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Foreign exchange forward contracts</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">5,524,497</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">5,524,497</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Convertible senior notes</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">387,777,235</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">387,777,235</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="14" nowrap="nowrap">Fair Value Measurements at Reporting Date Using</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">Description</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Balance as of<br /> December 31,<br /> 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Quote Prices in<br /> Active market for<br /> Identical Assets<br /> (Level 1)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Significant<br /> Other<br /> Observable<br /> Inputs (Level 2)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Significant<br /> Unobservable<br /> Inputs (Level 3)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Assets:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 40%; COLOR: black">Foreign exchange forward contracts</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 12,930,159</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 12,930,159</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Capped call options</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">16,131,208</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">16,131,208</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Liabilities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Foreign exchange forward contracts</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">5,490,630</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">5,490,630</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Convertible senior notes</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">483,581,668</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">483,581,668</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of changes in Level 3 fair value of convertible senior notes for the year ended December 31, 2012 was as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 85%; COLOR: black">Balance at January 1, 2012</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 387,777,235</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Foreign exchange gain</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(1,047,241</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Change in fair value of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 96,851,674</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Balance at December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 483,581,668</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of changes in Level 3 fair value of Capped call options for the year ended December 31, 2012 was as follows:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 85%; COLOR: black">Balance at January 1, 2012</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 16,408,445</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Foreign exchange gain</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">31,815</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Change in fair value of capped call options</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (309,052</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Balance at December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 16,131,208</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 33.75 33.75 0 0 0.8756 1.1222 0.0047 0.0072 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>27.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>FAIR VALUE MEASUREMENTS</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A hierarchy is established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company&#39;s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. As such, fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. The hierarchy is broken down into three levels based on the reliability of inputs as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs other than the quoted price in active markets that are observable either directly or indirectly, or quoted prices in less active markets; and (Level 3) unobservable inputs with respect to which there is little or no market data, which require the Company to develop its own assumptions.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Derivative Liabilities</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On a recurring basis, the Company measures the 2010 Performance Adjustment Derivative Liabilities (Note 20) at fair value. Since the 2010 Performance Adjustment Derivative Liabilities are not traded on an exchange, they are valued using a valuation model. Management is responsible for determining the fair value and considered a number of factors including valuations. The 2010 Performance Adjustment Derivative Liability was bifurcated at the fair value measured with the residual financing proceeds attributed to the Series B Redeemable Convertible Preferred Shares on issuance date.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Fair value change in forward contracts</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has entered into foreign exchange forward contracts with local banks to reduce the exposure of significant changes in exchange rates between Renminbi and foreign currencies. Authoritative guidance requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets based upon quoted market prices for comparable instruments. The Company&#39;s derivative instruments have not met the criteria for hedge accounting within authoritative guidance. Therefore, the foreign currency forward contracts have been recorded at fair value, with the gain or loss on these transactions recorded in the consolidated statements of operations within "Change in fair value of forward contracts" in the period in which they occur. The Company does not use derivative financial instruments for trading or speculative purposes. The Company held foreign exchange forward contracts with a total notional value of US$384.5 million, EUR21.1 million and AUD0.8 million as of December 31, 2012. These foreign exchange forward contracts mature between 1 to 12 months. The Company used a discounted cash-flow methodology to measure fair value, which requires inputs such as interest yield curves and foreign exchange rates. The significant inputs used in the aforementioned model can be corroborated with market observable data and therefore the fair value measurements are classified as level 2. Typically, any losses or gains on the forward exchange contracts are offset by re-measurement losses or gains on the underlying balances denominated in non-functional currencies. The Company&#39;s foreign currency exchange contract is an over-the-counter instrument.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Convertible Senior Notes and Capped Call Options</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The Company has adopted valuation models to assess the fair value for capped call options and the Notes, as the capped call options are not</font> publicly traded and t<font style="COLOR: black">he trading of the Notes is considered inactive. Management is responsible for determining these fair values and assessing a number of factors. Both capped call options and the Notes are valued using the Binominal Tree option pricing model. The valuation involves complex and subjective judgments as well as the Company&#39;s best estimates on the valuation date. The main inputs to this model include underlying share price, expected share volatility, expected dividend yield, risk free interest rate etc.</font></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt -0.5in; FONT: 10pt Times New Roman, Times, Serif"> <strong>Recurring change in fair value</strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2011 and 2012, information about inputs into the fair value measurements of the Company&#39;s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="14" nowrap="nowrap">Fair Value Measurements at Reporting Date Using</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">Description</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Balance as of<br /> December 31,<br /> 2011</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Quote Prices in<br /> Active market for<br /> Identical Assets<br /> (Level 1)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Significant<br /> Other<br /> Observable<br /> Inputs (Level 2)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Significant<br /> Unobservable<br /> Inputs (Level 3)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Assets:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 40%; COLOR: black">Foreign exchange forward contracts</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 64,954,682</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 64,954,682</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Capped call options</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">16,408,445</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">16,408,445</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Liabilities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Foreign exchange forward contracts</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">5,524,497</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">5,524,497</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Convertible senior notes</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">387,777,235</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">387,777,235</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="14" nowrap="nowrap">Fair Value Measurements at Reporting Date Using</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">Description</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Balance as of<br /> December 31,<br /> 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Quote Prices in<br /> Active market for<br /> Identical Assets<br /> (Level 1)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Significant<br /> Other<br /> Observable<br /> Inputs (Level 2)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Significant<br /> Unobservable<br /> Inputs (Level 3)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Assets:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 40%; COLOR: black">Foreign exchange forward contracts</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 12,930,159</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 12,930,159</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Capped call options</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">16,131,208</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">16,131,208</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Liabilities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Foreign exchange forward contracts</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">5,490,630</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">5,490,630</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Convertible senior notes</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">483,581,668</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">483,581,668</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group&#39;s foreign exchange forward contracts are not traded on an exchange, the Group values them using valuation models. The valuation of these contracts used interest rate yield curves and foreign exchange rates as the significant inputs in the valuation models. These inputs are observable in active markets over the terms of the instruments the Group holds.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 valuation)</strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of changes in Level 3 fair value of convertible senior notes for the year ended December 31, 2012 was as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 85%; COLOR: black">Balance at January 1, 2012</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 387,777,235</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Foreign exchange gain</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(1,047,241</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Change in fair value of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 96,851,674</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Balance at December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 483,581,668</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of changes in Level 3 fair value of Capped call options for the year ended December 31, 2012 was as follows:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 85%; COLOR: black">Balance at January 1, 2012</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 16,408,445</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Foreign exchange gain</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">31,815</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Change in fair value of capped call options</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (309,052</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Balance at December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 16,131,208</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of the assumptions used in the valuation of convertible senior notes and Capped call options was as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Fair value of ADS</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> US$ 5.00</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> US$ 6.21</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Strike Price</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> US$ 33.75</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> US$ 33.75</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Risk Free Interest Rate</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">0.72</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">0.47</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dividend Yield</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">0</td> <td style="TEXT-ALIGN: left">%</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">0</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Standard Volatility</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">112.22</td> <td style="TEXT-ALIGN: left">%</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">87.56</td> <td style="TEXT-ALIGN: left">%</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt -0.5in; FONT: 10pt Times New Roman, Times, Serif"> <strong>Change in fair value of derivatives</strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Change in fair value of derivatives recognized in earnings was as follows:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Foreign exchange forward contracts</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 98,039,341</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 36,604,889</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (9,043,079</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Embedded derivatives</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">54,938</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Convertible senior notes</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">398,030,217</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(96,851,674</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Capped call options</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (98,282,510</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (309,052</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 98,094,279</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 336,352,596</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (106,203,805</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Non-recurring change in fair value</strong></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>As of December 31, 2011</strong></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: bold 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center" colspan="16"><strong>Fair Value Measurements at Reporting Date Using</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"> &nbsp;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; WIDTH: 30%; FONT: bold 10pt Times New Roman, Times, Serif; COLOR: black"> Description</td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Balance as of</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>December 31,</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>2011</strong></font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Quote Prices in</strong></font><br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Active market for</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Identical Assets</strong></font><br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>(Level 1)</strong></font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Significant</strong></font><br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Other</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Observable</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Inputs (Level 2)</strong></font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Significant</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Unobservable</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Inputs (Level 3)</strong></font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Total</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>(losses)</strong></font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> Goodwill</td> <td style="FONT: 10pt Times New Roman, Times, Serif">&nbsp;</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif"> -</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif">&nbsp;</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif"> -</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif">&nbsp;</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif"> -</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> &nbsp;</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> &nbsp;</td> <td style="TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> &nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif">&nbsp;</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> RMB45,645,832</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The goodwill relating to the acquisition of Zhejiang Jinko has been fully impaired of RMB45,645,832 (Note 3).</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>As of December 31, 2012</strong></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="16">Fair Value Measurements at Reporting Date Using</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> &nbsp;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; WIDTH: 30%; FONT: bold 10pt Times New Roman, Times, Serif; COLOR: black"> Description</td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> Balance as of<br /> December 31,<br /> 2012</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> Quote Prices in<br /> Active market for<br /> Identical Assets<br /> (Level 1)</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> Significant<br /> Other<br /> Observable<br /> Inputs (Level 2)</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> Significant<br /> Unobservable<br /> Inputs (Level 3)</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> Total<br /> (losses)</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> Long-lived assets</td> <td style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> &nbsp;</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> &nbsp;</td> <td style="TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> RMB4,232,012,975</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> &nbsp;</td> <td style="FONT-SIZE: 10pt">&nbsp;</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&nbsp;</td> <td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&nbsp;</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&nbsp;</td> <td style="FONT-SIZE: 10pt">&nbsp;</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&nbsp;</td> <td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">&nbsp;</td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">&nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> &nbsp;</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> &nbsp;</td> <td style="TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> RMB4,232,012,975</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> &nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif">&nbsp;</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</td> <td style="TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif"> RMB65,476,299</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The long-lived assets represent property, plant and equipment for production of cell production line that had become obsolete (Note 10).</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of FASB Codification Subtopic 360-10, long-lived assets held and used with a carrying amount of RMB65,476,299 were written down to their fair value of RMB 0, resulting in an impairment charge of RMB65,476,299, which was calculated based on Level 3 Inputs and included in earnings for the period.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> -309052 16131208 16408445 -96851674 483581668 387777235 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ad. Fair value of financial instruments</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). A hierarchy is established for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value shall maximize the use of observable inputs.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> When available, the Company measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. Pricing information the Company obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Company generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and the Company&#39;s evaluation of those factors changes. Although the Company uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Company&#39;s consolidated assets, liabilities, equity and net income.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#39;s financial instruments consist principally of cash and cash equivalents, restricted cash, short-term investments, accounts and notes receivable, forward contract receivable, other receivables, prepayments and other current assets, capped call options, accounts and notes payable, other payables and accruals, forward contract payables, bonds payable, short-term borrowings, long-term borrowings, guarantee liabilities and convertible senior notes.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company elects to classify the cash flows related to realized gain or loss on settlement of foreign exchange forward contracts as operating activities, which are based on the nature of the cash flows the derivative is economically hedging.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 96851674 398030217 1054522 286275 833930 570784 682373 780427 832747 1274392 1347193 6153728 2595474 6.2301 -10143414 -36472691 -5854271 -138994253 291950 49615 7964 -1204936 1047241 21567522 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>c. Foreign currency translation</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group&#39;s reporting currency is the Renminbi ("RMB"), the official currency in the PRC. The Company and certain subsidiaries use RMB as their functional currency. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates quoted by the People&#39;s Bank of China (the "PBOC") prevailing at the dates of the transactions. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations. Monetary assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the applicable balance sheet dates. All such exchange gains or losses are included in exchange loss in the consolidated statements of operations.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For consolidation purpose, the financial statements of the Company&#39;s subsidiaries whose functional currencies are other than the RMB are translated into RMB using exchange rates quoted by PBOC. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses and gains and losses are translated using the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of in accumulated other comprehensive income in the consolidated statement of comprehensive income/ (loss).</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the People&#39;s Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in China&#39;s foreign exchange trading system market. The Company&#39;s aggregate amount of cash, cash equivalents and restricted cash denominated in RMB amounted to RMB461.7 million and RMB382.8million as of December 31, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 29000000 7000000 93200000 23310000.00 60058 -1739587 -5061124 -812366 -2488103 17400000 -4030000 160649128 760807250 122117984 419291812 45645832 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>p. Goodwill</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Goodwill represents the excess of (i) the aggregate of (a) the consideration transferred measured in accordance with ASC 805, which generally requires acquisition-date fair value; (b) the fair value of any noncontrolling interests in the acquiree; and (c) in a business combination achieved in stages, the acquisition-date fair value of the acquirer&#39;s previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree. If the consideration transferred is less than the fair value of the net assets acquired, the difference is recognized as a gain directly in the consolidated statement of operations. In a business combination, any acquired intangible assets that do not meet separate recognition criteria as specified in ASC 805 are recognized as goodwill.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. In December of each year, the Company tests impairment of goodwill at the reporting unit level and recognizes impairment in the event that the carrying value exceeds the fair value of each reporting unit. The Company performs a two-step goodwill impairment test. The first step, identifying potential impairment, compares the fair values of each reporting unit to its carrying amount, including goodwill. If the carrying value of the reporting unit exceeds its fair value, the second step would need to be conducted; otherwise, no further steps are necessary as no potential impairment exists. The second step, measuring the impairment loss, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Any excess of the reporting unit goodwill carrying value over the respective implied value is recognized as an impairment loss.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> An impairment loss of nil, RMB45,645,832 and nil was recorded for the years ended December 31,2010, 2011 and 2012, respectively. See Note 3. "Goodwill" to the Company&#39;s consolidated financial statements for additional information on the Company&#39;s goodwill impairment tests.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>o. Intangible assets</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Intangible assets include purchased software and fees paid to register trademarks, which are amortized on a straight-line basis over their estimated useful lives, which are 5 or 10 years.</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="COLOR: black; TEXT-ALIGN: left; WIDTH: 0.25in"> <strong>3.</strong></td> <td style="COLOR: black; TEXT-ALIGN: justify"> <strong>GOODWILL</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2009, the Company acquired 100% equity interest in Zhejiang Jinko for a total consideration of approximately RMB100 million. The acquisition was consummated on June 30, 2009. Consequently, the Company consolidated the financial statements of Zhejiang Jinko starting from June 30, 2009. Zhejiang Jinko was established in August 2006 and is a manufacturer of solar cells. This acquisition allows the Company to expand its business to manufacturing of solar cells.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2010, the RMB45,645,832 in goodwill related to our reporting unit represented goodwill allocated from the acquisitions of Zhejiang Jinko in 2009. The allocation of all the goodwill from the acquisition to our reporting unit represented the expected synergies, economies of scale and vertical integration our business would realize from using our solar modules in the project pipelines obtained from the acquisition. Once goodwill has been assigned to a reporting unit, for accounting purposes, the goodwill is no longer directly associated with the underlying acquisitions that the goodwill originated from, but rather the reporting unit to which it has been allocated. The Group is considered as one single reporting unit.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company commenced its annual goodwill impairment test in October 2011. However, considering qualitative factors including the continuing reduction in our market capitalization for the quarters ended September 30, 2011 and December 31, 2011 and the fiscal 2012 solar industry outlook, we concluded that a two-step goodwill impairment test was required for our reporting unit.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In estimating the fair value of the reporting unit in the first step of the impairment test, significant management judgment was required. In using the income approach methodology of valuation, estimates to determine the fair value of the reporting unit included management judgment related to forecasts of future operating results, discount rates, and expected future growth rates that are used in the discounted cash flow method of valuation. In using the market approach methodology of valuation, management made judgments related to the selection of comparable businesses. The sum of the fair value of the reporting unit is also compared to the Company&#39;s external market capitalization in order for management to assess the appropriateness of such estimates. The underlying assumptions used in the first step of the impairment test considered the market capitalization as of December 31, 2011 and the current industry environment and its expected impact on the fair value of the reporting unit. The Company determined that the fair value of the reporting unit was less than the carrying value, which required us to perform the second step of the impairment test for the components reporting unit.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Management performed the second step of the impairment test to determine the implied fair value of goodwill for the reporting unit, which requires management to allocate the fair value of the reporting unit determined in step one to all of the assets and liabilities including any unrecognized intangible assets of the components reporting unit. Management determined the implied fair value of goodwill in the reporting unit to be zero. As a result, we impaired all of the goodwill in the reporting unit and recorded RMB45,645,832 of impairment expense, which also represents the accumulated goodwill impairment losses.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 45645832 45645832 1357385809 232237115 37276627 1149851154 1500000 1500000 17000000 50000000 5376071 65476299 10509671 65476299 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>s. Impairment of long-lived assets</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The</font> Group<font style="COLOR: black">&#39;s long-lived assets include property, plant and equipment, project assets and other intangible assets with finite lives. The</font> Group<font style="COLOR: black">&#39;s business requires heavy investment in manufacturing equipment that is technologically advanced, but can quickly become significantly under-utilized or rendered obsolete by rapid changes in demand for solar power products produced with those equipment.</font></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amount of an asset may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets and significant negative industry or economic trends. The Group may recognize impairment of long-lived assets in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to these assets. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss, if any, is recognized for the difference between the fair value of the asset and its carrying value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses. .</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 1028003621 -1552717375 -249228323 354398624 881873227 -1542422068 -247575815 273342819 -2187039 -136614196 246885595 1032571112 -1191217775 127032230 -2380452 -224901695 -19519201 884060266 -1405807872 -225647722 26457224 -16291 -2615 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; WIDTH: 0.25in"><strong>5.</strong></td> <td style="COLOR: black; TEXT-ALIGN: left"> <strong>TAXATION</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company and its subsidiaries file separate income tax returns.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Cayman Islands</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Under the current laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, upon any payment of dividends by the Company, no Cayman Islands withholding tax is imposed.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>People&#39;s Republic of China</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On March 16, 2007, the National People&#39;s Congress approved the Corporate Income Tax Law of the People&#39;s Republic of China (the "CIT Law") with effective on January 1, 2008. The CIT Law enacted a statutory income tax rate of 25%. As foreign invested enterprises, Jiangxi Jinko and Zhejiang Jinko are entitled to a two year tax exemption from CIT and a 50% CIT reduction for the succeeding three years thereafter. Jiangxi Jinko and Zhejiang Jinko are each subject to CIT rate of 12.5% starting from year 2010 to year 2012.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Additionally, under the CIT Law, 10% withholding income tax ("WHT") will be levied on foreign investors for dividend distributions from foreign invested enterprises&#39; profit earned after January 1, 2008. For certain treaty jurisdictions such as Hong Kong which has signed double tax arrangement with the PRC, the applicable WHT rate could be reduced to 5% if foreign investors directly hold at least 25% shares of invested enterprises at any time throughout the 12-month period preceding the entitlement to the dividends and they are also qualified as beneficial owners to enjoy the treaty benefit. The Company was not considered to fulfill above criteria as of December 31, 2012and therefore the applicable WHT rate was 10%. Deferred income taxes are not provided on undistributed earnings of the Company&#39;s subsidiaries that are intended to be permanently reinvested in China. Cumulative undistributed earnings of the Company&#39;s PRC subsidiaries intended to be permanently reinvested totaled RMB450,780,918 and the amount of the unrecognized deferred tax liability on the permanently reinvested earnings was RMB45,078,092 as of December 31, 2012.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Hong Kong</em></strong></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#39;s subsidiaries established in Hong Kong, Paker and JinkoSolar International, are subject to Hong Kong profit tax at a rate of 16.5% on its assessable profit.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>European Countries</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Jinko Switzerland is incorporated in Switzerland and according to its current business model where it employs limited staff and generates income exclusively from trading activities conducted outside Switzerland, is subject to a combined federal, cantonal and communal tax rate of 8.62% in 2012.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Jinko GMBH is incorporated in Germany and is subject to Germany profit tax rate of approximately 33% on the assessable profit.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Jinko Italy is incorporated in Italy and is subject to corporate income tax at 31.4%.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Jinko France is incorporated in France and is subject to corporate income tax at 33.33%.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>United States</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Both Jinko US and Jinko US Holding are incorporated in Delaware, the United States. Jinko US and Jinko US Holding do not conduct any business in Delaware, thus, they are not subject to Delaware State income tax. Jinko US conducts business in California. It is subject to a progressive federal corporate income tax from 15% to 35% and California state income tax of 8.84%, which is deductible for federal income tax purpose.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Canada</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Jinko Canada is incorporated in Canada and is subject to a federal corporate income tax of 15% and provinces and territories income tax of 11%.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Australia</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Jinko Australia is incorporated in Australia and is subject to corporate income tax at 30%.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Composition of Income Tax Expense</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Income/(loss) before income taxes for the years ended December 31, 2010, 2011 and 2012 were taxed within the following jurisdictions:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Cayman Islands</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (2,187,039</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 246,885,595</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">(136,614,196</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">PRC</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,032,571,112</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">127,032,230</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(1,191,217,775</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Other countries</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (2,380,452</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (19,519,201</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (224,901,695</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Income/(Loss) before income taxes</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1,028,003,621</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 354,398,624</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (1,552,733,666</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">)</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the year ended December 31, 2011 and 2012, the earnings (losses) attributed to Cayman Islands was mainly due to the fair value gain (loss) from convertible senior notes and capped call options.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The current and deferred positions of income tax expense included in the consolidated statement of operations for the years ended December 31, 2010, 2011 and 2012 are as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Current income tax (expense)/benefit</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 55%; COLOR: black"> PRC</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (138,020,196</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (76,792,019</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 7,561,393</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> Other countries</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (71,536</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 838,169</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Total current income tax expense/benefit</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(138,020,196</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(76,863,555</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">8,399,562</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Deferred PRC tax (expense)/benefit</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (8,110,198</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (4,209,187</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 518,086</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Income tax benefit/(expense)</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (146,130,394</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (81,072,742</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 8,917,648</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Reconciliation of the differences between statutory tax rate and the effective tax rate</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Reconciliation between the statutory CIT rate and the Company&#39;s effective tax rate is as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">Year Ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">%</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">%</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">%</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 61%; COLOR: black">Statutory CIT rate</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">25</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">25</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">(25</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Effect of permanent differences:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Share-based compensation expenses</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.6</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.7</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.3</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Change in fair value of convertible senior notes and capped call options</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(21.1</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1.6</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Goodwill impairment</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3.2</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Accrued payroll and welfare expenses</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.9</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4.4</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.8</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Change of enact tax rate</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(7.5</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Effect of prior year tax difference (1)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(0.6</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Other non-deductible expenses</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">5.6</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.8</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Difference in tax rate of a subsidiary outside the PRC</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.0</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(0.9</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.9</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Effect of tax holiday for subsidiaries</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(12.9</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(13.2</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6.9</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Change in valuation allowance</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 0.6</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 19.1</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 21.2</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Effective CIT rate</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 14.2</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 22.8</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (0.6</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> (1) The Company recorded an out-of-period adjustment of RMB12,146,071 resulting from income tax filing difference for two PRC entities, which should have been recorded in the year ended December 31, 2011. The originating amount in 2011 was not material to the 2011 consolidated financial statements, nor was the out of period adjustment recorded in 2012 material to the 2012 consolidated financial statements.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>The aggregate amount and per share effect of reduction of CIT for certain PRC subsidiaries as a result of tax holidays are as follows:</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 61%; COLOR: black">The aggregate amount of effect</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 132,120,599</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 46,723,125</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Per share effect-basic</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1.76</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.50</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Per share effect-diluted</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1.64</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.46</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Significant components of deferred tax assets-current</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Net operating losses</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 74%; COLOR: black">Provision for inventories, accounts receivable, other receivable</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 57,690,574</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 170,795,477</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Change in fair value of forward contracts</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(14,042,284</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(1,749,190</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued warranty costs</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,688,813</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,952,344</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued interest</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,529,370</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Other temporary differences</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 599,211</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (5,153,313</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Total deferred tax assets</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">45,936,314</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">175,374,688</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: Valuation allowance</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (45,936,314</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (175,374,688</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Net deferred tax assets-current</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Significant components of deferred tax assets-non-current</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 74%; COLOR: black">Net operating losses</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 13,970,679</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 91,384,912</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued warranty costs</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">12,485,470</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">25,690,397</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Increase in fair value of property, plant and equipment and land use rights arising from business combination</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(2,920,881</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(3,532,006</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Impairment of property, plant and equipment</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">598,075</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">10,744,006</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Provision for advance to suppliers to be utilized beyond one year</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">56,931,594</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Provision of prepayment for purchase of property, plant and equipment</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">11,048,442</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Pre-operating expenses of a subsidiary that are deductible in future periods</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">50,487</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Assets related government grant</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,131,413</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,726,539</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Timing difference for revenue recognition of retainage contract</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(28,557,111</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Other temporary differences</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 715,514</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (65,135</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Total deferred tax assets</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">28,030,757</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">227,485,860</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: Valuation allowance</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (28,030,757</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (227,485,860</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Deferred tax assets-non-current, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Movement of valuation allowances</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">At beginning of year</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (1,994,833</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (6,308,714</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (73,967,071</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Current year additions</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(4,517,852</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(69,445,609</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(329,813,147</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Reversal of valuation allowances</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 203,971</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,787,252</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 919,670</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> At end of year</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (6,308,714</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (73,967,071</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (402,860,548</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Valuation allowances were determined by assessing both positive and negative evidence and have been provided on the net deferred tax asset due to the uncertainty surrounding its realization. As of December 31, 2011 and 2012, valuation allowances of RMB73,967,071 and RMB402,860,548 were provided against deferred tax assets because it was more likely than not that such portion of deferred tax will not be realized based on the Group&#39;s estimate of future taxable incomes of all its subsidiaries. If events occur in the future that allow the Group to realize more of its deferred tax assets than the presently recorded amount, an adjustment to the valuation allowances will result in a non-cash income statement benefit when those events occur.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 59968864 26447159 4245062 140611920 146130394 -8917648 -1431381 81072742 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>aa. Income Taxes</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The accounting for uncertain tax positions requires that the Company recognizes in the consolidated financial statements the impact of an uncertain tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group&#39;s policy is to recognize, if any, tax related interest as interest expenses and penalties as general and administrative expenses. For periods presented, the Group did not have any interest and penalties associated with uncertain tax positions in the year ended December 31, 2010, 2011 and 2012 as there were no uncertain tax positions.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 12146071 282452726 991337723 159120676 25056512 16417507 -4133808 -663522 44435210 373984543 897969098 144133977 1340304800 1662280 -27696952 -4445668 571729995 92200131 -32880865 -5277743 -59315991 128400891 -9826997 -1577342 -77627705 61864602 29738283 4773324 79793458 -97160726 -15595372 299747707 309052 98282510 18200000 54938 83807971 -51990656 -8345076 -24377786 -96851674 -15545766 398030217 -309052 -49606 -98282510 -1500000 -240767 603924606 62224526 9987725 180222899 -13301730 -15855857 -2545041 17279630 161928786 66006025 10594698 260642981 886756 647916 104000 -19959953 -5236700 57573276 9241148 31341556 399444 5149138 826494 291798 282504242 -395021362 -63405300 426961717 -2795634 -769436 -123503 -2567600 222538376 35248372 5657754 -159941605 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>13.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 96%"> <strong>INTANGIBLE ASSETS, NET</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Intangible assets and their related amortization are as follow:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black"> Trademark</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,347,193</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,274,392</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Computer software</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,595,474</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,153,728</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: accumulated amortization</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (286,275</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (1,054,522</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Intangible assets, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,656,392</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 6,373,598</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Amortization expense was RMB58,219, RMB223,926 and RMB764,312 for the years ended December 31, 2010, 2011 and 2012, respectively. Amortization expense for each of the next five years will be approximately RMB833,930, RMB832,747, RMB780,427, RMB682,373 and RMB570,784, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>n. Land use rights</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Land use rights represent fees paid to obtain the right to use land in the PRC. Amortization is computed using the straight-line method over the terms specified in land use right certificates of 50 years or 70 years, as applicable.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 6373598 1023033 3656392 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>l. Interest Capitalization</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The interest cost associated with major development and construction projects is capitalized and included in the cost of the property, plant and equipment or project assets. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Group capitalizes interest on amounts expended on the project at the Group&#39;s weighted average cost of borrowed money. Interest expense capitalized for the years ended December 31, 2010, 2011 and 2012 were RMB2,147,440, RMB3,505,464 and RMB7,507,649, respectively.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 2147440 7507649 3505464 -64268374 -221719806 -35588483 -182502237 1342 -31043624 -4982847 -19844874 63880195 223163459 35820205 202038731 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px">&nbsp;</td> <td style="COLOR: black; WIDTH: 0.25in"><strong>8.</strong></td> <td style="COLOR: black; TEXT-ALIGN: left"> <strong>INVENTORIES</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Inventories consisted of the following:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Raw materials</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 85,429,622</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 80,712,251</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Work-in-progress</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">161,793,585</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">92,719,649</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Finished goods</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 550,852,122</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 354,530,478</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 798,075,329</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 527,962,378</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Write-down of the carrying amount of inventory to its estimated market value was RMB29,602,473, RMB201,662,101 and RMB332,337,477 for the years ended December 31, 2010, 2011 and 2012, respectively, and were recorded as cost of revenues in the consolidated statements of operations. Inventories are pledged as collateral for the Group&#39;s borrowings (Note 17).</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 354530478 550852122 527962378 84743805 798075329 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>j. Inventories</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Inventories are stated at the lower of cost or market. Cost is determined using the weighted average method. Provisions are made for excess, slow moving and obsolete inventories as well as for inventories with carrying values in excess of market. Certain factors could impact the realizable value of inventory, so the Group continually evaluates the recoverability based on assumptions about customer demand and market conditions. The evaluation may take into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, and other factors. The reserve or write-down is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact the Group&#39;s gross margin and operating results. If actual market conditions are more favorable, the Group may have higher gross margin when products that have been previously reserved or written down are eventually sold. The sale of previously reserved inventory did not have a material impact on our gross margin percentage for any of the years presented.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In addition, the Group analyzes its firm purchase commitments, which currently consist primarily of the long-term fixed price polysilicon supplier agreements, at each period end. Provision is made in the current period when the anticipated inventories cost from future execution of such supplier agreement is in excess of market. There was no loss provision recorded related to these long-term contracts for each of the three years ended December 31, 2010, 2011 and 2012.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 80712251 85429622 92719649 161793585 29602473 332337477 53343843 201662101 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>f. Short-term investments</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Short-term investments represent the bank time deposits with original maturities longer than three months and less than one year. As of December 31, 2012, RMB662.8 million of short-term investments were held as collateral for issuance of letters of credit, guarantee or bank acceptance notes, compared with RMB448.4 million of short-term investments held as collateral for issuance of letters of credit, guarantee or bank acceptance notes as of December 31, 2011.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 1325667558 212784315 2703338634 2017-12-31 2017-12-31 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>t. Leases</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Leases are classified as capital or operating leases. A lease that transfers to the lessee substantially all the benefits and risks incidental to ownership is classified as a capital lease. At inception, a capital lease is recorded at the present value of minimum lease payments or the fair value of the asset, whichever is less. Assets under capital leases are amortized on a basis consistent with that of similar fixed assets or the lease term, whichever is less. Operating lease costs are recognized on a straight-line basis over the lease term.</p> <!--EndFragment--></div> </div> 6998508914 1123338137 6271225763 552184416 88631711 458789551 8372320321 1343850071 9176399341 1917306710 307748946 3353980066 6238443457 1001339219 5642586602 68602748 11011501 71012316 100000000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; WIDTH: 0.25in"><strong>6.</strong></td> <td style="COLOR: black; TEXT-ALIGN: left"><strong>ACCOUNTS RECEIVABLE, NET-THIRD PARTIES</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 92%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Accounts receivables</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,779,953,029</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 2,386,356,664</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Allowance for doubtful accounts</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (179,746,165</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (673,671,445</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Accounts receivable, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1,600,206,864</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1,712,685,219</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Movement of allowance of doubtful accounts</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">At beginning of year</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 2,800,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 378,888</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 179,746,165</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Addition</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">8,534,372</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">184,990,129</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">541,662,539</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Write-off</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(10,764,771</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(24,140</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Reversal</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (190,713</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (5,598,712</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (47,737,259</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> At end of year</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 378,888</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 179,746,165</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 673,671,445</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group assesses creditworthiness of customers before granting any credit terms. This assessment is primarily based on reviewing of customer&#39;s financial statements and historical collection records, discussion with customers&#39; senior management, and reviewing of information provided by third parties, such as Dun &amp; Bradstreet and the insurance company that ultimately insures the Group against customer credit default (Note 9). The significant increase of provisions for accounts receivable in 2012 is mainly due to the adverse economic development in solar industry, especially in Europe, resulting in the reduction in feed-in-tariffs in various countries and the decrease in debt financing available for the development of PV projects, as well as the shift in market practice towards increased use of credit sales and the longer credit terms, which in general would lead to higher risk of bad debts.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 328000000 392000000 495000000 547750000 313689778 50350681 1039635333 328000000 167000000 167000000 26805348 155500000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>16.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 96%"> <strong>BONDS PAYABLE AND ACCRUED INTEREST</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On January 14, 2011, Jiangxi Jinko issued short-term bonds with a principal amount of RMB300,000,000 which bears interest at the rate of 5.28% per annum, and the bond was repaid on January 14, 2012. On March 24, 2011, Jiangxi Jinko issued short-term bonds with a principal amount of RMB300,000,000 which bears interest at the rate of 5.6% per annum, and the bond was repaid on March 23, 2012. On July 11, 2011, Jiangxi Jinko issued short-term bonds with a principal amount of RMB400,000,000 which bears interest at the rate of 6.5% per annum, and the bond was repaid on July11, 2012.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On April 24, 2012, Jiangxi Jinko issued short-term bonds with a principal amount of RMB300,000,000 which bears interest at the rate of 6.3% per annum, and the bond was subsequently repaid on April 23, 2013.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Bonds payable are all issued at face value, unsecured and mature within 12 months from the issuance date.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 145515 23357 12000000 14000000 8000000 24400000 2700000 20400000 5000000 5000000 74667 4800000 4800000 P1M P12M 8689113 1394699 9983063 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <strong>1.</strong></td> <td style="TEXT-ALIGN: justify"><strong>ORGANIZATION AND NATURE OF OPERATIONS</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: -0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> JinkoSolar Holding Co., Ltd. (the "Company") was incorporated in the Cayman Islands on August 3, 2007. On May 14, 2010, the Company became listed on the New York Stock Exchange ("NYSE") in the United States. The Company and its subsidiaries (collectively the "Group") are principally engaged in the design, development, production and marketing of photovoltaic products and also provide solar system integration services as well as developing commercial solar power projects.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2009, the Company acquired 100% equity interest in Zhejiang Jinko for a total consideration of RMB100 million. The acquisition was consummated on June 30, 2009. Consequently, the Company consolidated the financial statements of Zhejiang Jinko starting from June 30, 2009. Zhejiang Jinko is a solar cell manufacturer which was also one of Jiangxi Jinko&#39;s major solar wafer customers before the acquisition.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> JinkoSolar Technology Limited ("Paker", formally known as Paker Technology Limited) was incorporated in Hong Kong as a limited liability company on November 10, 2006 by a Hong Kong citizen and a citizen of People&#39;s Republic of China ("the PRC"), who held the investment on behalf of three PRC shareholders (the "Shareholders") via a series of entrustment agreements. On December 16, 2008, all of the then existing shareholders of Paker exchanged their respective shares of Paker for equivalent classes of shares of the Company (the "Share Exchange"). As a result, Paker became a wholly-owned subsidiary of the Company. On December 13, 2006, Paker established Jinko Solar Co., Ltd. ("Jiangxi Jinko") as a wholly foreign owned enterprise in Shangrao, Jiangxi province, the PRC.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table sets forth information concerning the Company&#39;s major subsidiaries as of December 31, 2012:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap"><strong>Subsidiaries</strong></td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2" nowrap="nowrap"> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Date of Incorporation</strong></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>/Acquisition</strong></p> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap"> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Place of</strong></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Incorporation</strong></p> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2" nowrap="nowrap"><font style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"><strong> Percentage of</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"><strong> Ownership</strong></font></td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2"> &nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: bottom" colspan="2"> &nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left; WIDTH: 45%"> JinkoSolar Technology Limited ("<em>Paker</em>")</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom"> &nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top; WIDTH: 20%"> November 10, 2006</td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: top"> &nbsp;</td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: top"> &nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top; WIDTH: 18%"> Hong Kong</td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: top"> &nbsp;</td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: top"> &nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top; WIDTH: 10%"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top; WIDTH: 1%"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar International Limited ("<em>JinkoSolar International</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> November 25, 2009</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Hong Kong</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jinko Solar Co., Ltd. ("<em>Jiangxi Jinko</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 13, 2006</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jinko Solar Import and Export Co., Ltd. ("<em>Jinko Import and Export</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 24, 2009</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Zhejiang Jinko Solar Co., Ltd.("<em>Zhejiang Jinko</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> September 30, 2009</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Zhejiang Jinko Trading Co., Ltd.("<em>Zhejiang Trading</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> June 13, 2010</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Delingha Ruiqida Solar Power Co., Ltd ("<em>Delingha Solar Power</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 6, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 88.7</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jiangxi Photovoltaic Materials Co., Ltd ("<em>Jiangxi Materials</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 1, 2010</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar (Switzerland) AG("<em>Jinko Switzerland</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> May 3, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Switzerland</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar GmbH ("<em>Jinko GmbH</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> April 1, 2010</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Germany</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar (U.S.) Inc. ("<em>Jinko US</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> August 19, 2010</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> USA</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar (US) Holdings Inc.("<em>Jinko US Holding</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> June 7, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> USA</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar Italy S.R.L. ("<em>Jinko Italy</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> July 8, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Italy</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar SAS ("<em>Jinko France</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> September 12, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> France</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jinko Solar Canada Co., Ltd ("<em>Jinko Canada"</em>)</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> November 18, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Canada</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jinko Solar Australia Holdings Co. Pty Ltd ("<em>Jinko Australia</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 7, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Australia</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Gansu Longchang Solar Power Co., Ltd. ("<em>Longchang</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> April26, 2012</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Hainanzhou Zhongnan Solar Electricity Co., Ltd. ("<em>Hainanzhou</em>")</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom">&nbsp;</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> July 30, 2012</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 1696817210 -370708322 -59502789 3120496240 816362374 605275092 -1552545215 -500772189 -80379478 -2433671124 -821266865 -543555 -87247 230413050 716250943 114966204 -766209901 14130178 -14522589 -2331036 -596344314 881873227 -1542422068 -247575813 273342819 881873227 -1542422068 -247575815 273342819 -1393950 -223744 -16937 835803645 -1542422068 -247575813 273342819 835803645 -1542422068 -247575815 273342819 881873227 -1542422068 -126399110 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>am. Recent accounting pronouncements</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In May 2011, the FASB issued ASU 2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs". This ASU is the result of joint efforts by the FASB and International Accounting Standards Board to develop a single, converged fair value framework. The guidance is largely consistent with existing fair value measurement principles in U.S. GAAP. The guidance expands the existing disclosure requirements for fair value measurements and makes other amendments. The guidance is to be applied prospectively and is effective for interim and annual periods beginning after December 15, 2011. Early application is not permitted. We adopted the new guidance since January 1, 2012, and the adoption of this pronouncement did not have a significant effect on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2011, the FASB issued ASU 2011-05, "Comprehensive Income (Topic 220), Presentation of Comprehensive Income." The ASU revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in ASC 220, "Comprehensive Income," and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The ASU does not change the items that must be reported in other comprehensive income. In December 2011, the FASB issued ASU 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05." This ASU defers the requirement in ASU 2011-05 that entities present reclassification adjustments for each component of accumulated other comprehensive income ("AOCI") in both net income and other comprehensive income on the face of the financial statements. ASU 2011-12 requires entities to continue to present amounts reclassified out of AOCI on the face of the financial statements or disclose those amounts in the notes to the financial statements. The effective date of ASU 2011-12 is consistent with ASU 2011-05, which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 for public entities. We adopted this ASU since January 1, 2012, and changed the Company&#39;s presentation of comprehensive income in its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In September 2011, the FASB issued ASU 2011-08, "Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment". This ASU permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. The amendments in this ASU apply to all entities, both public and nonpublic, that have goodwill reported in their financial statements. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted, including for annual and interim goodwill impairment tests performed as of a date before September 15, 2011, if an entity&#39;s financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. We adopted the new guidance since January 1, 2012, and the adoption of this pronouncement did not have a significant effect on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On December 16, 2011, the FASB issued ASU 2011-11, "Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities," which contains new disclosure requirements regarding the nature of an entity&#39;s rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The new disclosures are designed to make financial statements that are prepared under US GAAP more comparable to those prepared under IFRSs. To facilitate comparison between financial statements prepared under US GAAP and IFRSs, the new disclosures will give financial statement users information about both gross and net exposures. The new disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods therein; retrospective application is required. The Company does not expect that the adoption of this ASU will have a material effect on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In July 2012, the FASB issued ASU 2012-02, Intangibles - Goodwill and Other (Topic 350), <em>Testing Indefinite-Lived Intangible Assets for Impairment</em>. ASU 2012-02 gives companies an option to first assess qualitative factors to determine whether the existence of events and circumstances indicate it is more-likely-than-not that an indefinite-lived intangible asset is impaired. If based on its qualitative assessment, a company concludes that it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, quantitative impairment testing is required. However, if a company concludes otherwise, quantitative impairment testing is not required. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company does not expect the adoption of this accounting standard in the first quarter of 2013 to have an impact on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income". This update does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, this update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This update is effective prospectively for reporting periods beginning after December 15, 2012 for public entities. The Company does not expect the adoption of this accounting standard beginning on January 1, 2013 to have a material impact on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 4232012975 4232012975 1423773 228531 17279630 1149136512 184449128 909830626 367463517 1465724319 235264976 833965456 5867589 8459461 1357838 7319613 989922292 -1233487204 -197988349 315885698 -5867589 -8459461 -1357838 -7319613 25463072 9997574 1637673 1809349 2674185 7956089 1388202 4455490 8588661 5493427 1500000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>14.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 96%"> <strong>OTHER ASSETS</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Other assets consisted of the following:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Prepayments for purchase of property, plant and equipment</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 92,723,986</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 36,411,466</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepayments for land use right</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,245,240</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepayment for warranty insurance premium</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">26,565,738</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">44,228,323</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid service fee-non-current portion</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,911,937</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,114,886</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Others</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 941,025</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 454,998</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 129,387,926</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 82,209,673</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 65476299 82209673 13195562 129387926 36411466 92723986 4245240 44228323 26565738 1114886 4911937 454998 941025 371006 -134611 371006 59551 -134611 12063712 1773995 7404779 1188549 5680539 -10000000 3332320 29637 1606077 1472802 95600000 117003600 117003600 17200000 2800000 6000000 56857774 56857774 31924842 31924842 5584599 896390 821266865 543555 87247 730196 3481518 558822 2929210 35200000 5649990 1391451906 223343429 459509189 1307932241 121324977 19474002 1780218312 469000 867300 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>19.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>EMPLOYEE BENEFITS</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="BACKGROUND-COLOR: white; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-ALIGN: justify"> The full-time employees of the Company&#39;s subsidiaries incorporated in the PRC are entitled to staff welfare benefits, including medical care, welfare subsidies, unemployment insurance and pension benefits and housing funds. These companies are required to pay for these benefits based upon certain percentages of employees&#39; salaries in accordance with the relevant regulations, and to make contributions to the state-sponsored housing, pension and medical plans from the amounts accrued for housing, medical and pension benefits. The total amounts charged to the consolidated statements of operations for such employee benefits were RMB40,122,159, RMB72,700,241 and RMB37,134,122 for the years ended December 31, 2010, 2011 and 2012, respectively. The unpaid balances of liability accrued for such employee welfare benefits were RMB118,271,256 and RMB154,819,927 as of December 31, 2011 and 2012, respectively. The unpaid balance of penalty accrued for employee welfare benefits were RMB1,773,995 and RMB12,063,712 as of December 31, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The PRC government is responsible for the medical benefits and ultimate pension liability to these employees.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 36360880 30000000 40300000 388138496 95798430 141339404 92969587 95977919 42742315 108925069 888135724 171333024 134640918 99923017 81425922 81425922 42742315 108925069 888135724 319953046 17479734 13433242 13433242 17479734 13433242 17479734 15156606 15156606 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>20.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>REDEEMABLE CONVERTIBLE PREFERRED SHARES</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On May 30, 2008, Paker issued 107,503 shares (5,375,150 shares post 2009 Share Split) of Series A Redeemable Convertible Preferred Shares at US$223.25 per share, for a total consideration of US$24,000,000. On September 18, 2008, Paker issued 148,829 shares (7,441,450 shares post 2009 Share Split) of Series B Redeemable Convertible Preferred Shares at US$236.51 per share, for a total consideration of US$35,200,000.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On December 16, 2008, all the then existing shareholders of Paker exchanged their respective classes of shares of Paker, including the Series A Redeemable Convertible Preferred Shares and Series B Redeemable Convertible Preferred Shares ("the Preferred Shares"), for equivalent classes of shares of the Company.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The par value of the Company&#39;s Preferred Shares was US$0.001 per share (US$0.00002 per share post 2009 Share Split). The rights, preferences and privileges of the Preferred Shares were as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Conversion</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Preferred Shares were convertible into ordinary shares at any time at the option of the preferred shareholders. Automatic conversion would occur based upon the then effective conversion price immediately upon the closing of a Qualified Initial Public Offering ("QIPO") or at the election of the holders of at least 67% of the then outstanding Preferred Shares. Prior to the amendment referred to below, the QIPO was defined as a public offering on Nasdaq or other internationally recognized stock exchange with gross proceeds to the Company of not less than US$150,000,000 and total market capitalization, as a result of the offering, of not less than US$750,000,000. On September 15, 2009, an amendment was executed which changed the definition of a QIPO. Under the amendment, "QIPO meant a fully underwritten initial public offering of the Company&#39;s shares or ADSs with a listing on the NYSE;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The conversion price of the Preferred Shares was equal the original issue price of the Preferred Shares. Pursuant to the share purchase agreements and agreements between the holders of the Preferred Shares and the Shareholders, the conversion price was subject to adjustments based on the Company&#39;s 2008 adjusted net earnings ("2008 Performance") as set out below:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Series A Redeemable Convertible Preferred Shares</strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> If the Company&#39;s 2008 Performance was less than RMB225 million but greater than RMB175 million, or greater than RMB275 million but not greater than RMB325 million, the conversion price of the Series A Redeemable Convertible Preferred Shares should have been adjusted based on a defined formula.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> However, if all of the Series A Redeemable Convertible Preferred Shares have been converted into the Company&#39;s ordinary shares at the time when the Company&#39;s 2008 Performance becomes known, the Shareholders and the holders of the Series A Redeemable Convertible Preferred Shares should have transferred ordinary shares amongst them, so that as the result of such transfer, the percentages of the total ordinary shares held by the holders of Series A Redeemable Convertible Preferred Shares equal the percentages of ordinary shares that the Series A Redeemable Convertible Preferred Shares would have converted into, after taking into effect such adjustment to the conversion price.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#39;s 2008 Performance was within the range of RMB225 million and RMB275 million. Therefore, no adjustment was made to the conversion price of Series A Redeemable Convertible Preferred Shares as of December 31, 2008.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Series B Redeemable Convertible Preferred Shares</strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> If the Company&#39;s 2008 Performance was less than RMB250 million but greater than RMB200 million or greater than RMB250 million but not greater than RMB300 million, the conversion price of the Series B Redeemable Convertible Preferred Shares should have been adjusted based on a defined formula. The adjustment formula took into consideration factors such as the amount of the investment made by the holders of the Series B Redeemable Convertible Preferred Shares, the amount of the investment made by the holders of the Series A Redeemable Convertible Preferred Shares and the Company&#39;s 2008 Performance. The formula was designed to adjust the number of conversion shares held by the holders of the Series B Redeemable Convertible Preferred Shares, if converted so that the percentage of the shares held by the holders of the Series B Redeemable Convertible Preferred Shares in the Company&#39;s issued and outstanding share capital equaled the ratio of (i) the amount of investment made by them in the Company to (ii) the value of the Company calculated based on the 2008 Performance.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> However, if all of the Series B Redeemable Convertible Preferred Shares have been converted into the Company&#39;s ordinary shares at the time when the Company&#39;s 2008 Performance becomes known, the Shareholders and the holders of the Series B Redeemable Convertible Preferred Shares should have transferred ordinary shares amongst them, so that as a result of such transfer, the percentages of the total ordinary shares held by the holders of Series B Redeemable Convertible Preferred Shares equal the percentages of ordinary shares that the Series B Redeemable Convertible Preferred Shares would have converted into, after taking into effect such performance adjustment to the conversion price. The Company&#39;s 2008 performance was below RMB250 million, hence the conversion ratio of the Series B Redeemable Convertible Preferred Shares was adjusted from 1 for 1 to 1 to approximately 1.0054 based on the Company&#39;s 2008 Performance. Such adjustment did not result in a beneficial conversion feature.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> If the value of each ordinary share issuable upon the automatic conversion of the Series B Redeemable Convertible Preferred Shares in connection with a QIPO was less than the defined target IPO price per share, then the Shareholders would be required to transfer to the holders of Series B Redeemable Convertible Preferred Shares in connection with the auto conversion of their shares a number of ordinary shares the value of which, at the QIPO price per share, when added to the value of the ordinary shares issuable upon such conversion of the Series B redeemable convertible preferred shares in connection with the QIPO, would equal the product of (i) the number of outstanding Series B redeemable convertible preferred shares prior to the QIPO, multiplied by (ii) 1.5 times the adjusted original issue price per share of the Series B Redeemable Convertible Preferred Shares.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> If the QIPO had not been completed by April 30, 2010 and the Company&#39;s 2009 adjusted net earnings was less than RMB450 million (the "2009 Performance Target"), then the Shareholders should have transferred to the holders of Series B Redeemable Convertible Preferred Shares certain number of ordinary shares calculated based on a defined formula (the "2009 Performance Adjustment"), regardless of whether the Series B Redeemable Convertible Preferred Shares are converted. The share transfer formula takes into consideration such factors as the amount of the investment by the holders of the Series B Redeemable Convertible Preferred Shares, the amount of the investment by the holders of the Series A Redeemable Convertible Preferred Shares and the Company&#39;s 2008 and 2009 Performance. The formula requires the transfer of ordinary shares by the Shareholders to the holders of the Series B Redeemable Convertible Preferred Shares so that the percentage of the total number of shares transferred to and held by the holders of the Series B Redeemable Convertible Preferred Shares as compared to the Company&#39;s issued and outstanding share capital will equal the ratio of (i) the amount of investment by them in the Company to (ii) the value of the Company calculated based on the difference between the 2009 Performance Target and the actual 2009 Performance. The Company determined that this embedded share transfer feature in the Series B meets the definition of a derivative and accordingly has been bifurcated from the host contract, the Series B Redeemable Convertible Preferred Shares, and accounted for as a derivative (the "2009 Performance Adjustment Derivative Liability") from September 2008, the issue date of the Series B Redeemable Convertible Preferred Shares.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 22, 2009, the holders of Series B Redeemable Convertible Preferred Shares and the Shareholders agreed to lower the Company&#39;s 2009 Performance Target in assessing the transfer of ordinary shares under the 2009 Performance Adjustment feature. The effect of this change on the value of the derivative liability was a reduction in value of RMB65.2 million. In addition, a 2010 performance target was added, which is an embedded share transfer feature that meets the definition of a derivative and requires bifurcation from the Series B Redeemable Convertible Preferred Shares to be accounted for as a derivative (the "2010 Performance Adjustment Derivative Liability), (Note 27), from June 22, 2009. The fair value of this new derivative at issuance was RMB18.2 million. Under the new 2010 performance target, if a QIPO has not been completed by April 30, 2011 and the Company&#39;s 2010 performance is less than RMB200 million (the "2010 Performance Target"), then the Shareholders should have transferred to the holders of Series B Redeemable Convertible Preferred Shares, for no further consideration, certain amounts of ordinary shares calculated based on a defined formula (the "2010 Performance Adjustment"). The 2010 derivative adjustment formula takes into consideration such factors as the amount of the investment by the holders of the Series B Redeemable Convertible Preferred Shares, the amount of the investment by the holders of the Series A Redeemable Convertible Preferred Shares, and the Company&#39;s 2009 and 2010 Performance. The formula was designed to adjust the total number of shares held by the holders of the Series B Redeemable Convertible Preferred Shares so that the percentage of the shares transferred to and held by the holders of the Series B Redeemable Convertible Preferred Shares in the Company as compared to the Company&#39;s issued and outstanding share capital will equal the ratio of (i) the amount of investment by them in the Company to (ii) the value of the Company calculated based on the difference between the 2010 Performance Target and the actual 2010 Performance.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In consideration of the agreement to lower the Company&#39;s 2009 Performance Target to RMB100 million, the Shareholders transferred on June 22, 2009 an aggregate of 76,258 (3,812,900 post 2009 Share Split as described in Note 22) ordinary shares to the holders of Series B Redeemable Convertible Preferred Shares. The fair value of these ordinary shares on June 22, 2009 of RMB43.6 million was imputed to the Company as if the Shareholders (who are the principal shareholder of the Company) contributed the shares to the Company and they were immediately reissued by the Company to the holders of the Series B Redeemable Convertible Preferred Shares.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The above amendment resulted in: (a) a decrease in the 2009 Performance Adjustment Derivative Liability by RMB65.2 million which was offset by the fair value of the 2010 Performance Adjustment Derivative Liability of RMB18.2 million; (b) an effective contribution of ordinary shares valued at RMB43.6 million by all Shareholders to the Company which was in turn transferred to the holders of the Series B Redeemable Convertible Preferred Shares in consideration for agreeing to modify the terms of the 2009 Performance Adjustment. Accordingly, this amount had been treated as a capital contribution and as an offset to the net change in the fair value of the derivative liabilities in (a) above; (c) the recording of compensation expense of RMB3.4 million which was equal to the change in the fair value of the derivative liabilities net of the consideration transferred to the holders of Series B Redeemable Convertible Preferred Shares in (b) above.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In addition, in consideration for obtaining the agreement from one of the holders of Series A Redeemable Convertible Preferred Shares to the transfer of the 76,258 ordinary shares by the Shareholders to the holders of the Series B Redeemable Convertible Preferred Shares pursuant to the amendment described above, the Shareholders transferred to such holder of Series A Redeemable Convertible Preferred Shares on June 22, 2009 an aggregate of 14,031 (701,550 post 2009 Share Split as described in Note 21) ordinary shares as a consent fee. The fair value of the 14,031 ordinary shares on June 22, 2009 of RMB8,015,089 was imputed to the Company as if the Shareholders (who are the principal shareholders of the Company) contributed the ordinary shares to the Company and they were immediately reissued by the Company to the holder of Series A Redeemable Convertible Preferred Shares as a deemed dividend.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> If the Company does not meet the 2009 Performance Target and the 2010 Performance Target and there is no QIPO by April 30, 2010 and April 30, 2011 respectively, future transfers of ordinary shares from the Shareholders to the holders of Series B Redeemable Convertible Preferred Shares will be required and such transfers will be accounted for as equity contributions from the Shareholders to the Company and immediate redistributions to the holders of Series B Redeemable Convertible Preferred Shares as deemed dividend.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On September 15, 2009, the Shareholders reached agreement with the holders of Series A and Series B Redeemable Convertible Preferred Shares on the modification to certain existing terms (the "September 2009 Modification"), including (a) removed the existing definition of a QIPO and replaced it with the following: "QIPO means a fully underwritten initial public offering of the Company&#39;s shares or ADSs with a listing on the New York Stock Exchange;" (b) removed the requirement for the Shareholders to transfer certain number of ordinary shares to the holders of the Series B Redeemable Convertible Preferred Shares if the value of issuable upon automatic conversion of the Series B Redeemable Convertible Preferred Shares in connection with a Qualified Public Offering was less than the defined target IPO price per share; and, (c) agreed that the 14,031 and 76,258 ordinary shares, respectively, transferred to the holders of Series A and Series B Redeemable Convertible Preferred Shares in connection with the June 2009 Modification be returned to the Shareholders in the event the redemption of the preferred shares are exercised by the holders of Series A and Series B Redeemable Convertible Preferred Shares.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The September 2009 Modification resulted in a reduction of RMB2.4 million in the fair value of the 2009 and 2010 Performance Adjustment Derivative Liabilities that the Company recognized in the consolidated statement of operations as change in fair value derivatives. The September 2009 modification also resulted in an additional benefit transfer of RMB15.1 million from the holders of the Series A and B Redeemable Convertible Preferred Shares to the Shareholders due to the reduction in the fair value of the Series A and B Redeemable Convertible Preferred Shares on September 15, 2009 as a result of such modification. The Company recognized a total of RMB17.5 million compensation charge in general and administrative expenses (including the RMB15.1 million) in recognition of the total benefit transferred from the holders of Series A and B Redeemable Convertible Preferred Shares to the Shareholders that is attributed to the Company, given the Shareholders are also employees of the Company.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Redemption</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> After the third anniversary of the first issuance of the Series A Redeemable Convertible Preferred Shares, the holders of not less than a majority of the then outstanding Series A and Series B Redeemable Convertible Preferred Shares may require the Company to redeem all of the outstanding Preferred Shares, if not previously converted, for an amount equal to 150% of their respective original issue price plus all accumulated and unpaid dividends. Dividends should not have accumulated or accrued unless declared.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Liquidation</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In the event of any liquidation event and so long as any of the Series A and Series B Redeemable Convertible Preferred Shares have not been converted into ordinary shares, the shareholders of the Preferred Shares were entitled to receive in preference to the holders of the ordinary shares a per share amount equal to 150% of the respective original issue price and any declared but unpaid dividends. After such payment has been made to holders of the preferred shares, any remaining assets of the Company would have been distributed pro rata to the holders of ordinary shares and the Preferred Shares on an as-converted basis.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Liquidation events include (i) a liquidation, winding-up or dissolution of the Company or the PRC Company (which refers to Jiangxi Jinko), or (ii) at the election of the preferred shareholders, a merger, acquisition or sale of voting control of the Company or the PRC Company in which its shareholders did not retain a majority of the voting power in the surviving company, or (iii) a sale of all or substantially all of the Company or the PRC Company&#39;s assets, or (iv) a merger which valued the Company at less than 150% of the post-money valuation of the Company immediately after the closing of the investment by holders of Series B Redeemable Convertible Preferred Shares in the Series B Redeemable Convertible Preferred Shares of Paker.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Dividend</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Series A Redeemable Convertible Preferred Shares should have ranked paripassu with Series B Redeemable Convertible Preferred Shares in terms of rights to receive dividends and distributions from the Company. The holders of Series A and B Redeemable Convertible Preferred Shares should have been entitled to dividends in preference to any dividend on the ordinary shares or any other class or series of shares at the rate of 10% per annum of their respective original issue price, when and as declared by the Board of Directors. No dividend, whether in cash, in property, in shares of the Company or otherwise, should have been paid on any other class or series of shares of the Company unless and until the dividend aforesaid is first paid in full on the Series A and B Redeemable Convertible Preferred Shares. Except for the dividend rights set forth above, the Series A and B Redeemable Convertible Preferred Shares should not have participated with the ordinary shares in any further dividend or distribution of the earnings or profits of the Company. Dividends should not have been accumulated or accrued unless declared.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt -0.5in; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Voting Rights</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The holders of Series A and B Redeemable Convertible Preferred Shares had voting rights equal to the number of ordinary shares then issuable upon their conversion into ordinary shares. Such holder of the preferred shares was entitled to vote on such matters at any meeting of members of the Company.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company classified the Series A and B Redeemable Convertible Preferred Shares in the mezzanine section of the consolidated balance sheets. In addition, the Company recorded accretion on the preferred shares to their redemption value using the effective interest method from the issuance date to the earliest redemption date. For year ended December 31, 2009, such accretion amounted to RMB31,832,994 and RMB42,301,594 against retained earnings for Series A and B Redeemable Convertible Preferred Shares, respectively. For year ended December 31, 2010, such accretion amounted to RMB13,433,242 and RMB17,479,734 against retained earnings for Series A and B Redeemable Convertible Preferred Shares, respectively.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In connection with the issuance of the Series A Redeemable Convertible Preferred Shares, Paker issued 14,629 ordinary shares (Note 22) and paid cash in the amount of US$469,000 to third parties for professional services rendered. Paker had the option to repurchase the 14,629 ordinary shares issued from the consultant at a nominal price upon the redemption of the Series A Redeemable Convertible Preferred Shares. The fair value of the ordinary shares issued was RMB20,004,865. In connection with the issuance of Series B Redeemable Convertible Preferred Shares, Paker was obligated to pay US$867,300 to third parties for consulting services. The fair value of the ordinary shares issued and the cash consideration paid to the third party consultants were recorded as stock issuance costs.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Preferred Shares were converted into ordinary shares on May 14, 2010 when the Company successfully listed on NYSE under the conversion rate as stated in the discussion above.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 361635 4916317 413330793 66344167 813910281 27551909 4422386 33681614 8398332 6520930 2800420 12628829 6390847 4432374 812525000 812525000 814286284 814286284 300000000 48153320 1000000000 360000000 1000000 14000000 100000 16051 10000000 489878911 239305886 38411243 338308472 2471127222 3664587785 588206896 5971912049 15816513 1163205621 186707376 -121424144 25863067 4151308 110672659 395250 45166512 7249725 230323 1172000590 2076090 3759081 2076090 3759081 109338274 17550003 85361926 6159049 31705135 40213055 63030783 881873227 -1543816018 -247799557 273325882 881873227 -1542422068 273342819 881873227 -1542422068 -247575815 273342819 -1393950 -16937 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; WIDTH: 0.25in"><strong>10.</strong></td> <td style="COLOR: black; TEXT-ALIGN: left"><strong>PROPERTY, PLANT AND EQUIPMENT, NET</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Property, plant and equipment and related accumulated depreciation are as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black"> Buildings</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 441,046,753</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 507,989,849</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Machinery and equipment</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,217,550,882</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,307,235,601</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Motor vehicles</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">22,814,205</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">22,609,244</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Furniture, fixture and office equipment</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 44,168,256</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 45,729,731</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,725,580,096</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,883,564,425</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Less: Accumulated depreciation</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(412,394,030</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(732,881,877</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: Impairment</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (4,784,595</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (70,260,894</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Subtotal</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,308,401,471</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,080,421,654</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Construction in progress</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 259,892,829</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 249,451,007</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Property, plant and equipment, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,568,294,300</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,329,872,661</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Depreciation expenses were RMB96,751,960, RMB263,846,113 and RMB323,152,636 for the years ended December 31, 2010, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Construction in progress primarily represents the construction of new production line. Costs incurred in the construction are capitalized and transferred to property and equipment upon completion, at which time depreciation commences.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">Based on impairment assessment performed on long-lived assets held for use, the Company recorded no impairment provision in the years ended December 31, 2010, 2011 and 2012.</font> In the years ended December 31, 2010, 2011 and 2012, the Group recorded impairment <font style="COLOR: black">of RMB5,376,071, nil and RMB65,476,299</font> related to the retirement of certain <font style="COLOR: black">equipment in the wafer and cell production line that had become obsolete</font>.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Certain property, plant and equipment are pledged as collateral for the Company&#39;s borrowings (Note 17).</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 507989849 441046753 3307235601 3217550882 22609244 22814205 45729731 44168256 3883564425 3725580096 3329872661 534481415 3568294300 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>k. Property, plant and equipment, net</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the prices paid to acquire or construct the assets, interest capitalized during the construction period and any expenditure that substantially extends the useful life of an existing asset. Depreciation, taking into consideration any estimated residual value, is computed using the straight-line method over the following estimated useful lives:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 75%"> Buildings</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; WIDTH: 25%"> 20 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Machinery and equipment</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 10 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Furniture, fixture and office equipment</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 3-5 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Motor vehicles</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 4-5 years</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Construction in progress primarily represents the construction of new production line. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Expenditures for repairs and maintenance are expensed as incurred. The gain or loss on disposal of property, plant and equipment, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets, and is recognized in the consolidated statement of operations upon disposal.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Property, plant and equipment and related accumulated depreciation are as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black"> Buildings</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 441,046,753</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 507,989,849</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Machinery and equipment</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,217,550,882</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,307,235,601</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Motor vehicles</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">22,814,205</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">22,609,244</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Furniture, fixture and office equipment</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 44,168,256</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 45,729,731</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,725,580,096</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,883,564,425</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Less: Accumulated depreciation</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(412,394,030</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(732,881,877</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: Impairment</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (4,784,595</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (70,260,894</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Subtotal</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,308,401,471</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,080,421,654</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Construction in progress</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 259,892,829</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 249,451,007</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Property, plant and equipment, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,568,294,300</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,329,872,661</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> P3Y P5Y P4Y P5Y P20Y P10Y 8343659 493925280 79280473 179391417 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>i. Short-term and long-term advances to suppliers</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group provides short-term and long-term advances to secure its raw material needs, which are then offset against future purchases. The Group continually assesses the credit quality of its suppliers and the factors that affect the credit risk. If there is deterioration in the creditworthiness of its suppliers, the Group will seek to recover its advances to suppliers and provide for losses on advances which are akin to receivables in operating expenses because of suppliers&#39; inability to return its advances. Recoveries of the allowance for advances to supplier are recognized when they are received. The Company classified short-term and long-term advances to suppliers based on management&#39;s best estimate of the expected purchase in the next twelve-months as of the balance sheet date and the Group&#39;s ability to make requisite purchases under existing supply contracts. The balances expected to be utilized outside of the 12 months are recorded in advances to suppliers to be utilized beyond one year. A provision of advance to suppliers of nil, RMB 652,937, and RMB227,073,440 was recorded for the years ended December 31, 2010, 2011 and 2012, respectively. The Group has reclassified "provision for advance to suppliers" to a separate line item from "General and administrative expenses" for the year ended December 31, 2011 to conform to the current period presentation in the consolidated statement of operation due to that the provision for advance to suppliers was not significant in 2011 (Note 7).</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> -109531 1100304 1100304 1100304 35250000 44512919 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>24.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>RELATED PARTY TRANSACTIONS AND BALANCES</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>(a) Related party balances</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Outstanding amounts due from/to related parties as of December 31, 2010 and 2011 were as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: black"> Accounts receivable, net- a related party:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Accounts receivable from subsidiaries of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 31,010,170</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 105,531,368</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: black"> Other receivables- related parties:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Advances of travel and other business expenses to executive directors who are also shareholders (1)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 691,242</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 5,840,380</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 31,701,412</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 111,371,748</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: black"> Accounts payables due to a related party (2)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accounts payable due to a subsidiary of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">35,887,845</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">30,045,245</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: black"> Other payables due to a related party (2)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Travelling reimbursements payable to executive directors who are also shareholders</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; COLOR: black"> 109,531</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Other payables to Jiangxi Desun Energy Co., Ltd. (Desun, an entity in which our founders and substantial shareholders, Xiande Li, Kangping Chen and Xianhua Li, each holds more than 10%, and collectively hold 73%, of the equity interest) for leasing of land and buildings</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,094,047</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 2,161,345</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 36,981,892</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 32,316,121</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px">&nbsp;</td> <td style="WIDTH: 0.25in">(1)</td> <td style="TEXT-ALIGN: left">Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts the Company advanced to them for expected expenses, charges and incidentals relating to their business development activities.</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px">&nbsp;</td> <td style="WIDTH: 0.25in">(2)</td> <td style="TEXT-ALIGN: left">Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>(b) Related party transactions</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the years ended December 31, 2010, 2011 and 2012, revenues from sales of products and provision of processing services to subsidiaries of ReneSola amounted to nil, RMB32,587,949 and RMB201,355,631, respectively.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="BACKGROUND-COLOR: white; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-ALIGN: justify"> For the transactions with Renesola during 2011, the Group enters into raw materials purchases transactions and finished goods sales transactions with the subsidiaries of Renesola. Each of these sales and purchases transactions with the same counterparty is not legally contingent upon each other. These sales and purchases transactions were not conducted simultaneously and there was no direct linkage between any one or group of buy transactions with any one or group of sell transactions. Each buy or sell transaction was separately documented, transacted at the fair market value prevailing at that time and gross-cash settled. These buy and sell transactions with the same counterparty were recognized at gross basis and presented separately as sales and cost of goods sold in the Group&#39;s consolidated financial statements.</p> <p style="BACKGROUND-COLOR: white; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-ALIGN: left"> &nbsp;</p> <p style="BACKGROUND-COLOR: white; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-ALIGN: justify"> For the transactions with Renesola during 2012, these sales and purchases transactions were conducted simultaneously and there was direct linkage between any one or group of buy transactions with any one or group of sell transactions. There was also correlation between the value of raw materials received and the value of finished goods delivered pursuant to the contractual arrangement. These buy and sell transactions with the same counterparty were recognized at net basis and presented separately as sales in the Group&#39;s consolidated financial statements.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the years ended December 31, 2010, 2011 and 2012, raw materials purchased from a subsidiary of ReneSola amounted to RMB35,250,000, RMB44,512,919 and nil.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On January 1, 2008, Desun and Jiangxi Jinko entered into an operating lease agreement pursuant to which Desun leased its buildings and land use rights to Jiangxi Jinko for a ten-year period from January 1, 2008 to December 31, 2017. Desun was deconsolidated from the Company on July 28, 2008 and became a related party of the Group. For the years ended December 31, 2010, 2011 and 2012, Desun charged Jiangxi Jinko RMB1,100,304, RMB1,100,304 and RMB1,100,304 in rent, respectively (Note 26).</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> During the years ended December 31, 2011 and 2012, the Shareholders provided guarantees for the Group&#39;s several short-term and long-term bank borrowings. As of December 31, 2011 and 2012, the balances of short-term borrowings guaranteed by the Shareholders were RMB244,000,000 and RMB508,254,639, respectively, and the balances of long-term borrowings guaranteed by the Shareholders were RMB80,000,000 and nil, respectively (Note 17).</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> During the year ended December 31, 2012, Desun provided collateral on its land use rights and buildings, for a short-term bank borrowing of RMB17,000,000 of the Group (Note 17).</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 5222773 5222773 3692176 28000000 1000000000 160511067 1955434977 3600565060 577930540 4915672032 1060710938 31616200 68960214 11068878 29992990 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>y. Research and development</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Research and development costs are expensed when incurred.</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>28.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>RESTRICTED NET ASSETS</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Relevant PRC laws and regulations permit payments of dividends by the Company&#39;s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC GAAP. In addition, the statutory general reserve fund requires annual appropriations of 10% of net after-tax income to be set aside prior to payment of any dividends by the Company&#39;s PRC subsidiaries that are registered as wholly owned foreign investment enterprises or domestic enterprises. As a result of these and other restrictions under PRC laws and regulations, the PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. Even though the Company does not currently require any such dividends, loans or advances from the Company&#39;s PRC subsidiaries for working capital or other funding purposes, it may in the future require additional cash resources from the PRC subsidiaries due to changes in business conditions, to fund future acquisitions and development, or merely declare dividends or make distributions to the Company&#39;s shareholders. Restricted net assets were RMB3,131,747,833, 37% of total assets as of December 31, 2012.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 140760763 22593660 146175458 14800000 2375564 662800000 448400000 -325021804 -52169597 1217457158 145980546 23431494 1396441522 179041258 28738103 178984364 450780918 201355631 32587949 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>u. Revenue recognition</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The</font> Group <font style="COLOR: black">recognizes revenue for product sales when persuasive evidence of an arrangement exists, delivery of the product has occurred and title and risk of loss has passed to the customer, the sales price is fixed or determinable and the collectability of the resulting receivable is reasonably assured. For all sales, the</font> Group <font style="COLOR: black">requires a contract or purchase order which quantifies pricing, quantity and product specifications.</font></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For sales of photovoltaic products from PRC to foreign customers, delivery of the products generally occurs at the point in time the product is delivered to the named port of shipment, which is when the risks and rewards of ownership are transferred to the customer. For sales of PV products to domestic customers in PRC or by foreign subsidiaries, delivery of the product occurs generally at the point in time the product is received by the customer, which is when the risks and rewards of ownership have been transferred. In the case of sales that are contingent upon customer acceptance, revenue is not recognized until the deliveries are formally accepted by the customers.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The</font> Group <font style="COLOR: black">enters into certain sales contracts with retainage terms during 2012, under which customers were allowed to withhold payment of 5% to 10% of the full contract price as retainage after a specified period which generally range from one year to two years (the "Retainage Period"). Given the limited experience the</font> Group <font style="COLOR: black">has with respect to the collectability of the retainage, the</font> Group <font style="COLOR: black">defers recognition of the retainage as revenue until the customers pay it after the Retainage Period expires. <font style="TEXT-TRANSFORM: uppercase">A</font>s of December 31, 2012, the total amounts of retainage that were not recognized as revenue were RMB121,814,534.</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group offers to its solar modules customers the right to return or exchange defective products within a prescribed period if the volume of the defective products exceeds a certain percentage of the shipment as specified in the individual sales contract. For the solar module sales contracts signed subsequent to October 1, 2010, the Group no longer offers the rights to return and refund to its customers. Actual returns were 0.2% of total sales for the years ended December 31, 2010.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group provides solar power product processing services to customers and the revenue of processing services is recognized upon completion which is generally evidenced by delivery of processed products to the customers.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company recognizes revenue related to solar system integration projects on the percentage-of-completion method. The Company estimates its revenues by using the cost-to-cost method, whereby it derives a ratio by comparing the costs incurred to date to the total costs expected to be incurred on the project. The Company applies the ratio computed in the cost-to-cost analysis to the contract price to determine the estimated revenues earned in each period. When the Company determines that total estimated costs will exceed total revenues under a contract, it records a loss accordingly.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company recognized income from generated electricity as revenue upon completion of development and connection of the solar power plant to the grid.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Advance payments received from customers for the future sale of inventory are recognized as advances from third party customers in the consolidated balance sheets. Advances from third party customers are recognized as revenues when the conditions for revenue recognition described above have been satisfied. Advances from third party customers have been recognized as a current liability because the amount at each balance sheet date is expected to be recognized as revenue within twelve months.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0px; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In the PRC, value added tax ("VAT") at a general rate of 17% on invoice amount is collected on behalf of tax authorities in respect of the sales of product and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability until it is paid to the tax authorities.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <!--EndFragment--></div> </div> 4654854723 4794768449 769613401 7384951444 3247825572 3897288039 6647264147 909647382 328428550 517935191 432863616 138686401 168388351 213174391 24798017 10803010 1885648 14363232 270406 6365978 53715143 213427948 5836528 1600001420 2179670146 1281483521 1157707877 1177954567 2422250586 1130191372 382077005 1846512600 138312812 304723650 572690158 529012245 1207712932 4654854723 4593412818 737293594 7352363495 201355631 32319807 32587949 1607066 111097087 251902465 204135242 83166809 135839209 118132913 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 92%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Accounts receivables</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,779,953,029</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 2,386,356,664</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Allowance for doubtful accounts</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (179,746,165</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (673,671,445</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Accounts receivable, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1,600,206,864</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1,712,685,219</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Basic earnings/(loss) per share and diluted earnings/(loss) per share have been calculated as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Numerator:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 881,873,227</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 273,342,819</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (1,542,422,068</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Series A Redeemable Convertible Preferred Shares accretion</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(13,433,242</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Series B Redeemable Convertible Preferred Shares accretion</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(17,479,734</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Allocation to preferred shareholders</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (15,156,606</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Net income / (loss) attributable to JinkoSolar Holding Co., Ltd.&#39;s ordinary shareholders-Basic</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">835,803,645</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">273,342,819</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(1,542,422,068</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of Preferred Shares</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">46,069,582</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of convertible senior notes interest</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">19,855,810</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of exchange gain on convertible senior notes</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(21,567,522</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Dilutive effect of change in fair value of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (398,030,217</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Net income / (loss) attributable to JinkoSolar Holding Co., Ltd.&#39;s ordinary shareholders-Diluted</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">881,873,227</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(126,399,110</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(1,542,422,068</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Denominator:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Denominator for basic calculation-weighted average number of ordinary shares outstanding</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">74,896,543</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">93,966,535</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">88,752,706</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of share options</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,131,653</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,367,900</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of preferred shares</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,719,884</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Dilutive effect of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 7,352,536</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Denominator for diluted calculation-weighted average number of ordinary shares outstanding</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">80,748,080</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">102,686,971</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">88,752,706</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Basic earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.&#39;s ordinary shareholders</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">11.16</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2.91</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(17.38</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Diluted earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.&#39;s ordinary shareholders</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">10.92</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(1.23</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(17.38</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The share-based compensation expense for the year ended December 31, 2012 was recorded in the respective items:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 85%; COLOR: black">Costs of revenues</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 947,428</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Selling expenses</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,128,245</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> General and administrative expenses</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 14,267,437</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 17,343,110</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Condensed balance sheets:</strong></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">December 31, 2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">USD</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">(Note 2 (aj))</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black; FONT-WEIGHT: bold">ASSETS</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Current assets:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 61%; COLOR: black"> Cash and cash equivalents</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 17,279,974</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 2,260,713</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 362,869</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Due from subsidiaries</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">583,271,399</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">545,695,322</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">87,590,139</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Other current assets</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 33,681,614</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 27,551,909</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 4,422,386</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Total current assets</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 634,232,987</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 575,507,944</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 92,375,394</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Investments in subsidiaries</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,703,338,634</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,325,667,558</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">212,784,315</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Capped call option</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 16,408,445</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 16,131,208</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 2,589,237</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Total assets</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 3,353,980,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 1,917,306,710</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 307,748,946</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black; FONT-WEIGHT: bold">LIABILITIES</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Current liabilities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Due to subsidiaries</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">65,331,777</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">61,197,969</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">9,822,952</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Other current liabilities</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 5,680,539</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 7,404,779</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,188,549</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Total current liabilities</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 71,012,316</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 68,602,748</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 11,011,501</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 387,777,235</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 483,581,668</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 77,620,210</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> Total liabilities</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 458,789,551</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 552,184,416</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 88,631,711</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Shareholders&#39; Equity</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 9pt; COLOR: black">Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 89,435,058 and 88,758,778 shares issued and outstanding as of December 31, 2011and 2012, respectively)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">13,200</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">13,202</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,119</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Additional paid-in capital</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,507,224,827</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,524,728,796</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">244,735,846</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Treasury stock, at cost; 1,028,920 and 1,723,200 shares of ordinary shares as of December 31, 2011 and 2012, respectively</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(8,354,423</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(13,875,553</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(2,227,180</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Retained earnings/(accumulated losses)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,396,441,522</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black; FONT-SIZE: 10pt; TEXT-ALIGN: right"> 145,980,546</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black"><font style="COLOR: black; FONT-SIZE: 10pt">23,431,494</font> </td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Accumulated other comprehensive loss</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (134,611</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 236,395</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 37,944</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> Total Shareholders&#39; Equity</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 2,895,190,515</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 1,365,122,294</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 219,117,235</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Total liabilities and shareholders&#39; equity</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 3,353,980,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 1,917,306,710</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 307,748,946</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt -0.5in; FONT: 10pt Times New Roman, Times, Serif"> <strong>Condensed statements of cash flows:</strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="14" nowrap="nowrap">For the years ended</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">USD</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> &nbsp;</td> <td nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">(Note 2 (al))</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Cash flows from operating activities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 48%; COLOR: black">Net income</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 881,873,227</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 273,342,819</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> (1,542,422,068</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> (247,575,815</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Change in fair value of embedded derivatives</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(54,938</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Change in fair value of convertible senior notes</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(398,030,217</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">96,851,674</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">15,545,766</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Change in fair value of capped call option</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">98,282,510</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">309,052</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">49,606</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Share of (income)/loss from subsidiaries</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(884,060,266</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(26,457,224</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,405,807,872</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">225,647,722</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Exchange (gain)/loss</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(291,950</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,204,936</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(49,615</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(7,964</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Changes in operating assets and liabilities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> (Increase)/decrease in due from subsidiaries</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(1,662,280</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(571,729,995</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">27,696,952</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,445,668</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Decrease/(increase) in other current assets</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,795,634</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,567,600</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">769,436</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">123,503</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Increase in due to a subsidiary</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">16,417,507</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">44,435,210</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(4,133,808</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(663,522</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> (Decrease)/increase in other current liabilities</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (886,756</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (19,959,953</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 647,916</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 104,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Net cash from/(used in) operating activities</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 14,130,178</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (596,344,314</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (14,522,589</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (2,331,036</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Cash flows from investing activities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> Investments in subsidiaries</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (821,266,865</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (543,555</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (87,247</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Net cash used in investing activities</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (821,266,865</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (543,555</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold"> (87,247</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Cash flows from financing activities:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Proceeds from issuance of ordinary shares</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">814,286,284</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Proceeds from exercise of share options</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,076,090</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3,759,081</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Proceeds from issuance of convertible senior notes</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">812,525,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Repurchase of convertible senior notes</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(5,222,773</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Cash paid for capped call option</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(117,003,600</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Prepayment for share repurchase</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(31,924,842</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> Repurchase of common stock</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (56,857,774</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Net cash provided by financing activities</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 816,362,374</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 605,275,092</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Effect of foreign exchange rate changes on cash</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (141,556</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (734,935</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 46,883</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 7,525</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Net increase in cash</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">9,084,131</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">8,195,843</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(15,019,261</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(2,410,758</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> Cash and cash equivalents, beginning of year</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 9,084,131</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 17,279,974</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 2,773,627</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Cash and cash equivalents, end of year</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 9,084,131</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 17,279,974</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 2,260,713</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 362,869</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Supplemental disclosure of non-cash investing and financing cash flow information</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 48%; COLOR: black"> Shares repurchase utilized prepayment made in prior year</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 5,521,130</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 886,202</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Proceeds from exercise of share options received in subsequent year</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">160,861</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">25,820</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Condensed statements of operations:</strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 8pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="14"><strong>Year ended December 31,</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" colspan="2"><strong>2010</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" colspan="2"><strong>2011</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" colspan="2"><strong>2012</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>2012</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>RMB</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>RMB</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>RMB</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>USD</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left" colspan="2"> &nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left" colspan="2"> &nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left" colspan="2"> &nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>(Note 2 (aj))</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 47%"> Net revenues</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 8pt">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; WIDTH: 10%"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 8pt">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; WIDTH: 10%"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 8pt">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; WIDTH: 10%"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 8pt">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; WIDTH: 11%"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Cost of revenues</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Gross profit</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>Total operating expenses</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(5,867,589</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(7,319,613</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(8,459,461</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(1,357,838</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>Loss from operations</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(5,867,589</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(7,319,613</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(8,459,461</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(1, 357,838</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Convertible senior notes issuance costs</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (24,463,052</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Share of income /(loss) from subsidiaries and affiliates</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 884,060,266</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 26,457,224</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (1,405,807,872</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (225,647,722</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Interest income/(expense), net</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 1,342</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (19,844,874</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (31,043,624</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (4,982,847</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Exchange gain/(loss)</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 291,950</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (1,204,936</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 49,615</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 7,964</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Other expense</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 3,332,320</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (29,637</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Change in fair value of embedded derivative</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 54,938</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Change in fair value of convertible senior notes and capped call option</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 299,747,707</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (97,160,726</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (15,595,372</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>Income before income tax expenses</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right"> <strong>881,873,227</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right"> <strong>273,342,819</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right"> <strong>(1,542,422,068</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(247,575,815</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Income tax expenses</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> <strong>Net income for the year</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>881,873,227</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>273,342,819</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(1,542,422,068</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(247,575,815</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> <strong>)</strong></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Series A Redeemable Convertible Preferred Shares accretion</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (13,433,242</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Series B Redeemable Convertible Preferred Shares accretion</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (17,479,734</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Allocation to preferred shareholders</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (15,156,606</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right">&nbsp;</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.&#39;s ordinary shareholders</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>835,803,645</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>273,342,819</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>(1,542,422,068</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>(247,575,815</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>)</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Long-term bank borrowings</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 547,750,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 495,000,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Less: Current portion</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(392,000,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(328,000,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Deferred financing cost (Note 26(d))</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (250,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total long-term borrowings</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 155,500,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 167,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The current and deferred positions of income tax expense included in the consolidated statement of operations for the years ended December 31, 2010, 2011 and 2012 are as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Current income tax (expense)/benefit</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 55%; COLOR: black"> PRC</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (138,020,196</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (76,792,019</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 7,561,393</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> Other countries</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (71,536</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 838,169</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Total current income tax expense/benefit</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(138,020,196</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(76,863,555</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">8,399,562</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Deferred PRC tax (expense)/benefit</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (8,110,198</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (4,209,187</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 518,086</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Income tax benefit/(expense)</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (146,130,394</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (81,072,742</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 8,917,648</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Change in fair value of derivatives recognized in earnings was as follows:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Foreign exchange forward contracts</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 98,039,341</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 36,604,889</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (9,043,079</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Embedded derivatives</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">54,938</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Convertible senior notes</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">398,030,217</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(96,851,674</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Capped call options</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (98,282,510</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (309,052</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 98,094,279</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 336,352,596</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (106,203,805</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Reconciliation between the statutory CIT rate and the Company&#39;s effective tax rate is as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">Year Ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">%</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">%</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">%</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 61%; COLOR: black">Statutory CIT rate</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">25</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">25</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">(25</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Effect of permanent differences:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Share-based compensation expenses</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.6</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.7</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.3</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Change in fair value of convertible senior notes and capped call options</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(21.1</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1.6</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Goodwill impairment</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">3.2</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Accrued payroll and welfare expenses</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.9</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4.4</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.8</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Change of enact tax rate</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(7.5</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Effect of prior year tax difference (1)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(0.6</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Other non-deductible expenses</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">5.6</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.8</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Difference in tax rate of a subsidiary outside the PRC</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.0</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(0.9</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0.9</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Effect of tax holiday for subsidiaries</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(12.9</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(13.2</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6.9</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Change in valuation allowance</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 0.6</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 19.1</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 21.2</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Effective CIT rate</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 14.2</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 22.8</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (0.6</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> (1) The Company recorded an out-of-period adjustment of RMB12,146,071 resulting from income tax filing difference for two PRC entities, which should have been recorded in the year ended December 31, 2011. The originating amount in 2011 was not material to the 2011 consolidated financial statements, nor was the out of period adjustment recorded in 2012 material to the 2012 consolidated financial statements.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Intangible assets and their related amortization are as follow:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black"> Trademark</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,347,193</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,274,392</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Computer software</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,595,474</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">6,153,728</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: accumulated amortization</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (286,275</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (1,054,522</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Intangible assets, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,656,392</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 6,373,598</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Future minimum obligations for operating leases are as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 70%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Year ending December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; WIDTH: 85%; COLOR: black"> 2013</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 9,997,574</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; COLOR: black"> 2014</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">7,956,089</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; COLOR: black"> 2015</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,674,185</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; COLOR: black"> 2016</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,809,349</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; COLOR: black"> 2017</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,637,673</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 10pt; COLOR: black"> Years thereafter</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,388,202</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 10pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 25,463,072</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Income/(loss) before income taxes for the years ended December 31, 2010, 2011 and 2012 were taxed within the following jurisdictions:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Cayman Islands</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (2,187,039</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 246,885,595</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">(136,614,196</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">PRC</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,032,571,112</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">127,032,230</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">(1,191,217,775</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Other countries</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (2,380,452</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (19,519,201</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (224,901,695</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Income/(Loss) before income taxes</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1,028,003,621</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 354,398,624</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (1,552,733,666</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">)</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Inventories consisted of the following:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Raw materials</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 85,429,622</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 80,712,251</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Work-in-progress</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">161,793,585</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">92,719,649</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Finished goods</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 550,852,122</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 354,530,478</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 798,075,329</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 527,962,378</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Future principal repayments on the long-term borrowings are as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 75%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Year ending December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; WIDTH: 85%; COLOR: black"> 2013</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 328,000,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 10pt; COLOR: black"> 2014</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 167,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 10pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 495,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Other assets consisted of the following:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Prepayments for purchase of property, plant and equipment</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 92,723,986</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 36,411,466</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepayments for land use right</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,245,240</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepayment for warranty insurance premium</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">26,565,738</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">44,228,323</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid service fee-non-current portion</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4,911,937</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,114,886</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Others</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 941,025</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 454,998</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 129,387,926</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 82,209,673</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Outstanding amounts due from/to related parties as of December 31, 2010 and 2011 were as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: black"> Accounts receivable, net- a related party:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Accounts receivable from subsidiaries of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 31,010,170</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 105,531,368</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: black"> Other receivables- related parties:</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Advances of travel and other business expenses to executive directors who are also shareholders (1)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 691,242</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 5,840,380</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 31,701,412</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 111,371,748</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: black"> Accounts payables due to a related party (2)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accounts payable due to a subsidiary of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">35,887,845</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">30,045,245</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: black"> Other payables due to a related party (2)</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Travelling reimbursements payable to executive directors who are also shareholders</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; COLOR: black"> 109,531</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Other payables to Jiangxi Desun Energy Co., Ltd. (Desun, an entity in which our founders and substantial shareholders, Xiande Li, Kangping Chen and Xianhua Li, each holds more than 10%, and collectively hold 73%, of the equity interest) for leasing of land and buildings</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,094,047</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 2,161,345</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 36,981,892</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 32,316,121</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px">&nbsp;</td> <td style="WIDTH: 0.25in">(1)</td> <td style="TEXT-ALIGN: left">Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts the Company advanced to them for expected expenses, charges and incidentals relating to their business development activities.</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px">&nbsp;</td> <td style="WIDTH: 0.25in">(2)</td> <td style="TEXT-ALIGN: left">Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group operates in a single business segment that includes the design, development, and manufacture of PV products, solar system integration projects as well as developing commercial solar power projects. The following table summarizes the Group&#39;s net revenues generated from sales of products and provision of processing services and solar system integration projects in respective geographic locations:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Inside China (including Hong Kong and Taiwan)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,600,001,420</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,281,483,521</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 2,179,670,146</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Outside China</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Germany</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,157,707,877</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">2,422,250,586</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,177,954,567</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Italy</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,130,191,372</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1,846,512,600</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">382,077,005</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Spain</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">111,097,087</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">204,135,242</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">251,902,465</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Cyprus</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">304,723,650</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">138,312,812</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> USA</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">83,166,809</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">118,132,913</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">135,839,209</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> Rest of the world</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 572,690,158</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,207,712,932</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 529,012,245</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,654,854,723</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7,384,951,444</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,794,768,449</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of activity under the share-based compensation plan is as follow:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Number of<br /> option<br /> outstanding</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Weighted-Average<br /> Exercise Price</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Weighted-Average<br /> Remaining<br /> Contractual Term</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Aggregate<br /> Intrinsic value</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: center" colspan="2">&nbsp;</td> <td>&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">(US$/share)</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">(in years)</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">(Rmb)</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.125in; WIDTH: 40%; COLOR: black">Balance as of January 1, 2012</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 8,540,384</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">1.80</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.125in; COLOR: black">Granted</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">160,000</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1.42</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.125in; COLOR: black">Exercise</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(18,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1.42</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.125in; COLOR: black">Forfeited</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(621,330</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">1.51</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td>&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="TEXT-ALIGN: right">&nbsp;</td> <td style="TEXT-ALIGN: left">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0.125in; COLOR: black"> Balance as of December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 8,061,054</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1.81</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4.7</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,936,172</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">Vested and expected to vest as of December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7,114,422</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1.82</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4.5</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,344,962</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">Vested and exercisable as of December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,379,206</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1.87</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3.8</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,145,040</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The fair value of option grant during the year ended December 31, 2012 is estimated on the date of grant using Black-Scholes model with the following assumptions for options granted to employees:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 85%; COLOR: black">Risk-free interest rate</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">0.78</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Expected term</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">4.8</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Expected dividend yield</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">0</td> <td style="TEXT-ALIGN: left; COLOR: black">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Expected volatility</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">80</td> <td style="TEXT-ALIGN: left; COLOR: black">%</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Fair value per option at grant date (RMB)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">5.60</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Short-term bank borrowings</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,808,032,066</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,917,630,796</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Long-term bank borrowings-current portion (Note 17 (b))</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 392,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 328,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total short-term borrowings</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 2,200,032,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 2,245,630,796</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> &nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table summarizes the percentage of the Company&#39;s revenue over 10% of total revenue for the years ended December 31, 2010, 2011 and 2012, and accounts receivable represented by customers with balances over 10% of accounts receivables as of December 31, 2011 and 2012, respectively:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="10" nowrap="nowrap">Revenue</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="10" nowrap="nowrap">Year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Company A</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">5</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">%</td> <td style="WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">16</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="6" nowrap="nowrap">Accounts receivable</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="6" nowrap="nowrap">December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Company B</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">14</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">%</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Company C</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">11</td> <td style="TEXT-ALIGN: left; COLOR: black">%</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ah. Segment reporting</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has adopted ASC 280, <em>Segment Reporting,</em> for its segment reporting. <font style="COLOR: black">The Group operates and manages its business as a single segment primarily in China.</font></p> <!--EndFragment--></div> </div> 169822118 343407116 55120643 338381885 24128751 17343110 2783761 9879124 5132052 9879124 589560 5.00 160000 5.60 4681848 6988848 7.56 7.59 1877440 8.29 0 P4Y9M18D 0.8 0.0078 7325122 9325122 1145040 3379206 1.87 P3Y9M18D 2938203 14454 621330 160000 3024750 726250 785480 300000 100000 1120000 160000 4180000 32000 16.85 5.60 6.91 5.60 3936172 8061054 8540384 1.81 1.80 P4Y8M12D 3344962 7114422 1.82 P4Y6M 9363356 14784850 9558119 0.85 1.42 1.51 1.42 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>aj. Share-based compensation</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#39;s share-based payment transactions with employees, including share options, are measured based on the grant-date fair value of the equity instrument issued. The fair value of the award is recognized as compensation expense, net of estimated forfeitures, over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <!--EndFragment--></div> </div> 3400000 17500000 1.55 236.51 223.25 6.21 5.00 88758778 89435058 95078342 50731450 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>x. Shipping and handling</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Costs to ship products to customers are included in selling and marketing expenses in the consolidated statements of operations. Costs to ship products to customers were RMB57,261,154, RMB119,821,738 and RMB164,942,482for the years ended December 31, 2010, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <!--EndFragment--></div> </div> 57261154 164942482 119821738 1917630796 1808032066 134991426 142335543 190091005 49855701 170091005 20000000 30000000 36500000 304400000 70000000 23000000 140000000 50000000 17000000 169977821 119977821 92051818 86225000 6225000 80000000 163000000 25000000 178000000 80000000 22749052 28731021 196418183 11640000 0.0541 0.0538 722461319 115963037 494215034 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <strong>2.</strong></td> <td style="TEXT-ALIGN: justify"><strong>PRINCIPAL ACCOUNTING POLICIES</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: -0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>a. Basis of presentation and use of estimates</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company&#39;s consolidated financial statements include allowance for doubtful receivables, provision for inventories and advances to suppliers, impairment of long-lived assets, the economic useful lives of property, plant and equipment and intangible assets, assumptions used in purchase price allocation, assumptions used to measure impairment of goodwill, property, plant and equipment, project assets and intangible assets, certain accrued liabilities including accruals for warranty costs, accounting for share-based compensation, fair value measurements, legal contingencies, and income taxes and related tax valuation allowance, and the assessment of going concern assumption as discussed below.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has negative working capital at December 31, 2012. Management believes that the Company<font style="FONT-FAMILY: Times New Roman, Times, Serif">&#39;</font>s current cash position as of December 31, 2012, the cash expected to be generated from operations and funds available from borrowings under the bank quotas will be sufficient to meet the Company<font style="FONT-FAMILY: Times New Roman, Times, Serif">&#39;</font>s working capital and capital expenditure requirements for at least the next twelve months from December 31, 2012. However, given that certain bank borrowings and bonds are due within the near term future (Note 16 and Note 17), and possible exercise of the put option of the convertible senior notes on May 14, 2014 (Note 21), sufficient funds may not be available to the Company. Accordingly, the Company may need to reduce discretionary spending and raise additional funds through public or private equity or debt financing. Any additional equity financing may be dilutive to stockholders and debt financing, if available, may involve covenants that would restrict the Company.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Additional funds may not be available on terms favourable to the Company or at all. Failure to manage discretionary spending or raise additional capital or debt financing as required may adversely impact the Company&#39;s ability to achieve its intended business objectives. The Company believes, although it is not certain, that it will be able to maintain compliance with the convertible senior notes covenants including the put option on May 15, 2014 and repay short term borrowings and other liabilities as those become due for at least the next twelve months from December 31, 2012, and as such, these financial statements are prepared under the going concern assumption which contemplates the realization of assets and the liquidation of liabilities in the ordinary course of business.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>b. Consolidation</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the Company&#39;s majority-owned subsidiaries, non-controlling interests is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has revised the statement of cash flows for 2011 to correct the classification of a RMB 31,924,842 cash outflow related to prepayment for share repurchases from operating activities to financing activities. The impact of the revision was not material to the previously reported net total cash flows from operating activities and net total cash flows from financing activities.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>c. Foreign currency translation</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group&#39;s reporting currency is the Renminbi ("RMB"), the official currency in the PRC. The Company and certain subsidiaries use RMB as their functional currency. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates quoted by the People&#39;s Bank of China (the "PBOC") prevailing at the dates of the transactions. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations. Monetary assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the applicable balance sheet dates. All such exchange gains or losses are included in exchange loss in the consolidated statements of operations.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For consolidation purpose, the financial statements of the Company&#39;s subsidiaries whose functional currencies are other than the RMB are translated into RMB using exchange rates quoted by PBOC. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses and gains and losses are translated using the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of in accumulated other comprehensive income in the consolidated statement of comprehensive income/ (loss).</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the People&#39;s Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in China&#39;s foreign exchange trading system market. The Company&#39;s aggregate amount of cash, cash equivalents and restricted cash denominated in RMB amounted to RMB461.7 million and RMB382.8million as of December 31, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>d. Cash and cash equivalents</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions, which have original maturities of three months or less.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>e. Restricted cash</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Restricted cash represents deposits legally held by a bank which are not available for the Group&#39;s general use. These deposits are held as collateral for issuance of letters of credit or guarantee, bank acceptance notes to vendors for purchase of machinery and inventories and forward contracts.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>f. Short-term investments</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Short-term investments represent the bank time deposits with original maturities longer than three months and less than one year. As of December 31, 2012, RMB662.8 million of short-term investments were held as collateral for issuance of letters of credit, guarantee or bank acceptance notes, compared with RMB448.4 million of short-term investments held as collateral for issuance of letters of credit, guarantee or bank acceptance notes as of December 31, 2011.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>g. Notes receivable and payable</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group accepts bank acceptance notes from customers in China in the normal course of business. The Group may discount these notes with banks in China or endorse these notes with its suppliers to clear its accounts payable. Notes that have been discounted with banks or endorsed with suppliers are derecognized from the consolidated balance sheets when the criteria for sale treatment are met.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group also issues bank acceptance notes to its suppliers in China in the normal course of business. The Group classified the changes in notes payable and the restricted cash held as collateral for issuance of bank acceptance notes as financing activities.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Notes receivable and payable are typically non-interest bearing and have maturities of less than six months.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>h. Accounts receivable</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">Specific provisions are made against accounts receivable for estimated losses resulting from the inability of the Group&#39;s customers to make payments. The Group periodically assessed accounts receivable balances to determine whether an allowance for doubtful accounts should be made based upon historical bad debts, specific customer creditworthiness and current economic trends. Accounts receivable in the balance sheets are stated net of such provision, if any.</font> Before approving sales to each customer, the Group conducts a credit assessment for each customer to evaluate the collectability of such sales. <font style="COLOR: black">The assessment usually takes into consideration the credit worthiness of such customer and its guarantor, if any, the Group&#39;s historical payment experience with such customer, industry-wide trends with respect to credit terms, including the terms offered by competitors, and the macro-economic conditions of the region to which sales will be made. The Group will execute a sales order with a customer and arrange for shipment only if its credit assessment concludes that the collectability with such customer is reasonably assured. The Group may also from time to time require security deposits from certain customers to minimize its credit risk. After the sales are made, the Group closely monitors the credit situation of each customer on an on-going basis for any subsequent change in its financial position, business development and credit rating, and will evaluate whether any of such adverse change warrants further action to be taken by the Group, including asserting claims and/or initiating legal proceedings against the customer and/or its guarantor, as well as making provisions. It is also the Group&#39;s general practice to suspend further sales to any customer with significant overdue balances. The receivable from insurance is only recorded when insurance claim has been submitted to the insurance company and been accepted and acknowledged by the carrier and recovery is considered reasonably assured. Upon recording the recovery, the bad debt expense is reduced.</font></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>i. Short-term and long-term advances to suppliers</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group provides short-term and long-term advances to secure its raw material needs, which are then offset against future purchases. The Group continually assesses the credit quality of its suppliers and the factors that affect the credit risk. If there is deterioration in the creditworthiness of its suppliers, the Group will seek to recover its advances to suppliers and provide for losses on advances which are akin to receivables in operating expenses because of suppliers&#39; inability to return its advances. Recoveries of the allowance for advances to supplier are recognized when they are received. The Company classified short-term and long-term advances to suppliers based on management&#39;s best estimate of the expected purchase in the next twelve-months as of the balance sheet date and the Group&#39;s ability to make requisite purchases under existing supply contracts. The balances expected to be utilized outside of the 12 months are recorded in advances to suppliers to be utilized beyond one year. A provision of advance to suppliers of nil, RMB 652,937, and RMB227,073,440 was recorded for the years ended December 31, 2010, 2011 and 2012, respectively. The Group has reclassified "provision for advance to suppliers" to a separate line item from "General and administrative expenses" for the year ended December 31, 2011 to conform to the current period presentation in the consolidated statement of operation due to that the provision for advance to suppliers was not significant in 2011 (Note 7).</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>j. Inventories</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Inventories are stated at the lower of cost or market. Cost is determined using the weighted average method. Provisions are made for excess, slow moving and obsolete inventories as well as for inventories with carrying values in excess of market. Certain factors could impact the realizable value of inventory, so the Group continually evaluates the recoverability based on assumptions about customer demand and market conditions. The evaluation may take into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, and other factors. The reserve or write-down is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact the Group&#39;s gross margin and operating results. If actual market conditions are more favorable, the Group may have higher gross margin when products that have been previously reserved or written down are eventually sold. The sale of previously reserved inventory did not have a material impact on our gross margin percentage for any of the years presented.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In addition, the Group analyzes its firm purchase commitments, which currently consist primarily of the long-term fixed price polysilicon supplier agreements, at each period end. Provision is made in the current period when the anticipated inventories cost from future execution of such supplier agreement is in excess of market. There was no loss provision recorded related to these long-term contracts for each of the three years ended December 31, 2010, 2011 and 2012.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>k. Property, plant and equipment, net</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the prices paid to acquire or construct the assets, interest capitalized during the construction period and any expenditure that substantially extends the useful life of an existing asset. Depreciation, taking into consideration any estimated residual value, is computed using the straight-line method over the following estimated useful lives:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 75%"> Buildings</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; WIDTH: 25%"> 20 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Machinery and equipment</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 10 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Furniture, fixture and office equipment</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 3-5 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Motor vehicles</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 4-5 years</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Construction in progress primarily represents the construction of new production line. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Expenditures for repairs and maintenance are expensed as incurred. The gain or loss on disposal of property, plant and equipment, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets, and is recognized in the consolidated statement of operations upon disposal.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>l. Interest Capitalization</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The interest cost associated with major development and construction projects is capitalized and included in the cost of the property, plant and equipment or project assets. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Group capitalizes interest on amounts expended on the project at the Group&#39;s weighted average cost of borrowed money. Interest expense capitalized for the years ended December 31, 2010, 2011 and 2012 were RMB2,147,440, RMB3,505,464 and RMB7,507,649, respectively.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>m. Project assets</em></strong></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="FONT-FAMILY: Times New Roman, Times, Serif">Project assets consist primarily of costs relating to construction of solar power plants at various stages of development. These costs include costs for land and costs for developing and constructing PV solar power plants. While the project assets are not constructed for any specific customers, the Group intends to sell the project assets upon their completion. Upon completion of development and connection of the solar power plants, income generated from connection to the grid is recognized as revenue and the project assets are amortized over the expected life of 20 years.</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has reclassified the 2011 balance of RMB 272,504,672 from Property, Plant and Equipment to conform to the current period presentation in the Consolidated Balance Sheet. These reclassifications had no impact on previous reported total non-current assets and total assets.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has reclassified the 2011 amount of RMB 235,198,641 from purchase of property, plant and equipment to construction of project assets to conform to the current period presentation in the Consolidated Statement of Cash Flows. The Group has separately presented the 2011 balance of RMB 37,306,301 from purchase of property, plant and equipment included in other payable to purchase of project assets included in other payable to conform to the current period presentation in the supplemental disclosure of non-cash investing and financing cash flow information section of the Consolidated Statement of Cash Flows. These reclassifications had no impact on previous reported net total cash used in investing activities.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>n. Land use rights</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Land use rights represent fees paid to obtain the right to use land in the PRC. Amortization is computed using the straight-line method over the terms specified in land use right certificates of 50 years or 70 years, as applicable.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>o. Intangible assets</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Intangible assets include purchased software and fees paid to register trademarks, which are amortized on a straight-line basis over their estimated useful lives, which are 5 or 10 years.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>p. Goodwill</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Goodwill represents the excess of (i) the aggregate of (a) the consideration transferred measured in accordance with ASC 805, which generally requires acquisition-date fair value; (b) the fair value of any noncontrolling interests in the acquiree; and (c) in a business combination achieved in stages, the acquisition-date fair value of the acquirer&#39;s previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree. If the consideration transferred is less than the fair value of the net assets acquired, the difference is recognized as a gain directly in the consolidated statement of operations. In a business combination, any acquired intangible assets that do not meet separate recognition criteria as specified in ASC 805 are recognized as goodwill.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. In December of each year, the Company tests impairment of goodwill at the reporting unit level and recognizes impairment in the event that the carrying value exceeds the fair value of each reporting unit. The Company performs a two-step goodwill impairment test. The first step, identifying potential impairment, compares the fair values of each reporting unit to its carrying amount, including goodwill. If the carrying value of the reporting unit exceeds its fair value, the second step would need to be conducted; otherwise, no further steps are necessary as no potential impairment exists. The second step, measuring the impairment loss, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Any excess of the reporting unit goodwill carrying value over the respective implied value is recognized as an impairment loss.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> An impairment loss of nil, RMB45,645,832 and nil was recorded for the years ended December 31,2010, 2011 and 2012, respectively. See Note 3. "Goodwill" to the Company&#39;s consolidated financial statements for additional information on the Company&#39;s goodwill impairment tests.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>q. Business combination</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The</font> Group <font style="COLOR: black">accounts for business combinations using the acquisition method of accounting. This method requires that the acquisition consideration to be allocated to the assets, including separately identifiable intangible assets, and the liabilities that the Company acquires based on their estimated fair values. The</font> Group <font style="COLOR: black">makes estimates and judgments in determining the fair value of the acquired assets and liabilities based on its experience with similar assets and liabilities in similar industries. If different judgments or assumptions were used, the amounts assigned to the individual acquired assets or liabilities could be materially different.</font></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>r. Investments in affiliates</em></strong></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The</font> Group <font style="COLOR: black">holds equity investments in affiliates for which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. These investments are accounted for under equity method of accounting wherein the</font> Group <font style="COLOR: black">records its&#39; proportionate share of the investees&#39; income or loss in its consolidated financial statements.</font></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Investments are evaluated for impairment when facts or circumstances indicate that the fair value of the investment is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Group reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>s. Impairment of long-lived assets</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The</font> Group<font style="COLOR: black">&#39;s long-lived assets include property, plant and equipment, project assets and other intangible assets with finite lives. The</font> Group<font style="COLOR: black">&#39;s business requires heavy investment in manufacturing equipment that is technologically advanced, but can quickly become significantly under-utilized or rendered obsolete by rapid changes in demand for solar power products produced with those equipment.</font></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amount of an asset may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets and significant negative industry or economic trends. The Group may recognize impairment of long-lived assets in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to these assets. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss, if any, is recognized for the difference between the fair value of the asset and its carrying value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses. .</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>t. Leases</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Leases are classified as capital or operating leases. A lease that transfers to the lessee substantially all the benefits and risks incidental to ownership is classified as a capital lease. At inception, a capital lease is recorded at the present value of minimum lease payments or the fair value of the asset, whichever is less. Assets under capital leases are amortized on a basis consistent with that of similar fixed assets or the lease term, whichever is less. Operating lease costs are recognized on a straight-line basis over the lease term.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>u. Revenue recognition</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The</font> Group <font style="COLOR: black">recognizes revenue for product sales when persuasive evidence of an arrangement exists, delivery of the product has occurred and title and risk of loss has passed to the customer, the sales price is fixed or determinable and the collectability of the resulting receivable is reasonably assured. For all sales, the</font> Group <font style="COLOR: black">requires a contract or purchase order which quantifies pricing, quantity and product specifications.</font></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For sales of photovoltaic products from PRC to foreign customers, delivery of the products generally occurs at the point in time the product is delivered to the named port of shipment, which is when the risks and rewards of ownership are transferred to the customer. For sales of PV products to domestic customers in PRC or by foreign subsidiaries, delivery of the product occurs generally at the point in time the product is received by the customer, which is when the risks and rewards of ownership have been transferred. In the case of sales that are contingent upon customer acceptance, revenue is not recognized until the deliveries are formally accepted by the customers.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The</font> Group <font style="COLOR: black">enters into certain sales contracts with retainage terms during 2012, under which customers were allowed to withhold payment of 5% to 10% of the full contract price as retainage after a specified period which generally range from one year to two years (the "Retainage Period"). Given the limited experience the</font> Group <font style="COLOR: black">has with respect to the collectability of the retainage, the</font> Group <font style="COLOR: black">defers recognition of the retainage as revenue until the customers pay it after the Retainage Period expires. <font style="TEXT-TRANSFORM: uppercase">A</font>s of December 31, 2012, the total amounts of retainage that were not recognized as revenue were RMB121,814,534.</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group offers to its solar modules customers the right to return or exchange defective products within a prescribed period if the volume of the defective products exceeds a certain percentage of the shipment as specified in the individual sales contract. For the solar module sales contracts signed subsequent to October 1, 2010, the Group no longer offers the rights to return and refund to its customers. Actual returns were 0.2% of total sales for the years ended December 31, 2010.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group provides solar power product processing services to customers and the revenue of processing services is recognized upon completion which is generally evidenced by delivery of processed products to the customers.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company recognizes revenue related to solar system integration projects on the percentage-of-completion method. The Company estimates its revenues by using the cost-to-cost method, whereby it derives a ratio by comparing the costs incurred to date to the total costs expected to be incurred on the project. The Company applies the ratio computed in the cost-to-cost analysis to the contract price to determine the estimated revenues earned in each period. When the Company determines that total estimated costs will exceed total revenues under a contract, it records a loss accordingly.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company recognized income from generated electricity as revenue upon completion of development and connection of the solar power plant to the grid.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Advance payments received from customers for the future sale of inventory are recognized as advances from third party customers in the consolidated balance sheets. Advances from third party customers are recognized as revenues when the conditions for revenue recognition described above have been satisfied. Advances from third party customers have been recognized as a current liability because the amount at each balance sheet date is expected to be recognized as revenue within twelve months.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0px; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In the PRC, value added tax ("VAT") at a general rate of 17% on invoice amount is collected on behalf of tax authorities in respect of the sales of product and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability until it is paid to the tax authorities.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>v. Cost of revenue</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Cost of revenue includes production and indirect costs, as well as shipping and handling costs for raw materials purchase and provision for inventories.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Costs of revenue for integration projects, include all direct material, labor, subcontractor cost, and those indirect costs related to contract performance, such as indirect labor, supplies and tools. The Group recognizes job material costs as incurred costs when the job materials have been installed. The Group considers job materials to be installed materials when they are permanently attached or fitted to the solar power systems as required by the engineering design.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>w. Warranty cost</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Solar modules produced by the Group are typically sold with either a 2-year or 5-year warranty for product defects, and a 10-year and 25-year warranty against declines of more than 10% and 20%, respectively, from the initial minimum power generation capacity at the time of delivery. Therefore, the Group is exposed to potential liabilities that could arise from these warranties. The potential liability is generally in the form of product replacement or repair.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Due to limited warranty claim history, the Group estimates warranty costs based on an assessment for its competitors&#39; history while incorporating estimates of failure rates through its quality review. Consequently, the Group accrues the equivalent of 1% of gross revenues as a warranty liability to accrue the estimated cost of its warranty obligations. Actual warranty costs incurred for warranty claims by customers are recorded in and charged against the accrued warranty liability. To the extent that actual warranty costs differ from the estimates, the Group will prospectively revise its accrual rate. The Group began the sales of solar modules in the first half of 2009 and has not experienced any material warranty claims to-date in connection with declines in the power generation capacity of its solar modules or defects. The accrual for warranty cost as of December 31, 2010, 2011 and 2012 were RMB33,432,852, RMB96,463,635 and RMB130,517,641, respectively. The warranty costs were classified as current liabilities under other payables and accruals, and non-current liabilities under accrued warranty costs - non-current, respectively, which reflect our estimate of the timing of when the warranty expenditures will likely be made. For the years ended December 31, 2010, 2011 and 2012, warranty cost expenses were RMB31,705,135, RMB63,030,783 and RMB40,213,055, respectively. The utilization of the warranty accruals for the years ended December 31, 2010, 2011 and 2012 were nil, nil and RMB6,159,049.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> We purchase warranty insurance policy which provides coverage for the product warranty services of our solar modules worldwide. Prepayment for warranty insurance premium is initially recorded as other assets and is amortized over the insurance coverage period. Prepayment for warranty insurance premium is not recorded as reduction of estimated warranty liabilities<strong><em>.</em></strong> Once the Company receives insurance recoveries, warranty expenses will be credited</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>x. Shipping and handling</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Costs to ship products to customers are included in selling and marketing expenses in the consolidated statements of operations. Costs to ship products to customers were RMB57,261,154, RMB119,821,738 and RMB164,942,482for the years ended December 31, 2010, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>y. Research and development</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Research and development costs are expensed when incurred.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>z. Start-up costs</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company expenses all costs incurred in connection with start-up activities, including pre-production costs associated with new manufacturing facilities and costs incurred with the formation of new subsidiaries such as organization costs.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>aa. Income Taxes</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The accounting for uncertain tax positions requires that the Company recognizes in the consolidated financial statements the impact of an uncertain tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group&#39;s policy is to recognize, if any, tax related interest as interest expenses and penalties as general and administrative expenses. For periods presented, the Group did not have any interest and penalties associated with uncertain tax positions in the year ended December 31, 2010, 2011 and 2012 as there were no uncertain tax positions.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ab. Commitments and Contingencies</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ac. Financial guarantees</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group issues guarantees in favor of certain third parties. A guarantee requires the issuer to make payments to reimburse the holder for a loss it incurs when a specified debtor fails to make repayments to the holder, when the debtor&#39;s liability to the holder falls due.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A guarantee is initially recognized at the estimated fair value in the Group&#39;s consolidated balance sheets unless it becomes probable that the Group will reimburse the holder of the guarantee for an amount higher than the carrying amount, in which case the guarantee is carried in the Group&#39;s consolidated balance sheets at the expected amount payable to the holder. The guarantee is derecognized when the Group&#39;s obligation to the holder expires.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ad. Fair value of financial instruments</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). A hierarchy is established for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value shall maximize the use of observable inputs.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> When available, the Company measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. Pricing information the Company obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Company generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and the Company&#39;s evaluation of those factors changes. Although the Company uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Company&#39;s consolidated assets, liabilities, equity and net income.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#39;s financial instruments consist principally of cash and cash equivalents, restricted cash, short-term investments, accounts and notes receivable, forward contract receivable, other receivables, prepayments and other current assets, capped call options, accounts and notes payable, other payables and accruals, forward contract payables, bonds payable, short-term borrowings, long-term borrowings, guarantee liabilities and convertible senior notes.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company elects to classify the cash flows related to realized gain or loss on settlement of foreign exchange forward contracts as operating activities, which are based on the nature of the cash flows the derivative is economically hedging.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ae. Government grants</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Government grants related to technology upgrades and enterprise development are recognized as subsidy income when received. For the years ended December 31, 2010, 2011 and 2012, the Group received financial subsidies of RMB15,696,641, RMB25,553,802 and RMB40,902,610 from the local PRC government authorities, respectively. These subsidies were non-recurring, not refundable and with no conditions, including none related to specific use or disposition of the funds, attached. Such amounts were recorded as subsidy income in the consolidated statements of operations. There are no defined rules and regulations to govern the criteria necessary for companies to enjoy such benefits and the amount of financial subsidy is determined at the discretion of the relevant government authorities.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Government grants related to assets are initially recorded as other payables and accruals which are then deducted from the carrying amount when the assets are ready for use. The Company received government grant related to assets of RMB55,000,000, RMB91,611,300 and RMB119,820,411during the years ended December 31, 2010, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>af. Repurchase of share</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> When the Company&#39;s shares are purchased for retirement, the excess of the purchase price over its par value is recorded entirely to additional paid-in capital subject to the limitation of the additional paid in capital when the shares were originally issued. When the Company&#39;s shares are acquired for purposes other than retirement, the purchase price is shown separately as treasury stock.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ag. Statutory reserves</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Zhejiang Jinko, as sino-foreign owned joint venture incorporated in the PRC, is required to make appropriations of net profits, after recovery of accumulated deficit, to (i) a general reserve fund, (ii) an enterprise expansion fund, and (iii) a staff bonus and welfare fund prior to distribution of dividends to investors. These reserve funds are set at certain percentage of after-tax profit determined in accordance with PRC accounting standards and regulations (the "PRC GAAP"). The percentage of net profit for appropriation to these funds is at the discretion of their board of directors.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Jiangxi Jinko, as a wholly foreign owned enterprise incorporated in the PRC, is required on an annual basis to make appropriations of net profits, after the recovery of accumulated deficit, to a general reserve fund and a staff bonus and welfare fund. These reserve funds are set at certain percentage of after-tax profit determined in accordance with the PRC GAAP. The percentage of the appropriation for general reserve fund is at least 10%, and the percentage of the appropriation for staff bonus and welfare fund is at the discretion of its boards of directors.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Except for the aforementioned subsidiaries, the Company&#39;s other subsidiaries, as domestic enterprises incorporated in the PRC, are required on an annual basis to make an appropriation of net profits, after the recovery of accumulated deficit, to a statutory reserve fund. The statutory reserve fund is set at the percentage of not lower than 10% of the after-tax profit determined in accordance with the PRC GAAP.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Once the level of the general reserve fund and the statutory reserve fund reach 50% of the registered capital of the underlying entities, further appropriations to these funds are discretionary. The Group&#39;s statutory reserves can only be used for specific purposes of enterprises expansion and staff bonus and welfare, and are not distributable to the shareholders except in the event of liquidation. Appropriations to these funds are accounted for as transfers from retained earnings to the statutory reserves.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> During the years ended December 31, 2010, 2011 and 2012, the Group made total appropriations to these statutory reserves of RMB126,152,136, RMB14,397,530 and RMB56,894, respectively.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ah. Segment reporting</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has adopted ASC 280, <em>Segment Reporting,</em> for its segment reporting. <font style="COLOR: black">The Group operates and manages its business as a single segment primarily in China.</font></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ai. Earnings(Loss) per share</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Basic earnings(loss) per share is computed by dividing net income(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings(loss) per share is calculated by dividing net income(loss) attributable to ordinary shareholders, as adjusted for the change in income or loss as result from the assumed conversion of those participating securities, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary share equivalents consist of the ordinary shares issuable upon the conversion of the convertible senior notes (using the if-converted method) and ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method). Potential dilutive securities are not included in the calculation of dilutive earnings per share if the effect is anti-dilutive.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>aj. Share-based compensation</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company&#39;s share-based payment transactions with employees, including share options, are measured based on the grant-date fair value of the equity instrument issued. The fair value of the award is recognized as compensation expense, net of estimated forfeitures, over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ak. Other comprehensive income/(loss)</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Other comprehensive income/(loss) is defined as the change in equity during a period from non-owner sources. The Company&#39;s other comprehensive income/(loss) for each period presented is comprised of foreign currency translation adjustment of the Company&#39;s foreign subsidiaries whose assets and liabilities are translated from their respective functional currencies at exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates prevailing during the applicable period.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>al. Convenience translation</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Translations of amounts from RMB into United States dollars ("US$" or "USD") are solely for the convenience of readers and were calculated at the rate of RMB6.2301 to US$1.00, the noon buying rate in effect on December 31, 2012, as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2012, or at any other rate.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>am. Recent accounting pronouncements</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In May 2011, the FASB issued ASU 2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs". This ASU is the result of joint efforts by the FASB and International Accounting Standards Board to develop a single, converged fair value framework. The guidance is largely consistent with existing fair value measurement principles in U.S. GAAP. The guidance expands the existing disclosure requirements for fair value measurements and makes other amendments. The guidance is to be applied prospectively and is effective for interim and annual periods beginning after December 15, 2011. Early application is not permitted. We adopted the new guidance since January 1, 2012, and the adoption of this pronouncement did not have a significant effect on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2011, the FASB issued ASU 2011-05, "Comprehensive Income (Topic 220), Presentation of Comprehensive Income." The ASU revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in ASC 220, "Comprehensive Income," and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The ASU does not change the items that must be reported in other comprehensive income. In December 2011, the FASB issued ASU 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05." This ASU defers the requirement in ASU 2011-05 that entities present reclassification adjustments for each component of accumulated other comprehensive income ("AOCI") in both net income and other comprehensive income on the face of the financial statements. ASU 2011-12 requires entities to continue to present amounts reclassified out of AOCI on the face of the financial statements or disclose those amounts in the notes to the financial statements. The effective date of ASU 2011-12 is consistent with ASU 2011-05, which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 for public entities. We adopted this ASU since January 1, 2012, and changed the Company&#39;s presentation of comprehensive income in its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In September 2011, the FASB issued ASU 2011-08, "Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment". This ASU permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. The amendments in this ASU apply to all entities, both public and nonpublic, that have goodwill reported in their financial statements. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted, including for annual and interim goodwill impairment tests performed as of a date before September 15, 2011, if an entity&#39;s financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. We adopted the new guidance since January 1, 2012, and the adoption of this pronouncement did not have a significant effect on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On December 16, 2011, the FASB issued ASU 2011-11, "Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities," which contains new disclosure requirements regarding the nature of an entity&#39;s rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The new disclosures are designed to make financial statements that are prepared under US GAAP more comparable to those prepared under IFRSs. To facilitate comparison between financial statements prepared under US GAAP and IFRSs, the new disclosures will give financial statement users information about both gross and net exposures. The new disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods therein; retrospective application is required. The Company does not expect that the adoption of this ASU will have a material effect on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In July 2012, the FASB issued ASU 2012-02, Intangibles - Goodwill and Other (Topic 350), <em>Testing Indefinite-Lived Intangible Assets for Impairment</em>. ASU 2012-02 gives companies an option to first assess qualitative factors to determine whether the existence of events and circumstances indicate it is more-likely-than-not that an indefinite-lived intangible asset is impaired. If based on its qualitative assessment, a company concludes that it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, quantitative impairment testing is required. However, if a company concludes otherwise, quantitative impairment testing is not required. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company does not expect the adoption of this accounting standard in the first quarter of 2013 to have an impact on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income". This update does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, this update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This update is effective prospectively for reporting periods beginning after December 15, 2012 for public entities. The Company does not expect the adoption of this accounting standard beginning on January 1, 2013 to have a material impact on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 130517641 96463635 33432852 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>w. Warranty cost</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Solar modules produced by the Group are typically sold with either a 2-year or 5-year warranty for product defects, and a 10-year and 25-year warranty against declines of more than 10% and 20%, respectively, from the initial minimum power generation capacity at the time of delivery. Therefore, the Group is exposed to potential liabilities that could arise from these warranties. The potential liability is generally in the form of product replacement or repair.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Due to limited warranty claim history, the Group estimates warranty costs based on an assessment for its competitors&#39; history while incorporating estimates of failure rates through its quality review. Consequently, the Group accrues the equivalent of 1% of gross revenues as a warranty liability to accrue the estimated cost of its warranty obligations. Actual warranty costs incurred for warranty claims by customers are recorded in and charged against the accrued warranty liability. To the extent that actual warranty costs differ from the estimates, the Group will prospectively revise its accrual rate. The Group began the sales of solar modules in the first half of 2009 and has not experienced any material warranty claims to-date in connection with declines in the power generation capacity of its solar modules or defects. The accrual for warranty cost as of December 31, 2010, 2011 and 2012 were RMB33,432,852, RMB96,463,635 and RMB130,517,641, respectively. The warranty costs were classified as current liabilities under other payables and accruals, and non-current liabilities under accrued warranty costs - non-current, respectively, which reflect our estimate of the timing of when the warranty expenditures will likely be made. For the years ended December 31, 2010, 2011 and 2012, warranty cost expenses were RMB31,705,135, RMB63,030,783 and RMB40,213,055, respectively. The utilization of the warranty accruals for the years ended December 31, 2010, 2011 and 2012 were nil, nil and RMB6,159,049.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> We purchase warranty insurance policy which provides coverage for the product warranty services of our solar modules worldwide. Prepayment for warranty insurance premium is initially recorded as other assets and is amortized over the insurance coverage period. Prepayment for warranty insurance premium is not recorded as reduction of estimated warranty liabilities<strong><em>.</em></strong> Once the Company receives insurance recoveries, warranty expenses will be credited</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>z. Start-up costs</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company expenses all costs incurred in connection with start-up activities, including pre-production costs associated with new manufacturing facilities and costs incurred with the formation of new subsidiaries such as organization costs.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">&nbsp;</p> <!--EndFragment--></div> </div> 1365122294 219117235 2895190515 1365122294 219117235 2895190515 1373811407 220511934 2905173578 2665201876 466075753 13202 2119 13200 13832 7809 1524728796 244735846 1507224827 1542089341 193929492 179041258 28738103 178984364 164586834 38434698 236395 37944 -134611 -13875553 -2227180 -8354423 -325021804 -52169597 1217457158 958511869 233703754 8689113 1394699 9983063 5375150 7481250 8000000 5375150 7441450 107503 148829 150392 18000 276136 18000 202491182 305183565 734 1022 305182543 202490448 1060 445720579 445721639 8015089 43600000 20 2 36 2076070 160859 3759045 2076090 160861 3759081 173570 1222600 694280 4890400 5521130 48503352 48502683 30000000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>29.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>SUBSEQUENT EVENTS</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Subsequent to December 31, 2012, the Group obtained additional short-term and long-term bank borrowings (Note 17).</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">On January 29, 2013, the Group issued unsecured six-year bonds with an aggregate principal amount of RMB800 million which bears a fixed annual interest rate of 8.99% and will mature on January 29, 2019.</font> At the end of the third year in the life of the bonds, the <font style="COLOR: black">Group</font> has the option to raise the interest rate by up to 100 basis points, and the bondholders will have the right to require the Company to repurchase all or part of their bonds, at such time. <font style="COLOR: black">The proceeds from the issuance of the bonds were originally intended to be used for capital expenditure of solar cell and modules facility. The Group has changed the purpose of use of proceeds to develop solar power plant plants with RMB 640 million and for working capital purpose of RMB 160 million prior to the required approval by the bond holders as well as filing with the relevant government authority. A bond holders meeting held on April 25, 2013 approved the change of the usage and as of the date of report, the Group is in the process of the filing with relevant government authority.</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On March19, 2013, the Group entered into loan facilities for an aggregate principal amount of RMB360 million and a term of 15 years with China Development Bank. The Company will use the financing to develop its domestic solar power plant projects.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">&nbsp;</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap">&nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">At beginning of year</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (1,994,833</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (6,308,714</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (73,967,071</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Current year additions</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(4,517,852</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(69,445,609</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: left; COLOR: black">&nbsp;</td> <td style="TEXT-ALIGN: right; COLOR: black">(329,813,147</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Reversal of valuation allowances</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 203,971</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,787,252</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 919,670</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> &nbsp;</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> At end of year</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (6,308,714</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (73,967,071</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">&nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> &nbsp;</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (402,860,548</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 13433242 31832994 17479734 42301594 43600000 15100000 0.00002 0.00002 0.001 0.001 35200000 24000000 <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>h. Accounts receivable</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">Specific provisions are made against accounts receivable for estimated losses resulting from the inability of the Group&#39;s customers to make payments. The Group periodically assessed accounts receivable balances to determine whether an allowance for doubtful accounts should be made based upon historical bad debts, specific customer creditworthiness and current economic trends. Accounts receivable in the balance sheets are stated net of such provision, if any.</font> Before approving sales to each customer, the Group conducts a credit assessment for each customer to evaluate the collectability of such sales. <font style="COLOR: black">The assessment usually takes into consideration the credit worthiness of such customer and its guarantor, if any, the Group&#39;s historical payment experience with such customer, industry-wide trends with respect to credit terms, including the terms offered by competitors, and the macro-economic conditions of the region to which sales will be made. The Group will execute a sales order with a customer and arrange for shipment only if its credit assessment concludes that the collectability with such customer is reasonably assured. The Group may also from time to time require security deposits from certain customers to minimize its credit risk. After the sales are made, the Group closely monitors the credit situation of each customer on an on-going basis for any subsequent change in its financial position, business development and credit rating, and will evaluate whether any of such adverse change warrants further action to be taken by the Group, including asserting claims and/or initiating legal proceedings against the customer and/or its guarantor, as well as making provisions. It is also the Group&#39;s general practice to suspend further sales to any customer with significant overdue balances. The receivable from insurance is only recorded when insurance claim has been submitted to the insurance company and been accepted and acknowledged by the carrier and recovery is considered reasonably assured. Upon recording the recovery, the bad debt expense is reduced.</font></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &nbsp;</p> <!--EndFragment--></div> </div> 1723200 1028920 1723200 1028920 430800 257230 1723200 1028920 694280 5919320 13875553 2227180 8354423 13875553 2227180 8354423 668 48502683 5521130 8354423 5521130 56857774 13875553 8354423 282100000 209695401 703696703 1131653 1367900 4719884 7352536 80748080 88752706 102686971 74896543 88752706 93966535 xbrli:shares iso4217:USD iso4217:EUR iso4217:AUD iso4217:CNY iso4217:CNY xbrli:shares xbrli:pure iso4217:USD xbrli:shares jks:Silicon iso4217:CNY iso4217:USD 0001481513 jks:CaseWithCogipSpaMember 2013-04-23 2013-04-24 0001481513 jks:LoanFacilitiesWithChinaDevelopmentBankMember us-gaap:SubsequentEventMember 2013-03-18 2013-03-19 0001481513 jks:CaseAgainstWuxiZhongcaiMember 2013-02-01 2013-02-28 0001481513 jks:UnsecuredSixYearBondsMember us-gaap:SubsequentEventMember 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Increase Decrease In Other Accounts Payable And Accrued Liabilities Increase in other payables and accruals Increase Decrease In Other Noncurrent Assets Increase Decrease In Other Receivables Increase Decrease In Restricted Cash Interest Paid Net Cash paid for interest expenses (net of amounts capitalized) Inventory Write Down Inventories provision Other Asset Impairment Charges Provision for other receivable Other Noncash Income Expense Payments To Acquire Businesses Net Of Cash Acquired Payments To Acquire Intangible Assets Payments To Acquire Investments Payments To Acquire Property Plant And Equipment Proceeds From Collection Of Loans Receivable Repayment of loan by a third party Net proceeds from public offering of ordinary shares Proceeds from issuance of bonds Proceeds From Minority Shareholders Capital contributions by non-controlling interests holder Proceeds From Notes Payable Increase in notes payable (Note 2(g)) Proceeds From Other Debt Borrowings from third parties Proceeds From Repayments Of Restricted Cash Financing Activities (Increase)/decrease in cash restricted for notes payable (Note 2(g)) Proceeds From Sale Of Property Plant And Equipment Proceeds from disposal of property, plant and equipment Proceeds From Sale Of Short Term Investments Cash collected from short-term investments Provision For Doubtful Accounts Provision for allowance of doubtful accounts Repayments Of Long Term Capital Lease Obligations Repayments Of Other Debt Share Based Compensation Share-based compensation charge Statement [Line Items] Statement [Line Items] Statement Of Cash Flows [Abstract] Statement [Table] Statement [Table] Supplemental Cash Flow Information [Abstract] Supplemental disclosure of cash flow information Types of Financial Instruments [Domain] ORGANIZATION AND NATURE OF OPERATIONS [Abstract] Nature Of Operations ORGANIZATION AND NATURE OF OPERATIONS PRINCIPAL ACCOUNTING POLICIES [Abstract] Significant Accounting Policies [Text Block] PRINCIPAL ACCOUNTING POLICIES BUSINESS COMBINATION [Abstract] Business Combination Disclosure [Text Block] BUSINESS COMBINATION Operating Revenue Disclosure [Text Block] REVENUES Operating Revenue Disclosure [Text Block] REVENUES [Abstract] TAXATION [Abstract] Income Tax Disclosure [Text Block] TAXATION ACCOUNTS RECEIVABLE, NET-THIRD PARTIES [Abstract] Loans Notes Trade And Other Receivables Disclosure [Text Block] ACCOUNTS RECEIVABLE, NET-THIRD PARTIES Advances To Suppliers [Text Block] ADVANCES TO SUPPLIERS Advances to Suppliers [Text Block] ADVANCES TO SUPPLIERS [Abstract] Advances To Suppliers [Abstract] INVENTORIES [Abstract] Inventory Disclosure [Text Block] INVENTORIES Prepayments And Other Current Assets [Text Block] PREPAYMENTS AND OTHER CURRENT ASSETS Prepayments And Other Current Assets [Text Block] PREPAYMENTS AND OTHER CURRENT ASSETS [Abstract] PROPERTY, PLANT AND EQUIPMENT, NET [Abstract] Property Plant And Equipment Disclosure [Text Block] PROPERTY, PLANT AND EQUIPMENT, NET Land Use Rights Disclosure [Text Block] LAND USE RIGHTS, NET Land Use Rights Disclosure [Text Block] LAND USE RIGHTS, NET [Abstract] INTANGIBLE ASSETS, NET [Abstract] Intangible Assets Disclosure [Text Block] INTANGIBLE ASSETS, NET OTHER ASSETS [Abstract] Other Assets Disclosure [Text Block] OTHER ASSETS Other Payables And Accruals [Text Block] OTHER PAYABLES AND ACCRUALS Other Payables And Accruals [Text Block] OTHER PAYABLES AND ACCRUALS [Abstract] BONDS PAYABLE AND ACCRUED INTEREST [Abstract] Long Term Debt [Text Block] BONDS PAYABLE AND ACCRUED INTEREST BORROWINGS [Abstract] Debt Disclosure [Text Block] BORROWINGS Earnings Per Share [Text Block] EARNINGS/(LOSS) PER SHARE EMPLOYEE BENEFITS [Abstract] Pension And Other Postretirement Benefits Disclosure [Text Block] EMPLOYEE BENEFITS REDEEMABLE CONVERTIBLE PREFERRED SHARES [Abstract] Preferred Stock [Text Block] REDEEMABLE CONVERTIBLE PREFERRED SHARES Convertible Senior Debentures Disclosure [Text Block] CONVERTIBLE SENIOR NOTES Convertible Senior Debentures Disclosure CONVERTIBLE SENIOR NOTES [Abstract] ORDINARY SHARES AND SHARE EXCHANGE [Abstract] Stockholders Equity Note Disclosure [Text Block] ORDINARY SHARES AND SHARE EXCHANGE Share Repurchase Plan Approved By Shareholders Disclosure [Text Block] REPURCHASE OF SHARES Share Repurchase Plan Approved by Shareholders Disclosure [Table Text Block] REPURCHASE OF SHARES [Abstract] Share Based Compensation Arrangements By Share Based Payment Award [Text Block] SHARE BASED COMPENSATION Share-based Compensation Arrangements by Share-based Payment Award [Text Block] SHARE BASED COMPENSATION [Abstract] RELATED PARTY TRANSACTIONS AND BALANCES [Abstract] Related Party Transactions Disclosure [Text Block] RELATED PARTY TRANSACTIONS AND BALANCES CERTAIN RISKS AND CONCENTRATION [Abstract] Concentration Risk Disclosure [Text Block] CERTAIN RISKS AND CONCENTRATION COMMITMENTS AND CONTINGENCIES [Abstract] Commitments And Contingencies Disclosure [Text Block] COMMITMENTS AND CONTINGENCIES FAIR VALUE MEASUREMENTS [Abstract] Fair Value Disclosures [Text Block] FAIR VALUE MEASUREMENTS GOODWILL [Abstract] Goodwill Disclosure [Text Block] GOODWILL RESTRICTED NET ASSETS [Abstract] Restricted Assets Disclosure [Text Block] RESTRICTED NET ASSETS SUBSEQEUENT EVENTS [Abstract] Subsequent Events [Text Block] SUBSEQUENT EVENTS ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY [Abstract] Condensed Financial Information Of Parent Company Only Disclosure [Text Block] ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY Schedule Of Subsidiaries [Table Text Block] Schedule of Subsidiaries Tabular disclosure of information pertaining to the entity's subsidiaries. Capital Registered capital Delingha Ruiqida Solar Power Company Limited [Member] Delingha Ruiqida Solar Power Company Limited [Member] Delingha Ruiqida Solar Power Co., Ltd. ("Delingha Solar Power") [Member] Jiangxi Desun Energy Company Limited [Member] Jiangxi Desun Energy Co., Ltd. [Member] Jiangxi Desun Energy Company Limited [Member] Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners Percentage of ownership, shareholders Noncontrolling Interest, Ownership Percentage by Parent Percentage of ownership, parent Basis of Accounting, Policy [Policy Text Block] Basis of presentation and use of estimates Business Combinations Policy [Policy Text Block] Business combination Cash and Cash Equivalents, Policy [Policy Text Block] Cash and cash equivalents Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] Restricted cash Commitments and Contingencies, Policy [Policy Text Block] Commitments and Contingencies Comprehensive Income, Policy [Policy Text Block] Other comprehensive income (loss) Consolidation, Policy [Policy Text Block] Consolidation Convenience Translation Policy [Policy Text Block] Convenience translation Disclosure of accounting policy for convenience translation. Cost Of Revenue Policy [Policy Text Block] Cost of revenue Disclosure of accounting policy for cost of revenue. Debt, Policy [Policy Text Block] Notes receivable and payable Earnings Per Share, Policy [Policy Text Block] Earnings (Loss) per share Equity Method Investments, Policy [Policy Text Block] Investments in affiliates Fair Value of Financial Instruments, Policy [Policy Text Block] Fair value of financial instruments Financial Guarantees Policy [Policy Text Block] Financial guarantees Disclosure of accounting policy for financial guarantees. Foreign Currency Transactions and Translations Policy [Policy Text Block] Foreign currency translation Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] Goodwill Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] Intangible assets Government Grants Policy [Policy Text Block] Government grants Disclosure of accounting policy for government grants. Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] Impairment of long-lived assets Income Tax, Policy [Policy Text Block] Income Taxes Intangible Assets, Finite-Lived, Policy [Policy Text Block] Land use rights Interest Capitalization, Policy [Policy Text Block] Interest Capitalization Inventory, Policy [Policy Text Block] Inventories Investment, Policy [Policy Text Block] Short-term investments Lease, Policy [Policy Text Block] Leases New Accounting Pronouncements, Policy [Policy Text Block] Recent accounting pronouncements Project Assets [Policy Text Block] Project assets Project Assets [Policy Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Property, plant and equipment, net Receivables, Policy [Policy Text Block] Short-term and long-term advances to suppliers Research and Development Expense, Policy [Policy Text Block] Research and development Revenue Recognition, Policy [Policy Text Block] Revenue recognition Segment Reporting, Policy [Policy Text Block] Segment reporting Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] Share-based compensation Shipping and Handling Cost, Policy [Policy Text Block] Shipping and handling Standard Product Warranty, Policy [Policy Text Block] Warranty cost Start-up Activities, Cost Policy [Policy Text Block] Start-up costs Statutory Reserves Policy [Policy Text Block] Statutory reserves Disclosure of accounting policy for statutory reserves. Trade and Other Accounts Receivable, Policy [Policy Text Block] Accounts receivable Treasury Stock Policy [Policy Text Block] Repurchase of share Disclosure of accounting policy for treasury stock. Short-term and long-term advances to suppliers Buildings [Member] Cash Equivalents, at Carrying Value Cash, cash equivalents, and restricted cash Consolidation [Abstract] Consolidation Consolidation[Abstract] Contract Receivable Retainage Retainage Disclosure of Other Reserve Information [Abstract] Statutory reserves Finite-Lived Intangible Assets, Net [Abstract] Land use rights and Intangible assets Foreign Currency Exchange Rate, Translation Exchange rate Foreign Currency Transaction [Abstract] Convenience translation Foreign Currency Translation [Abstract] Foreign currency translation Furniture and Fixtures [Member] Furniture, fixture and office equipment [Member] Goodwill, Impaired [Abstract] Goodwill Government Subsidies Related To Assets Government grants related to assets Subsidy income related to assets during the period. Intangible Asset Useful Life Maximum Intangible asset, useful life, maximum Maximum useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Intangible Asset Useful Life Minimum Intangible asset, useful life, minimum Minimum useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Interest Costs Capitalized Interest capitalized Interest Costs Incurred [Abstract] Interest Capitalization Machinery and Equipment [Member] Machinery and equipment [Member] Other Capitalized Property Plant and Equipment [Member] Solar power projects [Member] Other Costs and Disclosures [Abstract] Shipping and handling Other Income [Abstract] Government grants Other Intangible Assets [Member] Purchased software and trademark registration fees [Member] Reclassification of payments for construction of project assets Product Warranty Accrual, Payments Utilization of warranty accruals Product Warranty Expense Warranty cost expenses Project assets Reclassification for project assets Project Assets Useful Life Project assets, useful life The useful life of project assets used to determine amortization. Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Net, by Type [Abstract] Property, plant and equipment, net Property, Plant and Equipment, Type [Domain] Property, Plant and Equipment, Useful Life Property, plant and equipment, estimated useful life Restricted Investments, Current Restricted short-term investments Return Percentage Return percentage Total returns for the period, expressed as a percentage of total sales. Revenue Recognition [Abstract] Revenue recognition Shipping, Handling and Transportation Costs Shipping and handling costs Short-term Investments [Abstract] Short-term investments Standard Product Warranty Accrual, Current Provision for warranty cost Standard Product Warranty Disclosure [Abstract] Warranty cost Standard Product Warranty Maximum Term Product Decline Product decline, maximum warranty The maximum standard product warranty period offered for product decline. Standard Product Warranty Maximum Term Product Defect Product defect, maximum warranty The maximum standard product warranty period offered for product defects. Standard Product Warranty Minimum Term Product Decline Product decline, minimum warranty The minimum standard product warranty period offered for product decline. Standard Product Warranty Minimum Term Product Defect Product defect, minimum warranty The minimum standard product warranty period offered for product defects. Standard Product Warranty Product Decline Maximum Percentage Product decline, maximum percentage The minimum percentage of product performance decline that determines the maximum warranty term. Standard Product Warranty Product Decline Minimum Percentage Product decline, minimum percentage The minimum percentage of product performance decline that determines the minimum warranty term. Value Added Tax Rate VAT rate The value added tax rate as of the balance sheet date. Vehicles [Member] Motor vehicles [Member] Business Acquisition, Pro Forma Information [Table Text Block] Schedule of Pro Forma Information Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] Schedule of Total Consideration Business Acquisition, Acquiree [Domain] Business Acquisition [Axis] Business Acquisition, Cost of Acquired Entity, Purchase Price Total purchase consideration Business Acquisition [Line Items] Business Acquisition, Percentage of Voting Interests Acquired Percentage of equity interests acquired Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net Net assets at acquisition date Business Acquisition, Purchase Price Allocation, Current Assets Current assets Business Acquisition, Purchase Price Allocation, Current Liabilities Current liabilities Business Acquisition, Purchase Price Allocation, Deferred Tax Liabilities, Noncurrent Deferred tax liabilities Business Acquisition, Purchase Price Allocation, Goodwill Amount Goodwill Business Acquisition, Purchase Price Allocation, Land Land use rights Business Acquisition, Purchase Price Allocation, Noncurrent Liabilities Non-current liabilities Business Acquisition, Purchase Price Allocation, Other Assets Other assets Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment Property, plant and equipment Schedule of Business Acquisitions, by Acquisition [Table] Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member] Zhejiang Jinko Solar Company Limited [Member] Zhejiang Jinko Solar Company Limited [Member] Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] Schedule of Revenues by Geographic Area Schedule Of Revenues By Product Table Text Block Schedule Of Revenues By Product Generated Electricity [Member] Operating Revenue By Product Type [Line Items] Operating Revenue By Product Type [Table] Processing Service Fees [Member] Recovered Silicon Materials [Member] Silicone Ingots [Member] Silicon Wafers [Member] Solar Cells [Member] Solar Modules [Member] System Integration Services [Member] CHINA [Member] Cyprus [Member] CYPRUS [Member] GERMANY [Member] SPAIN [Member] ITALY [Member] Rest Of The World [Member] Schedule of Segment Reporting Information, by Segment [Table] Segment, Geographical [Domain] Segment Reporting, Revenue Reconciling Item [Line Items] Geographical [Axis] UNITED STATES [Member] USA [Member] Schedule Of Aggregate Amount And Per Share Effect Of Reduction Of Tax [Table Text Block] Schedule of Aggregate Amount and per Share Effect of Reduction of Tax Schedule Of Aggregate Amount And Per Share Effect Of Reduction Of Tax Table Text Block Schedule Of Components Of Deferred Tax Assets Current [Table Text Block] Schedule Of Components Of Deferred Tax Assets Current Schedule Of Components Of Deferred Tax Assets Non Current [Table Text Block] Schedule of Components of Deferred Tax Assets Noncurrent Schedule Of Components Of Deferred Tax Assets Noncurrent Table Text Block Schedule Of Components Of Deferred Tax Liabilities Current [Table Text Block] Schedule of Components of Deferred Tax Liabilities Current Schedule Of Components Of Deferred Tax Liabilities Non Current [Table Text Block] Schedule of Components of Deferred Tax Liabilities Noncurrent Schedule Of Components Of Deferred Tax Liabilities Noncurrent Table Text Block Schedule of Deferred Tax Assets and Liabilities [Table Text Block] Schedule of Deferred Tax Asset/Liability Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] Schedule of Effective Income Tax Rate Reconciliation Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] Schedule of Profit (Loss) Before Taxes Summary of Valuation Allowance [Table Text Block] Summary of Valuation Allowance on Deferred Assets AUSTRALIA AUSTRALIA [Member] CANADA CANADA [Member] SWITZERLAND [Member] Deferred Tax Liability Reinvested Earnings Deferred tax liability reinvested earnings Deferred tax liability related to reinvested earnings. Dividend Distribution Witholding Tax Dividend distribution witholding tax Dividend distribution witholding tax Federal corporate income tax rate Effective Income Tax Rate Reconciliation, State and Local Income Taxes State/Province tax rate FRANCE [Member] HONG KONG [Member] Income Tax Authority [Axis] Income Tax Authority [Domain] Reduced Statutory Tax Rates Foreign Invested Subsidies Reduced statutory rate Reduced statutory tax rates foreign invested subsidies. PRC [Member] Income Tax By Jurisdiction [Axis] Income Tax By Jurisdiction Axis Income Tax By Jurisdiction [Domain] Income Tax By Jurisdiction Domain Income Tax [Line Items] Income Tax [Table] Income Tax Table CAYMAN ISLANDS [Member] Other Countries [Member] Other Countries Member Current Federal Tax Expense (Benefit) PRC Current Foreign Tax Expense (Benefit) Other countries Current Income Tax Expense (Benefit) Total current income tax expense/benefit Deferred PRC tax (expense)/benefit Income tax benefit/(expense) Effective Income Tax Rate, Continuing Operations Effective CIT rate Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate Statutory CIT rate Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance Change in valuation allowance Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate Change of enact tax rate Effective Income Tax Rate Reconciliation Change In Fair Value Of Convertible Notes And Call Options Change in fair value of convertible senior notes and capped call options Effective income tax rate reconciliation change in fair value of convertible notes and call options. Effective Income Tax Rate Reconciliation, Deductions, Other Accrued payroll and welfare expenses Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary Difference in tax rate of a subsidiary outside the PRC Effective Income Tax Rate Reconciliation Goodwill Impairment Goodwill impairment Effective income tax rate reconciliation goodwill impairment. Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other Other non-deductible expenses Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost Share-based compensation expenses Effective Income Tax Rate Reconciliation, Prior Year Income Taxes Effect of prior year tax difference Effective Income Tax Rate Reconciliation, Tax Holidays Effect of tax holiday for subsidiaries Income Tax Reconciliation, Prior Year Income Taxes Out-of-period adjustment Aggregate Subsidiary Tax Reduction Amount The aggregate amount of effect Aggregate subsidiary tax reduction amount Aggregate Subsidiary Tax Reduction Amount Basic Per share effect - basic Aggregate subsidiary tax reduction amount, Basic Aggregate Subsidiary Tax Reduction Amount Diluted Per share effect - diluted Aggregate subsidiary tax reduction amount, Diluted Deferred Tax Asset [Axis] Deferred Tax Asset Axis Deferred Tax Asset By Type [Domain] Deferred Tax Asset By Type [Domain] Deferred Tax Asset Current [Member] Deferred Tax Asset Current Member Deferred Tax Asset [Line Items] Deferred Tax Asset Noncurrent [Member] Deferred Tax Asset Noncurrent Member Deferred Tax Asset Provision For Advance To Suppliers Noncurrent Provision for advance to suppliers to be utilized beyond one year Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences for advances to suppliers to be utilized beyond the current fiscal year. Deferred Tax Asset Provision Of Prepayment For Purchase Of Long Lived Assets Provision of prepayment for purchase of property, plant and equipment Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from a prepayment for long-lived assets. Deferred Tax Asset Retainage Contract Timing difference for revenue recognition of retainage contract Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences for revenue recognition of retainage contract. Deferred Tax Assets, Derivative Instruments Change in fair value of forward contracts Deferred Tax Assets Government Grant Assets related government grant Deferred tax assets government grant. Deferred Tax Assets, Gross Total deferred tax assets Deferred Tax Assets Increase In Fair Value Of Assets Due To Business Combinations Increase in fair value of property, plant and equipment and land use rights arising from business combination Deferred tax assets increase in fair value of assets due to business combinations. Deferred Tax Assets, Net, Current Net deferred tax assets - current Deferred Tax Assets, Net, Noncurrent Deferred tax assets-non-current, net Deferred Tax Assets, Operating Loss Carryforwards Net operating losses Deferred Tax Assets, Other Other temporary differences Deferred Tax Assets, Property, Plant and Equipment Impairment of property, plant and equipment Deferred Tax Assets Subsidiary Start Up Cost Future Expense Pre-operating expenses of a subsidiary that are deductible in future periods Deferred tax assets subsidiary start up cost future expense Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals Provision for inventories, accounts receivable and other receivable Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities Accrued interest Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Warranty Reserves Accrued warranty costs Deferred Tax Assets, Valuation Allowance Less: Valuation allowance Deferred Tax Asset [Table] Deferred Tax Asset Table At beginning of year At end of year Deferred Tax Assets Valuation Allowance Current Year Additions Current year additions Deferred tax assets valuation allowance current year additions. Deferred Tax Assets Valuation Allowance Reversals Reversal of valuation allowances Deferred tax assets valuation allowance reversals. Allowance for Credit Losses on Financing Receivables [Table Text Block] Schedule of Movement of Allowance for Doubtful Accounts Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] Schedule of Accounts Receivable Accounts Receivable, Gross, Current Accounts receivables Accounts receivable, net Allowance for Doubtful Accounts Receivable, Current Allowance for doubtful accounts Accounts Receivable Net Current Allowance for Doubtful Accounts Receivable, Charge-offs Write-off At beginning of year At end of year Allowance for Doubtful Accounts Receivable, Period Increase (Decrease) Addition Allowance for Doubtful Accounts Receivable, Recoveries Reversal Advances To Suppliers Current Advances to Suppliers Current Advances To Suppliers Noncurrent Advances to Suppliers Noncurrent Provision For Advances To Suppliers And Prepayment For Equipment Provision for advance to suppliers Provision for Advances to Suppliers and Prepayment for Equipment Advances to suppliers-current Advances to suppliers to be utilized beyond one year Advances To Suppliers Under Purchase Contract Current Advances to suppliers under purchase contracts with term of less than 1 year Advances to suppliers under a purchase contract with a term of less than 1 year. Advances To Suppliers Under Purchase Contract Current And Noncurrent Total The current and noncurrent portions of advances to suppliers under purchase contracts as of the balance sheet date. Advances To Suppliers Under Purchase Contract Noncurrent Advances to suppliers under purchase contracts with term of more than 1 year Advances to suppliers under a purchase contract with a term of more than 1 year. Schedule Of Advances To Suppliers [Table Text Block] Schedule of Advances to Suppliers Tabular disclosure of advances to suppliers. Schedule of Inventory, Current [Table Text Block] Schedule of Inventories Inventory, Finished Goods, Net of Reserves Finished goods Total Inventory, Raw Materials, Net of Reserves Raw materials Inventory, Work in Process, Net of Reserves Work-in-progress Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] Schedule of Prepayments and Other Current Assets Advances Recoverable From Suppliers Advances recoverable from supplier Advances recoverable from suppliers. Deferred charges Deferred Costs, Current Deposits Assets, Current Deposits for customs duty, rental and open bidding for solar projects Due from Employees, Current Employee advances Loans Receivable From Employees Employee loans Loans receivable from employees Other Prepaid Expense, Current Others Prepaid Advertising Prepaid advertizing fee and sponsorship Prepaid Expense and Other Assets, Current, Total Prepaid Insurance Prepaid insurance premium Prepaid Rent Prepaid rent and others Prepaid Service Fees Prepaid service fees. Prepaid service fees. Prepaid Taxes Prepayment for income tax Prepayment Share Repurchase Prepayment for share repurchase Prepayment for share repurchase. Receivable From Insurance Company Receivable from insurance company Receivable from insurance company. Value Added Tax Receivable, Current Value-added tax deductable Value Added Tax Refundable Value-added tax refundable on export sales Value added tax refundable. Property, Plant and Equipment [Table Text Block] Schedule of Property and Equipment Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Less: Accumulated depreciation Construction in Progress, Gross Construction in progress Impairment Provision Less: Impairment Impairment Provision Property, Plant and Equipment, Gross Property and equipment Property, plant and equipment, net Property Plant And Equipment Net Of Accumulated Depreciation And Impairment Subtotal Property, plant and equipment, net of accumulated depreciation and impairment. Solar Power Projects [Member] Solar Power Projects Member Land Use Rights [Table Text Block] Schedule of Land Use Rights Land Use Rights Table Text Block Estimated Future Amortization Of Land Use Right Estimated future amortization expense Estimated future amortization of land use right. Land Use Rights Accumulated Amortization Less: accumulated amortization Land use rights accumulated amortization. Land Use Rights Gross Land use rights Land use rights, gross. Land use rights, net Schedule of Finite-Lived Intangible Assets [Table Text Block] Schedule of Intangible Assets Finite-Lived Intangible Assets, Accumulated Amortization Less: accumulated amortization Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months Estimated amortization expense, 2013 Finite-Lived Intangible Assets, Amortization Expense, Year Five Estimated amortization expense, 2017 Finite-Lived Intangible Assets, Amortization Expense, Year Four Estimated amortization expense, 2016 Finite-Lived Intangible Assets, Amortization Expense, Year Three Estimated amortization expense, 2015 Finite-Lived Intangible Assets, Amortization Expense, Year Two Estimated amortization expense, 2014 Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Gross Intangible assets, gross Finite-Lived Intangible Assets [Line Items] Finite-Lived Intangible Assets, Major Class Name [Domain] Schedule of Finite-Lived Intangible Assets [Table] Software [Member] Computer software [Member] Trademarks [Member] Trademark [Member] Schedule of Other Assets, Noncurrent [Table Text Block] Schedule of Other Assets Other Assets By Type [Axis] Other Assets By Type Axis Other Assets By Type [Domain] Other Assets By Type Domain Other Assets [Line Items] Other Assets Line Items Other Assets [Table] Other Assets Table Other Noncurrent Assets [Member] Others [Member] Other Noncurrent Assets Member Prepaid Interest For Long Term Borrowing [Member] Prepaid Interest For Long Term Borrowing [Member] Prepaid Service Fee [Member] Prepaid service fee?non-current portion [Member] Prepayments For Land Use Rights [Member] Prepayments for land use right [Member] Prepayments For Land Use Rights Member Prepayments For Property Plant And Equipment [Member] Prepayments for purchase of property, plant and equipment [Member] Prepayments For Warranty Insurance Premium [Member] Prepayment for warranty insurance premium [Member] Prepayments For Warranty Insurance Premium [Member] Schedule Of Other Payables And Accruals [Table Text Block] Schedule Of Other Payables And Accruals Accrued Professional Service Fees [Member] Accrued Professional Service Fees Member Accrued Utilities Rentals And Interest [Member] Accrued Utilities Rentals And Interest Member Accrued Warranty Cost [Member] Accrued Warranty Cost Member Commision Payables [Member] Contracted Labor Fee [Member] Contracted Labor Fee [Member] Freight Payables [Member] Freight Payables Member Government Grants Related To Assets [Member] Government Grants Related To Assets Member Other Liabilities [Axis] Other Liabilities [Axis] Other Liabilities [Domain] Other Liabilities Domain Other Liabilities [Line Items] Other Liabilities Line Items Other Liabilities [Table] Other Liabilities Table Other Payables And Accruals [Member] Others [Member] Other Payables And Accruals Member Payables For Project Assets [Member] Payables For Project Assets [Member] Payables For Project Assets [Member] Payables For Purchase Of Property Plant And Equipment [Member] Payables For Purchase Of Property Plant And Equipment [Member] Payables to Zhejiang Global Photovoltaic Technology Co., Ltd. Payables To Zhejiang Global Photovoltaic Technology Co., Ltd. [Member] Value -Added Tax And Other Tax Payable [Member] Value -Added Tax And Other Tax Payable [Member] Bonds Payable And Accrued Interest [Axis] Bonds Payable And Accrued Interest Axis Bonds Payable And Accrued Interest [Domain] Bonds Payable And Accrued Interest Domain Bonds Payable And Accrued Interest [Line Items] Bonds Payable And Acrued Interest [Line Items] Bonds Payable And Accrued Interest [Table] Bonds Payable And Acrued Interest [Table] Debt Instrument, Interest Rate, Stated Percentage Stated interest rate Short Term Bonds [Member] Short Term Bonds Member Schedule of Long-term Debt Instruments [Table Text Block] Schedule of Long-term Borrowings Schedule of Maturities of Long-term Debt [Table Text Block] Schedule of Future Principal Repayments on Long-term Debt Schedule of Short-term Debt [Table Text Block] Schedule of Short-term Borrowings Short Term Borrowings Including Commercial Paper Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer. Includes commercial paper. Long-term bank borrowings-current portion (Note 17 (b)) Short-term Debt Short-term bank borrowings Total short-term borrowings Deferred Finance Costs, Gross Deferred financing cost (Note 26(d)) Loans Payable to Bank, Current Long-term Debt Long-term bank borrowings Total long-term borrowings Less: Current portion Long Term Debt Noncurrent Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] Schedule of Calculation of Numberator and Denominator Antidilutive Securities [Axis] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive Securities, Name [Domain] Change In Fair Value Of Convertible Senior Notes [Member] Change In Fair Value OFConvertible Senior Notes [Member] Dilutive Securities, Effect on Basic Earnings Per Share Dilutive effect Basic earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders Diluted earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders Exchange Gain On Convertible Senior Notes [Member] Exchange Gain On Convertible Senior Notes Member Net income/(loss) attributable to JinkoSolar Holding Co., Ltd. Net income / (loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders-Basic Net Income (Loss) Available to Common Stockholders, Diluted Net income / (loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders-Diluted Preferred Stock [Member] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Stock Options [Member] Weighted Average Number Diluted Shares Outstanding Adjustment Dilutive effect Denominator for diluted calculation-weighted average number of ordinary shares outstanding Denominator for basic calculation-weighted average number of ordinary shares outstanding Accrued Employee Benefits Accrued employee benefits Employee Benefits and Share-based Compensation Employee benefit expenses Other Employee Related Liabilities Penalty accrued for employee benefits Conversion of Stock, Amount Issued Value of share transfer Stock Conversion Description [Axis] Conversion of Stock, Name [Domain] Conversion of Stock, Shares Issued Stock issued in exchange Convertible Preferred Stock, Shares Issued upon Conversion Conversion rate Embedded Derivative, Fair Value of Embedded Derivative Liability Fair value of embedded derivative Payments to Suppliers Payments for consulting services Preferred Stock, Dividend Rate, Percentage Dividend rate Qualified Initial Public Offering Amount Amount of QIPO Qualified Initial Public Offering Market Capitalization Amount Amount of QIPO, market capitalization Scenario, Previously Reported [Member] Share-based Goods and Nonemployee Services Transaction, Expense Compensation expense Price per share Stock Issued During Period, Shares, Other Shares issued Stock Issued During Period, Value, Other Value of shares issued Stock Transfer One [Member] Stock Transfer One [Member] Stock Transfer Two [Member] Stock Transfer Two [Member] Temporary Equity, Accretion to Redemption Value Accretion to redemption value Temporary Equity Auto Conversion Multiple Conversion multiple Temporary Equity, by Class of Stock [Table] Temporary Equity [Line Items] Temporary Equity Liquidation Preference Percentage Liquidation preference, percentage Temporary Equity, Other Changes Transfer of equity to temporary equity Temporary Equity, Par or Stated Value Per Share Redeemable Convertible Preferred Shares, par value per share Temporary Equity Percent Of Votes Required For Conversion Percentage of votes needed for conversion election Temporary Equity Performance Target Range For Adjustment Of Conversion Price Lower Bound Lower bound of performance target Temporary Equity Performance Target Range For Adjustment Of Conversion Price Upper Bound Upper bound of performance target Temporary Equity Redemption Price Redemption price, percentage Temporary Equity, Stock Issued During Period, Value, New Issues Value of Redeemable Convertible Preferred Shares issued Change in fair value Convertible Debt, Fair Value Disclosures Fair value of convertible notes Debt Instrument Convertible Call Feature Percentage Debt Instrument, Convertible, Call Feature, Percentage. Call feature, percentage Debt Instrument, Convertible, Conversion Price Convertible debt, conversion price Debt Instrument, Convertible, Conversion Ratio Convertible debt, conversion rate Debt Instrument Convertible Covenant Ownership Interest Debt covenant, ownership interest threshold Aggregate principal amount Debt issuance date Debt maturity date Debt Instrument Redemption Price Percentage Percentage price of original principal amount of debt at which debt can be redeemed by the issuer. Percentage of price redeemed at Debt Instrument Redemption Price Percentage Of Principal Amount Redeemed Percentage of principal amount of debt redeemed. Percent of notes repurchased Debt Instrument, Repurchase Amount Face value of notes repurchased Derivative Assets Derivative, fair value Derivative, by Nature [Axis] Derivative, Cost of Hedge Premium paid for derivative Derivative, Name [Domain] Fair Value, Option, Changes in Fair Value, Gain (Loss) Gain from change in fair value of convertible senior notes Foreign Currency Transaction Gain (Loss), Unrealized Foreign exchange gain Stock Option [Member] Capped Call Option [Member] American Depositary Shares [Member] American Depositary Shares [Member] Class of Treasury Stock [Table] Equity, Class of Treasury Stock [Line Items] Stock Repurchased and Retired During Period, Shares Shares repurchased for full retirement Stock Repurchased and Retired During Period, Value Value of shares repurchased for full retirement Stock Repurchase Program, Authorized Amount Stock repurchase program, shares of common stock approved for repurchase Repurchase of shares of the Company (in shares) Repurchase of shares of the Company Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] Schedule of Share-Based Compensation Expense Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] Summary of Stock Option Activity Schedule Of Share Based Compensation Unvested Stock Options Activity [Table Text Block] Schedule of Unvested Shares Activity Schedule Of Share Based Compensation Unvested Stock Options Activity Table Text Block Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] Schedule of Assumptions Used to Estimate Fair Value of Stock Option Award Using Black-Scholes Valuation Model Schedule of Related Party Transactions [Table Text Block] Schedule of Related Party Balances Accounts payable due to a subsidiary of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company) Accounts receivable from subsidiaries of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company) Advances of travel and other business expenses to executive directors who are also shareholders Due from Related Parties, Current Total Due from Related Parties, Current [Abstract] Outstanding amounts due from related parties: Due to Affiliate, Current Other payables to Jiangxi Desun Energy Co., Ltd. (Desun, an entity in which our founders and substantial shareholders, Xiande Li, Kangping Chen and Xianhua Li, each holds more than 10%, and collectively hold 73%, of the equity interest) for leasing of land and buildings Due to Related Parties, Current Total Due to Related Parties, Current [Abstract] Outstanding amounts due to related parties: Ownership Percentage Of Related Party Held By Controlling Shareholders Ownership percentage of Desun, held by our founders and substantial shareholders Ownership Percentage Of Related Party Held By Controlling Shareholders Related Party Transaction, Due from (to) Related Party, Current Travelling reimbursements payable to executive directors who are also shareholders Debt Instrument Amount Of Related Party Credit Enhancement Amount of the existence of a related-party credit enhancement on the entity's issued liability. Amount of debt secured by related part guarantees Guarantor Obligations, Liquidation Proceeds, Monetary Amount Amount of collateral securing debt Related Party Transaction, Expenses from Transactions with Related Party Rental expenses from related parties Related Party Transaction [Line Items] Related Party Transaction, Purchases from Related Party Purchases from related party Related Party Transaction Term Of Lease Term of lease ReneSola Ltd. [Member] ReneSola Ltd. [Member] Revenue from Related Parties Revenues from sales of products and provision of processing services to related party Schedule of Related Party Transactions, by Related Party [Table] Shareholders Guarantee of Long Term Debt [Member] Shareholders Guarantee of Long Term Debt [Member] Shareholders Guarantee of Short Term Debt [Member] Shareholders Guarantee of Short Term Debt [Member] Shareholders Guarantee of Short Term Debt [Member] Schedules of Concentration of Risk, by Risk Factor [Table Text Block] Percentage of Total Revenues and Account Receivables by Countries Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] Schedule of Future Minimum Payments Under Operating Leases Allowance For Doubtful Accounts Receivable Provision for doubtful accounts receivable Case Against Cixi Boneng [Member] Case Against Cixi Boneng [Member] Case Against Henan Zhaoge [Member] Case Against Henan Zhaoge [Member] Case Against Wuxi Zhongcai [Member] Case Against Wuxi Zhongcai [Member] Case With Cogip SpA [Member] Case With COGIP S.p.A [Member] Case With COGIP S.p.A [Member] Case With Jiangsu Yangsheng [Member] Case With Jiangsu Yangsheng [Member] Case With Zhejiang Global [Member] Case With Zhejiang Global [Member] Debt Instrument Term Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Debt term Financial Standby Letter of Credit [Member] Gain Contingency Liquidated Damages Interest Rate Liquidated damages claimed, interest rate per week Gain Contingency Liquidated Damages Interest Rate Gain Contingency, Unrecorded Amount Amount of claim against party Gain (Loss) Related to Litigation Settlement Gain (loss) on settlement Guarantor Obligations, Nature [Axis] Guarantor Obligations [Line Items] Guarantor Obligations, Maximum Exposure, Undiscounted Amount of guarantee Guarantor Obligations, Nature [Domain] Guarantee Obligation Term Guarantee Obligation, Term. Term of guarantee JITCL Loan Agreement [Member] JITCL Loan Agreement [Member] Line of Credit Facility, Amount Outstanding Line of credit, amount outstanding Line of Credit Facility, Maximum Borrowing Capacity Line of credit, maximum borrowing capacity Litigation Case [Axis] Litigation Case Type [Domain] Loss Contingencies [Line Items] Contingencies [Line Items] Loss Contingencies [Table] Loss Contingency Accrual, at Carrying Value Amount included in financial statements Loss Contingency, Damages Awarded, Value Amount awarded Loss Contingency, Damages Sought, Value Amount of claim Loss Contingency, Range of Possible Loss, Maximum Maximum possible loss Loss Contingency, Range of Possible Loss, Minimum Minimum possible loss Payments for Deposits Payment for long-term purchase agreement deposit Payments for Legal Settlements Settlement payment made Proceeds from Legal Settlements Settlement proceeds received Schedule of Guarantor Obligations [Table] Units Of Product Received For Legal Settlements Tonnes of silicon received in settlement Units Of Product Received For Legal Settlements Guarantee Obligations Current Carrying Value Guarantee liabilities Fair Value, Assets Measured on Recurring Basis [Table Text Block] Schedule of Investments Measured at Fair Value on Recurring Basis Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] Reconciliation of Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs Schedule of Derivative Assets at Fair Value [Table Text Block] Schedule of Change in Fair Value of Derivatives Derivative [Line Items] Derivative, Notional Amount Derivative, notional amount Derivative [Table] Maximum [Member] Maximum Remaining Maturity of Foreign Currency Derivatives Remaining maturity of foreign currency derivative Minimum [Member] Range [Axis] Range [Domain] Convertible Senior Notes Derivative [Member] Convertible Senior Notes Derivative [Member] Convertible Senior Notes [Member] Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk [Table] Derivative Instruments, Gain (Loss) [Line Items] Derivative Instruments, Gain (Loss) Recognized in Income, Net Change in fair value of derivatives Purchase consideration Goodwill [Line Items] Schedule of Goodwill [Table] Goodwill Goodwill Entity Incorporation, Date of Incorporation Date of Incorporation/Acquisition Equity Method Investee, Name [Domain] Equity Method Investment, Ownership Percentage Percentage of Ownership Gansu Longchang Solar Power Co Ltd [Member] Gansu Longchang Solar Power Co., Ltd. ("Longchang") [Member] Gansu Longchang Solar Power Co., Ltd. [Member] Hainanzhou Zhongnan Solar Electricity Co Ltd [Member] Hainanzhou Zhongnan Solar Electricity Co., Ltd. ("Hainanzhou") [Member] Hainanzhou Zhongnan Solar Electricity Co., Ltd. [Member] Jiangxi Photovoltaic Materials Company Limited [Member] Jiangxi Photovoltaic Materials Co., Ltd. ("Jiangxi Materials") [Member] Jiangxi Photovoltaic Materials Company Limited [Member] Jinko Solar Australia Holdings Co Pty Ltd [Member] Jinko Solar Australia Holdings Co. Pty Ltd ("Jinko Australia") [Member] JinkoSolar Australia Holdings Co., Pty Ltd [Member] Jinko Solar Canada Co Ltd [Member] Jinko Solar Canada Co., Ltd ("Jinko Canada") [Member] JinkoSolar Canada Co Ltd [Member] Jinko Solar Gmbh [Member] JinkoSolar GmbH ("Jinko GmbH") [Member] Jinko Solar Gmbh [Member] Jinko Solar International Limited [Member] JinkoSolar International Limited ("JinkoSolar International") [Member] Jinko Solar International Limited [Member] Jinko Solar Italy Srl [Member] JinkoSolar Italy S.R.L. ("Jinko Italy") [Member] Jinko Solar Italy Srl [Member] Jinko Solar Sas [Member] JinkoSolar SAS ("Jinko France") [Member] Jinko Solar Sas [Member] Jinko Solar Switzerland [Member] JinkoSolar (Switzerland) AG ("Jinko Switzerland") [Member] Jinko Solar Switzerland [Member] Jinko Solar Technology Limited [Member] JinkoSolar Technology Limited ("Paker") [Member] Jinko Solar Technology Limited [Member] Jinko Solar (US) Holdings Inc. [Member] JinkoSolar (US) Holdings Inc. ("Jinko US Holding") [Member] Jinko Solar (US) Holdings Inc. [Member] Jinko Solar (US) Inc. [Member] JinkoSolar (U.S.) Inc. ("Jinko US") [Member] Jinko Solar (US) Inc. [Member] Equity Method Investee, Name [Axis] Schedule of Subsidiary or Equity Method Investee [Table] Subsidiary or Equity Method Investee [Line Items] Zhejiang Jinko Trading Company Limited [Member] Zhejiang Jinko Trading Co., Ltd. ("Zhejiang Trading") [Member] Zhejiang Jinko Trading Company Limited [Member] Entity [Domain] Legal Entity [Axis] Class of Stock [Domain] Class of Stock [Domain] Condensed Financial Statements, Captions [Line Items] Cost of revenues Debt Issuance Cost Convertible senior notes issuance costs Change in fair value of embedded derivative Exchange gain/(loss) Equity in losses of affiliated companies Income tax (expense)/benefit Total operating expenses Other Nonoperating Expense Other expense Other Preferred Stock Dividends and Adjustments Deemed dividend to a preferred shareholder Parent Company [Member] Redeemable Convertible Preferred Shares accretion Allocation to preferred shareholders Net revenues Class of Stock [Axis] Class of Stock [Axis] Cost Of Revenue Gross Profit Gross profit Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments Income/(loss) before income taxes Income Tax Expense Benefit Increase Decrease In Fair Value Of Unhedged Derivative Instruments Change in fair value of capped call option Interest Income Expense Nonoperating Net Interest expenses, net Net Income Loss Net income/(loss) attributable to JinkoSolar Holding Co., Ltd. Net Income Loss Available To Common Stockholders Basic Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders Operating Expenses Operating Income Loss Income/(loss) from operations Preferred Stock Accretion Of Redemption Discount Preferred Stock Dividends Income Statement Impact Sales Revenue Net Series A [Member] Series A [Member] Series B [Member] Series B [Member] Entity [Domain] Legal Entity [Axis] Due to subsidiaries Due from subsidiaries Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] Ordinary shares: Condensed Financial Statements, Captions [Line Items] Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures Investments in subsidiaries Other Liabilities, Current Other current liabilities Parent Company [Member] Other current assets Schedule of Condensed Financial Statements [Table] Treasury stock, at cost; 1,028,920 and 1,723,200 shares of ordinary shares as of December 31, 2011 and 2012, respectively Accounts Payable Related Parties Current Accounts Receivable Related Parties Current Accumulated Other Comprehensive Income Loss Net Of Tax Accumulated other comprehensive (loss)/income Additional Paid In Capital Additional paid-in capital Assets Total assets Assets [Abstract] ASSETS Assets Current Total current assets Assets Current [Abstract] Current assets: Assets Noncurrent [Abstract] Non-current assets: Cash And Cash Equivalents At Carrying Value Cash and cash equivalents Common Stock Par Or Stated Value Per Share Ordinary shares, par value Common Stock Shares Authorized Ordinary shares, shares authorized Common Stock Shares Issued Ordinary shares, shares issued Common Stock Shares Outstanding Ordinary shares, shares outstanding Common Stock Value Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 89,435,058 and 88,758,778 shares issued and outstanding as of December 31, 2011 and 2012, respectively) Convertible Debt Noncurrent Convertible senior notes Derivative Assets Noncurrent Capped call options Liabilities Total liabilities Liabilities And Stockholders Equity Total liabilities and shareholders' equity Liabilities And Stockholders Equity [Abstract] LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current Total current liabilities Liabilities Current [Abstract] Current liabilities: Prepaid Expense And Other Assets Current Retained Earnings Accumulated Deficit Retained earnings/(accumulated losses) Stockholders Equity Total JinkoSolar Holding Co., Ltd. shareholders' equity Stockholders Equity [Abstract] Shareholders' Equity Treasury Stock Shares Treasury stock at cost, shares Treasury Stock Value Decrease/(increase) in other current assets Capped Call Options [Member] Capped Call Options [Member]. Convertible Senior Notes [Member] Convertible Senior Notes [Member] Embedded Derivative, Gain (Loss) on Embedded Derivative, Net Change in fair value of embedded derivatives Financial Instrument [Axis] Exchange (gain)/loss Income (Loss) from Equity Method Investments Share of (income)/loss from subsidiaries Increase (Decrease) in Accounts Payable, Related Parties Increase in due to a subsidiary Increase (Decrease) in Accounts Receivable, Related Parties (Increase)/decrease in due from subsidiaries Increase (Decrease) in Other Current Liabilities (Decrease)/increase in other current liabilities Net cash provided by/(used in) operating activities Cash paid for capped call options Repurchase of common stock Payments for Repurchase of Equity Prepayment for share repurchase Payments to Acquire Equity Method Investments Investments in subsidiaries Proceeds from issuance of ordinary shares Proceeds From Option Exercise Received In Subsequent Year Proceeds from exercise of share options received in subsequent year Represents the proceeds received from the exercise of options in subsequent period. Repurchase of convertible senior notes Share Repurchase Prepayment Utilized Current Period Shares repurchase utilized prepayment made in prior year The amount of the share repurchase prepayment from the previous year that has been utilized during the reporting period. Types of Financial Instruments [Domain] Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by/(used in) operating activities: Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year Cash And Cash Equivalents Period Increase Decrease Net increase/(decrease) in cash and cash equivalent Cash Flow Noncash Investing And Financing Activities Disclosure [Abstract] Supplemental disclosure of non-cash investing and financing cash flow information Effect Of Exchange Rate On Cash And Cash Equivalents Effect of foreign exchange rate changes on cash and cash equivalents Embedded Derivatives [Member] Foreign Currency Transaction Gain Loss Before Tax Increase Decrease In Operating Capital [Abstract] Changes in operating assets and liabilities: Increase Decrease In Prepaid Deferred Expense And Other Assets Net Cash Provided By Used In Financing Activities Net cash provided by/(used in) financing activities Net Cash Provided By Used In Financing Activities [Abstract] Cash flows from financing activities: Net Cash Provided By Used In Investing Activities Net cash used in investing activities Net Cash Provided By Used In Investing Activities [Abstract] Cash flows from investing activities: Net Cash Provided By Used In Operating Activities Net Cash Provided By Used In Operating Activities [Abstract] Cash flows from operating activities: Payments For Derivative Instrument Investing Activities Payments For Repurchase Of Common Stock Proceeds From Convertible Debt Net proceeds from issuance of convertible senior notes Proceeds From Issuance Initial Public Offering Proceeds From Stock Options Exercised Proceeds from exercise of share options Profit Loss Net income/(loss) Repayments Of Convertible Debt Schedule of Condensed Balance Sheet [Table Text Block] Condensed Balance Sheets Schedule of Condensed Cash Flow Statement [Table Text Block] Condensed Statements of Cash Flows Schedule of Condensed Income Statement [Table Text Block] Condensed Statements of Operations Debt Instrument, Interest Rate Terms Debt interest rate modification terms Loan Facilities with China Development Bank [Member] Loan Facilities With China Development Bank [Member] Proceeds To Be Used For Project Development Proceeds to develop solar power plant plants Proceeds To Be Used For Project Development. Proceeds To Be Used For Working Capital Proceeds for working capital purposes Proceeds To Be Used For Working Capital Subsequent Event [Line Items] Subsequent Event [Table] Unsecured Six Year Bonds [Member] Unsecured six-year bonds [Member] Unsecured Six Year Bonds [Member] Restricted Net Assets Restricted Net Assets. Restricted net assets Restricted Net Assets Percentage Of Total Assets Restricted Net Assets, Percentage Of Total Assets. Percentage of total assets Issuance of convertible senior notes Borrowings [Member] Convertible Senior Notes [Member] Derivative Financial Instruments, Assets [Member] Capped Call Options [Member] Fair Value by Asset Class [Domain] Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table] Asset Class [Axis] Liability Class [Axis] Fair Value by Liability Class [Domain] Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table] Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Foreign Exchange Gain Loss Foreign exchange gain Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings Change in fair value of capped call options Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases Purchase of capped call option Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value Balance Balance Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Foreign Exchange Gain Loss Foreign exchange gain Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings Change in fair value of convertible senior notes Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issues Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases Repurchase of convertible senior notes Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value Balance Balance Foreign Exchange Forward Contract [Member] Assets, Fair Value Disclosure [Abstract] Convertible senior notes Derivatives Derivative Contract Type [Domain] Derivative Instrument Risk [Axis] Derivative Liabilities Derivatives Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Hierarchy [Axis] Measurement Frequency [Axis] Quote Prices in Active market for Identical Assets (Level 1) [Member] Significance Other Observable Inputs (Level 2) [Member] Significant Unobservable Inputs (Level 3) [Member] Fair Value, Measurement Frequency [Domain] Fair Value, Measurements, Fair Value Hierarchy [Domain] Fair Value, Measurements, Recurring [Member] Foreign Exchange Forward [Member] Liabilities, Fair Value Disclosure [Abstract] Liabilities: Assets: Capital Additions [Member] Lease Expiration Date Lease expiration date Leases, Operating [Abstract] Operating lease commitments Category of Item Purchased [Axis] Long-term Purchase Commitment, Category of Item Purchased [Domain] Long-term Purchase Commitment [Line Items] Capital commitments Long-term Purchase Commitment [Table] Operating Leases, Future Minimum Payments Due Total Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] Future minimum payments under non-cancelable operating leases: Operating Leases, Future Minimum Payments Due, Next Twelve Months 2013 Operating Leases, Future Minimum Payments, Due in Five Years 2017 Operating Leases, Future Minimum Payments, Due in Four Years 2016 Operating Leases, Future Minimum Payments, Due in Three Years 2015 Operating Leases, Future Minimum Payments, Due in Two Years 2014 Operating Leases, Future Minimum Payments, Due Thereafter Years thereafter Operating Leases, Rent Expense, Net Rental expenses Unrecorded Unconditional Purchase Obligation Commitments to purchase machineries Foreign Currency Concentration Risk [Member] Concentration Risk Benchmark [Domain] Concentration Risk Benchmark [Axis] Concentration Risk Type [Axis] Concentration Risk [Line Items] Concentration Risk, Percentage Concentration risk percentage Concentration Risk [Table] Concentration Risk Type [Domain] Foreign Currency Concentration Risk [Member] Revenue [Member] Accounts Receivable [Member] Company B [Member] Company B [Member] Company C [Member] Company C [Member] Company One [Member] Company A [Member] Company A [Member] Major Customers [Axis] Name of Major Customer [Domain] Award Type [Axis] Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate Expected dividend yield Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term Expected term Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate Expected volatility Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate Risk-free interest rate Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value Fair value per option at grant date (RMB) Award Type [Domain] Allocated Share-based Compensation Expense Share-based compensation Cost of Sales [Member] Costs of Revenues [Member] Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Report Line [Domain] General and Administrative Expense [Member] General and Administration Expenses [Member] Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs, by Report Line [Axis] Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table] Selling Expense [Member] Selling Expenses [Member] Fair Value Of Shares Vested Fair value of shares vested The fair value of shares vested during the period. Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period Forfeited Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value Forfeited Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period Granted Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value Granted Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Expected To Vest Weighted Average Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Nonvested at January 1, 2012 Nonvested at December 31, 2012 Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] Number of option outstanding Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Nonvested at January 1, 2012 Nonvested at December 31, 2012 Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] Weighted-Average Fair Value in Grant Date Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period Vested Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value Vested Share-based Compensation Arrangement By Share-based Payment Award, Non-Options, Vested And Expected To Vest, Weighted Average Grant Date Fair Value. Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Expected To Vest Share-based Compensation Arrangement By Share-based Payment Award, Non-Options, Nonvested, Number, Expected To Vest. Expected to vest as of December 31, 2012 Expected to vest as of December 31, 2012 Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] Weighted-Average Remaining Contractual Term Share Based Compensation Arrangement By Share Based Payment Award Options Aggregate Intrinsic Value [Abstract] Aggregate Intrinsic value Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Vested and exercisable as of December 31, 2012 Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price Vested and exercisable as of December 31, 2012 Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term Vested and exercisable as of December 31, 2012 Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period Forfeited Granted Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Balance as of December 31, 2012 Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Balance as of January 1, 2012 Balance as of December 31, 2012 Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] Number of option outstanding Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Balance as of January 1, 2012 Balance as of December 31, 2012 Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] Weighted-Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term Balance as of December 31, 2012 Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value Vested and expected to vest as of December 31, 2012 Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number Vested and expected to vest as of December 31, 2012 Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price Vested and expected to vest as of December 31, 2012 Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term Vested and expected to vest as of December 31, 2012 Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price Exercise Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price Forfeited Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price Granted Exercise Vested and exercisable as of December 31, 2012 Deferred Compensation Arrangement with Individual, Exercise Price Exercise price of options granted Title of Individual [Axis] Employeea [Member] Employee A [Member] Employee A [Member] Employee B [Member] Employee B [Member] Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options Cash received from the exercise of share options Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized Unrecognized share-based compensation expense Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition Unrecognized share-based compensation expense, weighted-average recognition period Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost Incremental charge resulted from the repricing, recognized during period Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period Period from grant date that an equity-based award expires, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Contractual life Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized Ordinary shares that may be issued Share Based Compensation Arrangement By Share Based Payment Award Options Estimated Forfeiture Rate Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value Intrinsic value of options exercised Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross Options granted Weighted average grant-date fair value of non-vested options outstanding. Number of vesting increments Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value Fair value of options vested Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost Incremental charge resulted from the repricing Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent Exercise price as a percentage of initial public offering price per share Share Based Compensation Arrangement By Share Based Payment Award Vesting Increments Share Based Compensation Arrangement, By Share Based Payment Award, Vesting Increments. Market value of ordinary shares Forfeiture rate Title of Individual with Relationship to Entity [Domain] Counterparty Name [Axis] Debt Scenario One [Member] Loans denominated and repayable in EURO [Member] Loans denominated and payable in EUROs. Debt Scenario Two [Member] Loans denominated and repayable in USD [Member] Debt denominated and repayable in USD. Guarantee Third Party [Member] Guaranteed by third party [Member] Financial obligations guaranteed by a third party. Jiangxi Heji Investment Co Ltd [Member] Jiangxi Heji Investment Co., Ltd. [Member] Jiangxi Heji Investment Co., Ltd. [Member] Jinko Solar Import And Export Company Limited [Member] Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export") [Member] Jinko Solar Import And Export Company Limited [Member] Line of Credit [Member] Credit Loans [Member] Loan Five [Member] Loan Five [Member] Loan Four [Member] Loan Four [Member] Loan One [Member] Loan One [Member] Loan Three [Member] Loan Three [Member] Loan Two [Member] Loan Two [Member] Proceeds from Short-term Debt Proceeds from short-term debt Repayments of Short-term Debt Repayments of short-term debt Counterparty Name [Domain] Schedule of Short-term Debt [Table] Shangrao Hexing Co Ltd [Member] Shangrao Hexing Co., Ltd. [Member] Shangrao Hexing Co., Ltd. [Member] Short-term Debt [Line Items] Short-term Debt, Type [Axis] Short-term Debt, Type [Domain] Short-term Debt, Weighted Average Interest Rate Short-term loans interest rate Scenario Unspecified [Domain] Statement Scenario [Axis] Long-term Debt, Total Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months 2013 Long-term Debt, Maturities, Repayments of Principal in Year Three 2015 Long-term Debt, Maturities, Repayments of Principal in Year Two 2014 Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Less: comprehensive income (loss) attributable to non-controlling interests Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax Foreign currency translation adjustments Other Comprehensive Income (Loss), Net of Tax [Abstract] CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) [Abstract] Other comprehensive income (loss): Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest Comprehensive income/ (loss) PROJECT ASSETS [Abstract] Project Assets [Abstract] Project Asset [Text Block] PROJECT ASSETS The entire disclosure regarding project assets. Completed And Connected [Member] Completed and connected to the grid [Member] Completed And Connected [Member] Generated Electricity [Member] Generated Electricity [Member] Operating Revenue By Product Type [Axis] Operating Revenue By Product Type [Domain] Property, Plant and Equipment [Line Items] Schedule of Property, Plant and Equipment [Table] Goodwill Total [Member] Fair Value, Measurements, Nonrecurring [Member] Non-recurring [Member] Goodwill, Fair Value Disclosure Impairment of long-lived assets Long-Lived Assets Long-lived assets Other Assets After Impairment Fair Value Disclosure Carrying value of assets after impairment Other Assets After Impairment Fair Value Disclosure Other Assets, Fair Value Disclosure Carrying value of assets before impairment Fair Value Assumptions and Methodology for Assets and Liabilities [Abstract] Assumptions used in the valuation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 valuation): Fair Value Assumptions, Exercise Price Strike Price Fair Value Assumptions, Expected Dividend Rate Dividend Yield Fair Value Assumptions, Expected Volatility Rate Standard Volatility Fair Value Assumptions, Risk Free Interest Rate Risk Free Interest Rate Fair Value Inputs, Assets, Quantitative Information [Line Items] Fair Value Inputs, Assets, Quantitative Information [Table] Fair value of ADS, per share Assets [Member] Guaranteed by pledged assets [Member] Building [Member] Plants [Member] Debt Collateral [Axis] Debt Collateral Axis Debt Collateral [Domain] Debt Collateral Domain Debt Instrument [Axis] Debt Instrument, Face Amount Debt, face amount Debt Instrument, Frequency of Periodic Payment Debt instrument, frequency of payments Debt Instrument, Interest Rate, Effective Percentage Effective interest rate Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum Effective interest rate range, maximum Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum Effective interest rate range, minimum Debt Instrument, Issuance Date Debt Instrument [Line Items] Debt Instrument, Maturity Date Debt instrument, maturity date Debt Instrument, Name [Domain] Schedule of Long-term Debt Instruments [Table] Equipment [Member] Financial Guarantee [Member] Guaranteed by affiliate [Member] Fixed Deposits [Member] Fixed deposits [Member] Fixed deposits [Member] Guarantee Pledged Assets And Affiliate [Member] Guaranteed by pledged assets and affiliate [Member] Financial obligations guaranteed by affiliate(s) and pledged assets. Guarantee Shareholders Affiliate And Pledged Assets [Member] Guaranteed by shareholders, affiliate and pledged assets [Member] Financial obligations guaranteed by the company's shareholders, affiliate(s) and pledged assets. Guarantee Shareholders And Affiliate [Member] Guaranteed by shareholders and affiliate [Member] Financial obligations guaranteed by the company's shareholders and affiliate(s). Guarantee Shareholders And Second Affiliate [Member] Guaranteed by shareholders and a second affiliate [Member] Financial obligations guaranteed by a second affiliate and company shareholders. Jinko Solar Company Limited [Member] Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member] Jinko Solar Company Limited [Member] Long Term Loan Five [Member] Long-term Loan Five [Member] Long-term Loan Five [Member] Long Term Loan Four [Member] Long-term Loan Four [Member] Long-term Loan Four [Member] Long Term Loan One [Member] Long-term Loan One [Member] Long-term Loan One [Member] Long Term Loan Three [Member] Long-term Loan Three [Member] Long-term Loan Three [Member] Long Term Loan Two [Member] Long-term Loan Two [Member] Long-term Loan Two [Member] Pledged Assets, Other, Not Separately Reported on Statement of Financial Position Pledged assets Proceeds from issuance of long-term debt Repayments of Long-term Debt Repayments of long-term debt Shareholder Guarantee [Member] Guaranteed by shareholders [Member] Financial obligations guaranteed by the company's shareholders. Subsequent Event [Member] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Underlying Asset Class [Axis] Underlying Asset Class [Domain] Use Rights [Member] Land use rights [Member] Certain equipments [Member] Debt instrument, issuance date Proceeds From Issuance Of Long Term Debt EX-101.PRE 7 jks-20121231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 8 R39.htm IDEA: XBRL DOCUMENT v2.4.0.6
ORGANIZATION AND NATURE OF OPERATIONS (Tables)
12 Months Ended
Dec. 31, 2012
ORGANIZATION AND NATURE OF OPERATIONS [Abstract]  
Schedule of Subsidiaries

The following table sets forth information concerning the Company's major subsidiaries as of December 31, 2012:

 

Subsidiaries  

Date of Incorporation

/Acquisition

   

Place of

Incorporation

  Percentage of
Ownership
 
                 
JinkoSolar Technology Limited ("Paker")     November 10, 2006     Hong Kong     100 %
                     
JinkoSolar International Limited ("JinkoSolar International")     November 25, 2009     Hong Kong     100 %
                     
Jinko Solar Co., Ltd. ("Jiangxi Jinko")     December 13, 2006     PRC     100 %
                     
Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export")     December 24, 2009     PRC     100 %
                     
Zhejiang Jinko Solar Co., Ltd.("Zhejiang Jinko")     September 30, 2009     PRC     100 %
                     
Zhejiang Jinko Trading Co., Ltd.("Zhejiang Trading")     June 13, 2010     PRC     100 %
                     
Delingha Ruiqida Solar Power Co., Ltd ("Delingha Solar Power")     December 6, 2011     PRC     88.7 %
                     
Jiangxi Photovoltaic Materials Co., Ltd ("Jiangxi Materials")     December 1, 2010     PRC     100 %
                     
JinkoSolar (Switzerland) AG("Jinko Switzerland")     May 3, 2011     Switzerland     100 %
                     
JinkoSolar GmbH ("Jinko GmbH")     April 1, 2010     Germany     100 %
                     
JinkoSolar (U.S.) Inc. ("Jinko US")     August 19, 2010     USA     100 %
                     
JinkoSolar (US) Holdings Inc.("Jinko US Holding")     June 7, 2011     USA     100 %
                     
JinkoSolar Italy S.R.L. ("Jinko Italy")     July 8, 2011     Italy     100 %
                     
JinkoSolar SAS ("Jinko France")     September 12, 2011     France     100 %
                     
Jinko Solar Canada Co., Ltd ("Jinko Canada")     November 18, 2011     Canada     100 %
                     
Jinko Solar Australia Holdings Co. Pty Ltd ("Jinko Australia")     December 7, 2011     Australia     100 %
                     
Gansu Longchang Solar Power Co., Ltd. ("Longchang")     April26, 2012     PRC     100 %
                     
Hainanzhou Zhongnan Solar Electricity Co., Ltd. ("Hainanzhou")     July 30, 2012     PRC     100 %

 

XML 9 R112.htm IDEA: XBRL DOCUMENT v2.4.0.6
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY (Condensed Statements of Operations) (Details)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2012
Parent Company [Member]
USD ($)
Dec. 31, 2012
Parent Company [Member]
CNY
Dec. 31, 2011
Parent Company [Member]
CNY
Dec. 31, 2010
Parent Company [Member]
CNY
Dec. 31, 2012
Parent Company [Member]
Series A [Member]
USD ($)
Dec. 31, 2012
Parent Company [Member]
Series A [Member]
CNY
Dec. 31, 2011
Parent Company [Member]
Series A [Member]
CNY
Dec. 31, 2010
Parent Company [Member]
Series A [Member]
CNY
Dec. 31, 2012
Parent Company [Member]
Series B [Member]
USD ($)
Dec. 31, 2012
Parent Company [Member]
Series B [Member]
CNY
Dec. 31, 2011
Parent Company [Member]
Series B [Member]
CNY
Dec. 31, 2010
Parent Company [Member]
Series B [Member]
CNY
Condensed Financial Statements, Captions [Line Items]                                
Net revenues $ 769,613,401 4,794,768,449 7,384,951,444 4,654,854,723                            
Cost of revenues (732,336,774) (4,562,531,334) (6,235,100,290) (3,297,468,914)                            
Gross profit 37,276,627 232,237,115 1,149,851,154 1,357,385,809                            
Total operating expenses (235,264,976) (1,465,724,319) (833,965,456) (367,463,517) (1,357,838) (8,459,461) (7,319,613) (5,867,589)                
Income/(loss) from operations (197,988,349) (1,233,487,204) 315,885,698 989,922,292 (1,357,838) (8,459,461) (7,319,613) (5,867,589)                
Convertible senior notes issuance costs       (30,154,071)          (24,463,052)                   
Equity in losses of affiliated companies (2,615) (16,291)       (225,647,722) (1,405,807,872) 26,457,224 884,060,266                
Interest expenses, net (35,588,483) (221,719,806) (182,502,237) (64,268,374) (4,982,847) (31,043,624) (19,844,874) 1,342                
Exchange gain/(loss) (5,854,271) (36,472,691) (138,994,253) (10,143,414) 7,964 49,615 (1,204,936) 291,950                
Other expense               (29,637) (3,332,320)                
Change in fair value of embedded derivative                 54,938                
Change in fair value of capped call option         (15,595,372) (97,160,726) 299,747,707                   
Income/(loss) before income taxes (249,228,323) (1,552,717,375) 354,398,624 1,028,003,621 (247,575,815) (1,542,422,068) 273,342,819 881,873,227                
Income tax (expense)/benefit 1,431,381 8,917,648 (81,072,742) (146,130,394)                            
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd. (247,575,813) (1,542,422,068) 273,342,819 881,873,227 (247,575,815) (1,542,422,068) 273,342,819 881,873,227                
Redeemable Convertible Preferred Shares accretion                          (13,433,242)          (17,479,734)
Allocation to preferred shareholders          (15,156,606)          (15,156,606)                
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders $ (247,575,813) (1,542,422,068) 273,342,819 835,803,645 $ (247,575,815) (1,542,422,068) 273,342,819 835,803,645                
XML 10 R54.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY TRANSACTIONS AND BALANCES (Tables)
12 Months Ended
Dec. 31, 2012
RELATED PARTY TRANSACTIONS AND BALANCES [Abstract]  
Schedule of Related Party Balances

Outstanding amounts due from/to related parties as of December 31, 2010 and 2011 were as follows:

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Accounts receivable, net- a related party:                
Accounts receivable from subsidiaries of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company)     31,010,170       105,531,368  
Other receivables- related parties:                
Advances of travel and other business expenses to executive directors who are also shareholders (1)     691,242       5,840,380  
                 
Total     31,701,412       111,371,748  
                 
Accounts payables due to a related party (2)                
Accounts payable due to a subsidiary of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company)     35,887,845       30,045,245  
Other payables due to a related party (2)                
Travelling reimbursements payable to executive directors who are also shareholders     -       109,531  
Other payables to Jiangxi Desun Energy Co., Ltd. (Desun, an entity in which our founders and substantial shareholders, Xiande Li, Kangping Chen and Xianhua Li, each holds more than 10%, and collectively hold 73%, of the equity interest) for leasing of land and buildings     1,094,047       2,161,345  
                 
Total     36,981,892       32,316,121  

 

  (1) Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts the Company advanced to them for expected expenses, charges and incidentals relating to their business development activities.

 

  (2) Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.

 

XML 11 R48.htm IDEA: XBRL DOCUMENT v2.4.0.6
INTANGIBLE ASSETS, NET (Tables)
12 Months Ended
Dec. 31, 2012
INTANGIBLE ASSETS, NET [Abstract]  
Schedule of Intangible Assets

Intangible assets and their related amortization are as follow:

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Trademark     1,347,193       1,274,392  
Computer software     2,595,474       6,153,728  
Less: accumulated amortization     (286,275 )     (1,054,522 )
Intangible assets, net     3,656,392       6,373,598  

 

XML 12 R70.htm IDEA: XBRL DOCUMENT v2.4.0.6
TAXATION (Movement of Valuation Allowances) (Details) (CNY)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
TAXATION [Abstract]      
At beginning of year (73,967,071) (6,308,714) (1,994,833)
Current year additions (329,813,147) (69,445,609) (4,517,852)
Reversal of valuation allowances 919,670 1,787,252 203,971
At end of year (402,860,548) (73,967,071) (6,308,714)
XML 13 R55.htm IDEA: XBRL DOCUMENT v2.4.0.6
CERTAIN RISKS AND CONCENTRATION (Tables)
12 Months Ended
Dec. 31, 2012
CERTAIN RISKS AND CONCENTRATION [Abstract]  
Percentage of Total Revenues and Account Receivables by Countries

The following table summarizes the percentage of the Company's revenue over 10% of total revenue for the years ended December 31, 2010, 2011 and 2012, and accounts receivable represented by customers with balances over 10% of accounts receivables as of December 31, 2011 and 2012, respectively:

 

    Revenue  
    Year ended December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
Company A     5 %     16 %     -  

 

    Accounts receivable  
    December 31,  
    2011     2012  
    RMB     RMB  
Company B     14 %     -  
Company C     11 %     -  

 

XML 14 R78.htm IDEA: XBRL DOCUMENT v2.4.0.6
LAND USE RIGHTS, NET (Details)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
LAND USE RIGHTS, NET [Abstract]        
Land use rights   386,909,459 382,657,019  
Less: accumulated amortization   (21,160,244) (14,614,093)  
Land use rights, net 58,706,797 365,749,215 368,042,926  
Amortization of land use rights 1,050,730 6,546,151 5,558,122 4,075,087
Estimated future amortization expense   6,740,845    
XML 15 R104.htm IDEA: XBRL DOCUMENT v2.4.0.6
FAIR VALUE MEASUREMENTS (Fair Value Change in Forward Contracts) (Details) (Forward Contracts [Member])
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
AUD
Dec. 31, 2012
EUR (€)
Dec. 31, 2012
Minimum [Member]
Dec. 31, 2012
Maximum [Member]
Derivative [Line Items]          
Derivative, notional amount $ 384.5 0.8 € 21.1    
Remaining maturity of foreign currency derivative       1 month 12 months
XML 16 R46.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROPERTY, PLANT AND EQUIPMENT, NET (Tables)
12 Months Ended
Dec. 31, 2012
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]  
Schedule of Property and Equipment

Property, plant and equipment and related accumulated depreciation are as follows:

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Buildings     441,046,753       507,989,849  
Machinery and equipment     3,217,550,882       3,307,235,601  
Motor vehicles     22,814,205       22,609,244  
Furniture, fixture and office equipment     44,168,256       45,729,731  
      3,725,580,096       3,883,564,425  
Less: Accumulated depreciation     (412,394,030 )     (732,881,877 )
Less: Impairment     (4,784,595 )     (70,260,894 )
Subtotal     3,308,401,471       3,080,421,654  
Construction in progress     259,892,829       249,451,007  
Property, plant and equipment, net     3,568,294,300       3,329,872,661  

 

XML 17 R33.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES
12 Months Ended
Dec. 31, 2012
COMMITMENTS AND CONTINGENCIES [Abstract]  
COMMITMENTS AND CONTINGENCIES
26. COMMITMENTS AND CONTINGENCIES

 

(a) Operating lease commitments

 

From January 1, 2008, Jiangxi Jinko leased buildings and land use rights from Desun, under a non-cancelable operating lease expiring in January 2018. In addition, the Group also leased office buildings for its offices under non-cancelable operating lease from third parties.

 

Future minimum obligations for operating leases are as follows:

 

Year ending December 31,   RMB  
2013     9,997,574  
2014     7,956,089  
2015     2,674,185  
2016     1,809,349  
2017     1,637,673  
Years thereafter     1,388,202  
         
Total     25,463,072  

 

Rental expense under all operating leases were RMB4,455,490, RMB5,493,427 and RMB8,588,661 for the years ended December 31, 2010, 2011 and 2012, respectively.

 

(b) Capital commitments

 

The Group entered into several purchase agreements and supplementary agreements with certain suppliers to acquire machineries to be used in the manufacturing of its products or for construction of solar power plants. The Group's total future payments under these purchase agreements amounted to RMB282.1 million as of December 31, 2012.

 

(c) Contingencies

 

In the opinion of management, as confirmed by its legal counsel, as of December 31, 2012, the ownership structure of the Group is in compliance with all existing PRC laws and regulations. It is also in the opinion of management that potential losses arising from the ownership structure based on current regulatory environment is remote. However, the Company cannot be assured that the PRC government authorities will not take a view contrary to the opinion of management. In addition, there may be changes and other developments in the PRC laws and regulations or their interpretations. If the current ownership structure of the Group was found to be not in compliance with any existing or future PRC laws or regulations, the Group may be required to restructure its ownership structure and operations in the PRC to comply with current or new PRC laws and regulations.

 

On December 20, 2010, Zhejiang Global Photovoltaic Technology Co., Ltd., or Zhejiang Global, one of our customers, filed an action in Shaoxing People's Court, Zhejiang Province against Zhejiang Jinko for the late delivery of products and claimed late charges of RMB14 million and the return of advances paid by Zhejiang Global to Zhejiang Jinko of RMB5 million. On April 20, 2011, Shaoxing People's Court ruled in favor of Zhejiang Global that Zhejiang Jinko must pay the late charge of RMB12 million and return the advances of RMB4.8 million to Zhejiang Global. On May 30, 2011, Zhejiang Jinko filed an appeal to the Shaoxing Intermediate People's Court, Zhejiang Province. On December 15, 2011, Shaoxing Intermediate People's Court upheld the judgment of the lower court. On February 9, 2012, Zhejiang Jinko made a payment of RMB17.2 million (US$2.8 million) as damages to Zhejiang Global in compliance with the court judgment..

 

On March 9, 2011, Jiangsu Yangsheng Energy Technology Co., Ltd., or Jiangsu Yangsheng, one of our customers, filed an action in Haining People's Court, Zhejiang Province against Zhejiang Jinko for the return of prepayment of RMB8 million and the accrued interest of RMB74,667 due to the delayed return of prepayment. The case was subsequently referred to the Jiaxing Intermediate People's Court. On February 20, 2012, Jiaxing Intermediate People's Court ruled in favor of Zhejiang Jinko for lack of contractual relationship between Jiangsu Yansheng and Zhejiang Jinko. On March 6, 2012, Jiangsu Yangsheng filed an appeal to Zhejiang High People's Court, Zhejiang Province. On July 10, 2012, Zhejiang High People's Court upheld the judgment of the lower court.

 

In October 2011, the Group sued Cixi Boneng Photovoltaic Electronic Technology Co., Ltd. ("Boneng"), one of our suppliers, for a breach of contract for damages of RMB29.0 million. In February 2012, Boneng countersued us seeking to recover RMB24.4 million of outstanding payments under the supply contract. In July 2012, the Group settled the cases and made a settlement payment of RMB6 million to Boneng and recorded the reversal of the remaining accrual of RMB17.4 million as income.

 

In November 2011, the Group sued Henan Zhaoge New Energy Company ("Zhaoge"), a polysilicon supplier with which the Group had entered into a strategic cooperation agreement for our purchase of silicon. The Group sought to recover RMB7.0 million, a portion of the prepayment that the Group made to Zhaoge for our purchase. Zhaoge initiated a countersuit against us. In June 2012, the Group settled the case with Zhaoge, who agreed to provide us with 10 tonnes of silicon and RMB1.0 million. The Group made provisions for RMB4.03 million for the loss of the balance of our prepayment.

 

On October 11, 2011, JinkoSolar was named as a defendant in a putative shareholder class action lawsuit filed in the United States District Court for the Southern District of New York captioned Marco Peters v. JinkoSolar Holding Co., Ltd., et al., Case No. 11-CV-7133 (S.D.N.Y.) (the "U.S. Securities Action"). In addition to JinkoSolar, the complaint also names as defendants Xiande Li, Kangping Chen, Xianhua Li, Wing Koen Siew, Haitao Jin, Zibin Li, Stephen Markscheid, Longgen Zhang or the Individual Defendants, and the underwriters of our initial public offering in May 2010. The plaintiff in the U.S. Securities Action seeks to represent a class of all purchasers and acquirers of ADSs of JinkoSolar between May 13, 2010 and September 21, 2011, inclusive. The plaintiff alleges that the defendants violated Sections 11 and 12(a)(2) of the Securities Act and Section 10(b) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, by making material misstatements or failing to disclose material information regarding, among other things, JinkoSolar's compliance with environmental regulations at its Haining facility. The complaint also asserts claims against the Individual Defendants for control person liability under Section 15 of the Securities Act and Section 20(a) of the Exchange Act. The complaint seeks, among other things, certification of the putative class, unspecified compensatory damages (including interest), and costs and expenses incurred in the action. On March 19, 2012, the court entered an order appointing lead plaintiffs in the U.S. Securities Action.

 

On June 1, 2012, the court-appointed lead plaintiffs filed an amended complaint (the "Amended Complaint") asserting similar allegations and the same causes of action as in the original complaint and naming one additional underwriter as a defendant. On August 1, 2012, JinkoSolar filed a motion to dismiss the amended complaint, as did Stephen Markscheid, who was the only Individual Defendant to have been served in the action. On the same date, the underwriter defendants filed a joinder to JinkoSolar's motion to dismiss. On January 22, 2013, the court issued a Memorandum and Order granting JinkoSolar's and Stephen Markscheid's motions to dismiss in their entirety and dismissing the Amended Complaint as against all defendants. The Court entered judgment in favor of defendants on the same date. On February 19, 2013, lead plaintiffs filed a notice of appeal with respect to the court's January 22, 2013 Memorandum and Order and Judgment. Lead plaintiffs' appeal is currently pending in the United States Court of Appeals for the Second Circuit. The Company is unable to reliably estimate the probability of the case and the range of any exposure if any.

 

In July 2008, the Group entered into a long-term supply agreement with Wuxi Zhongcai, a producer of virgin polysilicon materials. The Group provided a prepayment of RMB95.6 million pursuant to such contract. Wuxi Zhongcai subsequently halted production as a result of the adverse changes in the polysilicon market. In February 2013, the Group sued Wuxi Zhongcai in Shangrao City Intermediate People's Court for the refund of the outstanding balance of our prepayment of RMB93.2 million after deducting delivery made to us by an affiliate of Wuxi Zhongcai. In January 2013, the Group notified Wuxi Zhongcai to terminate our long-term supply agreement. In February 2013, Wuxi Zhongcai sued us in Shanghai Pudong New Area People's Court for approximately RMB2.7 million for breaching the contract by failing to make allegedly required payments. The Group considered the recovery of the RMB93.2 million unlikely as a result of the polysilicon market conditions, the mutually alleged claims and the adverse developments in the operations of Wuxi Zhongcai and recorded provisions of RMB93.2 million for the balance of our prepayment to Wuxi Zhongcai. As of the date of this report, these suits are still pending. The Company is unable to reliably estimate the probability of the case and the range of any exposure if any.

 

In March 2012, COGIP S.p.A., or COGIP, one of our customers, initiated arbitration proceedings in the Chinese European Arbitration Centre for approximately EUR20.4 million for damages allegedly relating to the late delivery of modules and defects in our products. The Group responded to the arbitration summons on April 18, 2012 and raised a counterclaim for the outstanding portion of the purchase price of EUR23,310,000.00 plus liquidated damages of 0.5% of this amount per week since March 6, 2012. As of December 31, 2012, the Group have made provision of RMB126 million for the accounts receivable from COGIP. On April 24, 2013, the Group reached a settlement agreement with COGIP, pursuant to which COGIP agreed to pay EUR14 million to us in three installments to settle all claims.

 

(d) Guarantees

 

On June 13, 2009, Jiangxi Jinko entered into a loan agreement with Shangrao Heji Investment Co., Ltd. ("Heji"), in the principal amount of RMB100 million with a term of three years. Of this amount, RMB nil was outstanding as of December 31, 2011. In consideration of this loan agreement, Heji required Jiangxi Jinko to enter into a guarantee agreement with Jiangxi International Trust Co., Ltd. ("JITCL") on May 31, 2009 for Heji's payment obligations under its separate trust loan agreement with JITCL ("JITCL Loan Agreement"), under which JITCL extended a loan to Heji in the principal amount of RMB50 million for a term of three years. In the event that Heji fails to perform its obligations under the JITCL Loan Agreement or otherwise defaults thereunder, Jiangxi Jinko will become liable for Heji's obligations under the JITCL Loan Agreement. The Company recorded a guarantee liability of RMB1.5 million as of December 31, 2010 and reclassified to short term liability as of December 31, 2011. Corresponding deferred financing cost was recorded and amortized over the period of Jiangxi Jinko's long-term borrowing. Jiangxi Jinko has fully repaid the entrusted loans in July 2011. During 2012, Heji repaid the loan and Jiangxi Jinko was released from its obligations.

 

XML 18 R79.htm IDEA: XBRL DOCUMENT v2.4.0.6
INTANGIBLE ASSETS, NET (Details)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2012
Trademark [Member]
CNY
Dec. 31, 2011
Trademark [Member]
CNY
Dec. 31, 2012
Computer software [Member]
CNY
Dec. 31, 2011
Computer software [Member]
CNY
Finite-Lived Intangible Assets [Line Items]                
Intangible assets, gross         1,274,392 1,347,193 6,153,728 2,595,474
Less: accumulated amortization   (1,054,522) (286,275)          
Intangible assets, net 1,023,033 6,373,598 3,656,392          
Amortization of intangible assets 122,681 764,312 223,926 58,219        
Estimated amortization expense, 2013   833,930            
Estimated amortization expense, 2014   832,747            
Estimated amortization expense, 2015   780,427            
Estimated amortization expense, 2016   682,373            
Estimated amortization expense, 2017   570,784            
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ADVANCES TO SUPPLIERS (Details)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
ADVANCES TO SUPPLIERS [Abstract]        
Advances to suppliers under purchase contracts with term of less than 1 year   63,552,991 188,358,498  
Advances to suppliers under purchase contracts with term of more than 1 year      229,376,531  
Total   63,552,991 417,735,029  
Advances to suppliers to be utilized beyond one year       (209,630,940)  
Advances to suppliers-current 10,200,958 63,552,991 208,104,089  
Provision for advance to suppliers $ 36,447,800 227,073,440 652,937   
XML 21 R89.htm IDEA: XBRL DOCUMENT v2.4.0.6
EMPLOYEE BENEFITS (Details) (CNY)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
EMPLOYEE BENEFITS [Abstract]      
Employee benefit expenses 37,134,122 72,700,241 40,122,159
Accrued employee benefits 154,819,927 118,271,256  
Penalty accrued for employee benefits 12,063,712 1,773,995  
XML 22 R57.htm IDEA: XBRL DOCUMENT v2.4.0.6
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2012
FAIR VALUE MEASUREMENTS [Abstract]  
Schedule of Investments Measured at Fair Value on Recurring Basis

As of December 31, 2011 and 2012, information about inputs into the fair value measurements of the Company's assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:

 

    Fair Value Measurements at Reporting Date Using  
Description   Balance as of
December 31,
2011
    Quote Prices in
Active market for
Identical Assets
(Level 1)
    Significant
Other
Observable
Inputs (Level 2)
    Significant
Unobservable
Inputs (Level 3)
 
Assets:                                
Foreign exchange forward contracts     64,954,682       -       64,954,682       -  
Capped call options     16,408,445       -       -       16,408,445  
                                 
Liabilities:                                
Foreign exchange forward contracts     5,524,497       -       5,524,497       -  
Convertible senior notes     387,777,235       -       -       387,777,235  

 

 

    Fair Value Measurements at Reporting Date Using  
Description   Balance as of
December 31,
2012
    Quote Prices in
Active market for
Identical Assets
(Level 1)
    Significant
Other
Observable
Inputs (Level 2)
    Significant
Unobservable
Inputs (Level 3)
 
Assets:                                
Foreign exchange forward contracts     12,930,159       -       12,930,159       -  
Capped call options     16,131,208       -       -       16,131,208  
                                 
Liabilities:                                
Foreign exchange forward contracts     5,490,630       -       5,490,630       -  
Convertible senior notes     483,581,668       -       -       483,581,668  

 

Reconciliation of Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

A summary of changes in Level 3 fair value of convertible senior notes for the year ended December 31, 2012 was as follows:

 

Balance at January 1, 2012     387,777,235  
Foreign exchange gain     (1,047,241 )
Change in fair value of convertible senior notes     96,851,674  
Balance at December 31, 2012     483,581,668  

 

A summary of changes in Level 3 fair value of Capped call options for the year ended December 31, 2012 was as follows:

 

Balance at January 1, 2012     16,408,445  
Foreign exchange gain     31,815  
Change in fair value of capped call options     (309,052 )
Balance at December 31, 2012     16,131,208  

 

Schedule of Change in Fair Value of Derivatives

The Change in fair value of derivatives recognized in earnings was as follows:

 

    For the year ended December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
Foreign exchange forward contracts     98,039,341       36,604,889       (9,043,079 )
Embedded derivatives     54,938       -       -  
Convertible senior notes     -       398,030,217       (96,851,674 )
Capped call options     -       (98,282,510 )     (309,052 )
Total     98,094,279       336,352,596       (106,203,805 )

 

XML 23 R109.htm IDEA: XBRL DOCUMENT v2.4.0.6
FAIR VALUE MEASUREMENTS (Non-recurring Change in Fair Value) (Details)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2012
Non-recurring [Member]
CNY
Dec. 31, 2011
Non-recurring [Member]
CNY
Dec. 31, 2012
Non-recurring [Member]
Total [Member]
CNY
Dec. 31, 2011
Non-recurring [Member]
Total [Member]
CNY
Dec. 31, 2012
Non-recurring [Member]
Quote Prices in Active market for Identical Assets (Level 1) [Member]
CNY
Dec. 31, 2011
Non-recurring [Member]
Quote Prices in Active market for Identical Assets (Level 1) [Member]
CNY
Dec. 31, 2012
Non-recurring [Member]
Significance Other Observable Inputs (Level 2) [Member]
CNY
Dec. 31, 2011
Non-recurring [Member]
Significance Other Observable Inputs (Level 2) [Member]
CNY
Dec. 31, 2012
Non-recurring [Member]
Significant Unobservable Inputs (Level 3) [Member]
CNY
Dec. 31, 2011
Non-recurring [Member]
Significant Unobservable Inputs (Level 3) [Member]
CNY
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                            
Goodwill                                
Goodwill impairment       45,645,832      45,645,832                
Long-lived assets             4,232,012,975             4,232,012,975  
Impairment of long-lived assets 10,509,671 65,476,299    5,376,071 65,476,299                  
Carrying value of assets before impairment         65,476,299                  
Carrying value of assets after impairment         0                  
XML 24 R76.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROPERTY, PLANT AND EQUIPMENT, NET (Details)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2012
Buildings [Member]
CNY
Dec. 31, 2011
Buildings [Member]
CNY
Dec. 31, 2012
Machinery and equipment [Member]
CNY
Dec. 31, 2011
Machinery and equipment [Member]
CNY
Dec. 31, 2012
Motor vehicles [Member]
CNY
Dec. 31, 2011
Motor vehicles [Member]
CNY
Dec. 31, 2012
Furniture, fixture and office equipment [Member]
CNY
Dec. 31, 2011
Furniture, fixture and office equipment [Member]
CNY
Property, Plant and Equipment [Line Items]                        
Property and equipment   3,883,564,425 3,725,580,096   507,989,849 441,046,753 3,307,235,601 3,217,550,882 22,609,244 22,814,205 45,729,731 44,168,256
Less: Accumulated depreciation   (732,881,877) (412,394,030)                  
Less: Impairment   (70,260,894) (4,784,595)                  
Subtotal   3,080,421,654 3,308,401,471                  
Construction in progress   249,451,007 259,892,829                  
Property, plant and equipment, net 534,481,415 3,329,872,661 3,568,294,300                  
Depreciation of property, plant and equipment 51,869,574 323,152,636 263,846,113 96,751,960                
Impairment on long-lived assets $ 10,509,671 65,476,299    5,376,071                
XML 25 R86.htm IDEA: XBRL DOCUMENT v2.4.0.6
BORROWINGS (Short-term Narrative) (Details) (CNY)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Subsequent Event [Member]
Dec. 31, 2012
Loans denominated and repayable in EURO [Member]
Dec. 31, 2012
Loans denominated and repayable in USD [Member]
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Loan One [Member]
Fixed deposits [Member]
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Loan One [Member]
Guaranteed by pledged assets [Member]
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Loan Two [Member]
Land use rights [Member]
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Loan Two [Member]
Plants [Member]
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Loan Two [Member]
Certain equipments [Member]
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Loan Two [Member]
Guaranteed by pledged assets [Member]
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Loan Two [Member]
Guaranteed by shareholders [Member]
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Loan Two [Member]
Guaranteed by shareholders and affiliate [Member]
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Loan Three [Member]
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Loan Three [Member]
Guaranteed by pledged assets [Member]
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Loan Three [Member]
Guaranteed by shareholders and affiliate [Member]
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Loan Four [Member]
Guaranteed by shareholders, affiliate and pledged assets [Member]
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Loan Five [Member]
Guaranteed by shareholders [Member]
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Loan Five [Member]
Guaranteed by shareholders and affiliate [Member]
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Jiangxi Heji Investment Co., Ltd. [Member]
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Shangrao Hexing Co., Ltd. [Member]
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Loan One [Member]
Guaranteed by pledged assets [Member]
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Loan Two [Member]
Fixed deposits [Member]
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Loan Two [Member]
Guaranteed by affiliate [Member]
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Loan Two [Member]
Guaranteed by third party [Member]
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Loan Three [Member]
Certain equipments [Member]
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Loan Three [Member]
Guaranteed by pledged assets and affiliate [Member]
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Loan Four [Member]
Land use rights [Member]
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Loan Four [Member]
Plants [Member]
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Loan Four [Member]
Certain equipments [Member]
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Loan Four [Member]
Guaranteed by pledged assets [Member]
Dec. 31, 2012
Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export") [Member]
Loan One [Member]
Certain equipments [Member]
Dec. 31, 2012
Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export") [Member]
Loan One [Member]
Guaranteed by shareholders, affiliate and pledged assets [Member]
Dec. 31, 2012
Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export") [Member]
Loan Two [Member]
Guaranteed by shareholders [Member]
Dec. 31, 2012
Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export") [Member]
Loan Two [Member]
Guaranteed by shareholders and affiliate [Member]
Dec. 31, 2012
Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export") [Member]
Loan Two [Member]
Guaranteed by shareholders and a second affiliate [Member]
Dec. 31, 2012
Credit Loans [Member]
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Dec. 31, 2012
Credit Loans [Member]
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Dec. 31, 2012
Credit Loans [Member]
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Land use rights [Member]
Dec. 31, 2012
Credit Loans [Member]
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Guaranteed by pledged assets [Member]
Dec. 31, 2012
Credit Loans [Member]
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Guaranteed by affiliate [Member]
Dec. 31, 2012
Credit Loans [Member]
Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export") [Member]
Dec. 31, 2012
Credit Loans [Member]
Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export") [Member]
Guaranteed by affiliate [Member]
Short-term Debt [Line Items]                                                                                      
Short-term loans interest rate 5.41% 5.38%                                                                                  
Short-term bank borrowings 1,917,630,796 1,808,032,066   22,749,052 28,731,021   30,000,000       304,400,000 70,000,000 23,000,000   140,000,000 50,000,000 17,000,000 169,977,821 119,977,821 196,418,183 11,640,000 36,500,000   163,000,000 80,000,000   25,000,000       178,000,000   92,051,818 86,225,000 6,225,000 80,000,000 134,991,426 190,091,005   20,000,000 170,091,005 142,335,543 49,855,701
Pledged assets           30,000,000   141,339,404 95,798,430 388,138,496       319,953,046                 40,300,000     95,977,919   42,742,315 108,925,069 888,135,724   92,969,587             36,360,880        
Proceeds from short-term debt     1,172,000,590                                                                                
Repayments of short-term debt     1,060,710,938                                                                                
XML 26 R81.htm IDEA: XBRL DOCUMENT v2.4.0.6
OTHER PAYABLES AND ACCRUALS (Details)
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2012
Payables For Purchase Of Property Plant And Equipment [Member]
CNY
Dec. 31, 2011
Payables For Purchase Of Property Plant And Equipment [Member]
CNY
Dec. 31, 2012
Payables For Project Assets [Member]
CNY
Dec. 31, 2011
Payables For Project Assets [Member]
CNY
Dec. 31, 2012
Government Grants Related To Assets [Member]
CNY
Dec. 31, 2011
Government Grants Related To Assets [Member]
CNY
Dec. 31, 2012
Value -Added Tax And Other Tax Payable [Member]
CNY
Dec. 31, 2011
Value -Added Tax And Other Tax Payable [Member]
CNY
Dec. 31, 2012
Freight Payables [Member]
CNY
Dec. 31, 2011
Freight Payables [Member]
CNY
Dec. 31, 2012
Accrued Utilities Rentals And Interest [Member]
CNY
Dec. 31, 2011
Accrued Utilities Rentals And Interest [Member]
CNY
Dec. 31, 2012
Payables To Zhejiang Global Photovoltaic Technology Co., Ltd. [Member]
CNY
Dec. 31, 2011
Payables To Zhejiang Global Photovoltaic Technology Co., Ltd. [Member]
CNY
Dec. 31, 2012
Contracted Labor Fee [Member]
CNY
Dec. 31, 2011
Contracted Labor Fee [Member]
CNY
Dec. 31, 2012
Accrued Warranty Cost [Member]
CNY
Dec. 31, 2011
Accrued Warranty Cost [Member]
CNY
Dec. 31, 2012
Commision Payables [Member]
CNY
Dec. 31, 2011
Commision Payables [Member]
CNY
Dec. 31, 2012
Accrued Professional Service Fees [Member]
CNY
Dec. 31, 2011
Accrued Professional Service Fees [Member]
CNY
Dec. 31, 2012
Others [Member]
CNY
Dec. 31, 2011
Others [Member]
CNY
Other Liabilities [Line Items]                                                      
Other payables and accruals $ 131,200,647 817,393,146 813,027,659 253,431,693 274,948,772 184,623,149 223,306,031 181,160,000 121,560,000 26,545,382 88,654,952 28,799,192 23,904,150 35,204,650 14,148,324    16,888,607 19,593,436 11,719,622 21,179,367 11,101,709 2,020,242 8,651,046 13,844,655 6,031,954 50,991,380 12,112,492
XML 27 R87.htm IDEA: XBRL DOCUMENT v2.4.0.6
BORROWINGS (Long-term Narrative) (Details)
12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2012
Subsequent Event [Member]
CNY
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Long-term Loan One [Member]
Certain equipments [Member]
CNY
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Long-term Loan One [Member]
Guaranteed by pledged assets [Member]
CNY
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Long-term Loan Two [Member]
Plants [Member]
CNY
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Long-term Loan Two [Member]
Guaranteed by pledged assets [Member]
CNY
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Long-term Loan Three [Member]
Land use rights [Member]
CNY
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Long-term Loan Three [Member]
Guaranteed by pledged assets [Member]
CNY
Dec. 31, 2012
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
Long-term Loan Four [Member]
CNY
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Long-term Loan One [Member]
Certain equipments [Member]
CNY
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Long-term Loan One [Member]
Guaranteed by pledged assets and affiliate [Member]
CNY
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Long-term Loan Two [Member]
Certain equipments [Member]
CNY
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Long-term Loan Two [Member]
Guaranteed by pledged assets and affiliate [Member]
CNY
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Long-term Loan Three [Member]
Land use rights [Member]
CNY
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Long-term Loan Three [Member]
Plants [Member]
CNY
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Long-term Loan Three [Member]
Certain equipments [Member]
CNY
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Long-term Loan Three [Member]
Guaranteed by pledged assets and affiliate [Member]
CNY
Dec. 31, 2012
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
Long-term Loan Four [Member]
Guaranteed by affiliate [Member]
CNY
Debt Instrument [Line Items]                                          
Debt instrument, issuance date             Feb. 29, 2012   Jun. 30, 2012   Dec. 31, 2012 Sep. 30, 2011   Mar. 31, 2010   May 31, 2010       Apr. 30, 2011 Jun. 30, 2011
Debt, face amount             50,000,000   90,000,000   27,000,000 13,000,000   10,000,000   10,000,000       270,000,000 25,000,000
Debt instrument, maturity date             Feb. 28, 2014   Jun. 30, 2014   Dec. 31, 2014 Aug. 31, 2014   Mar. 31, 2013   May 31, 2013       Dec. 31, 2013 Dec. 31, 2013
Effective interest rate             6.98%   6.72%   6.46% 6.40%   6.65%   6.65%         6.40%
Effective interest rate range, minimum                                       6.15%  
Effective interest rate range, maximum                                       6.65%  
Debt instrument, frequency of payments             monthly   monthly   monthly quarterly   monthly   monthly       monthly monthly
Pledged assets           171,333,024   134,640,918   99,923,017     81,425,922   81,425,922   42,742,315 108,925,069 888,135,724    
Proceeds from issuance of long-term debt 48,153,320 300,000,000 1,000,000,000    360,000,000                                
Repayments of long-term debt $ 160,511,067 1,000,000,000       28,000,000                                
XML 28 R77.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROJECT ASSETS (Details)
12 Months Ended 12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2012
Completed and connected to the grid [Member]
CNY
Dec. 31, 2011
Completed and connected to the grid [Member]
CNY
Dec. 31, 2012
Generated Electricity [Member]
CNY
Dec. 31, 2011
Generated Electricity [Member]
CNY
Dec. 31, 2010
Generated Electricity [Member]
CNY
Property, Plant and Equipment [Line Items]                  
Project assets $ 86,096,708 536,391,099 272,504,672   349,485,131         
Revenues $ 769,613,401 4,794,768,449 7,384,951,444 4,654,854,723     1,607,066      
XML 29 R71.htm IDEA: XBRL DOCUMENT v2.4.0.6
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES (Schedule of Accounts Receivable) (Details)
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2009
CNY
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES [Abstract]          
Accounts receivables   2,386,356,664 1,779,953,029    
Allowance for doubtful accounts   (673,671,445) (179,746,165) (378,888) (2,800,000)
Accounts receivable, net $ 274,904,932 1,712,685,219 1,600,206,864    
XML 30 R25.htm IDEA: XBRL DOCUMENT v2.4.0.6
EARNINGS/(LOSS) PER SHARE
12 Months Ended
Dec. 31, 2012
EARNINGS/(LOSS) PER SHARE [Abstract]  
EARNINGS/(LOSS) PER SHARE
18. EARNINGS/(LOSS) PER SHARE

 

Basic earnings/(loss) per share and diluted earnings/(loss) per share have been calculated as follows:

 

    2010     2011     2012  
    RMB     RMB     RMB  
Numerator:                        
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.     881,873,227       273,342,819       (1,542,422,068 )
Series A Redeemable Convertible Preferred Shares accretion     (13,433,242 )     -       -  
Series B Redeemable Convertible Preferred Shares accretion     (17,479,734 )     -       -  
Allocation to preferred shareholders     (15,156,606 )     -       -  
Net income / (loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders-Basic     835,803,645       273,342,819       (1,542,422,068 )
Dilutive effect of Preferred Shares     46,069,582       -       -  
Dilutive effect of convertible senior notes interest     -       19,855,810       -  
Dilutive effect of exchange gain on convertible senior notes     -       (21,567,522 )     -  
Dilutive effect of change in fair value of convertible senior notes     -       (398,030,217 )     -  
Net income / (loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders-Diluted     881,873,227       (126,399,110 )     (1,542,422,068 )
                         
Denominator:                        
Denominator for basic calculation-weighted average number of ordinary shares outstanding     74,896,543       93,966,535       88,752,706  
Dilutive effect of share options     1,131,653       1,367,900       -  
Dilutive effect of preferred shares     4,719,884       -       -  
Dilutive effect of convertible senior notes     -       7,352,536       -  
Denominator for diluted calculation-weighted average number of ordinary shares outstanding     80,748,080       102,686,971       88,752,706  
                         
Basic earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders     11.16       2.91       (17.38 )
Diluted earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders     10.92       (1.23 )     (17.38 )

 

As of December 31, 2010, there were no anti-dilutive securities.

 

As of December 31, 2011 and 2012, the Company's average stock price for the period was below the strike price of the call options; therefore the call options were not included in the computation of diluted EPS because of their anti-dilutive effect.

 

As of December 31, 2012, the Company was in the loss situation, therefore the convertible bonds and share options were not included in the computation of diluted EPS because of its anti-dilutive effect.

 

XML 31 R50.htm IDEA: XBRL DOCUMENT v2.4.0.6
OTHER PAYABLES AND ACCRUALS (Tables)
12 Months Ended
Dec. 31, 2012
OTHER PAYABLES AND ACCRUALS [Abstract]  
Schedule Of Other Payables And Accruals

Other payables and accruals consisted of the following:

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Payables for purchase of property, plant and equipment     274,948,772       253,431,693  
Payables for project assets     223,306,031       184,623,149  
Government grants related to assets     121,560,000       181,160,000  
Value-added tax and other tax payable     88,654,952       26,545,382  
Freight payables     23,904,150       28,799,192  
Accrued utilities, rentals and interest     14,148,324       35,204,650  
Payables to Zhejiang Global Photovoltaic Technology Co., Ltd. (Note 26(c))     16,888,607       -  
Contracted labor fee     11,719,622       19,593,436  
Accrued warranty cost     11,101,709       21,179,367  
Commission payables     8,651,046       2,020,242  
Accrued professional service fees     6,031,954       13,844,655  
Others     12,112,492       50,991,380  
Total     813,027,659       817,393,146  

 

XML 32 R42.htm IDEA: XBRL DOCUMENT v2.4.0.6
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES (Table)
12 Months Ended
Dec. 31, 2012
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES [Abstract]  
Schedule of Accounts Receivable
    As of December 31,  
    2011     2012  
    RMB     RMB  
Accounts receivables     1,779,953,029       2,386,356,664  
Allowance for doubtful accounts     (179,746,165 )     (673,671,445 )
Accounts receivable, net     1,600,206,864       1,712,685,219  

 

Schedule of Movement of Allowance for Doubtful Accounts

 

    As of December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
At beginning of year     2,800,000 )     378,888       179,746,165  
Addition     8,534,372       184,990,129       541,662,539  
Write-off     (10,764,771 )     (24,140 )     -  
Reversal     (190,713 )     (5,598,712 )     (47,737,259 )
At end of year     378,888       179,746,165       673,671,445  

 

XML 33 R75.htm IDEA: XBRL DOCUMENT v2.4.0.6
PREPAYMENTS AND OTHER CURRENT ASSETS (Details)
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
PREPAYMENTS AND OTHER CURRENT ASSETS [Abstract]      
Value-added tax deductable   209,695,401 703,696,703
Prepayment for share repurchase   25,963,848 31,924,842
Employee advances   12,069,024 19,866,729
Prepaid service fees.   6,479,850 12,869,033
Prepaid rent and others   2,800,420 12,628,829
Advances recoverable from supplier   9,224,859 11,089,584
Prepaid insurance premium   8,398,332 6,520,930
Prepaid advertizing fee and sponsorship   361,635 4,916,317
Prepayment for income tax   6,390,847 4,432,374
Employee loans   1,591,650 2,521,000
Deposits for customs duty, rental and open bidding for solar projects   46,450,079 1,579,159
Deferred charges   910,065 391,979
Receivable from insurance company   81,388,706   
Others   1,606,077 1,472,802
Prepaid Expense and Other Assets, Current, Total $ 66,344,167 413,330,793 813,910,281
XML 34 R97.htm IDEA: XBRL DOCUMENT v2.4.0.6
SHARE BASED COMPENSATION (Assumptions) (Details) (CNY)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value per option at grant date (RMB) 5.60 6.91 16.85
Stock Options [Member]
     
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 0.78%    
Expected term 4 years 9 months 18 days    
Expected dividend yield 0.00%    
Expected volatility 80.00%    
Fair value per option at grant date (RMB) 5.60    
XML 35 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY
12 Months Ended
Dec. 31, 2012
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY [Abstract]  
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY
30. ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY

 

The separate condensed financial statements of the Company as presented below have been prepared in accordance with Securities and Exchange Commission Regulation S-X Rule 5-04 and Rule 12-04 and present the Company's investments in its subsidiaries under the equity method of accounting. Such investment is presented on separate condensed balance sheets of the Company as "Investments in subsidiaries " and the Company's shares of the profit or loss of subsidiaries are presented as "Share of (loss) / income from subsidiaries" in the statements of operations.

 

The Company did not have any significant commitment, long term obligation, or guarantees as of December 31, 2011 and 2012.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.

 

Condensed statements of operations:

 

    Year ended December 31,  
    2010     2011     2012     2012  
    RMB     RMB     RMB     USD  
                      (Note 2 (aj))  
Net revenues     -       -       -       -  
Cost of revenues     -       -       -       -  
                                 
Gross profit     -       -       -       -  
                                 
Total operating expenses     (5,867,589 )     (7,319,613 )     (8,459,461 )     (1,357,838 )
                                 
Loss from operations     (5,867,589 )     (7,319,613 )     (8,459,461 )     (1, 357,838 )
Convertible senior notes issuance costs     -       (24,463,052 )     -       -  
Share of income /(loss) from subsidiaries and affiliates     884,060,266       26,457,224       (1,405,807,872 )     (225,647,722 )
Interest income/(expense), net     1,342       (19,844,874 )     (31,043,624 )     (4,982,847 )
Exchange gain/(loss)     291,950       (1,204,936 )     49,615       7,964  
Other expense     3,332,320       (29,637 )     -       -  
Change in fair value of embedded derivative     54,938       -       -       -  
Change in fair value of convertible senior notes and capped call option     -       299,747,707       (97,160,726 )     (15,595,372 )
Income before income tax expenses     881,873,227       273,342,819       (1,542,422,068 )     (247,575,815 )
Income tax expenses     -       -       -       -  
Net income for the year     881,873,227       273,342,819       (1,542,422,068 )     (247,575,815 )
Series A Redeemable Convertible Preferred Shares accretion     (13,433,242 )     -       -       -  
Series B Redeemable Convertible Preferred Shares accretion     (17,479,734 )     -       -       -  
Allocation to preferred shareholders     (15,156,606 )     -       -       -  
                                 
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders     835,803,645       273,342,819       (1,542,422,068 )     (247,575,815 )

 

Condensed balance sheets:

 

    December 31, 2011     December 31, 2012     December 31, 2012  
    RMB     RMB     USD  
                (Note 2 (aj))  
ASSETS                  
Current assets:                        
Cash and cash equivalents     17,279,974       2,260,713       362,869  
Due from subsidiaries     583,271,399       545,695,322       87,590,139  
Other current assets     33,681,614       27,551,909       4,422,386  
Total current assets     634,232,987       575,507,944       92,375,394  
Investments in subsidiaries     2,703,338,634       1,325,667,558       212,784,315  
Capped call option     16,408,445       16,131,208       2,589,237  
Total assets     3,353,980,066       1,917,306,710       307,748,946  
                         
LIABILITIES                        
Current liabilities:                        
Due to subsidiaries     65,331,777       61,197,969       9,822,952  
Other current liabilities     5,680,539       7,404,779       1,188,549  
Total current liabilities     71,012,316       68,602,748       11,011,501  
Convertible senior notes     387,777,235       483,581,668       77,620,210  
Total liabilities     458,789,551       552,184,416       88,631,711  
Shareholders' Equity                        
Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 89,435,058 and 88,758,778 shares issued and outstanding as of December 31, 2011and 2012, respectively)     13,200       13,202       2,119  
Additional paid-in capital     1,507,224,827       1,524,728,796       244,735,846  
Treasury stock, at cost; 1,028,920 and 1,723,200 shares of ordinary shares as of December 31, 2011 and 2012, respectively     (8,354,423 )     (13,875,553 )     (2,227,180 )
Retained earnings/(accumulated losses)     1,396,441,522       145,980,546       23,431,494  
Accumulated other comprehensive loss     (134,611 )     236,395       37,944  
Total Shareholders' Equity     2,895,190,515       1,365,122,294       219,117,235  
                         
Total liabilities and shareholders' equity     3,353,980,066       1,917,306,710       307,748,946  

 

The balance due from subsidiaries represented the expenses paid on behalf by the Company for its subsidiaries.

 

Other current assets mainly represented the prepaid insurance premium, prepaid rent and other miscellaneous expenses.

 

The balance due to subsidiaries represented the professional service fees paid by Jiangxi Jinko.

 

Other current liabilities represented accrual for unpaid professional service fees.

 

The Company has long term obligations arising from the issuance of Convertible Senior Notes (See Note 21 of the notes to the consolidated financial statements).

 

Condensed statements of cash flows:

 

    For the years ended  
    2010     2011     2012     2012  
    RMB     RMB     RMB     USD  
                      (Note 2 (al))  
Cash flows from operating activities:                                
Net income     881,873,227       273,342,819       (1,542,422,068 )     (247,575,815 )
Adjustments to reconcile net income to net cash provided by (used in) operating activities:                                
Change in fair value of embedded derivatives     (54,938 )     -       -       -  
Change in fair value of convertible senior notes     -       (398,030,217 )     96,851,674       15,545,766  
Change in fair value of capped call option     -       98,282,510       309,052       49,606  
Share of (income)/loss from subsidiaries     (884,060,266 )     (26,457,224 )     1,405,807,872       225,647,722  
Exchange (gain)/loss     (291,950 )     1,204,936       (49,615 )     (7,964 )
Changes in operating assets and liabilities:                                
(Increase)/decrease in due from subsidiaries     (1,662,280 )     (571,729,995 )     27,696,952       4,445,668  
Decrease/(increase) in other current assets     2,795,634       2,567,600       769,436       123,503  
Increase in due to a subsidiary     16,417,507       44,435,210       (4,133,808 )     (663,522 )
(Decrease)/increase in other current liabilities     (886,756 )     (19,959,953 )     647,916       104,000  
Net cash from/(used in) operating activities     14,130,178       (596,344,314 )     (14,522,589 )     (2,331,036 )
                                 
Cash flows from investing activities:                                
Investments in subsidiaries     (821,266,865 )     -       (543,555 )     (87,247 )
Net cash used in investing activities     (821,266,865 )     -       (543,555 )     (87,247 )
                                 
Cash flows from financing activities:                                
Proceeds from issuance of ordinary shares     814,286,284       -       -       -  
Proceeds from exercise of share options     2,076,090       3,759,081       -       -  
Proceeds from issuance of convertible senior notes     -       812,525,000       -       -  
Repurchase of convertible senior notes     -       (5,222,773 )     -       -  
Cash paid for capped call option     -       (117,003,600 )     -       -  
Prepayment for share repurchase     -       (31,924,842 )     -       -  
Repurchase of common stock     -       (56,857,774 )     -       -  
Net cash provided by financing activities     816,362,374       605,275,092       -       -  
Effect of foreign exchange rate changes on cash     (141,556 )     (734,935 )     46,883       7,525  
Net increase in cash     9,084,131       8,195,843       (15,019,261 )     (2,410,758 )
Cash and cash equivalents, beginning of year     -       9,084,131       17,279,974       2,773,627  
Cash and cash equivalents, end of year     9,084,131       17,279,974       2,260,713       362,869  
                                 
Supplemental disclosure of non-cash investing and financing cash flow information                                
Shares repurchase utilized prepayment made in prior year     -       -       5,521,130       886,202  
Proceeds from exercise of share options received in subsequent year     -       -       160,861       25,820  

 

XML 36 R52.htm IDEA: XBRL DOCUMENT v2.4.0.6
EARNINGS/(LOSS) PER SHARE (Tables)
12 Months Ended
Dec. 31, 2012
EARNINGS/(LOSS) PER SHARE [Abstract]  
Schedule of Calculation of Numberator and Denominator

Basic earnings/(loss) per share and diluted earnings/(loss) per share have been calculated as follows:

 

    2010     2011     2012  
    RMB     RMB     RMB  
Numerator:                        
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.     881,873,227       273,342,819       (1,542,422,068 )
Series A Redeemable Convertible Preferred Shares accretion     (13,433,242 )     -       -  
Series B Redeemable Convertible Preferred Shares accretion     (17,479,734 )     -       -  
Allocation to preferred shareholders     (15,156,606 )     -       -  
Net income / (loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders-Basic     835,803,645       273,342,819       (1,542,422,068 )
Dilutive effect of Preferred Shares     46,069,582       -       -  
Dilutive effect of convertible senior notes interest     -       19,855,810       -  
Dilutive effect of exchange gain on convertible senior notes     -       (21,567,522 )     -  
Dilutive effect of change in fair value of convertible senior notes     -       (398,030,217 )     -  
Net income / (loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders-Diluted     881,873,227       (126,399,110 )     (1,542,422,068 )
                         
Denominator:                        
Denominator for basic calculation-weighted average number of ordinary shares outstanding     74,896,543       93,966,535       88,752,706  
Dilutive effect of share options     1,131,653       1,367,900       -  
Dilutive effect of preferred shares     4,719,884       -       -  
Dilutive effect of convertible senior notes     -       7,352,536       -  
Denominator for diluted calculation-weighted average number of ordinary shares outstanding     80,748,080       102,686,971       88,752,706  
                         
Basic earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders     11.16       2.91       (17.38 )
Diluted earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders     10.92       (1.23 )     (17.38 )

 

XML 37 R67.htm IDEA: XBRL DOCUMENT v2.4.0.6
TAXATION (Income Tax Rate Reconciliation) (Details) (CNY)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
TAXATION [Abstract]      
Statutory CIT rate (25.00%) 25.00% 25.00%
Share-based compensation expenses 0.30% 0.70% 0.60%
Change in fair value of convertible senior notes and capped call options 1.60% (21.10%)   
Goodwill impairment    3.20%   
Accrued payroll and welfare expenses 0.80% 4.40% 0.90%
Change of enact tax rate (7.50%)      
Effect of prior year tax difference (0.60%) [1]    [1]    [1]
Other non-deductible expenses 0.80% 5.60%   
Difference in tax rate of a subsidiary outside the PRC 0.90% (0.90%) 0.00%
Effect of tax holiday for subsidiaries 6.90% (13.20%) (12.90%)
Change in valuation allowance 21.20% 19.10% 0.60%
Effective CIT rate (0.60%) 22.80% 14.20%
Out-of-period adjustment 12,146,071    
[1] The Company recorded an out-of-period adjustment of RMB12,146,071 resulting from income tax filing difference for two PRC entities, which should have been recorded in the year ended December 31, 2011. The originating amount in 2011 was not material to the 2011 consolidated financial statements, nor was the out of period adjustment recorded in 2012 material to the 2012 consolidated financial statements.
XML 38 R111.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], CNY)
0 Months Ended
Jan. 29, 2013
Unsecured six-year bonds [Member]
Mar. 19, 2013
Loan Facilities with China Development Bank [Member]
Subsequent Event [Line Items]    
Debt issuance date Jan. 29, 2013 Mar. 19, 2013
Aggregate principal amount 800,000,000 360,000,000
Stated interest rate 8.99%  
Debt maturity date Jan. 29, 2019  
Debt term 6 years 15 years
Debt interest rate modification terms At the end of the third year in the life of the bonds, the Group has the option to raise the interest rate by up to 100 basis points, and the bondholders will have the right to require the Company to repurchase all or part of their bonds, at such time.  
Proceeds to develop solar power plant plants 640,000,000  
Proceeds for working capital purposes 160,000,000  
XML 39 R61.htm IDEA: XBRL DOCUMENT v2.4.0.6
GOODWILL (Details)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Goodwill [Line Items]        
Goodwill       45,645,832
Goodwill impairment       45,645,832   
XML 40 R47.htm IDEA: XBRL DOCUMENT v2.4.0.6
LAND USE RIGHTS, NET (Tables)
12 Months Ended
Dec. 31, 2012
LAND USE RIGHTS, NET [Abstract]  
Schedule of Land Use Rights

Land use rights represent fees paid to the government to obtain the rights to use certain lands over periods of 50 or 70 years, as applicable, in the PRC.

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Land use rights     382,657,019       386,909,459  
Less: accumulated amortization     (14,614,093 )     (21,160,244 )
Land use rights, net     368,042,926       365,749,215  

 

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PRINCIPAL ACCOUNTING POLICIES
12 Months Ended
Dec. 31, 2012
PRINCIPAL ACCOUNTING POLICIES [Abstract]  
PRINCIPAL ACCOUNTING POLICIES
2. PRINCIPAL ACCOUNTING POLICIES

 

a. Basis of presentation and use of estimates

 

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

 

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company's consolidated financial statements include allowance for doubtful receivables, provision for inventories and advances to suppliers, impairment of long-lived assets, the economic useful lives of property, plant and equipment and intangible assets, assumptions used in purchase price allocation, assumptions used to measure impairment of goodwill, property, plant and equipment, project assets and intangible assets, certain accrued liabilities including accruals for warranty costs, accounting for share-based compensation, fair value measurements, legal contingencies, and income taxes and related tax valuation allowance, and the assessment of going concern assumption as discussed below.

 

The Company has negative working capital at December 31, 2012. Management believes that the Company's current cash position as of December 31, 2012, the cash expected to be generated from operations and funds available from borrowings under the bank quotas will be sufficient to meet the Company's working capital and capital expenditure requirements for at least the next twelve months from December 31, 2012. However, given that certain bank borrowings and bonds are due within the near term future (Note 16 and Note 17), and possible exercise of the put option of the convertible senior notes on May 14, 2014 (Note 21), sufficient funds may not be available to the Company. Accordingly, the Company may need to reduce discretionary spending and raise additional funds through public or private equity or debt financing. Any additional equity financing may be dilutive to stockholders and debt financing, if available, may involve covenants that would restrict the Company.

 

Additional funds may not be available on terms favourable to the Company or at all. Failure to manage discretionary spending or raise additional capital or debt financing as required may adversely impact the Company's ability to achieve its intended business objectives. The Company believes, although it is not certain, that it will be able to maintain compliance with the convertible senior notes covenants including the put option on May 15, 2014 and repay short term borrowings and other liabilities as those become due for at least the next twelve months from December 31, 2012, and as such, these financial statements are prepared under the going concern assumption which contemplates the realization of assets and the liquidation of liabilities in the ordinary course of business.

 

b. Consolidation

 

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

 

For the Company's majority-owned subsidiaries, non-controlling interests is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group.

 

The Group has revised the statement of cash flows for 2011 to correct the classification of a RMB 31,924,842 cash outflow related to prepayment for share repurchases from operating activities to financing activities. The impact of the revision was not material to the previously reported net total cash flows from operating activities and net total cash flows from financing activities.

 

c. Foreign currency translation

 

The Group's reporting currency is the Renminbi ("RMB"), the official currency in the PRC. The Company and certain subsidiaries use RMB as their functional currency. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates quoted by the People's Bank of China (the "PBOC") prevailing at the dates of the transactions. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations. Monetary assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the applicable balance sheet dates. All such exchange gains or losses are included in exchange loss in the consolidated statements of operations.

 

For consolidation purpose, the financial statements of the Company's subsidiaries whose functional currencies are other than the RMB are translated into RMB using exchange rates quoted by PBOC. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses and gains and losses are translated using the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of in accumulated other comprehensive income in the consolidated statement of comprehensive income/ (loss).

 

The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in China's foreign exchange trading system market. The Company's aggregate amount of cash, cash equivalents and restricted cash denominated in RMB amounted to RMB461.7 million and RMB382.8million as of December 31, 2011 and 2012, respectively.

 

d. Cash and cash equivalents

 

Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions, which have original maturities of three months or less.

 

e. Restricted cash

 

Restricted cash represents deposits legally held by a bank which are not available for the Group's general use. These deposits are held as collateral for issuance of letters of credit or guarantee, bank acceptance notes to vendors for purchase of machinery and inventories and forward contracts.

 

f. Short-term investments

 

Short-term investments represent the bank time deposits with original maturities longer than three months and less than one year. As of December 31, 2012, RMB662.8 million of short-term investments were held as collateral for issuance of letters of credit, guarantee or bank acceptance notes, compared with RMB448.4 million of short-term investments held as collateral for issuance of letters of credit, guarantee or bank acceptance notes as of December 31, 2011.

 

g. Notes receivable and payable

 

The Group accepts bank acceptance notes from customers in China in the normal course of business. The Group may discount these notes with banks in China or endorse these notes with its suppliers to clear its accounts payable. Notes that have been discounted with banks or endorsed with suppliers are derecognized from the consolidated balance sheets when the criteria for sale treatment are met.

 

The Group also issues bank acceptance notes to its suppliers in China in the normal course of business. The Group classified the changes in notes payable and the restricted cash held as collateral for issuance of bank acceptance notes as financing activities.

 

Notes receivable and payable are typically non-interest bearing and have maturities of less than six months.

 

h. Accounts receivable

 

Specific provisions are made against accounts receivable for estimated losses resulting from the inability of the Group's customers to make payments. The Group periodically assessed accounts receivable balances to determine whether an allowance for doubtful accounts should be made based upon historical bad debts, specific customer creditworthiness and current economic trends. Accounts receivable in the balance sheets are stated net of such provision, if any. Before approving sales to each customer, the Group conducts a credit assessment for each customer to evaluate the collectability of such sales. The assessment usually takes into consideration the credit worthiness of such customer and its guarantor, if any, the Group's historical payment experience with such customer, industry-wide trends with respect to credit terms, including the terms offered by competitors, and the macro-economic conditions of the region to which sales will be made. The Group will execute a sales order with a customer and arrange for shipment only if its credit assessment concludes that the collectability with such customer is reasonably assured. The Group may also from time to time require security deposits from certain customers to minimize its credit risk. After the sales are made, the Group closely monitors the credit situation of each customer on an on-going basis for any subsequent change in its financial position, business development and credit rating, and will evaluate whether any of such adverse change warrants further action to be taken by the Group, including asserting claims and/or initiating legal proceedings against the customer and/or its guarantor, as well as making provisions. It is also the Group's general practice to suspend further sales to any customer with significant overdue balances. The receivable from insurance is only recorded when insurance claim has been submitted to the insurance company and been accepted and acknowledged by the carrier and recovery is considered reasonably assured. Upon recording the recovery, the bad debt expense is reduced.

 

i. Short-term and long-term advances to suppliers

 

The Group provides short-term and long-term advances to secure its raw material needs, which are then offset against future purchases. The Group continually assesses the credit quality of its suppliers and the factors that affect the credit risk. If there is deterioration in the creditworthiness of its suppliers, the Group will seek to recover its advances to suppliers and provide for losses on advances which are akin to receivables in operating expenses because of suppliers' inability to return its advances. Recoveries of the allowance for advances to supplier are recognized when they are received. The Company classified short-term and long-term advances to suppliers based on management's best estimate of the expected purchase in the next twelve-months as of the balance sheet date and the Group's ability to make requisite purchases under existing supply contracts. The balances expected to be utilized outside of the 12 months are recorded in advances to suppliers to be utilized beyond one year. A provision of advance to suppliers of nil, RMB 652,937, and RMB227,073,440 was recorded for the years ended December 31, 2010, 2011 and 2012, respectively. The Group has reclassified "provision for advance to suppliers" to a separate line item from "General and administrative expenses" for the year ended December 31, 2011 to conform to the current period presentation in the consolidated statement of operation due to that the provision for advance to suppliers was not significant in 2011 (Note 7).

 

j. Inventories

 

Inventories are stated at the lower of cost or market. Cost is determined using the weighted average method. Provisions are made for excess, slow moving and obsolete inventories as well as for inventories with carrying values in excess of market. Certain factors could impact the realizable value of inventory, so the Group continually evaluates the recoverability based on assumptions about customer demand and market conditions. The evaluation may take into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, and other factors. The reserve or write-down is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact the Group's gross margin and operating results. If actual market conditions are more favorable, the Group may have higher gross margin when products that have been previously reserved or written down are eventually sold. The sale of previously reserved inventory did not have a material impact on our gross margin percentage for any of the years presented.

 

In addition, the Group analyzes its firm purchase commitments, which currently consist primarily of the long-term fixed price polysilicon supplier agreements, at each period end. Provision is made in the current period when the anticipated inventories cost from future execution of such supplier agreement is in excess of market. There was no loss provision recorded related to these long-term contracts for each of the three years ended December 31, 2010, 2011 and 2012.

 

k. Property, plant and equipment, net

 

Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the prices paid to acquire or construct the assets, interest capitalized during the construction period and any expenditure that substantially extends the useful life of an existing asset. Depreciation, taking into consideration any estimated residual value, is computed using the straight-line method over the following estimated useful lives:

 

Buildings 20 years
Machinery and equipment 10 years
Furniture, fixture and office equipment 3-5 years
Motor vehicles 4-5 years

 

Construction in progress primarily represents the construction of new production line. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences.

 

Expenditures for repairs and maintenance are expensed as incurred. The gain or loss on disposal of property, plant and equipment, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets, and is recognized in the consolidated statement of operations upon disposal.

 

l. Interest Capitalization

 

The interest cost associated with major development and construction projects is capitalized and included in the cost of the property, plant and equipment or project assets. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Group capitalizes interest on amounts expended on the project at the Group's weighted average cost of borrowed money. Interest expense capitalized for the years ended December 31, 2010, 2011 and 2012 were RMB2,147,440, RMB3,505,464 and RMB7,507,649, respectively.

 

m. Project assets

 

Project assets consist primarily of costs relating to construction of solar power plants at various stages of development. These costs include costs for land and costs for developing and constructing PV solar power plants. While the project assets are not constructed for any specific customers, the Group intends to sell the project assets upon their completion. Upon completion of development and connection of the solar power plants, income generated from connection to the grid is recognized as revenue and the project assets are amortized over the expected life of 20 years.

 

The Group has reclassified the 2011 balance of RMB 272,504,672 from Property, Plant and Equipment to conform to the current period presentation in the Consolidated Balance Sheet. These reclassifications had no impact on previous reported total non-current assets and total assets.

 

The Group has reclassified the 2011 amount of RMB 235,198,641 from purchase of property, plant and equipment to construction of project assets to conform to the current period presentation in the Consolidated Statement of Cash Flows. The Group has separately presented the 2011 balance of RMB 37,306,301 from purchase of property, plant and equipment included in other payable to purchase of project assets included in other payable to conform to the current period presentation in the supplemental disclosure of non-cash investing and financing cash flow information section of the Consolidated Statement of Cash Flows. These reclassifications had no impact on previous reported net total cash used in investing activities.

 

n. Land use rights

 

Land use rights represent fees paid to obtain the right to use land in the PRC. Amortization is computed using the straight-line method over the terms specified in land use right certificates of 50 years or 70 years, as applicable.

 

o. Intangible assets

 

Intangible assets include purchased software and fees paid to register trademarks, which are amortized on a straight-line basis over their estimated useful lives, which are 5 or 10 years.

 

p. Goodwill

 

Goodwill represents the excess of (i) the aggregate of (a) the consideration transferred measured in accordance with ASC 805, which generally requires acquisition-date fair value; (b) the fair value of any noncontrolling interests in the acquiree; and (c) in a business combination achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree. If the consideration transferred is less than the fair value of the net assets acquired, the difference is recognized as a gain directly in the consolidated statement of operations. In a business combination, any acquired intangible assets that do not meet separate recognition criteria as specified in ASC 805 are recognized as goodwill.

 

Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. In December of each year, the Company tests impairment of goodwill at the reporting unit level and recognizes impairment in the event that the carrying value exceeds the fair value of each reporting unit. The Company performs a two-step goodwill impairment test. The first step, identifying potential impairment, compares the fair values of each reporting unit to its carrying amount, including goodwill. If the carrying value of the reporting unit exceeds its fair value, the second step would need to be conducted; otherwise, no further steps are necessary as no potential impairment exists. The second step, measuring the impairment loss, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Any excess of the reporting unit goodwill carrying value over the respective implied value is recognized as an impairment loss.

 

An impairment loss of nil, RMB45,645,832 and nil was recorded for the years ended December 31,2010, 2011 and 2012, respectively. See Note 3. "Goodwill" to the Company's consolidated financial statements for additional information on the Company's goodwill impairment tests.

 

q. Business combination

 

The Group accounts for business combinations using the acquisition method of accounting. This method requires that the acquisition consideration to be allocated to the assets, including separately identifiable intangible assets, and the liabilities that the Company acquires based on their estimated fair values. The Group makes estimates and judgments in determining the fair value of the acquired assets and liabilities based on its experience with similar assets and liabilities in similar industries. If different judgments or assumptions were used, the amounts assigned to the individual acquired assets or liabilities could be materially different.

 

r. Investments in affiliates

 

The Group holds equity investments in affiliates for which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. These investments are accounted for under equity method of accounting wherein the Group records its' proportionate share of the investees' income or loss in its consolidated financial statements.

 

Investments are evaluated for impairment when facts or circumstances indicate that the fair value of the investment is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Group reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.

 

s. Impairment of long-lived assets

 

The Group's long-lived assets include property, plant and equipment, project assets and other intangible assets with finite lives. The Group's business requires heavy investment in manufacturing equipment that is technologically advanced, but can quickly become significantly under-utilized or rendered obsolete by rapid changes in demand for solar power products produced with those equipment.

 

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amount of an asset may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets and significant negative industry or economic trends. The Group may recognize impairment of long-lived assets in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to these assets. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss, if any, is recognized for the difference between the fair value of the asset and its carrying value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses. .

 

t. Leases

 

Leases are classified as capital or operating leases. A lease that transfers to the lessee substantially all the benefits and risks incidental to ownership is classified as a capital lease. At inception, a capital lease is recorded at the present value of minimum lease payments or the fair value of the asset, whichever is less. Assets under capital leases are amortized on a basis consistent with that of similar fixed assets or the lease term, whichever is less. Operating lease costs are recognized on a straight-line basis over the lease term.

 

u. Revenue recognition

 

The Group recognizes revenue for product sales when persuasive evidence of an arrangement exists, delivery of the product has occurred and title and risk of loss has passed to the customer, the sales price is fixed or determinable and the collectability of the resulting receivable is reasonably assured. For all sales, the Group requires a contract or purchase order which quantifies pricing, quantity and product specifications.

 

For sales of photovoltaic products from PRC to foreign customers, delivery of the products generally occurs at the point in time the product is delivered to the named port of shipment, which is when the risks and rewards of ownership are transferred to the customer. For sales of PV products to domestic customers in PRC or by foreign subsidiaries, delivery of the product occurs generally at the point in time the product is received by the customer, which is when the risks and rewards of ownership have been transferred. In the case of sales that are contingent upon customer acceptance, revenue is not recognized until the deliveries are formally accepted by the customers.

 

The Group enters into certain sales contracts with retainage terms during 2012, under which customers were allowed to withhold payment of 5% to 10% of the full contract price as retainage after a specified period which generally range from one year to two years (the "Retainage Period"). Given the limited experience the Group has with respect to the collectability of the retainage, the Group defers recognition of the retainage as revenue until the customers pay it after the Retainage Period expires. As of December 31, 2012, the total amounts of retainage that were not recognized as revenue were RMB121,814,534.

 

The Group offers to its solar modules customers the right to return or exchange defective products within a prescribed period if the volume of the defective products exceeds a certain percentage of the shipment as specified in the individual sales contract. For the solar module sales contracts signed subsequent to October 1, 2010, the Group no longer offers the rights to return and refund to its customers. Actual returns were 0.2% of total sales for the years ended December 31, 2010.

 

The Group provides solar power product processing services to customers and the revenue of processing services is recognized upon completion which is generally evidenced by delivery of processed products to the customers.

 

The Company recognizes revenue related to solar system integration projects on the percentage-of-completion method. The Company estimates its revenues by using the cost-to-cost method, whereby it derives a ratio by comparing the costs incurred to date to the total costs expected to be incurred on the project. The Company applies the ratio computed in the cost-to-cost analysis to the contract price to determine the estimated revenues earned in each period. When the Company determines that total estimated costs will exceed total revenues under a contract, it records a loss accordingly.

 

The Company recognized income from generated electricity as revenue upon completion of development and connection of the solar power plant to the grid.

 

Advance payments received from customers for the future sale of inventory are recognized as advances from third party customers in the consolidated balance sheets. Advances from third party customers are recognized as revenues when the conditions for revenue recognition described above have been satisfied. Advances from third party customers have been recognized as a current liability because the amount at each balance sheet date is expected to be recognized as revenue within twelve months.

 

In the PRC, value added tax ("VAT") at a general rate of 17% on invoice amount is collected on behalf of tax authorities in respect of the sales of product and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability until it is paid to the tax authorities.

 

v. Cost of revenue

 

Cost of revenue includes production and indirect costs, as well as shipping and handling costs for raw materials purchase and provision for inventories.

 

Costs of revenue for integration projects, include all direct material, labor, subcontractor cost, and those indirect costs related to contract performance, such as indirect labor, supplies and tools. The Group recognizes job material costs as incurred costs when the job materials have been installed. The Group considers job materials to be installed materials when they are permanently attached or fitted to the solar power systems as required by the engineering design.

 

w. Warranty cost

 

Solar modules produced by the Group are typically sold with either a 2-year or 5-year warranty for product defects, and a 10-year and 25-year warranty against declines of more than 10% and 20%, respectively, from the initial minimum power generation capacity at the time of delivery. Therefore, the Group is exposed to potential liabilities that could arise from these warranties. The potential liability is generally in the form of product replacement or repair.

 

Due to limited warranty claim history, the Group estimates warranty costs based on an assessment for its competitors' history while incorporating estimates of failure rates through its quality review. Consequently, the Group accrues the equivalent of 1% of gross revenues as a warranty liability to accrue the estimated cost of its warranty obligations. Actual warranty costs incurred for warranty claims by customers are recorded in and charged against the accrued warranty liability. To the extent that actual warranty costs differ from the estimates, the Group will prospectively revise its accrual rate. The Group began the sales of solar modules in the first half of 2009 and has not experienced any material warranty claims to-date in connection with declines in the power generation capacity of its solar modules or defects. The accrual for warranty cost as of December 31, 2010, 2011 and 2012 were RMB33,432,852, RMB96,463,635 and RMB130,517,641, respectively. The warranty costs were classified as current liabilities under other payables and accruals, and non-current liabilities under accrued warranty costs - non-current, respectively, which reflect our estimate of the timing of when the warranty expenditures will likely be made. For the years ended December 31, 2010, 2011 and 2012, warranty cost expenses were RMB31,705,135, RMB63,030,783 and RMB40,213,055, respectively. The utilization of the warranty accruals for the years ended December 31, 2010, 2011 and 2012 were nil, nil and RMB6,159,049.

 

We purchase warranty insurance policy which provides coverage for the product warranty services of our solar modules worldwide. Prepayment for warranty insurance premium is initially recorded as other assets and is amortized over the insurance coverage period. Prepayment for warranty insurance premium is not recorded as reduction of estimated warranty liabilities. Once the Company receives insurance recoveries, warranty expenses will be credited

 

x. Shipping and handling

 

Costs to ship products to customers are included in selling and marketing expenses in the consolidated statements of operations. Costs to ship products to customers were RMB57,261,154, RMB119,821,738 and RMB164,942,482for the years ended December 31, 2010, 2011 and 2012, respectively.

 

y. Research and development

 

Research and development costs are expensed when incurred.

 

z. Start-up costs

 

The Company expenses all costs incurred in connection with start-up activities, including pre-production costs associated with new manufacturing facilities and costs incurred with the formation of new subsidiaries such as organization costs.

 

aa. Income Taxes

 

Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.

 

The accounting for uncertain tax positions requires that the Company recognizes in the consolidated financial statements the impact of an uncertain tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group's policy is to recognize, if any, tax related interest as interest expenses and penalties as general and administrative expenses. For periods presented, the Group did not have any interest and penalties associated with uncertain tax positions in the year ended December 31, 2010, 2011 and 2012 as there were no uncertain tax positions.

 

ab. Commitments and Contingencies

 

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.

 

ac. Financial guarantees

 

The Group issues guarantees in favor of certain third parties. A guarantee requires the issuer to make payments to reimburse the holder for a loss it incurs when a specified debtor fails to make repayments to the holder, when the debtor's liability to the holder falls due.

 

A guarantee is initially recognized at the estimated fair value in the Group's consolidated balance sheets unless it becomes probable that the Group will reimburse the holder of the guarantee for an amount higher than the carrying amount, in which case the guarantee is carried in the Group's consolidated balance sheets at the expected amount payable to the holder. The guarantee is derecognized when the Group's obligation to the holder expires.

 

ad. Fair value of financial instruments

 

The Company does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). A hierarchy is established for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value shall maximize the use of observable inputs.

 

When available, the Company measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. Pricing information the Company obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Company generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and the Company's evaluation of those factors changes. Although the Company uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Company's consolidated assets, liabilities, equity and net income.

 

The Company's financial instruments consist principally of cash and cash equivalents, restricted cash, short-term investments, accounts and notes receivable, forward contract receivable, other receivables, prepayments and other current assets, capped call options, accounts and notes payable, other payables and accruals, forward contract payables, bonds payable, short-term borrowings, long-term borrowings, guarantee liabilities and convertible senior notes.

 

The Company elects to classify the cash flows related to realized gain or loss on settlement of foreign exchange forward contracts as operating activities, which are based on the nature of the cash flows the derivative is economically hedging.

 

ae. Government grants

 

Government grants related to technology upgrades and enterprise development are recognized as subsidy income when received. For the years ended December 31, 2010, 2011 and 2012, the Group received financial subsidies of RMB15,696,641, RMB25,553,802 and RMB40,902,610 from the local PRC government authorities, respectively. These subsidies were non-recurring, not refundable and with no conditions, including none related to specific use or disposition of the funds, attached. Such amounts were recorded as subsidy income in the consolidated statements of operations. There are no defined rules and regulations to govern the criteria necessary for companies to enjoy such benefits and the amount of financial subsidy is determined at the discretion of the relevant government authorities.

 

Government grants related to assets are initially recorded as other payables and accruals which are then deducted from the carrying amount when the assets are ready for use. The Company received government grant related to assets of RMB55,000,000, RMB91,611,300 and RMB119,820,411during the years ended December 31, 2010, 2011 and 2012, respectively.

 

af. Repurchase of share

 

When the Company's shares are purchased for retirement, the excess of the purchase price over its par value is recorded entirely to additional paid-in capital subject to the limitation of the additional paid in capital when the shares were originally issued. When the Company's shares are acquired for purposes other than retirement, the purchase price is shown separately as treasury stock.

 

ag. Statutory reserves

 

Zhejiang Jinko, as sino-foreign owned joint venture incorporated in the PRC, is required to make appropriations of net profits, after recovery of accumulated deficit, to (i) a general reserve fund, (ii) an enterprise expansion fund, and (iii) a staff bonus and welfare fund prior to distribution of dividends to investors. These reserve funds are set at certain percentage of after-tax profit determined in accordance with PRC accounting standards and regulations (the "PRC GAAP"). The percentage of net profit for appropriation to these funds is at the discretion of their board of directors.

 

Jiangxi Jinko, as a wholly foreign owned enterprise incorporated in the PRC, is required on an annual basis to make appropriations of net profits, after the recovery of accumulated deficit, to a general reserve fund and a staff bonus and welfare fund. These reserve funds are set at certain percentage of after-tax profit determined in accordance with the PRC GAAP. The percentage of the appropriation for general reserve fund is at least 10%, and the percentage of the appropriation for staff bonus and welfare fund is at the discretion of its boards of directors.

 

Except for the aforementioned subsidiaries, the Company's other subsidiaries, as domestic enterprises incorporated in the PRC, are required on an annual basis to make an appropriation of net profits, after the recovery of accumulated deficit, to a statutory reserve fund. The statutory reserve fund is set at the percentage of not lower than 10% of the after-tax profit determined in accordance with the PRC GAAP.

 

Once the level of the general reserve fund and the statutory reserve fund reach 50% of the registered capital of the underlying entities, further appropriations to these funds are discretionary. The Group's statutory reserves can only be used for specific purposes of enterprises expansion and staff bonus and welfare, and are not distributable to the shareholders except in the event of liquidation. Appropriations to these funds are accounted for as transfers from retained earnings to the statutory reserves.

 

During the years ended December 31, 2010, 2011 and 2012, the Group made total appropriations to these statutory reserves of RMB126,152,136, RMB14,397,530 and RMB56,894, respectively.

 

ah. Segment reporting

 

The Group has adopted ASC 280, Segment Reporting, for its segment reporting. The Group operates and manages its business as a single segment primarily in China.

 

ai. Earnings(Loss) per share

 

Basic earnings(loss) per share is computed by dividing net income(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings(loss) per share is calculated by dividing net income(loss) attributable to ordinary shareholders, as adjusted for the change in income or loss as result from the assumed conversion of those participating securities, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary share equivalents consist of the ordinary shares issuable upon the conversion of the convertible senior notes (using the if-converted method) and ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method). Potential dilutive securities are not included in the calculation of dilutive earnings per share if the effect is anti-dilutive.

 

aj. Share-based compensation

 

The Company's share-based payment transactions with employees, including share options, are measured based on the grant-date fair value of the equity instrument issued. The fair value of the award is recognized as compensation expense, net of estimated forfeitures, over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.

 

ak. Other comprehensive income/(loss)

 

Other comprehensive income/(loss) is defined as the change in equity during a period from non-owner sources. The Company's other comprehensive income/(loss) for each period presented is comprised of foreign currency translation adjustment of the Company's foreign subsidiaries whose assets and liabilities are translated from their respective functional currencies at exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates prevailing during the applicable period.

 

al. Convenience translation

 

Translations of amounts from RMB into United States dollars ("US$" or "USD") are solely for the convenience of readers and were calculated at the rate of RMB6.2301 to US$1.00, the noon buying rate in effect on December 31, 2012, as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2012, or at any other rate.

 

am. Recent accounting pronouncements

 

In May 2011, the FASB issued ASU 2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs". This ASU is the result of joint efforts by the FASB and International Accounting Standards Board to develop a single, converged fair value framework. The guidance is largely consistent with existing fair value measurement principles in U.S. GAAP. The guidance expands the existing disclosure requirements for fair value measurements and makes other amendments. The guidance is to be applied prospectively and is effective for interim and annual periods beginning after December 15, 2011. Early application is not permitted. We adopted the new guidance since January 1, 2012, and the adoption of this pronouncement did not have a significant effect on its consolidated financial statements.

 

In June 2011, the FASB issued ASU 2011-05, "Comprehensive Income (Topic 220), Presentation of Comprehensive Income." The ASU revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in ASC 220, "Comprehensive Income," and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The ASU does not change the items that must be reported in other comprehensive income. In December 2011, the FASB issued ASU 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05." This ASU defers the requirement in ASU 2011-05 that entities present reclassification adjustments for each component of accumulated other comprehensive income ("AOCI") in both net income and other comprehensive income on the face of the financial statements. ASU 2011-12 requires entities to continue to present amounts reclassified out of AOCI on the face of the financial statements or disclose those amounts in the notes to the financial statements. The effective date of ASU 2011-12 is consistent with ASU 2011-05, which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 for public entities. We adopted this ASU since January 1, 2012, and changed the Company's presentation of comprehensive income in its consolidated financial statements.

 

In September 2011, the FASB issued ASU 2011-08, "Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment". This ASU permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. The amendments in this ASU apply to all entities, both public and nonpublic, that have goodwill reported in their financial statements. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted, including for annual and interim goodwill impairment tests performed as of a date before September 15, 2011, if an entity's financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. We adopted the new guidance since January 1, 2012, and the adoption of this pronouncement did not have a significant effect on its consolidated financial statements.

 

On December 16, 2011, the FASB issued ASU 2011-11, "Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities," which contains new disclosure requirements regarding the nature of an entity's rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The new disclosures are designed to make financial statements that are prepared under US GAAP more comparable to those prepared under IFRSs. To facilitate comparison between financial statements prepared under US GAAP and IFRSs, the new disclosures will give financial statement users information about both gross and net exposures. The new disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods therein; retrospective application is required. The Company does not expect that the adoption of this ASU will have a material effect on its consolidated financial statements.

 

In July 2012, the FASB issued ASU 2012-02, Intangibles - Goodwill and Other (Topic 350), Testing Indefinite-Lived Intangible Assets for Impairment. ASU 2012-02 gives companies an option to first assess qualitative factors to determine whether the existence of events and circumstances indicate it is more-likely-than-not that an indefinite-lived intangible asset is impaired. If based on its qualitative assessment, a company concludes that it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, quantitative impairment testing is required. However, if a company concludes otherwise, quantitative impairment testing is not required. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company does not expect the adoption of this accounting standard in the first quarter of 2013 to have an impact on its consolidated financial statements.

 

In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income". This update does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, this update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This update is effective prospectively for reporting periods beginning after December 15, 2012 for public entities. The Company does not expect the adoption of this accounting standard beginning on January 1, 2013 to have a material impact on its consolidated financial statements.

 

XML 43 R62.htm IDEA: XBRL DOCUMENT v2.4.0.6
REVENUES (Revenues by Product) (Details)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2012
Solar Modules [Member]
CNY
Dec. 31, 2011
Solar Modules [Member]
CNY
Dec. 31, 2010
Solar Modules [Member]
CNY
Dec. 31, 2012
Silicon Wafers [Member]
CNY
Dec. 31, 2011
Silicon Wafers [Member]
CNY
Dec. 31, 2010
Silicon Wafers [Member]
CNY
Dec. 31, 2012
Solar Cells [Member]
CNY
Dec. 31, 2011
Solar Cells [Member]
CNY
Dec. 31, 2010
Solar Cells [Member]
CNY
Dec. 31, 2012
System Integration Services [Member]
CNY
Dec. 31, 2011
System Integration Services [Member]
CNY
Dec. 31, 2010
System Integration Services [Member]
CNY
Dec. 31, 2012
Silicone Ingots [Member]
CNY
Dec. 31, 2011
Silicone Ingots [Member]
CNY
Dec. 31, 2010
Silicone Ingots [Member]
CNY
Dec. 31, 2012
Recovered Silicon Materials [Member]
CNY
Dec. 31, 2011
Recovered Silicon Materials [Member]
CNY
Dec. 31, 2010
Recovered Silicon Materials [Member]
CNY
Dec. 31, 2012
Processing Service Fees [Member]
CNY
Dec. 31, 2011
Processing Service Fees [Member]
CNY
Dec. 31, 2010
Processing Service Fees [Member]
CNY
Dec. 31, 2012
Generated Electricity [Member]
CNY
Dec. 31, 2011
Generated Electricity [Member]
CNY
Dec. 31, 2010
Generated Electricity [Member]
CNY
Operating Revenue By Product Type [Line Items]                                                        
Revenues $ 769,613,401 4,794,768,449 7,384,951,444 4,654,854,723 3,897,288,039 6,647,264,147 3,247,825,572 328,428,550 517,935,191 909,647,382 138,686,401 168,388,351 432,863,616 213,174,391 24,798,017    1,885,648 14,363,232 10,803,010 270,406 6,365,978    213,427,948 5,836,528 53,715,143 1,607,066      
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ADVANCES TO SUPPLIERS (Tables)
12 Months Ended
Dec. 31, 2012
ADVANCES TO SUPPLIERS [Abstract]  
Schedule of Advances to Suppliers

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Advances to suppliers under purchase contracts with term of less than 1 year     188,358,498       63,552,991  
Advances to suppliers under purchase contracts with term of more than 1 year     229,376,531       -  
                 
Total     417,735, 029       63,552,991  
Advances to suppliers to be utilized beyond one year     (209,630,940 )     -  
                 
Advances to suppliers-current     208,104,089       63,552,991  

 

XML 46 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
REPURCHASE OF ORDINARY SHARES
12 Months Ended
Dec. 31, 2012
REPURCHASE OF SHARES [Abstract]  
REPURCHASE OF SHARES
22. REPURCHASE OF ORDINARY SHARES

 

On May 6, 2011, the Board of Directors approved a share repurchase program to repurchase up to US$30 million of its outstanding ADS of the Company from time to time over the next 12 months, depending on market conditions, share price and other factors, as well as subject to the memorandum and articles of association of the Company, the relevant rules under United States securities laws and regulations and the relevant stock exchange rules. The share repurchases may be made on the open market, in block trades or otherwise and is expected to include derivative transactions. The program may be suspended or discontinued at any time.

 

For the year ended December 31, 2011, 1,222,600 outstanding American Depositary Shares ("ADSs") (4,890,400 shares) were repurchased for full retirement with a total consideration of RMB48,503,352. Additional paid-in capital was reduced by RMB48,502,683. As of December 31, 2011, 257,230 ADSs (1,028,920 shares) were repurchased but have not been retired with a total consideration of RMB8,354,423 which is shown as treasury stock.

 

For the year ended December 31, 2012, 173,570 outstanding ADSs" (694,280 shares) were repurchased with a total consideration of RMB5,521,130, which is shown as treasury stock. As of December 31, 2012, 430,800 ADSs (1,723,200 shares) were repurchased but have not been retired with a total consideration of RMB13,875,553 which is shown as treasury stock.

 

XML 47 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONVERTIBLE SENIOR NOTES
12 Months Ended
Dec. 31, 2012
CONVERTIBLE SENIOR NOTES [Abstract]  
CONVERTIBLE SENIOR NOTES
21. CONVERTIBLE SENIOR NOTES

 

The Company issued USD 125 million of convertible senior notes on May 17, 2011 (the "Notes"). The Notes will mature on May 15, 2016. The interest rate is 4% per annum payable semi-annually, in arrears. No accrued interest to be paid on the Notes when they are converted.

 

Holders have the option to convert their Notes from the earlier of (i) when the registration statement of the Notes becomes effective and (ii) the first anniversary of the date on which the Notes are first issued, through to and including the business day prior to the maturity date into ADSs representing the ordinary shares initially at a conversion rate of 29.6307 ADSs per US$1,000 principal amount of Notes (equivalent to an initial conversion price of approximately US$33.75 per ADS).

 

The conversion rate is subject to change on anti-dilution and upon certain fundamental changes. Fundamental changes are defined as 1) any "person" or "group" beneficially owns (directly or indirectly) 50% or more of the total voting power of all outstanding classes of Company's shares or has the power to elect a majority of the members of the board of directors; 2) Company consolidates with, or merge with or into, another person or the Company sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets, or any person consolidates with, or merges with or into, the Company; 3) Termination of trading of Company's ADSs; and 4) adoption of a plan relating to our liquidation or dissolution.

 

The holders have the option to require the Company to repurchase the Notes, in whole or in part, in the event of a fundamental change for an amount equal to the 100% of the principal amount and any accrued and unpaid interest in the event of fundamental changes. Management assessed that the likelihood of fundamental change is remote.

 

The holders will have the right to require the Company to repurchase for cash all or any portion of their notes on May 15, 2014 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

 

While the Notes remain outstanding, the Company or its subsidiaries will not create or permit to subsist any security upon its property, assets or revenues (present or future) to secure any international investment securities or to secure any guarantee of or indemnity of any international investment securities unless the obligations under the Notes and the indenture (a) are secured equally and ratably therewith, or (b) have the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by holders of a majority in aggregate principal amount of the Notes then outstanding.

 

The Company has RMB as its functional currency, and the Notes are denominated in USD. As a result, the conversion feature is dual indexed to the Company's stock as well as the RMB and USD exchange rate, and is considered an embedded derivative which needs to be bifurcated from the host instrument in accordance with ASC 815.

 

ASC 815-15-25 provides that if an entity has a hybrid financial instrument that would require bifurcation of embedded derivatives under ASC 815, the entity may irrevocably elect to initially and subsequently measure a hybrid financial instrument in its entirety at fair value with changes in fair value recognized in earnings. The fair value election can be made instrument by instrument and shall be supported by concurrent documentation or a preexisting documented policy for automatic election.

 

The Company elected to measure the Notes in their entirety at fair value with changes in fair value recognized as non-operating income or loss at each balance sheet date in accordance with ASC 815-15-25. Further, as the functional currency of the Company is RMB, the fair value of the Notes is translated into RMB at each balance sheet date with the difference being reported as exchange gain or loss. In addition, all issuance costs associated with the Notes offering has been expensed as incurred in the year ended December 31, 2011.

 

The estimated fair value of the Notes amounted to approximately RMB387,777,235 and RMB483,581,668 as of December 31, 2011 and 2012. In the year ended December 31, 2011 and 2012, the Company recorded foreign exchange gain of RMB21,567,522 and RMB1,047,241, gain from change in fair value of convertible senior notes of RMB398,030,217 and loss of RMB96,851,674, respectively (Note 27).

 

As a result of the depressed market conditions, the Company repurchased Notes with face value of US$2 million or 1.6% of the Notes at approximately 41% of the face value as of December 31, 2011.There were no repurchase of Notes for the year ended December 31, 2012.

 

Capped Call Options

 

Concurrent with the Company's issuance of the Convertible Senior Notes on May 17, 2011, it entered into a capped call option transactions with an affiliate of the initial purchaser of the Notes. The capped call transaction was designed to reduce the potential dilution that would otherwise occur as a result of new ordinary share issuances upon conversion of the Notes and effectively increase the conversion price of the Notes for the Company to $48.21 per ADS from the actual conversion price to the Notes holders of $33.75 per ADS. The total premium paid by the Company for the capped call transactions was US$18 million. The purchaser of the Notes have the right to require us to repurchase for cash all or any portion of their notes on May 15, 2014 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

 

The Company's functional currency is different from the denomination of the capped call. Therefore, in accordance with ASC 815, Derivatives and Hedging, the Company accounted for the capped call transactions as freestanding derivative assets in the consolidated balance sheets. The derivative is marked to market each reporting period utilizing the binomial model.

 

The fair value of capped call options was RMB16,408,445 and RMB16,131,208 as of December 31, 2011 and 2012. An amount of loss of RMB98,282,510 andRMB309,052 was recorded in change in fair value of capped call options for the year ended December 31,2011 and 2012 (Note 27).

 

XML 48 R100.htm IDEA: XBRL DOCUMENT v2.4.0.6
CERTAIN RISKS AND CONCENTRATION (Narrative) (Details) (Revenue [Member], Foreign Currency Concentration Risk [Member])
12 Months Ended
Dec. 31, 2012
Revenue [Member] | Foreign Currency Concentration Risk [Member]
 
Concentration Risk [Line Items]  
Concentration risk percentage 55.00%
XML 49 R56.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES (Tables)
12 Months Ended
Dec. 31, 2012
COMMITMENTS AND CONTINGENCIES [Abstract]  
Schedule of Future Minimum Payments Under Operating Leases

Future minimum obligations for operating leases are as follows:

 

Year ending December 31,   RMB  
2013     9,997,574  
2014     7,956,089  
2015     2,674,185  
2016     1,809,349  
2017     1,637,673  
Years thereafter     1,388,202  
         
Total     25,463,072  

 

XML 50 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6
INVENTORIES (Tables)
12 Months Ended
Dec. 31, 2012
INVENTORIES [Abstract]  
Schedule of Inventories

Inventories consisted of the following:

 

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Raw materials     85,429,622       80,712,251  
Work-in-progress     161,793,585       92,719,649  
Finished goods     550,852,122       354,530,478  
Total     798,075,329       527,962,378  
XML 51 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
SHARE BASED COMPENSATION
12 Months Ended
Dec. 31, 2012
SHARE BASED COMPENSATION [Abstract]  
SHARE BASED COMPENSATION
23. SHARE BASED COMPENSATION

 

The Company adopted a long-term incentive plan (the "Plan") in July 2009 which was subsequently amended and restated. The Plan provides for the issuance of options of the Company's ordinary shares in the amount of up to 7,325,122. The options have a contractual life of seven years with the exception of certain options granted to an employee that can be exercised until October 1, 2013. From August 28, 2009 to September 15, 2009, options were granted to certain of the Company's administrative and management personnel to purchase in total 3,024,750 shares of the Company's ordinary shares at an exercise price of US$3.13 per share. On April 6, 2010, the exercise price of these share options was adjusted from US$3.13 per share to US$2.08 per share ("repricing"). The impact of this amendment of RMB5,132,052 was recognized during the year ended December 31, 2010 as a result of the IPO condition described below. The share options will generally vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel's service with the Company has not terminated prior to each such vesting date. For one employee, the share options will vest in a series of 36 successive equal monthly installments, on the last day of each month, commencing from October 1, 2008, provided that the personnel's service with the Company has not terminated prior to each such vesting date.

 

On September 28, 2011, the Company amended and restated the Plan to increase the maximum number of shares that may be issued under the Plan to 9,325,122.

 

On January 25, 2010, the Company granted to certain officers and employees options to purchase 726,250 ordinary shares of the Company at an exercise price of 85% of the initial public offering price per share. These options will vest in five successive equal annual installments on the last day of each year from January 25, 2010, provided that the personnel's service with the Company has not been terminated prior to each such vesting date. These share options were considered as not effectively granted until their exercise price was determined at US$2.08 on April 12, 2010.

 

From April 12, 2010 to April 26, 2010, the Company granted additional options to purchase 785,480 ordinary shares at an exercise price of US$2.08 per share to certain administrative and management personnel. The share options will generally vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel's service with the Company has not terminated prior to each such vesting date.

 

No portion of any of the above granted share options, even vested, may be exercised prior to and within the 180-day period following an effective initial public offering as defined in the Plan. Given the exercise restriction, the recognition of share-based compensation expense was delayed. Such expense of RMB14,651,329 accumulated from grant date was recognized at the time of the Company's initial public offering on May 14, 2010.

 

On March 11, 2011, the Company granted to certain officers and employees options to purchase 300,000 ordinary shares of the Company at an exercise price of US$5.65 per share. The share options will vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel's service with the Company has not terminated prior to each such vesting date.

 

On May 3, 2011, the Company granted to one officer options to purchase 100,000 ordinary shares of the Company at an exercise price of US$6.50 per share. The share options will vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel's service with the Company has not terminated prior to each such vesting date.

 

On October 1, 2011, the Company granted to certain officers and employees options to purchase 4,180,000 and 32,000 ordinary shares of the Company at an exercise price of US$1.42 per share, with which the share options will vest in 5 and 1 successive equal annual installments on the last day of each year from the grant date, respectively, provided that the personnel's service with the Company has not terminated prior to each such vesting date.

 

On November 3, 2011, the Company granted to one officer options to purchase 1,120,000 ordinary shares of the Company at an exercise price of US$1.42 per share. The share options will vest in 24 successive equal monthly installments on the last day of each month from October 1, 2011, provided that the personnel's service with the Company has not terminated prior to each such vesting date.

 

On December 21, 2012, the Company granted to certain officers options to purchase 160,000 ordinary shares of the Company at an exercise price of US$1.42 per share. The share options will vest in 5 successive equal annual installments on the last day of each year from December 21, 2011 and February 1, 2012, provided that the personnel's service with the Company has not terminated prior to each such vesting date.

 

A summary of activity under the share-based compensation plan is as follow:

 

    Number of
option
outstanding
    Weighted-Average
Exercise Price
    Weighted-Average
Remaining
Contractual Term
    Aggregate
Intrinsic value
 
          (US$/share)     (in years)     (Rmb)  
Balance as of January 1, 2012     8,540,384       1.80                  
Granted     160,000       1.42                  
Exercise     (18,000 )     1.42                  
Forfeited     (621,330 )     1.51                  
Balance as of December 31, 2012     8,061,054       1.81       4.7       3,936,172  
Vested and expected to vest as of December 31, 2012     7,114,422       1.82       4.5       3,344,962  
Vested and exercisable as of December 31, 2012     3,379,206       1.87       3.8       1,145,040  

 

The aggregate intrinsic value is calculated as the difference between the market value of ordinary, US$1.55 per share as of December 31, 2012 and the exercise prices of the options.

 

Total intrinsic value of options exercised for the years ended December 31, 2010, 2011 and 2012 were RMB2,938,203, nil and RMB14,454, respectively. The weighted average grant date fair value of options granted during the years ended December 31, 2010, 2011 and 2012 was RMB16.85, RMB6.91 and RMB5.6 per share, respectively. The total fair value of options vested during the years ended December 31, 2010, 2011 and 2012 was RMB9,363,356, RMB9,558,119 and RMB14,784,850.

 

A summary of non-vested shares activity under the share-based compensation plan is as follow:

 

    Number of
option
outstanding
    Weighted-Average
Fair Value in
Grant Date
 
          (RMB/share)  
Non-vested at January 1, 2012     6,988,848       7.59  
Granted     160,000       5.60  
Vested     (1,877,440 )     8.29  
Forfeited     (589,560 )     5.00  
Non-vested at December 31, 2012     4,681,848       7.56  
                 
Expected to vest as of December 31, 2012     3,735,216       7.64  

 

The total fair value of shares vested for the years ended December 31, 2010, 2011 and 2012 were RMB23,534,284, RMB17,489,306 and RMB8,928,354, respectively.

 

The share-based compensation expense for the year ended December 31, 2012 was recorded in the respective items:

 

Costs of revenues     947,428  
Selling expenses     2,128,245  
General and administrative expenses     14,267,437  
Total     17,343,110  

 

As of December 31, 2012, the Company had unrecognized share-based compensation expense RMB14,995,972 related to non-vested share options. That deferred cost is expected to be recognized over a weighted-average period of 3.40 years. For the year ended December 31, 2012, total cash received from the exercise of share options is nil.

 

The fair value of option grant during the year ended December 31, 2012 is estimated on the date of grant using Black-Scholes model with the following assumptions for options granted to employees:

 

Risk-free interest rate     0.78 %
Expected term     4.8  
Expected dividend yield     0 %
Expected volatility     80 %
Fair value per option at grant date (RMB)     5.60  

 

The risk-free interest rate is based on the China government bond yield denominated in US$ for a term consistent with the expected life of the awards in effect at the time of grant.

 

The expected term is based on the contractual term of the option and expected employee exercise and post-vesting employment termination behavior. Currently, it is based on the simplified approach.

 

The Company has no history or expectation of paying dividends on its ordinary shares.

 

The Company chose to use the historical volatility and implied volatility of a basket of comparable publicly-traded companies for a period equal to the expected term preceding the grant date.

 

XML 52 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY TRANSACTIONS AND BALANCES
12 Months Ended
Dec. 31, 2012
RELATED PARTY TRANSACTIONS AND BALANCES [Abstract]  
RELATED PARTY TRANSACTIONS AND BALANCES
  24. RELATED PARTY TRANSACTIONS AND BALANCES

 

(a) Related party balances

 

Outstanding amounts due from/to related parties as of December 31, 2010 and 2011 were as follows:

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Accounts receivable, net- a related party:                
Accounts receivable from subsidiaries of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company)     31,010,170       105,531,368  
Other receivables- related parties:                
Advances of travel and other business expenses to executive directors who are also shareholders (1)     691,242       5,840,380  
                 
Total     31,701,412       111,371,748  
                 
Accounts payables due to a related party (2)                
Accounts payable due to a subsidiary of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company)     35,887,845       30,045,245  
Other payables due to a related party (2)                
Travelling reimbursements payable to executive directors who are also shareholders     -       109,531  
Other payables to Jiangxi Desun Energy Co., Ltd. (Desun, an entity in which our founders and substantial shareholders, Xiande Li, Kangping Chen and Xianhua Li, each holds more than 10%, and collectively hold 73%, of the equity interest) for leasing of land and buildings     1,094,047       2,161,345  
                 
Total     36,981,892       32,316,121  

 

  (1) Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts the Company advanced to them for expected expenses, charges and incidentals relating to their business development activities.

 

  (2) Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.

 

(b) Related party transactions

 

For the years ended December 31, 2010, 2011 and 2012, revenues from sales of products and provision of processing services to subsidiaries of ReneSola amounted to nil, RMB32,587,949 and RMB201,355,631, respectively.

 

For the transactions with Renesola during 2011, the Group enters into raw materials purchases transactions and finished goods sales transactions with the subsidiaries of Renesola. Each of these sales and purchases transactions with the same counterparty is not legally contingent upon each other. These sales and purchases transactions were not conducted simultaneously and there was no direct linkage between any one or group of buy transactions with any one or group of sell transactions. Each buy or sell transaction was separately documented, transacted at the fair market value prevailing at that time and gross-cash settled. These buy and sell transactions with the same counterparty were recognized at gross basis and presented separately as sales and cost of goods sold in the Group's consolidated financial statements.

 

For the transactions with Renesola during 2012, these sales and purchases transactions were conducted simultaneously and there was direct linkage between any one or group of buy transactions with any one or group of sell transactions. There was also correlation between the value of raw materials received and the value of finished goods delivered pursuant to the contractual arrangement. These buy and sell transactions with the same counterparty were recognized at net basis and presented separately as sales in the Group's consolidated financial statements.

 

For the years ended December 31, 2010, 2011 and 2012, raw materials purchased from a subsidiary of ReneSola amounted to RMB35,250,000, RMB44,512,919 and nil.

 

On January 1, 2008, Desun and Jiangxi Jinko entered into an operating lease agreement pursuant to which Desun leased its buildings and land use rights to Jiangxi Jinko for a ten-year period from January 1, 2008 to December 31, 2017. Desun was deconsolidated from the Company on July 28, 2008 and became a related party of the Group. For the years ended December 31, 2010, 2011 and 2012, Desun charged Jiangxi Jinko RMB1,100,304, RMB1,100,304 and RMB1,100,304 in rent, respectively (Note 26).

 

During the years ended December 31, 2011 and 2012, the Shareholders provided guarantees for the Group's several short-term and long-term bank borrowings. As of December 31, 2011 and 2012, the balances of short-term borrowings guaranteed by the Shareholders were RMB244,000,000 and RMB508,254,639, respectively, and the balances of long-term borrowings guaranteed by the Shareholders were RMB80,000,000 and nil, respectively (Note 17).

 

During the year ended December 31, 2012, Desun provided collateral on its land use rights and buildings, for a short-term bank borrowing of RMB17,000,000 of the Group (Note 17).

 

XML 53 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
ORGANIZATION AND NATURE OF OPERATIONS
12 Months Ended
Dec. 31, 2012
ORGANIZATION AND NATURE OF OPERATIONS [Abstract]  
ORGANIZATION AND NATURE OF OPERATIONS
1. ORGANIZATION AND NATURE OF OPERATIONS

 

 

JinkoSolar Holding Co., Ltd. (the "Company") was incorporated in the Cayman Islands on August 3, 2007. On May 14, 2010, the Company became listed on the New York Stock Exchange ("NYSE") in the United States. The Company and its subsidiaries (collectively the "Group") are principally engaged in the design, development, production and marketing of photovoltaic products and also provide solar system integration services as well as developing commercial solar power projects.

 

In June 2009, the Company acquired 100% equity interest in Zhejiang Jinko for a total consideration of RMB100 million. The acquisition was consummated on June 30, 2009. Consequently, the Company consolidated the financial statements of Zhejiang Jinko starting from June 30, 2009. Zhejiang Jinko is a solar cell manufacturer which was also one of Jiangxi Jinko's major solar wafer customers before the acquisition.

 

JinkoSolar Technology Limited ("Paker", formally known as Paker Technology Limited) was incorporated in Hong Kong as a limited liability company on November 10, 2006 by a Hong Kong citizen and a citizen of People's Republic of China ("the PRC"), who held the investment on behalf of three PRC shareholders (the "Shareholders") via a series of entrustment agreements. On December 16, 2008, all of the then existing shareholders of Paker exchanged their respective shares of Paker for equivalent classes of shares of the Company (the "Share Exchange"). As a result, Paker became a wholly-owned subsidiary of the Company. On December 13, 2006, Paker established Jinko Solar Co., Ltd. ("Jiangxi Jinko") as a wholly foreign owned enterprise in Shangrao, Jiangxi province, the PRC.

 

The following table sets forth information concerning the Company's major subsidiaries as of December 31, 2012:

 

Subsidiaries  

Date of Incorporation

/Acquisition

   

Place of

Incorporation

  Percentage of
Ownership
 
                 
JinkoSolar Technology Limited ("Paker")     November 10, 2006     Hong Kong     100 %
                     
JinkoSolar International Limited ("JinkoSolar International")     November 25, 2009     Hong Kong     100 %
                     
Jinko Solar Co., Ltd. ("Jiangxi Jinko")     December 13, 2006     PRC     100 %
                     
Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export")     December 24, 2009     PRC     100 %
                     
Zhejiang Jinko Solar Co., Ltd.("Zhejiang Jinko")     September 30, 2009     PRC     100 %
                     
Zhejiang Jinko Trading Co., Ltd.("Zhejiang Trading")     June 13, 2010     PRC     100 %
                     
Delingha Ruiqida Solar Power Co., Ltd ("Delingha Solar Power")     December 6, 2011     PRC     88.7 %
                     
Jiangxi Photovoltaic Materials Co., Ltd ("Jiangxi Materials")     December 1, 2010     PRC     100 %
                     
JinkoSolar (Switzerland) AG("Jinko Switzerland")     May 3, 2011     Switzerland     100 %
                     
JinkoSolar GmbH ("Jinko GmbH")     April 1, 2010     Germany     100 %
                     
JinkoSolar (U.S.) Inc. ("Jinko US")     August 19, 2010     USA     100 %
                     
JinkoSolar (US) Holdings Inc.("Jinko US Holding")     June 7, 2011     USA     100 %
                     
JinkoSolar Italy S.R.L. ("Jinko Italy")     July 8, 2011     Italy     100 %
                     
JinkoSolar SAS ("Jinko France")     September 12, 2011     France     100 %
                     
Jinko Solar Canada Co., Ltd ("Jinko Canada")     November 18, 2011     Canada     100 %
                     
Jinko Solar Australia Holdings Co. Pty Ltd ("Jinko Australia")     December 7, 2011     Australia     100 %
                     
Gansu Longchang Solar Power Co., Ltd. ("Longchang")     April26, 2012     PRC     100 %
                     
Hainanzhou Zhongnan Solar Electricity Co., Ltd. ("Hainanzhou")     July 30, 2012     PRC     100 %

 

XML 54 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
CERTAIN RISKS AND CONCENTRATION
12 Months Ended
Dec. 31, 2012
CERTAIN RISKS AND CONCENTRATION [Abstract]  
CERTAIN RISKS AND CONCENTRATION
25. CERTAIN RISKS AND CONCENTRATION

 

a) Concentrations of credit risk

 

Financial instruments that potentially subject the Group to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, prepayments and other current assets. As of December 31, 2011 and 2012, substantially all of the Group's cash were held by major financial institutions located in the PRC.

 

The Group is also exposed to the credit and financial risks of its suppliers to which the Group made advances. The Group's financial condition and results of operations may be materially affected if the suppliers fail to meet their obligations of supplying silicon materials according to the contractually agreed schedules.

 

b) Foreign currency risk

 

The Group has contracts for the purchases of materials and equipment which are denominated in foreign currencies, including US Dollars, Swiss Francs and Euros. For the year ended December 31, 2012, 55% of the Group's revenues are dominated in foreign currencies, including US Dollars, Euros, Australian Dollars, Canadian Dollars and South African Rand. Renminbi, the functional currency of the Group, is not freely convertible into foreign currencies.

 

c) Major customers

 

 

The Group performs ongoing credit evaluations of its customers' financial condition whenever deemed necessary and generally does not require collateral. The Group maintains an allowance for doubtful accounts based upon the expected collectability of all accounts receivable, which takes into consideration an analysis of historical bad debts, specific customer creditworthiness and current economic trends.

 

The following table summarizes the percentage of the Company's revenue over 10% of total revenue for the years ended December 31, 2010, 2011 and 2012, and accounts receivable represented by customers with balances over 10% of accounts receivables as of December 31, 2011 and 2012, respectively:

 

    Revenue  
    Year ended December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
Company A     5 %     16 %     -  

 

    Accounts receivable  
    December 31,  
    2011     2012  
    RMB     RMB  
Company B     14 %     -  
Company C     11 %     -  

 

XML 55 R83.htm IDEA: XBRL DOCUMENT v2.4.0.6
BORROWINGS (Short-term) (Details)
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
BORROWINGS [Abstract]      
Short-term bank borrowings   1,917,630,796 1,808,032,066
Long-term bank borrowings-current portion (Note 17 (b))   328,000,000 392,000,000
Total short-term borrowings $ 360,448,596 2,245,630,796 2,200,032,066
XML 56 R114.htm IDEA: XBRL DOCUMENT v2.4.0.6
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY (Condensed Cash Flows) (Details)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2012
Parent Company [Member]
USD ($)
Dec. 31, 2012
Parent Company [Member]
CNY
Dec. 31, 2011
Parent Company [Member]
CNY
Dec. 31, 2010
Parent Company [Member]
CNY
Dec. 31, 2012
Parent Company [Member]
Embedded Derivatives [Member]
USD ($)
Dec. 31, 2012
Parent Company [Member]
Embedded Derivatives [Member]
CNY
Dec. 31, 2011
Parent Company [Member]
Embedded Derivatives [Member]
CNY
Dec. 31, 2010
Parent Company [Member]
Embedded Derivatives [Member]
CNY
Dec. 31, 2012
Parent Company [Member]
Convertible Senior Notes [Member]
USD ($)
Dec. 31, 2012
Parent Company [Member]
Convertible Senior Notes [Member]
CNY
Dec. 31, 2011
Parent Company [Member]
Convertible Senior Notes [Member]
CNY
Dec. 31, 2010
Parent Company [Member]
Convertible Senior Notes [Member]
CNY
Dec. 31, 2012
Parent Company [Member]
Capped Call Options [Member]
USD ($)
Dec. 31, 2012
Parent Company [Member]
Capped Call Options [Member]
CNY
Dec. 31, 2011
Parent Company [Member]
Capped Call Options [Member]
CNY
Dec. 31, 2010
Parent Company [Member]
Capped Call Options [Member]
CNY
Cash flows from operating activities:                                        
Net income/(loss) $ (247,799,557) (1,543,816,018) 273,325,882 881,873,227 $ (247,575,815) (1,542,422,068) 273,342,819 881,873,227                        
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:                                        
Change in fair value of embedded derivatives                 (54,938)          (54,938) 15,545,766 96,851,674 (398,030,217)    49,606 309,052 98,282,510   
Share of (income)/loss from subsidiaries 2,615 16,291       225,647,722 1,405,807,872 (26,457,224) (884,060,266)                        
Exchange (gain)/loss 5,854,271 36,472,691 138,994,253 10,143,414 (7,964) (49,615) 1,204,936 (291,950)                        
Changes in operating assets and liabilities:                                        
(Increase)/decrease in due from subsidiaries         4,445,668 27,696,952 (571,729,995) (1,662,280)                        
Decrease/(increase) in other current assets 63,405,300 395,021,362 (426,961,717) (282,504,242) 123,503 769,436 2,567,600 2,795,634                        
Increase in due to a subsidiary         (663,522) (4,133,808) 44,435,210 16,417,507                        
(Decrease)/increase in other current liabilities         104,000 647,916 (19,959,953) 886,756                        
Net cash provided by/(used in) operating activities 114,966,204 716,250,943 (766,209,901) 230,413,050 (2,331,036) (14,522,589) (596,344,314) 14,130,178                        
Cash flows from investing activities:                                        
Investments in subsidiaries         (87,247) (543,555)    (821,266,865)                        
Net cash used in investing activities (80,379,478) (500,772,189) (2,433,671,124) (1,552,545,215) (87,247) (543,555)    (821,266,865)                        
Cash flows from financing activities:                                        
Proceeds from issuance of ordinary shares          814,286,284          814,286,284                        
Proceeds from exercise of share options       3,759,081 2,076,090       3,759,081 2,076,090                        
Net proceeds from issuance of convertible senior notes       812,525,000          812,525,000                           
Repurchase of convertible senior notes       (5,222,773)          (5,222,773)                           
Cash paid for capped call options       (117,003,600)          (117,003,600)                           
Prepayment for share repurchase       (31,924,842)          (31,924,842)                           
Repurchase of common stock       (56,857,774)          (56,857,774)                           
Net cash provided by/(used in) financing activities (59,502,789) (370,708,322) 3,120,496,240 1,696,817,210       605,275,092 816,362,374                        
Effect of foreign exchange rate changes on cash and cash equivalents 81,639 508,622 (7,969,056) (5,959,840) 7,525 46,883 (734,935) (141,556)                        
Net increase/(decrease) in cash and cash equivalent (24,834,424) (154,720,946) (87,353,841) 368,725,205 (2,410,758) (15,019,261) 8,195,843 9,084,131                        
Cash and cash equivalents, beginning of year 69,637,881 433,850,961 521,204,802 152,479,597 2,773,627 17,279,974 9,084,131                           
Cash and cash equivalents, end of year 44,803,457 279,130,015 433,850,961 521,204,802 362,869 2,260,713 17,279,974 9,084,131                        
Supplemental disclosure of non-cash investing and financing cash flow information                                        
Shares repurchase utilized prepayment made in prior year 886,202 5,521,130       886,202 5,521,130                              
Proceeds from exercise of share options received in subsequent year $ 25,820 160,861       $ 25,820 160,861                              
XML 57 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
REVENUES (Tables)
12 Months Ended
Dec. 31, 2012
REVENUES [Abstract]  
Schedule Of Revenues By Product

The Group's revenues for the respective periods are detailed as follows:

 

    For the year ended December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
Sales of solar modules     3,247,825,572       6,647,264,147       3,897,288,039  
Sales of silicon wafers     909,647,382       517,935,191       328,428,550  
Sales of solar cells     432,863,616       168,388,351       138,686,401  
Solar system integration projects     -       24,798,017       213,174,391  
Sales of silicon ingots     10,803,010       14,363,232       1,885,648  
Sales of recovered silicon materials     -       6,365,978       270,406  
Processing service fees     53,715,143       5,836,528       213,427,948  
Revenue from generated electricity     -       -       1,607,066  
Total     4,654,854,723       7,384,951,444       4,794,768,449  

 

Schedule of Revenues by Geographic Area

The Group operates in a single business segment that includes the design, development, and manufacture of PV products, solar system integration projects as well as developing commercial solar power projects. The following table summarizes the Group's net revenues generated from sales of products and provision of processing services and solar system integration projects in respective geographic locations:

 

    For the year ended December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
Inside China (including Hong Kong and Taiwan)     1,600,001,420       1,281,483,521       2,179,670,146  
Outside China                        
Germany     1,157,707,877       2,422,250,586       1,177,954,567  
Italy     1,130,191,372       1,846,512,600       382,077,005  
Spain     111,097,087       204,135,242       251,902,465  
Cyprus     -       304,723,650       138,312,812  
USA     83,166,809       118,132,913       135,839,209  
Rest of the world     572,690,158       1,207,712,932       529,012,245  
Total     4,654,854,723       7,384,951,444       4,794,768,449  

 

XML 58 R53.htm IDEA: XBRL DOCUMENT v2.4.0.6
SHARE BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2012
SHARE BASED COMPENSATION [Abstract]  
Summary of Stock Option Activity

A summary of activity under the share-based compensation plan is as follow:

 

    Number of
option
outstanding
    Weighted-Average
Exercise Price
    Weighted-Average
Remaining
Contractual Term
    Aggregate
Intrinsic value
 
          (US$/share)     (in years)     (Rmb)  
Balance as of January 1, 2012     8,540,384       1.80                  
Granted     160,000       1.42                  
Exercise     (18,000 )     1.42                  
Forfeited     (621,330 )     1.51                  
Balance as of December 31, 2012     8,061,054       1.81       4.7       3,936,172  
Vested and expected to vest as of December 31, 2012     7,114,422       1.82       4.5       3,344,962  
Vested and exercisable as of December 31, 2012     3,379,206       1.87       3.8       1,145,040  

 

Schedule of Unvested Shares Activity

A summary of non-vested shares activity under the share-based compensation plan is as follow:

 

    Number of
option
outstanding
    Weighted-Average
Fair Value in
Grant Date
 
          (RMB/share)  
Non-vested at January 1, 2012     6,988,848       7.59  
Granted     160,000       5.60  
Vested     (1,877,440 )     8.29  
Forfeited     (589,560 )     5.00  
Non-vested at December 31, 2012     4,681,848       7.56  
                 
Expected to vest as of December 31, 2012     3,735,216       7.64  

 

Schedule of Share-Based Compensation Expense

The share-based compensation expense for the year ended December 31, 2012 was recorded in the respective items:

 

Costs of revenues     947,428  
Selling expenses     2,128,245  
General and administrative expenses     14,267,437  
Total     17,343,110  
Schedule of Assumptions Used to Estimate Fair Value of Stock Option Award Using Black-Scholes Valuation Model

The fair value of option grant during the year ended December 31, 2012 is estimated on the date of grant using Black-Scholes model with the following assumptions for options granted to employees:

 

Risk-free interest rate     0.78 %
Expected term     4.8  
Expected dividend yield     0 %
Expected volatility     80 %
Fair value per option at grant date (RMB)     5.60  

 

XML 59 R72.htm IDEA: XBRL DOCUMENT v2.4.0.6
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES (Schedule of Movement of Allowance of Doubtful Accounts) (Details) (CNY)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES [Abstract]      
At beginning of year 179,746,165 378,888 2,800,000
Addition 541,662,539 184,990,129 8,534,372
Write-off    (24,140) (10,764,771)
Reversal (47,737,259) (5,598,712) (190,713)
At end of year 673,671,445 179,746,165 378,888
XML 60 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF OPERATIONS
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2010
Series A Preferred Stock
CNY
Dec. 31, 2010
Series B Preferred Stock
CNY
Dec. 31, 2012
Related Party [Member]
USD ($)
Dec. 31, 2012
Related Party [Member]
CNY
Dec. 31, 2011
Related Party [Member]
CNY
Dec. 31, 2010
Related Party [Member]
CNY
Dec. 31, 2012
Third Party [Member]
USD ($)
Dec. 31, 2012
Third Party [Member]
CNY
Dec. 31, 2011
Third Party [Member]
CNY
Dec. 31, 2010
Third Party [Member]
CNY
Dec. 31, 2012
Forward Contracts [Member]
USD ($)
Dec. 31, 2012
Forward Contracts [Member]
CNY
Dec. 31, 2011
Forward Contracts [Member]
CNY
Dec. 31, 2010
Forward Contracts [Member]
CNY
Dec. 31, 2012
Embedded Derivatives [Member]
USD ($)
Dec. 31, 2012
Embedded Derivatives [Member]
CNY
Dec. 31, 2011
Embedded Derivatives [Member]
CNY
Dec. 31, 2010
Embedded Derivatives [Member]
CNY
Dec. 31, 2012
Convertible Senior Notes and Capped Call Options [Member]
USD ($)
Dec. 31, 2012
Convertible Senior Notes and Capped Call Options [Member]
CNY
Dec. 31, 2011
Convertible Senior Notes and Capped Call Options [Member]
CNY
Dec. 31, 2010
Convertible Senior Notes and Capped Call Options [Member]
CNY
Revenues $ 769,613,401 4,794,768,449 7,384,951,444 4,654,854,723     $ 32,319,807 201,355,631 32,587,949    $ 737,293,594 4,593,412,818 7,352,363,495 4,654,854,723                        
Cost of revenues (732,336,774) (4,562,531,334) (6,235,100,290) (3,297,468,914)                                            
Gross profit 37,276,627 232,237,115 1,149,851,154 1,357,385,809                                            
Operating expenses:                                                    
Selling and marketing (55,120,643) (343,407,116) (338,381,885) (169,822,118)                                            
General and administrative (122,117,984) (760,807,250) (419,291,812) (160,649,128)                                            
Research and development (11,068,878) (68,960,214) (29,992,990) (31,616,200)                                            
Impairment of long-lived assets (10,509,671) (65,476,299)    (5,376,071)                                            
Provision for advance to suppliers (36,447,800) (227,073,440) (652,937)                                               
Goodwill impairment       (45,645,832)                                               
Total operating expenses (235,264,976) (1,465,724,319) (833,965,456) (367,463,517)                                            
Income/(loss) from operations (197,988,349) (1,233,487,204) 315,885,698 989,922,292                                            
Interest expenses, net (35,588,483) (221,719,806) (182,502,237) (64,268,374)                                            
Convertible senior notes issuance costs       (30,154,071)                                               
Subsidy income 6,565,322 40,902,610 25,553,802 15,696,641                                            
Investment gain          60,058                                            
Exchange loss (5,854,271) (36,472,691) (138,994,253) (10,143,414)                                            
Other (expenses)/income , net 684,343 4,263,521 28,257,089 (1,357,861)                                            
Change in fair value                             (1,451,514) (9,043,079) 36,604,889 98,039,341          54,938 (15,595,372) (97,160,726) 299,747,707   
Income/(loss) before income taxes (249,228,323) (1,552,717,375) 354,398,624 1,028,003,621                                            
Income tax (expense)/benefit 1,431,381 8,917,648 (81,072,742) (146,130,394)                                            
Equity in losses of affiliated companies (2,615) (16,291)                                                  
Net income/(loss) (247,799,557) (1,543,816,018) 273,325,882 881,873,227                                            
Add: Net loss attributable to the non-controlling interests 223,744 1,393,950 16,937                                               
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd. (247,575,813) (1,542,422,068) 273,342,819 881,873,227                                            
Redeemable Convertible Preferred Shares accretion         (13,433,242) (17,479,734)                                        
Deemed dividend to a preferred shareholder                                                        
Allocation to preferred shareholders          (15,156,606)                                            
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders $ (247,575,813) (1,542,422,068) 273,342,819 835,803,645                                            
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders per share:                                                    
Basic $ (2.79) (17.38) 2.91 11.16                                            
Diluted $ (2.79) (17.38) (1.23) 10.92                                            
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders per ADS:                                                    
Basic $ (11.16) (69.52) 11.64 44.64                                            
Diluted $ (11.16) (69.52) (4.92) 43.69                                            
Weighted average ordinary shares outstanding:                                                    
Basic 88,752,706 88,752,706 93,966,535 74,896,543                                            
Diluted 88,752,706 88,752,706 102,686,971 80,748,080                                            
XML 61 R45.htm IDEA: XBRL DOCUMENT v2.4.0.6
PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)
12 Months Ended
Dec. 31, 2012
PREPAYMENTS AND OTHER CURRENT ASSETS [Abstract]  
Schedule of Prepayments and Other Current Assets

Prepayments and other current assets consisted of the following:

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Value-added tax deductible     703,696,703       209,695,401  
Prepayment for share repurchase     31,924,842       25,963,848  
Employee advances     19,866,729       12,069,024  
Prepaid service fees     12,869,033       6,479,850  
Prepaid rent and others     12,628,829       2,800,420  
Advances recoverable from supplier     11,089,584       9,224,859  
Prepaid insurance premium     6,520,930       8,398,332  
Prepaid advertizing fee and sponsorship     4,916,317       361,635  
Prepayment for income tax     4,432,374       6,390,847  
Employee loans     2,521,000       1,591,650  
Deposits for customs duty, rental and open bidding for solar projects.     1,579,159       46,450,079  
Deferred charges     391,979       910,065  
Receivable from insurance company     -       81,388,706  
Others     1,472,802       1,606,077  
Total     813,910,281       413,330,793  

 

XML 62 R96.htm IDEA: XBRL DOCUMENT v2.4.0.6
SHARE BASED COMPENSATION (Expense Allocation) (Details) (CNY)
4 Months Ended 12 Months Ended
May 14, 2010
Dec. 31, 2012
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Share-based compensation 14,651,329 17,343,110
Costs of Revenues [Member]
   
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Share-based compensation   947,428
Selling Expenses [Member]
   
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Share-based compensation   2,128,245
General and Administration Expenses [Member]
   
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Share-based compensation   14,267,437
XML 63 R113.htm IDEA: XBRL DOCUMENT v2.4.0.6
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY (Condensed Balance Sheets) (Details)
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
USD ($)
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2009
CNY
Dec. 31, 2012
Parent Company [Member]
USD ($)
Dec. 31, 2012
Parent Company [Member]
CNY
Dec. 31, 2011
Parent Company [Member]
USD ($)
Dec. 31, 2011
Parent Company [Member]
CNY
Dec. 31, 2010
Parent Company [Member]
CNY
Dec. 31, 2009
Parent Company [Member]
CNY
Current assets:                        
Cash and cash equivalents $ 44,803,457 279,130,015 $ 69,637,881 433,850,961 521,204,802 152,479,597 $ 362,869 2,260,713 $ 2,773,627 17,279,974 9,084,131   
Due from subsidiaries 16,938,953 105,531,368   31,010,170     87,590,139 545,695,322   583,271,399    
Other current assets 66,344,167 413,330,793   813,910,281     4,422,386 27,551,909   33,681,614    
Total current assets 639,734,380 3,985,609,158   4,608,473,740     92,375,394 575,507,944   634,232,987    
Non-current assets:                        
Investments in subsidiaries             212,784,315 1,325,667,558   2,703,338,634    
Capped call options 2,589,237 16,131,208   16,408,445     2,589,237 16,131,208   16,408,445    
Total assets 1,343,850,071 8,372,320,321   9,176,399,341     307,748,946 1,917,306,710   3,353,980,066    
Current liabilities:                        
Due to subsidiaries 4,822,594 30,045,245 [1]   35,887,845 [1]     9,822,952 61,197,969   65,331,777    
Other current liabilities             1,188,549 7,404,779   5,680,539    
Total current liabilities 1,001,339,219 6,238,443,457   5,642,586,602     11,011,501 68,602,748   71,012,316    
Convertible senior notes 77,620,210 483,581,668   387,777,235     77,620,210 483,581,668   387,777,235    
Total liabilities 1,123,338,137 6,998,508,914   6,271,225,763     88,631,711 552,184,416   458,789,551    
Shareholders' Equity                        
Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 89,435,058 and 88,758,778 shares issued and outstanding as of December 31, 2011 and 2012, respectively) 2,119 13,202   13,200     2,119 13,202   13,200    
Additional paid-in capital 244,735,846 1,524,728,796   1,507,224,827     244,735,846 1,524,728,796   1,507,224,827    
Treasury stock, at cost; 1,028,920 and 1,723,200 shares of ordinary shares as of December 31, 2011 and 2012, respectively (2,227,180) (13,875,553)   (8,354,423)     (2,227,180) (13,875,553)   (8,354,423)    
Retained earnings/(accumulated losses) (52,169,597) (325,021,804)   1,217,457,158     23,431,494 145,980,546   1,396,441,522    
Accumulated other comprehensive (loss)/income 37,944 236,395   (134,611)     37,944 236,395   (134,611)    
Total JinkoSolar Holding Co., Ltd. shareholders' equity 219,117,235 1,365,122,294   2,895,190,515     219,117,235 1,365,122,294   2,895,190,515    
Total liabilities and shareholders' equity $ 1,343,850,071 8,372,320,321   9,176,399,341     $ 307,748,946 1,917,306,710   3,353,980,066    
Ordinary shares:                        
Ordinary shares, par value $ 0.00002   $ 0.00002       $ 0.00002   $ 0.00002      
Ordinary shares, shares authorized 500,000,000 500,000,000 500,000,000 500,000,000     500,000,000 500,000,000 500,000,000 500,000,000    
Ordinary shares, shares issued 88,758,778 88,758,778 89,435,058 89,435,058     88,758,778 88,758,778 89,435,058 89,435,058    
Ordinary shares, shares outstanding 88,758,778 88,758,778 89,435,058 89,435,058     88,758,778 88,758,778 89,435,058 89,435,058    
Treasury stock at cost, shares 1,723,200 1,723,200 1,028,920 1,028,920     1,723,200 1,723,200 1,028,920 1,028,920    
[1] Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.
XML 64 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Total
USD ($)
Total
CNY
Series A Preferred Stock
CNY
Series B Preferred Stock
CNY
Ordinary Shares
USD ($)
Ordinary Shares
CNY
Ordinary Shares
Series A Preferred Stock
CNY
Ordinary Shares
Series B Preferred Stock
CNY
Additional paid in capital
USD ($)
Additional paid in capital
CNY
Additional paid in capital
Series A Preferred Stock
CNY
Additional paid in capital
Series B Preferred Stock
CNY
Statutory reserves
USD ($)
Statutory reserves
CNY
Statutory reserves
Series A Preferred Stock
CNY
Statutory reserves
Series B Preferred Stock
CNY
Accumulated other comprehensive income (loss)
USD ($)
Accumulated other comprehensive income (loss)
CNY
Accumulated other comprehensive income (loss)
Series A Preferred Stock
CNY
Accumulated other comprehensive income (loss)
Series B Preferred Stock
CNY
Treasury stock
USD ($)
Treasury stock
CNY
Treasury stock
Series A Preferred Stock
CNY
Treasury stock
Series B Preferred Stock
CNY
Retained earnings
USD ($)
Retained earnings
CNY
Retained earnings
Series A Preferred Stock
CNY
Retained earnings
Series B Preferred Stock
CNY
Non-controlling interests
USD ($)
Non-controlling interests
CNY
Non-controlling interests
Series A Preferred Stock
CNY
Non-controlling interests
Series B Preferred Stock
CNY
Beginning Balance at Dec. 31, 2009   466,075,753       7,809       193,929,492       38,434,698                         233,703,754             
Beginning Balance (in shares) at Dec. 31, 2009           50,731,450                                                    
Redeemable Convertible Preferred Shares accretion     (13,433,242) (17,479,734)                                                       (13,433,242) (17,479,734)          
Share-based compensation   24,128,751                24,128,751                                                 
Issuance of shares upon initial public offerings   368,564,645       3,187       368,561,458                                                 
Issuance of shares upon initial public offerings (in shares)           23,340,000                                                    
Exercise of share options   2,076,090       20       2,076,070                                                 
Exercise of share options (in shares)           150,392                                                    
Net income/(loss)attributable to JinkoSolar Holding Co., Ltd.   881,873,227                                                    881,873,227             
Foreign currency translation adjustments                                                                 
Conversion of Redeemable Convertible Preferred Shares     202,491,182 305,183,565     734 1,022     202,490,448 305,182,543                                                  
Conversion of Redeemable Convertible Preferred Shares (in shares)             5,375,150 7,481,250                                                
Issuance of shares in secondary offerings   445,721,639       1,060       445,720,579                                                 
Issuance of shares in secondary offerings (in shares)           8,000,000                                                    
Appropriation to statutory reserves                              126,152,136                         (126,152,136)             
Ending Balance at Dec. 31, 2010   2,665,201,876       13,832       1,542,089,341       164,586,834                         958,511,869             
Ending Balance (in shares) at Dec. 31, 2010           95,078,342                                                    
Capital contribution from non-controlling interests holder   10,000,000                                                             10,000,000    
Share-based compensation   9,879,124                9,879,124                                                 
Repurchase of shares of the Company   (56,857,774)       (668)       (48,502,683)                         (8,354,423)                      
Repurchase of shares of the Company (in shares)           (5,919,320)                                                    
Exercise of share options   3,759,081       36       3,759,045                                                 
Exercise of share options (in shares)           276,136                                                    
Net income/(loss)attributable to JinkoSolar Holding Co., Ltd.   273,325,882                                                    273,342,819       (16,937)    
Foreign currency translation adjustments   (134,611)                                  (134,611)                               
Appropriation to statutory reserves                              14,397,530                         (14,397,530)             
Ending Balance at Dec. 31, 2011   2,905,173,578       13,200       1,507,224,827       178,984,364       (134,611)       (8,354,423)       1,217,457,158       9,983,063    
Ending Balance (in shares) at Dec. 31, 2011           89,435,058                                                    
Capital contribution from non-controlling interests holder   100,000                                                             100,000    
Share-based compensation   17,343,110                17,343,110                                                 
Repurchase of shares of the Company   (5,521,130)                                           (5,521,130)                      
Repurchase of shares of the Company (in shares)           (694,280)                                                    
Exercise of share options   160,861       2       160,859                                                 
Exercise of share options (in shares) 18,000         18,000                                                    
Net income/(loss)attributable to JinkoSolar Holding Co., Ltd. (247,799,557) (1,543,816,018)                                                    (1,542,422,068)       (1,393,950)    
Foreign currency translation adjustments 59,551 371,006                                  371,006                               
Appropriation to statutory reserves                              56,894                         (56,894)             
Ending Balance at Dec. 31, 2012 $ 220,511,934 1,373,811,407     $ 2,119 13,202     $ 244,735,846 1,524,728,796     $ 28,738,103 179,041,258     $ 37,944 236,395     $ (2,227,180) (13,875,553)     $ (52,169,597) (325,021,804)     $ 1,394,699 8,689,113    
Ending Balance (in shares) at Dec. 31, 2012         88,758,778                                                      
XML 65 R94.htm IDEA: XBRL DOCUMENT v2.4.0.6
SHARE BASED COMPENSATION (Stock Option Activity) (Details)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Number of option outstanding    
Balance as of January 1, 2012 8,540,384  
Granted 160,000  
Exercise (18,000)  
Forfeited (621,330)  
Balance as of December 31, 2012 8,061,054  
Vested and expected to vest as of December 31, 2012 7,114,422  
Vested and exercisable as of December 31, 2012 3,379,206  
Weighted-Average Exercise Price    
Balance as of January 1, 2012 $ 1.80  
Granted $ 1.42  
Exercise $ 1.42  
Forfeited $ 1.51  
Balance as of December 31, 2012 $ 1.81  
Vested and expected to vest as of December 31, 2012 $ 1.82  
Vested and exercisable as of December 31, 2012 $ 1.87  
Weighted-Average Remaining Contractual Term    
Balance as of December 31, 2012 4 years 8 months 12 days  
Vested and expected to vest as of December 31, 2012 4 years 6 months  
Vested and exercisable as of December 31, 2012 3 years 9 months 18 days  
Aggregate Intrinsic value    
Balance as of December 31, 2012   3,936,172
Vested and expected to vest as of December 31, 2012   3,344,962
Vested and exercisable as of December 31, 2012   1,145,040
XML 66 R59.htm IDEA: XBRL DOCUMENT v2.4.0.6
ORGANIZATION AND NATURE OF OPERATIONS (Schedule of Subsidiaries) (Details)
12 Months Ended
Dec. 31, 2012
JinkoSolar Technology Limited ("Paker") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Nov. 10, 2006
Percentage of Ownership 100.00%
JinkoSolar International Limited ("JinkoSolar International") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Nov. 25, 2009
Percentage of Ownership 100.00%
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Dec. 13, 2006
Percentage of Ownership 100.00%
Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Dec. 24, 2009
Percentage of Ownership 100.00%
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Sep. 30, 2009
Percentage of Ownership 100.00%
Zhejiang Jinko Trading Co., Ltd. ("Zhejiang Trading") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Jun. 13, 2010
Percentage of Ownership 100.00%
Delingha Ruiqida Solar Power Co., Ltd. ("Delingha Solar Power") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Dec. 06, 2011
Percentage of Ownership 88.70%
Jiangxi Photovoltaic Materials Co., Ltd. ("Jiangxi Materials") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Dec. 01, 2010
Percentage of Ownership 100.00%
JinkoSolar (Switzerland) AG ("Jinko Switzerland") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition May 03, 2011
Percentage of Ownership 100.00%
JinkoSolar GmbH ("Jinko GmbH") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Apr. 01, 2010
Percentage of Ownership 100.00%
JinkoSolar (U.S.) Inc. ("Jinko US") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Aug. 19, 2010
Percentage of Ownership 100.00%
JinkoSolar (US) Holdings Inc. ("Jinko US Holding") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Jun. 07, 2011
Percentage of Ownership 100.00%
JinkoSolar Italy S.R.L. ("Jinko Italy") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Jul. 08, 2011
Percentage of Ownership 100.00%
JinkoSolar SAS ("Jinko France") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Sep. 12, 2011
Percentage of Ownership 100.00%
Jinko Solar Canada Co., Ltd ("Jinko Canada") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Nov. 18, 2011
Percentage of Ownership 100.00%
Jinko Solar Australia Holdings Co. Pty Ltd ("Jinko Australia") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Dec. 07, 2011
Percentage of Ownership 100.00%
Gansu Longchang Solar Power Co., Ltd. ("Longchang") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Apr. 26, 2012
Percentage of Ownership 100.00%
Hainanzhou Zhongnan Solar Electricity Co., Ltd. ("Hainanzhou") [Member]
 
Subsidiary or Equity Method Investee [Line Items]  
Date of Incorporation/Acquisition Jul. 30, 2012
Percentage of Ownership 100.00%
XML 67 R99.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY TRANSACTIONS AND BALANCES (Transactions) (Details) (CNY)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Related Party Transaction [Line Items]      
Lease expiration date Dec. 31, 2017    
ReneSola Ltd. [Member]
     
Related Party Transaction [Line Items]      
Revenues from sales of products and provision of processing services to related party 201,355,631 32,587,949   
Purchases from related party    44,512,919 35,250,000
Jiangxi Desun Energy Co., Ltd. [Member]
     
Related Party Transaction [Line Items]      
Term of lease 10 years    
Lease expiration date Dec. 31, 2017    
Rental expenses from related parties 1,100,304 1,100,304 1,100,304
Shareholders Guarantee of Short Term Debt [Member]
     
Related Party Transaction [Line Items]      
Amount of debt secured by related part guarantees 508,524,639 244,000,000  
Amount of collateral securing debt 17,000,000    
Shareholders Guarantee of Long Term Debt [Member]
     
Related Party Transaction [Line Items]      
Amount of debt secured by related part guarantees    80,000,000  
XML 68 R35.htm IDEA: XBRL DOCUMENT v2.4.0.6
RESTRICTED NET ASSETS
12 Months Ended
Dec. 31, 2012
RESTRICTED NET ASSETS [Abstract]  
RESTRICTED NET ASSETS
28. RESTRICTED NET ASSETS

 

Relevant PRC laws and regulations permit payments of dividends by the Company's PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC GAAP. In addition, the statutory general reserve fund requires annual appropriations of 10% of net after-tax income to be set aside prior to payment of any dividends by the Company's PRC subsidiaries that are registered as wholly owned foreign investment enterprises or domestic enterprises. As a result of these and other restrictions under PRC laws and regulations, the PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. Even though the Company does not currently require any such dividends, loans or advances from the Company's PRC subsidiaries for working capital or other funding purposes, it may in the future require additional cash resources from the PRC subsidiaries due to changes in business conditions, to fund future acquisitions and development, or merely declare dividends or make distributions to the Company's shareholders. Restricted net assets were RMB3,131,747,833, 37% of total assets as of December 31, 2012.

 

XML 69 R65.htm IDEA: XBRL DOCUMENT v2.4.0.6
TAXATION (Earnings Before Income Taxes) (Details)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2012
CAYMAN ISLANDS [Member]
CNY
Dec. 31, 2011
CAYMAN ISLANDS [Member]
CNY
Dec. 31, 2010
CAYMAN ISLANDS [Member]
CNY
Dec. 31, 2012
PRC [Member]
CNY
Dec. 31, 2011
PRC [Member]
CNY
Dec. 31, 2010
PRC [Member]
CNY
Dec. 31, 2012
Other Countries [Member]
CNY
Dec. 31, 2011
Other Countries [Member]
CNY
Dec. 31, 2010
Other Countries [Member]
CNY
Income Tax [Line Items]                          
Income/(loss) before income taxes $ (249,228,323) (1,552,717,375) 354,398,624 1,028,003,621 (136,614,196) 246,885,595 (2,187,039) (1,191,217,775) 127,032,230 1,032,571,112 (224,901,695) (19,519,201) (2,380,452)
XML 70 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
OTHER PAYABLES AND ACCRUALS
12 Months Ended
Dec. 31, 2012
OTHER PAYABLES AND ACCRUALS [Abstract]  
OTHER PAYABLES AND ACCRUALS
15. OTHER PAYABLES AND ACCRUALS

 

Other payables and accruals consisted of the following:

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Payables for purchase of property, plant and equipment     274,948,772       253,431,693  
Payables for project assets     223,306,031       184,623,149  
Government grants related to assets     121,560,000       181,160,000  
Value-added tax and other tax payable     88,654,952       26,545,382  
Freight payables     23,904,150       28,799,192  
Accrued utilities, rentals and interest     14,148,324       35,204,650  
Payables to Zhejiang Global Photovoltaic Technology Co., Ltd. (Note 26(c))     16,888,607       -  
Contracted labor fee     11,719,622       19,593,436  
Accrued warranty cost     11,101,709       21,179,367  
Commission payables     8,651,046       2,020,242  
Accrued professional service fees     6,031,954       13,844,655  
Others     12,112,492       50,991,380  
Total     813,027,659       817,393,146  

 

The government grant was under Golden Sun Program which was sponsored by China's Ministry of Finance, Ministry of Science and Technology, the National Energy Administration of the National Development and Reform Commission, and the Ministry of Housing and Urban-Rural Development. Jiangxi Jinko and Zhejiang Jinko were granted by the government for the construction of solar power generation facilities under the project. These grants will be deducted from the carrying amount when the assets are ready for use.

 

XML 71 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2012
SUBSEQEUENT EVENTS [Abstract]  
SUBSEQUENT EVENTS
29. SUBSEQUENT EVENTS

 

Subsequent to December 31, 2012, the Group obtained additional short-term and long-term bank borrowings (Note 17).

 

On January 29, 2013, the Group issued unsecured six-year bonds with an aggregate principal amount of RMB800 million which bears a fixed annual interest rate of 8.99% and will mature on January 29, 2019. At the end of the third year in the life of the bonds, the Group has the option to raise the interest rate by up to 100 basis points, and the bondholders will have the right to require the Company to repurchase all or part of their bonds, at such time. The proceeds from the issuance of the bonds were originally intended to be used for capital expenditure of solar cell and modules facility. The Group has changed the purpose of use of proceeds to develop solar power plant plants with RMB 640 million and for working capital purpose of RMB 160 million prior to the required approval by the bond holders as well as filing with the relevant government authority. A bond holders meeting held on April 25, 2013 approved the change of the usage and as of the date of report, the Group is in the process of the filing with relevant government authority.

 

On March19, 2013, the Group entered into loan facilities for an aggregate principal amount of RMB360 million and a term of 15 years with China Development Bank. The Company will use the financing to develop its domestic solar power plant projects.

 

XML 72 R98.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY TRANSACTIONS AND BALANCES (Balances) (Details)
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Outstanding amounts due from related parties:      
Accounts receivable from subsidiaries of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company) $ 16,938,953 105,531,368 31,010,170
Advances of travel and other business expenses to executive directors who are also shareholders 937,446 5,840,380 [1] 691,242 [1]
Total   111,371,748 31,701,412
Outstanding amounts due to related parties:      
Accounts payable due to a subsidiary of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company) 4,822,594 30,045,245 [2] 35,887,845 [2]
Travelling reimbursements payable to executive directors who are also shareholders   109,531   
Other payables to Jiangxi Desun Energy Co., Ltd. (Desun, an entity in which our founders and substantial shareholders, Xiande Li, Kangping Chen and Xianhua Li, each holds more than 10%, and collectively hold 73%, of the equity interest) for leasing of land and buildings   2,161,345 [2] 1,094,047 [2]
Total   32,316,121 36,981,892
Ownership percentage of Desun, held by our founders and substantial shareholders 73.00% 73.00% 73.00%
[1] Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts the Company advanced to them for expected expenses, charges and incidentals relating to their business development activities.
[2] Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.
XML 73 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
BORROWINGS
12 Months Ended
Dec. 31, 2012
BORROWINGS [Abstract]  
BORROWINGS
17. BORROWINGS

 

(a) Short-term borrowings

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Short-term bank borrowings     1,808,032,066       1,917,630,796  
Long-term bank borrowings-current portion (Note 17 (b))     392,000,000       328,000,000  
Total short-term borrowings     2,200,032,066       2,245,630,796  

 

The short-term bank borrowings outstanding as of December 31, 2011 and 2012 carried a weighted average interest rate of 5.38% and 5.41% per annum, respectively. The borrowings were for one year term and matured at various times. Proceeds from these short-term bank borrowings were for working capital purposes.

 

Included in the balance of short-term bank borrowings as of December 31, 2012 were borrowings of RMB22,749,052 and RMB28,731,021 which are denominated and repayable in EURO and USD, respectively.

 

As of December 31, 2012, Jiangxi Jinko had short-term bank borrowings of RMB134,991,426 which were only credit loans. As of December 31, 2012, Jiangxi I&E had short-term bank borrowings of RMB142,335,543 which were credit loans, including RMB49,855,701 which was guaranteed by Jiangxi Jinko. As of December 31, 2012, Zhejiang Jinko had short-term bank borrowings of RMB190,091,005 which were credit loans, including RMB170,091,005 was also guaranteed by Jiangxi Jinko and 20,000,000 was collateralized on certain land use rights. The net book value of the land use right under collaterals were RMB36,360,880.

 

As of December 31, 2012, Jiangxi Jinko had short-term bank borrowings of RMB30,000,000 which was collateralized on Jiangxi Jinko's fixed deposit of RMB30,000,000. As of December 31, 2012, Zhejiang Jinko had short-term bank borrowing of RMB36,500,000 which was collateralized on Zhejiang Jinko's fixed deposit of RMB40,300,000.

 

As of December 31, 2012, Jiangxi Jinko had short-term bank borrowings of RMB304,400,000 which were collateralized on certain land use rights, plants, equipments, including RMB70,000,000 which was guaranteed by the Shareholders, and RMB23,000,000 which was also guaranteed by the Shareholders and Zhejiang Jinko (Notes 24). The net book value of the land use rights, plant and equipments under collaterals were RMB141,339,404, RMB95,798,430 and RMB388,138,496 respectively.

 

As of December 31, 2012, Jiangxi Jinko had short-term bank borrowings of RMB140,000,000 which were collateralized on Jiangxi Jinko's inventories of RMB319,953,046. Included in these borrowings was RMB50,000,000 guaranteed by the Shareholders and Zhejiang Jinko (Notes 24).

 

As of December 31, 2012, Jiangxi Jinko had short-term bank borrowings of RMB17,000,000 collateralized on certain land use rights and buildings of Desun. In addition, this borrowing was also guaranteed by the Shareholders and Zhejiang Jinko (Note 24).

 

As of December 31, 2012, Jiangxi I&E had short-term bank borrowings of RMB92,051,818 which are collateralized on Jiangxi Jinko's certain equipments. The net book values of these assets under collaterals were RMB92,969,587 as of December 31, 2012 and were guaranteed by Shareholders and Jiangxi Jinko.

 

As of December 31, 2012 Jiangxi Jinko had short-term bank borrowings of RMB169,977,821 which was guaranteed by the Shareholders, including RMB119,977,821 was also guaranteed by Zhejiang Jinko. As of December 31, 2012 Jiangxi I&E had short-term bank borrowing of RMB86,225,000 which was guaranteed by the Shareholders, including RMB6,225,000 guaranteed by Jiangxi Jinko, RMB80,000,000 guaranteed by Zhejiang Jinko. As of December 31,2012, Zhejiang Jinko had short-term bank borrowings of RMB163,000,000 which was guaranteed by Jiangxi Jinko, including 80,000,000 was also guaranteed by the third-party.

 

As of December 31, 2012, Zhejiang Jinko had short-term bank borrowings of RMB25,000,000 which are collateralized on its certain equipments and guaranteed by Jiangxi Jinko. The net book values of these assets under collaterals were RMB95,977,919 as of December 31, 2012.

 

As of December 31, 2012, Zhejiang Jinko had short-term bank borrowings of RMB178,000,000 which are collateralized on its land use rights, plants and certain equipments. The net book values of these assets under collaterals were RMB 42,742,315, 108,925,069, and RMB 888,135,724, respectively, as of December 31, 2012.

 

As of December 31, 2012, Jiangxi Jinko had short-term borrowings of RMB196,418,183from Jiangxi Heji Investment Co., Ltd. which are interest free and without definite repayment term.

 

As of December 31, 2012, Jiangxi Materials had short-term borrowings of RMB11,640,000fromShangrao Hexing Co., Ltd. which are interest free and without definite repayment term.

 

Subsequent to December 31, 2012, the Company obtained additional short-term bank borrowings of RMB1,172,000,590, and repaid short-term bank borrowings of RMB1,060,710,938. These additional short-term bank borrowings were collateralized on part of the Company's letter of credit, land use right and buildings, equipments and were guaranteed by the Shareholders and Jiangxi Jinko.

 

(b) Long-term borrowings

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Long-term bank borrowings     547,750,000       495,000,000  
Less: Current portion     (392,000,000 )     (328,000,000 )
Deferred financing cost (Note 26(d))     (250,000 )     -  
Total long-term borrowings     155,500,000       167,000,000  

 

Future principal repayments on the long-term borrowings are as follows:

 

Year ending December 31,   RMB  
2013     328,000,000  
2014     167,000,000  
Total     495,000,000  

 

In February2012, Jiangxi Jinko obtained a bank borrowing of RMB50,000,000 which is repayable in February 2014. The borrowing carries a variable interest rate that is determined quarterly with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.98% as of December 31, 2012. Interest is payable monthly. The borrowing was collateralized on Jiangxi Jinko's equipments on net book value of RMB171,333,024 as of December 31, 2012.

 

In June 2012, Jiangxi Jinko obtained a bank borrowing of RMB90,000,000 which was due in June 2014. The borrowing carries a variable interest rate that is determined semi-annually with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.72% as of December 31, 2012. Interest is payable monthly. The borrowing was collateralized on Jiangxi Jinko's plants on net book value of RMB134,640,918, as of December 31, 2012.

 

In December 2012, Jiangxi Jinko obtained a bank borrowing of RMB27,000,000 which was due in December 2014. The borrowing carries a variable interest rate that is determined semi-annually with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.46% as of December 31, 2012. Interest is payable monthly. The borrowing was collateralized on Jiangxi Jinko's land use right with net book value of RMB99, 923,017 as of December 31, 2012.

 

In September 2011, Jiangxi Jinko obtained a bank borrowing of RMB13,000,000 which was repayable in installments from February 2013 to August 2014. The borrowing carries a variable interest rate that is determined quarterly with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.4% as of December 31, 2012. Interest is payable quarterly. The borrowing was only credit loan.

 

In March 2010, Zhejiang Jinko obtained a bank borrowing of RMB10,000,000 which was due in March 2013. The borrowing carries a variable interest rate that is determined quarterly with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.65% as of December 31, 2012. Interest is repayable monthly. The borrowing was collateralized on Zhejiang Jinko's equipments with net book value of RMB81,425,922 as of December 31, 2012. In additions to the collaterals, the borrowing is guaranteed by Jiangxi Jinko.

 

In May 2010, Zhejiang Jinko obtained a bank borrowing of RMB10,000,000 which is repayable in May 2013. The borrowing carries a variable interest rate that is determined quarterly with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.65% as of December 31, 2012. Interest is repayable monthly. The borrowing was collateralized on Zhejiang Jinko's equipments with net book value of RMB81,425,922 as of December 31, 2012. In additions to the collaterals, the borrowing is guaranteed by Jiangxi Jinko.

 

From April 2011, Zhejiang Jinko entered into loan agreements with a group of PRC banks. Pursuant to these loan agreements, Zhejiang Jinko obtained bank borrowings of RMB 270,000,000 from a group of PRC banks of which are repayable in installments from June 2013 to December 2013. The borrowing carries a variable interest rate that is determined quarterly with repayable with reference to the prevailing base lending rate set by PBOC. The effective interest rates of the borrowings are at the range of 6.15% to 6.65% as of December 31, 2012. Interest is repayable monthly. The borrowing was collateralized on Zhejiang Jinko's land use rights, plants and certain equipments with net book value of RMB 42,742,315, RMB108,925,069 and RMB 888,135,724, respectively, as of December 31, 2012. In additions to the collaterals, the borrowing is guaranteed by Jiangxi Jinko.

 

In June 2011, Zhejiang Jinko obtained a bank borrowing of RMB 25,000,000 of which is repayable in December 2013. The borrowing carries a variable interest rate that is determined quarterly with repayable with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.4% as of December 31, 2012 Interest is repayable monthly. The borrowing was guaranteed by Jiangxi Jinko as of December 31, 2012.

 

Subsequent to December 31, 2012, the Company obtained additional long-term bank borrowings of RMB360,000,000 and repaid long-term bank borrowings of RMB28,000,000. These long-term bank borrowings are collateralized by certain of Jiangxi Jinko's equipments. These borrowings carry variable interest rates that are determined by reference to the prevailing base lending rate set by PBOC.

 

XML 74 R68.htm IDEA: XBRL DOCUMENT v2.4.0.6
TAXATION (Aggregate Amount and Per Share Effect of Reduction of CIT) (Details) (CNY)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
TAXATION [Abstract]      
The aggregate amount of effect    46,723,125 132,120,599
Per share effect - basic    0.50 1.76
Per share effect - diluted    0.46 1.64
XML 75 R108.htm IDEA: XBRL DOCUMENT v2.4.0.6
FAIR VALUE MEASUREMENTS (Change in Fair Value of Derivatives) (Details) (CNY)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Derivative Instruments, Gain (Loss) [Line Items]      
Change in fair value of derivatives (106,203,805) 336,352,596 98,094,279
Foreign Exchange Forward [Member]
     
Derivative Instruments, Gain (Loss) [Line Items]      
Change in fair value of derivatives (9,043,079) 36,604,889 98,039,341
Embedded Derivatives [Member]
     
Derivative Instruments, Gain (Loss) [Line Items]      
Change in fair value of derivatives       54,938
Convertible Senior Notes [Member]
     
Derivative Instruments, Gain (Loss) [Line Items]      
Change in fair value of derivatives (96,851,674) 398,030,217   
Capped Call Option [Member]
     
Derivative Instruments, Gain (Loss) [Line Items]      
Change in fair value of derivatives (309,052) (98,282,510)   
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XML 77 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2012
Embedded Derivative [Member]
USD ($)
Dec. 31, 2012
Embedded Derivative [Member]
CNY
Dec. 31, 2011
Embedded Derivative [Member]
CNY
Dec. 31, 2010
Embedded Derivative [Member]
CNY
Dec. 31, 2012
Forward Contracts [Member]
USD ($)
Dec. 31, 2012
Forward Contracts [Member]
CNY
Dec. 31, 2011
Forward Contracts [Member]
CNY
Dec. 31, 2010
Forward Contracts [Member]
CNY
Dec. 31, 2012
Convertible Senior Notes [Member]
USD ($)
Dec. 31, 2012
Convertible Senior Notes [Member]
CNY
Dec. 31, 2011
Convertible Senior Notes [Member]
CNY
Dec. 31, 2010
Convertible Senior Notes [Member]
CNY
Dec. 31, 2012
Capped Call Options [Member]
USD ($)
Dec. 31, 2012
Capped Call Options [Member]
CNY
Dec. 31, 2011
Capped Call Options [Member]
CNY
Dec. 31, 2010
Capped Call Options [Member]
CNY
Cash flows from operating activities:                                        
Net income/(loss) $ (247,799,557) (1,543,816,018) 273,325,882 881,873,227                                
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:                                        
Change in fair value                  (54,938) 8,345,076 51,990,656 24,377,786 (83,807,971) 15,545,766 96,851,674 (398,030,217)    49,606 309,052 98,282,510   
Share-based compensation charge 2,783,761 17,343,110 9,879,124 24,128,751                                
Deferred income taxes (83,159) (518,086) 4,209,187 8,110,198                                
Depreciation of property, plant and equipment 51,869,574 323,152,636 263,846,113 96,751,960                                
Depreciation of project assets 825,261 5,141,460                                      
Amortization of land use rights 1,050,730 6,546,151 5,558,122 4,075,087                                
Amortization of intangible assets 122,681 764,312 223,926 58,219                                
Amortization of deferred financing cost 40,128 250,000 500,000 500,000                                
Inventories provision 53,343,843 332,337,477 201,662,101 29,602,473                                
Provision for allowance of doubtful accounts 79,280,473 493,925,280 179,391,417 8,343,659                                
Provision for other receivable          1,500,000                                
Provision for advance to suppliers 36,447,800 227,073,440 652,937                                   
Write off of prepayment for property, plant and equipment 7,093,589 44,193,769                                      
Impairment on long-lived assets 10,509,671 65,476,299    5,376,071                                
Loss on disposal of property, plant and equipment 812,366 5,061,124 2,488,103 1,739,587                                
Goodwill impairment       45,645,832                                   
Investment gain          (60,058)                                
Equity in losses of affiliated companies 2,615 16,291                                      
Contingent liability          10,000,000                                
Exchange loss 5,854,271 36,472,691 138,994,253 10,143,414                                
Changes in operating assets and liabilities:                                        
Increase in accounts receivable (144,133,977) (897,969,098) (1,340,304,800) (373,984,543)                                
Decrease/(increase) in notes receivable 2,545,041 15,855,857 (17,279,630) 13,301,730                                
Decrease/(increase) in advances to suppliers 19,717,866 122,844,275 150,636,168 (252,439,360)                                
Increase in inventories (9,987,725) (62,224,526) (180,222,899) (603,924,606)                                
Increase in other receivables from related parties (826,494) (5,149,138) (291,798) (399,444)                                
(Increase)/decrease in prepayments and other current assets 63,405,300 395,021,362 (426,961,717) (282,504,242)                                
Decrease/(increase) in other assets (9,241,148) (57,573,276) (31,341,556) 5,236,700                                
Increase in accounts payable 159,120,676 991,337,723 25,056,512 282,452,726                                
Increase in accrued payroll and welfare expenses 4,773,324 29,738,283 79,793,458 61,864,602                                
Increase/(decrease) in advances from third party customers (1,577,342) (9,826,997) (77,627,705) 128,400,891                                
Increase/(decrease) in income tax payables (5,277,743) (32,880,865) (59,315,991) 92,200,131                                
Decrease in guarantee liabilities (240,767) (1,500,000)                                      
Increase in other payables and accruals 10,594,698 66,006,025 260,642,981 161,928,786                                
Net cash provided by/(used in) operating activities 114,966,204 716,250,943 (766,209,901) 230,413,050                                
Cash flows from investing activities:                                        
(Increase)/Decrease in restricted cash (5,657,754) (35,248,372) 159,941,605 (222,538,376)                                
Purchase of property, plant and equipment (19,474,002) (121,324,977) (1,780,218,312) (1,307,932,241)                                
Purchase of land use rights (1,156) (7,200) (115,987,700) (37,556,165)                                
Purchase of intangible assets (558,822) (3,481,518) (2,929,210) (730,196)                                
Cash paid for short-term investments (223,343,429) (1,391,451,906) (459,509,189)                                   
Proceeds from redemption of short-term investments 186,707,376 1,163,205,621    15,816,513                                
Net cash paid for acquisition of subsidiaries (896,390) (5,584,599)                                      
Cash paid for investments in affiliates (5,649,990) (35,200,000)                                      
Proceeds from disposal of property, plant and equipment 7,249,725 45,166,512 230,323 395,250                                
Cash paid for construction of project assets (18,755,036) (116,845,750) (235,198,641)                                   
Net cash used in investing activities (80,379,478) (500,772,189) (2,433,671,124) (1,552,545,215)                                
Cash flows from financing activities:                                        
Net proceeds from public offering of ordinary shares          814,286,284                                
Proceeds from exercise of share options       3,759,081 2,076,090                                
Net proceeds from issuance of convertible senior notes       812,525,000                                   
Repurchase of convertible senior notes       (5,222,773)                                   
Proceeds from issuance of bonds 48,153,320 300,000,000 1,000,000,000                                   
Repayment of bonds (160,511,067) (1,000,000,000)                                      
Repurchase of common stock       (56,857,774)                                   
Prepayment for share repurchase       (31,924,842)                                   
Cash paid for capped call options       (117,003,600)                                   
Capital contributions by non-controlling interests holder 16,051 100,000 10,000,000                                   
Cash paid for capital lease          (3,692,176)                                
Borrowings from third parties 588,206,896 3,664,587,785 5,971,912,049 2,471,127,222                                
Repayment of borrowings to third parties (577,930,540) (3,600,565,060) (4,915,672,032) (1,955,434,977)                                
(Increase)/decrease in cash restricted for notes payable (Note 2(g)) 4,151,308 25,863,067 110,672,659 (121,424,144)                                
Increase in notes payable (Note 2(g)) 38,411,243 239,305,886 338,308,472 489,878,911                                
Net cash provided by/(used in) financing activities (59,502,789) (370,708,322) 3,120,496,240 1,696,817,210                                
Effect of foreign exchange rate changes on cash and cash equivalents 81,639 508,622 (7,969,056) (5,959,840)                                
Net increase/(decrease) in cash and cash equivalent (24,834,424) (154,720,946) (87,353,841) 368,725,205                                
Cash and cash equivalents, beginning of year 69,637,881 433,850,961 521,204,802 152,479,597                                
Cash and cash equivalents, end of year 44,803,457 279,130,015 433,850,961 521,204,802                                
Supplemental disclosure of cash flow information                                        
Cash paid for income tax 4,245,062 26,447,159 140,611,920 59,968,864                                
Cash paid for interest expenses (net of amounts capitalized) 35,820,205 223,163,459 202,038,731 63,880,195                                
Supplemental disclosure of non-cash investing and financing cash flow information                                        
Purchases of property, plant and equipment included in other payables 40,678,592 253,431,693 274,599,278 268,668,526                                
Purchases of project assets included in other payables - net 29,634,059 184,623,149 37,306,301                                   
Shares repurchase utilized prepayment made in prior year 886,202 5,521,130                                      
Proceeds from exercise of share options received in subsequent year 25,820 160,861                                      
Conversion of Redeemable Convertible Preferred Shares into ordinary shares upon the Company's IPO          507,674,747                                
XML 78 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) [Abstract]        
Net income/(loss) $ (247,799,557) (1,543,816,018) 273,325,882 881,873,227
Other comprehensive income (loss):        
Foreign currency translation adjustments 59,551 371,006 (134,611)   
Comprehensive income/ (loss) (247,740,006) (1,543,445,012) 273,191,271   
Less: comprehensive income (loss) attributable to non-controlling interests (223,744) (1,393,950) (16,937)   
Comprehensive income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders $ (247,516,262) (1,542,051,062) 273,208,208 881,873,227
XML 79 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROPERTY, PLANT AND EQUIPMENT, NET
12 Months Ended
Dec. 31, 2012
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET
10. PROPERTY, PLANT AND EQUIPMENT, NET

 

Property, plant and equipment and related accumulated depreciation are as follows:

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Buildings     441,046,753       507,989,849  
Machinery and equipment     3,217,550,882       3,307,235,601  
Motor vehicles     22,814,205       22,609,244  
Furniture, fixture and office equipment     44,168,256       45,729,731  
      3,725,580,096       3,883,564,425  
Less: Accumulated depreciation     (412,394,030 )     (732,881,877 )
Less: Impairment     (4,784,595 )     (70,260,894 )
Subtotal     3,308,401,471       3,080,421,654  
Construction in progress     259,892,829       249,451,007  
Property, plant and equipment, net     3,568,294,300       3,329,872,661  

 

Depreciation expenses were RMB96,751,960, RMB263,846,113 and RMB323,152,636 for the years ended December 31, 2010, 2011 and 2012, respectively.

 

Construction in progress primarily represents the construction of new production line. Costs incurred in the construction are capitalized and transferred to property and equipment upon completion, at which time depreciation commences.

 

Based on impairment assessment performed on long-lived assets held for use, the Company recorded no impairment provision in the years ended December 31, 2010, 2011 and 2012. In the years ended December 31, 2010, 2011 and 2012, the Group recorded impairment of RMB5,376,071, nil and RMB65,476,299 related to the retirement of certain equipment in the wafer and cell production line that had become obsolete.

 

Certain property, plant and equipment are pledged as collateral for the Company's borrowings (Note 17).

 

XML 80 R103.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES (Contingencies and Guarantees) (Details)
0 Months Ended 12 Months Ended 1 Months Ended 0 Months Ended 12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Jun. 13, 2009
Financial Standby Letter of Credit [Member]
JITCL Loan Agreement [Member]
CNY
May 31, 2009
Financial Standby Letter of Credit [Member]
JITCL Loan Agreement [Member]
CNY
Dec. 31, 2011
Financial Standby Letter of Credit [Member]
JITCL Loan Agreement [Member]
CNY
Dec. 31, 2012
Case With Zhejiang Global [Member]
USD ($)
Dec. 31, 2012
Case With Zhejiang Global [Member]
CNY
Dec. 31, 2010
Case With Zhejiang Global [Member]
CNY
Dec. 31, 2011
Case With Jiangsu Yangsheng [Member]
CNY
Dec. 31, 2012
Case Against Cixi Boneng [Member]
CNY
Dec. 31, 2011
Case Against Cixi Boneng [Member]
CNY
Dec. 31, 2012
Case Against Henan Zhaoge [Member]
CNY
Silicon
Dec. 31, 2011
Case Against Henan Zhaoge [Member]
CNY
Feb. 28, 2013
Case Against Wuxi Zhongcai [Member]
CNY
Jul. 31, 2008
Case Against Wuxi Zhongcai [Member]
CNY
Apr. 24, 2013
Case With COGIP S.p.A [Member]
EUR (€)
Dec. 31, 2012
Case With COGIP S.p.A [Member]
EUR (€)
Dec. 31, 2012
Case With COGIP S.p.A [Member]
CNY
Contingencies [Line Items]                                      
Amount of claim                 14,000,000 8,000,000   24,400,000     2,700,000     € 20,400,000  
Minimum possible loss               4,800,000 4,800,000                    
Maximum possible loss               5,000,000 5,000,000 74,667                  
Amount awarded                 12,000,000                    
Amount of claim against party                       29,000,000   7,000,000 93,200,000     23,310,000.00  
Settlement payment made             2,800,000 17,200,000     6,000,000                
Tonnes of silicon received in settlement                         10            
Settlement proceeds received                         1,000,000       14,000,000    
Gain (loss) on settlement                     17,400,000   (4,030,000)            
Payment for long-term purchase agreement deposit                               95,600,000      
Liquidated damages claimed, interest rate per week                                     0.50%
Provision for doubtful accounts receivable                             93,200,000       126,000,000
Guarantor Obligations [Line Items]                                      
Line of credit, maximum borrowing capacity       100,000,000                              
Line of credit, amount outstanding                                       
Debt term       3 years                              
Amount of guarantee         50,000,000                            
Term of guarantee         3 years                            
Guarantee liabilities       1,500,000     1,500,000                          
XML 81 R93.htm IDEA: XBRL DOCUMENT v2.4.0.6
SHARE BASED COMPENSATION (Narrative) (Details)
1 Months Ended 4 Months Ended 12 Months Ended 0 Months Ended 1 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended
Jul. 31, 2009
May 14, 2010
CNY
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2012
USD ($)
Sep. 28, 2011
Dec. 21, 2012
Stock Options [Member]
USD ($)
Nov. 03, 2011
Stock Options [Member]
USD ($)
May 03, 2011
Stock Options [Member]
USD ($)
Mar. 11, 2011
Stock Options [Member]
USD ($)
Apr. 26, 2010
Stock Options [Member]
USD ($)
Apr. 12, 2010
Stock Options [Member]
USD ($)
Apr. 06, 2010
Stock Options [Member]
USD ($)
Jan. 25, 2010
Stock Options [Member]
Sep. 15, 2009
Stock Options [Member]
USD ($)
Dec. 31, 2012
Stock Options [Member]
CNY
Oct. 01, 2011
Stock Options [Member]
Employee A [Member]
USD ($)
Dec. 31, 2012
Stock Options [Member]
Employee A [Member]
Oct. 01, 2011
Stock Options [Member]
Employee B [Member]
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                        
Ordinary shares that may be issued 7,325,122           9,325,122                          
Contractual life 7 years                                      
Options granted     160,000         160,000 1,120,000 100,000 300,000 785,480     726,250 3,024,750   4,180,000   32,000
Exercise price of options granted               $ 1.42 $ 1.42 $ 6.50 $ 5.65 $ 2.08 $ 2.08 $ 2.08   $ 3.13   $ 1.42   $ 1.42
Share-based compensation   14,651,329 17,343,110                                  
Incremental charge resulted from the repricing, recognized during period       9,879,124 5,132,052                              
Number of vesting increments               5 24 5 5 5     5   5 5 36 1
Exercise price as a percentage of initial public offering price per share                             85.00%          
Market value of ordinary shares           $ 1.55                            
Intrinsic value of options exercised     14,454    2,938,203                              
Fair value per option at grant date (RMB)     5.60 6.91 16.85                       5.60      
Fair value of options vested     14,784,850 9,558,119 9,363,356                              
Unrecognized share-based compensation expense     14,995,792                                  
Unrecognized share-based compensation expense, weighted-average recognition period     3 years 4 months 24 days                                  
Cash received from the exercise of share options                                         
XML 82 R91.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONVERTIBLE SENIOR NOTES (Details)
0 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended
May 17, 2011
Capped Call Option [Member]
USD ($)
Dec. 31, 2012
Capped Call Option [Member]
CNY
Dec. 31, 2011
Capped Call Option [Member]
CNY
May 17, 2011
Convertible Senior Notes [Member]
USD ($)
Dec. 31, 2012
Convertible Senior Notes [Member]
CNY
Dec. 31, 2011
Convertible Senior Notes [Member]
CNY
Dec. 31, 2011
Convertible Senior Notes [Member]
USD ($)
Debt Instrument [Line Items]              
Aggregate principal amount       $ 125,000,000      
Debt issuance date       May 17, 2011      
Debt maturity date       May 15, 2016      
Stated interest rate       4.00%      
Convertible debt, conversion rate       29.6307      
Convertible debt, conversion price $ 48.21     $ 33.75      
Debt covenant, ownership interest threshold       50.00%      
Call feature, percentage       100.00%      
Fair value of convertible notes         483,581,668 387,777,235  
Foreign exchange gain         1,047,241 21,567,522  
Gain from change in fair value of convertible senior notes         96,851,674 398,030,217  
Face value of notes repurchased              2,000,000
Percent of notes repurchased            1.60%  
Percentage of price redeemed at            41.00%  
Premium paid for derivative 18,000,000            
Derivative, fair value   16,131,208 16,408,445        
Change in fair value of capped call option   309,052 98,282,510        
XML 83 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
12 Months Ended
Dec. 31, 2012
Document and Entity Information [Abstract]  
Document Type 20-F
Amendment Flag false
Document Period End Date Dec. 31, 2012
Document Fiscal Year Focus 2012
Document Fiscal Period Focus FY
Trading Symbol JKS
Entity Registrant Name JinkoSolar Holding Co., Ltd.
Entity Central Index Key 0001481513
Current Fiscal Year End Date --12-31
Entity Well-known Seasoned Issuer No
Entity Current Reporting Status Yes
Entity Filer Category Non-accelerated Filer
Entity Common Stock, Shares Outstanding 88,758,778
XML 84 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
PROJECT ASSETS
12 Months Ended
Dec. 31, 2012
PROJECT ASSETS [Abstract]  
PROJECT ASSETS
11. PROJECT ASSETS

 

As of December 31, 2011 and 2012, the balances of project assets were RMB272,504,672 and RMB536,391,099, respectively. As of December 31,2011 and 2012, project assets with book value of nil and RMB 349,485,131 had been completed and connected to the grid. The revenue from connection to the grid for the years ended December 31, 2011 and 2012 is nil and RMB1,607,066, respectively.

 

XML 85 R80.htm IDEA: XBRL DOCUMENT v2.4.0.6
OTHER ASSETS (Details)
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2012
Prepayments for purchase of property, plant and equipment [Member]
CNY
Dec. 31, 2011
Prepayments for purchase of property, plant and equipment [Member]
CNY
Dec. 31, 2012
Prepayments for land use right [Member]
CNY
Dec. 31, 2011
Prepayments for land use right [Member]
CNY
Dec. 31, 2012
Prepayment for warranty insurance premium [Member]
CNY
Dec. 31, 2011
Prepayment for warranty insurance premium [Member]
CNY
Dec. 31, 2012
Prepaid service fee?non-current portion [Member]
CNY
Dec. 31, 2011
Prepaid service fee?non-current portion [Member]
CNY
Dec. 31, 2012
Others [Member]
CNY
Dec. 31, 2011
Others [Member]
CNY
Other Assets [Line Items]                          
Other assets $ 13,195,562 82,209,673 129,387,926 36,411,466 92,723,986    4,245,240 44,228,323 26,565,738 1,114,886 4,911,937 454,998 941,025
XML 86 R90.htm IDEA: XBRL DOCUMENT v2.4.0.6
REDEEMABLE CONVERTIBLE PREFERRED SHARES (Details)
0 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended
Jun. 22, 2009
CNY
Dec. 31, 2012
USD ($)
May 30, 2008
USD ($)
Sep. 15, 2009
Stock Transfer One [Member]
CNY
Sep. 15, 2009
Stock Transfer Two [Member]
CNY
Sep. 15, 2009
Series A Preferred Stock [Member]
USD ($)
May 30, 2008
Series A Preferred Stock [Member]
USD ($)
Dec. 31, 2010
Series A Preferred Stock [Member]
CNY
Dec. 31, 2009
Series A Preferred Stock [Member]
CNY
Jun. 20, 2009
Series A Preferred Stock [Member]
CNY
Dec. 31, 2008
Series A Preferred Stock [Member]
Minimum [Member]
CNY
Dec. 31, 2008
Series A Preferred Stock [Member]
Maximum [Member]
CNY
May 30, 2008
Series A Preferred Stock [Member]
Scenario, Previously Reported [Member]
USD ($)
Sep. 15, 2009
Series B Preferred Stock [Member]
USD ($)
Jun. 22, 2009
Series B Preferred Stock [Member]
CNY
Sep. 18, 2008
Series B Preferred Stock [Member]
USD ($)
Dec. 31, 2010
Series B Preferred Stock [Member]
CNY
Dec. 31, 2009
Series B Preferred Stock [Member]
CNY
Dec. 31, 2008
Series B Preferred Stock [Member]
Dec. 31, 2008
Series B Preferred Stock [Member]
Minimum [Member]
CNY
Dec. 31, 2008
Series B Preferred Stock [Member]
Maximum [Member]
CNY
Sep. 18, 2008
Series B Preferred Stock [Member]
Scenario, Previously Reported [Member]
USD ($)
Temporary Equity [Line Items]                                            
Shares issued             5,375,150           107,503     7,441,450           148,829
Value of shares issued       43,600,000 8,015,089                                  
Stock issued in exchange       3,812,900 701,500                                  
Price per share   $ 1.55         $ 223.25                 $ 236.51            
Value of Redeemable Convertible Preferred Shares issued             24,000,000                 35,200,000            
Redeemable Convertible Preferred Shares, par value per share             $ 0.00002           $ 0.001     $ 0.00002           $ 0.001
Percentage of votes needed for conversion election     67.00%                                      
Amount of QIPO     150,000,000                                      
Amount of QIPO, market capitalization     750,000,000                                      
Lower bound of performance target                     175,000,000 225,000,000               200,000,000 250,000,000  
Upper bound of performance target                   450,000,000 275,000,000 325,000,000     100,000,000         250,000,000 300,000,000  
Conversion rate                               1     1.0054      
Conversion multiple                               1.5            
Change in fair value of embedded derivative                             65,200,000              
Fair value of embedded derivative                             18,200,000              
Change in fair value                             18,200,000              
Transfer of equity to temporary equity 15,100,000                           43,600,000              
Compensation expense 17,500,000                           3,400,000              
Accretion to redemption value               13,433,242 31,832,994               17,479,734 42,301,594        
Payments for consulting services           $ 469,000               $ 867,300                
XML 87 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Current assets:      
Cash and cash equivalents $ 44,803,457 279,130,015 433,850,961
Restricted cash 22,593,660 140,760,763 146,175,458
Short-term investments 115,963,037 722,461,319 494,215,034
Accounts receivable, net-related parties 16,938,953 105,531,368 31,010,170
Accounts receivable, net-third parties 274,904,932 1,712,685,219 1,600,206,864
Notes receivable 228,531 1,423,773 17,279,630
Advances to suppliers, net-third parties 10,200,958 63,552,991 208,104,089
Inventories 84,743,805 527,962,378 798,075,329
Forward contract receivables 2,075,434 12,930,159 64,954,682
Other receivables-related parties 937,446 5,840,380 [1] 691,242 [1]
Prepayments and other current assets 66,344,167 413,330,793 813,910,281
Total current assets 639,734,380 3,985,609,158 4,608,473,740
Non-current assets:      
Restricted cash 2,375,564 14,800,000   
Project assets 86,096,708 536,391,099 272,504,672
Investments in affiliates 5,647,375 35,183,709   
Property, plant and equipment, net 534,481,415 3,329,872,661 3,568,294,300
Land use rights, net 58,706,797 365,749,215 368,042,926
Intangible assets, net 1,023,033 6,373,598 3,656,392
Advances to suppliers to be utilized beyond one year       209,630,940
Capped call options 2,589,237 16,131,208 16,408,445
Other assets 13,195,562 82,209,673 129,387,926
Total assets 1,343,850,071 8,372,320,321 9,176,399,341
Current liabilities:      
Accounts payable-a related party 4,822,594 30,045,245 [2] 35,887,845 [2]
Accounts payable-third parties 216,260,888 1,347,326,958 340,998,588
Notes payable 184,449,128 1,149,136,512 909,830,626
Accrued payroll and welfare expenses 33,133,510 206,425,079 176,647,819
Advances from third party customers 19,426,841 121,031,162 85,523,982
Income tax payables 526 3,275 32,884,140
Other payables and accruals 131,200,647 817,393,146 813,027,659
Other payables due to a related party 364,501 2,270,876 1,094,047
Forward contract payables 881,307 5,490,630 5,524,497
Bonds payable and accrued interests 50,350,681 313,689,778 1,039,635,333
Short-term borrowings from third parties, including current portion of long-term bank borrowings 360,448,596 2,245,630,796 2,200,032,066
Guarantee liabilities       1,500,000
Total current liabilities 1,001,339,219 6,238,443,457 5,642,586,602
Non-current liabilities:      
Long-term borrowings 26,805,348 167,000,000 155,500,000
Long-term payables 23,357 145,515   
Accrued warranty costs - non-current 17,550,003 109,338,274 85,361,926
Convertible senior notes 77,620,210 483,581,668 387,777,235
Total liabilities 1,123,338,137 6,998,508,914 6,271,225,763
Commitments and contingencies        
Shareholders' Equity      
Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 89,435,058 and 88,758,778 shares issued and outstanding as of December 31, 2011 and 2012, respectively) 2,119 13,202 13,200
Additional paid-in capital 244,735,846 1,524,728,796 1,507,224,827
Statutory reserves 28,738,103 179,041,258 178,984,364
Accumulated other comprehensive (loss)/income 37,944 236,395 (134,611)
Treasury stock, at cost; 1,028,920 and 1,723,200 shares of ordinary shares as of December 31, 2011 and 2012, respectively (2,227,180) (13,875,553) (8,354,423)
Retained earnings/(accumulated losses) (52,169,597) (325,021,804) 1,217,457,158
Total JinkoSolar Holding Co., Ltd. shareholders' equity 219,117,235 1,365,122,294 2,895,190,515
Non-controlling interests 1,394,699 8,689,113 9,983,063
Total Shareholders' Equity 220,511,934 1,373,811,407 2,905,173,578
Total liabilities and shareholders' equity $ 1,343,850,071 8,372,320,321 9,176,399,341
[1] Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts the Company advanced to them for expected expenses, charges and incidentals relating to their business development activities.
[2] Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.
XML 88 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
TAXATION
12 Months Ended
Dec. 31, 2012
TAXATION [Abstract]  
TAXATION
5. TAXATION

 

The Company and its subsidiaries file separate income tax returns.

 

Cayman Islands

 

Under the current laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, upon any payment of dividends by the Company, no Cayman Islands withholding tax is imposed.

 

People's Republic of China

 

On March 16, 2007, the National People's Congress approved the Corporate Income Tax Law of the People's Republic of China (the "CIT Law") with effective on January 1, 2008. The CIT Law enacted a statutory income tax rate of 25%. As foreign invested enterprises, Jiangxi Jinko and Zhejiang Jinko are entitled to a two year tax exemption from CIT and a 50% CIT reduction for the succeeding three years thereafter. Jiangxi Jinko and Zhejiang Jinko are each subject to CIT rate of 12.5% starting from year 2010 to year 2012.

 

Additionally, under the CIT Law, 10% withholding income tax ("WHT") will be levied on foreign investors for dividend distributions from foreign invested enterprises' profit earned after January 1, 2008. For certain treaty jurisdictions such as Hong Kong which has signed double tax arrangement with the PRC, the applicable WHT rate could be reduced to 5% if foreign investors directly hold at least 25% shares of invested enterprises at any time throughout the 12-month period preceding the entitlement to the dividends and they are also qualified as beneficial owners to enjoy the treaty benefit. The Company was not considered to fulfill above criteria as of December 31, 2012and therefore the applicable WHT rate was 10%. Deferred income taxes are not provided on undistributed earnings of the Company's subsidiaries that are intended to be permanently reinvested in China. Cumulative undistributed earnings of the Company's PRC subsidiaries intended to be permanently reinvested totaled RMB450,780,918 and the amount of the unrecognized deferred tax liability on the permanently reinvested earnings was RMB45,078,092 as of December 31, 2012.

 

Hong Kong

 

The Company's subsidiaries established in Hong Kong, Paker and JinkoSolar International, are subject to Hong Kong profit tax at a rate of 16.5% on its assessable profit.

 

European Countries

 

Jinko Switzerland is incorporated in Switzerland and according to its current business model where it employs limited staff and generates income exclusively from trading activities conducted outside Switzerland, is subject to a combined federal, cantonal and communal tax rate of 8.62% in 2012.

 

Jinko GMBH is incorporated in Germany and is subject to Germany profit tax rate of approximately 33% on the assessable profit.

 

Jinko Italy is incorporated in Italy and is subject to corporate income tax at 31.4%.

 

Jinko France is incorporated in France and is subject to corporate income tax at 33.33%.

 

United States

 

Both Jinko US and Jinko US Holding are incorporated in Delaware, the United States. Jinko US and Jinko US Holding do not conduct any business in Delaware, thus, they are not subject to Delaware State income tax. Jinko US conducts business in California. It is subject to a progressive federal corporate income tax from 15% to 35% and California state income tax of 8.84%, which is deductible for federal income tax purpose.

 

Canada

 

Jinko Canada is incorporated in Canada and is subject to a federal corporate income tax of 15% and provinces and territories income tax of 11%.

 

Australia

 

Jinko Australia is incorporated in Australia and is subject to corporate income tax at 30%.

 

Composition of Income Tax Expense

 

Income/(loss) before income taxes for the years ended December 31, 2010, 2011 and 2012 were taxed within the following jurisdictions:

 

    For the year ended December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
Cayman Islands     (2,187,039 )     246,885,595       (136,614,196 )
PRC     1,032,571,112       127,032,230       (1,191,217,775 )
Other countries     (2,380,452 )     (19,519,201 )     (224,901,695 )
Income/(Loss) before income taxes     1,028,003,621       354,398,624       (1,552,733,666 )

 

For the year ended December 31, 2011 and 2012, the earnings (losses) attributed to Cayman Islands was mainly due to the fair value gain (loss) from convertible senior notes and capped call options.

 

The current and deferred positions of income tax expense included in the consolidated statement of operations for the years ended December 31, 2010, 2011 and 2012 are as follows:

 

    For the year ended December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
Current income tax (expense)/benefit                        
PRC     (138,020,196 )     (76,792,019 )     7,561,393  
Other countries     -       (71,536 )     838,169  
Total current income tax expense/benefit     (138,020,196 )     (76,863,555 )     8,399,562  
Deferred PRC tax (expense)/benefit     (8,110,198 )     (4,209,187 )     518,086  
Income tax benefit/(expense)     (146,130,394 )     (81,072,742 )     8,917,648  

 

Reconciliation of the differences between statutory tax rate and the effective tax rate

 

Reconciliation between the statutory CIT rate and the Company's effective tax rate is as follows:

 

    Year Ended December 31,  
    2010     2011     2012  
    %     %     %  
Statutory CIT rate     25       25       (25 )
Effect of permanent differences:                        
-Share-based compensation expenses     0.6       0.7       0.3  
-Change in fair value of convertible senior notes and capped call options     -       (21.1 )     1.6  
-Goodwill impairment     -       3.2       -  
-Accrued payroll and welfare expenses     0.9       4.4       0.8  
-Change of enact tax rate     -       -       (7.5 )
-Effect of prior year tax difference (1)     -       -       (0.6 )
-Other non-deductible expenses     -       5.6       0.8  
Difference in tax rate of a subsidiary outside the PRC     0.0       (0.9 )     0.9  
Effect of tax holiday for subsidiaries     (12.9 )     (13.2 )     6.9  
Change in valuation allowance     0.6       19.1       21.2  
Effective CIT rate     14.2       22.8       (0.6 )

 

(1) The Company recorded an out-of-period adjustment of RMB12,146,071 resulting from income tax filing difference for two PRC entities, which should have been recorded in the year ended December 31, 2011. The originating amount in 2011 was not material to the 2011 consolidated financial statements, nor was the out of period adjustment recorded in 2012 material to the 2012 consolidated financial statements.

 

The aggregate amount and per share effect of reduction of CIT for certain PRC subsidiaries as a result of tax holidays are as follows:

 

    For the year ended December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
The aggregate amount of effect     132,120,599       46,723,125       -  
Per share effect-basic     1.76       0.50       -  
Per share effect-diluted     1.64       0.46       -  

 

Significant components of deferred tax assets-current

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Net operating losses     -       -  
Provision for inventories, accounts receivable, other receivable     57,690,574       170,795,477  
Change in fair value of forward contracts     (14,042,284 )     (1,749,190 )
Accrued warranty costs     1,688,813       4,952,344  
Accrued interest     -       6,529,370  
Other temporary differences     599,211       (5,153,313 )
Total deferred tax assets     45,936,314       175,374,688  
Less: Valuation allowance     (45,936,314 )     (175,374,688 )
Net deferred tax assets-current     -       -  

 

Significant components of deferred tax assets-non-current

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
             
Net operating losses     13,970,679       91,384,912  
Accrued warranty costs     12,485,470       25,690,397  
Increase in fair value of property, plant and equipment and land use rights arising from business combination     (2,920,881 )     (3,532,006 )
Impairment of property, plant and equipment     598,075       10,744,006  
Provision for advance to suppliers to be utilized beyond one year     -       56,931,594  
Provision of prepayment for purchase of property, plant and equipment     -       11,048,442  
Pre-operating expenses of a subsidiary that are deductible in future periods     50,487       -  
Assets related government grant     3,131,413       6,726,539  
Timing difference for revenue recognition of retainage contract     -       (28,557,111 )
Other temporary differences     715,514       (65,135 )
Total deferred tax assets     28,030,757       227,485,860  
Less: Valuation allowance     (28,030,757 )     (227,485,860 )
Deferred tax assets-non-current, net     -       -  

 

Movement of valuation allowances

 

    As of December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
At beginning of year     (1,994,833 )     (6,308,714 )     (73,967,071 )
Current year additions     (4,517,852 )     (69,445,609 )     (329,813,147 )
Reversal of valuation allowances     203,971       1,787,252       919,670  
At end of year     (6,308,714 )     (73,967,071 )     (402,860,548 )

 

Valuation allowances were determined by assessing both positive and negative evidence and have been provided on the net deferred tax asset due to the uncertainty surrounding its realization. As of December 31, 2011 and 2012, valuation allowances of RMB73,967,071 and RMB402,860,548 were provided against deferred tax assets because it was more likely than not that such portion of deferred tax will not be realized based on the Group's estimate of future taxable incomes of all its subsidiaries. If events occur in the future that allow the Group to realize more of its deferred tax assets than the presently recorded amount, an adjustment to the valuation allowances will result in a non-cash income statement benefit when those events occur.

 

XML 89 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
REVENUES
12 Months Ended
Dec. 31, 2012
REVENUES [Abstract]  
REVENUES
4. REVENUES

 

The Group's revenues for the respective periods are detailed as follows:

 

    For the year ended December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
Sales of solar modules     3,247,825,572       6,647,264,147       3,897,288,039  
Sales of silicon wafers     909,647,382       517,935,191       328,428,550  
Sales of solar cells     432,863,616       168,388,351       138,686,401  
Solar system integration projects     -       24,798,017       213,174,391  
Sales of silicon ingots     10,803,010       14,363,232       1,885,648  
Sales of recovered silicon materials     -       6,365,978       270,406  
Processing service fees     53,715,143       5,836,528       213,427,948  
Revenue from generated electricity     -       -       1,607,066  
Total     4,654,854,723       7,384,951,444       4,794,768,449  

 

The Group operates in a single business segment that includes the design, development, and manufacture of PV products, solar system integration projects as well as developing commercial solar power projects. The following table summarizes the Group's net revenues generated from sales of products and provision of processing services and solar system integration projects in respective geographic locations:

 

    For the year ended December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
Inside China (including Hong Kong and Taiwan)     1,600,001,420       1,281,483,521       2,179,670,146  
Outside China                        
Germany     1,157,707,877       2,422,250,586       1,177,954,567  
Italy     1,130,191,372       1,846,512,600       382,077,005  
Spain     111,097,087       204,135,242       251,902,465  
Cyprus     -       304,723,650       138,312,812  
USA     83,166,809       118,132,913       135,839,209  
Rest of the world     572,690,158       1,207,712,932       529,012,245  
Total     4,654,854,723       7,384,951,444       4,794,768,449  

 

XML 90 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
BONDS PAYABLE AND ACCRUED INTEREST
12 Months Ended
Dec. 31, 2012
BONDS PAYABLE AND ACCRUED INTEREST [Abstract]  
BONDS PAYABLE AND ACCRUED INTEREST
16. BONDS PAYABLE AND ACCRUED INTEREST

 

On January 14, 2011, Jiangxi Jinko issued short-term bonds with a principal amount of RMB300,000,000 which bears interest at the rate of 5.28% per annum, and the bond was repaid on January 14, 2012. On March 24, 2011, Jiangxi Jinko issued short-term bonds with a principal amount of RMB300,000,000 which bears interest at the rate of 5.6% per annum, and the bond was repaid on March 23, 2012. On July 11, 2011, Jiangxi Jinko issued short-term bonds with a principal amount of RMB400,000,000 which bears interest at the rate of 6.5% per annum, and the bond was repaid on July11, 2012.

 

On April 24, 2012, Jiangxi Jinko issued short-term bonds with a principal amount of RMB300,000,000 which bears interest at the rate of 6.3% per annum, and the bond was subsequently repaid on April 23, 2013.

 

Bonds payable are all issued at face value, unsecured and mature within 12 months from the issuance date.

 

XML 91 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
LAND USE RIGHTS, NET
12 Months Ended
Dec. 31, 2012
LAND USE RIGHTS, NET [Abstract]  
LAND USE RIGHTS, NET
12. LAND USE RIGHTS, NET

 

Land use rights represent fees paid to the government to obtain the rights to use certain lands over periods of 50 or 70 years, as applicable, in the PRC.

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Land use rights     382,657,019       386,909,459  
Less: accumulated amortization     (14,614,093 )     (21,160,244 )
Land use rights, net     368,042,926       365,749,215  

 

Amortization expense was RMB4,075,087, RMB5,558,122 and RMB6,546,151 for the years ended December 31, 2010, 2011 and 2012, respectively. As of December 31, 2012, estimated amortization expense in each of the next five years is RMB6,740,845.

 

Certain land use rights are pledged as collateral for the Company's borrowings (Note 17).

 

XML 92 R84.htm IDEA: XBRL DOCUMENT v2.4.0.6
BORROWINGS (Long-term) (Details)
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
BORROWINGS [Abstract]      
Long-term bank borrowings   495,000,000 547,750,000
Less: Current portion   (328,000,000) (392,000,000)
Deferred financing cost (Note 26(d))      (250,000)
Total long-term borrowings $ 26,805,348 167,000,000 155,500,000
XML 93 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
INVENTORIES
12 Months Ended
Dec. 31, 2012
INVENTORIES [Abstract]  
INVENTORIES
  8. INVENTORIES

 

Inventories consisted of the following:

 

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Raw materials     85,429,622       80,712,251  
Work-in-progress     161,793,585       92,719,649  
Finished goods     550,852,122       354,530,478  
Total     798,075,329       527,962,378  

 

Write-down of the carrying amount of inventory to its estimated market value was RMB29,602,473, RMB201,662,101 and RMB332,337,477 for the years ended December 31, 2010, 2011 and 2012, respectively, and were recorded as cost of revenues in the consolidated statements of operations. Inventories are pledged as collateral for the Group's borrowings (Note 17).

 

XML 94 R60.htm IDEA: XBRL DOCUMENT v2.4.0.6
PRINCIPAL ACCOUNTING POLICIES (Details)
12 Months Ended 12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2011
USD ($)
Dec. 31, 2012
Statutory reserves
CNY
Dec. 31, 2011
Statutory reserves
CNY
Dec. 31, 2010
Statutory reserves
CNY
Dec. 31, 2012
Land use rights [Member]
Dec. 31, 2012
Purchased software and trademark registration fees [Member]
Dec. 31, 2012
Buildings [Member]
Dec. 31, 2012
Machinery and equipment [Member]
Dec. 31, 2012
Furniture, fixture and office equipment [Member]
Minimum [Member]
Dec. 31, 2012
Furniture, fixture and office equipment [Member]
Maximum [Member]
Dec. 31, 2012
Motor vehicles [Member]
Minimum [Member]
Dec. 31, 2012
Motor vehicles [Member]
Maximum [Member]
Consolidation                                
Prepayment for share repurchase       (31,924,842)                           
Foreign currency translation                                
Cash, cash equivalents, and restricted cash   382,800,000 461,700,000                          
Short-term investments                                
Restricted short-term investments 662,800,000       448,400,000                      
Short-term and long-term advances to suppliers                                
Provision for advance to suppliers 36,447,800 227,073,440 652,937                           
Property, Plant and Equipment [Line Items]                                
Property, plant and equipment, estimated useful life                     20 years 10 years 3 years 5 years 4 years 5 years
Interest Capitalization                                
Interest capitalized   7,507,649 3,505,464 2,147,440                        
Project assets                                
Project assets, useful life 20 years 20 years                            
Reclassification for project assets 86,096,708 536,391,099 272,504,672                          
Reclassification of payments for construction of project assets 18,755,036 116,845,750 235,198,641                           
Purchases of project assets included in other payables - net 29,634,059 184,623,149 37,306,301                           
Finite-Lived Intangible Assets [Line Items]                                
Intangible asset, useful life, minimum                 50 years 5 years            
Intangible asset, useful life, maximum                 70 years 10 years            
Goodwill                                
Goodwill impairment       45,645,832                           
Revenue recognition                                
Retainage   121,814,534                            
Return percentage       0.20%                        
VAT rate 17.00% 17.00%                            
Warranty cost                                
Product defect, minimum warranty 2 years 2 years                            
Product defect, maximum warranty 5 years 5 years                            
Product decline, minimum warranty 10 years 10 years                            
Product decline, maximum warranty 25 years 25 years                            
Product decline, minimum percentage 10.00% 10.00%                            
Product decline, maximum percentage 20.00% 20.00%                            
Provision for warranty cost   130,517,641 96,463,635 33,432,852                        
Warranty cost expenses   40,213,055 63,030,783 31,705,135                        
Utilization of warranty accruals   6,159,049                              
Shipping and handling                                
Shipping and handling costs   164,942,482 119,821,738 57,261,154                        
Government grants                                
Subsidy income 6,565,322 40,902,610 25,553,802 15,696,641                        
Government grants related to assets   119,820,411 91,611,300 55,000,000                        
Statement [Line Items]                                
Appropriation to statutory reserves              56,894 14,397,530 126,152,136                
Convenience translation                                
Exchange rate   6.2301                            
XML 95 R110.htm IDEA: XBRL DOCUMENT v2.4.0.6
RESTRICTED NET ASSETS (Details) (CNY)
Dec. 31, 2012
RESTRICTED NET ASSETS [Abstract]  
Restricted net assets 3,131,747,833
Percentage of total assets 37.00%
XML 96 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES
12 Months Ended
Dec. 31, 2012
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES [Abstract]  
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES
6. ACCOUNTS RECEIVABLE, NET-THIRD PARTIES

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Accounts receivables     1,779,953,029       2,386,356,664  
Allowance for doubtful accounts     (179,746,165 )     (673,671,445 )
Accounts receivable, net     1,600,206,864       1,712,685,219  

 

Movement of allowance of doubtful accounts

 

    As of December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
At beginning of year     2,800,000 )     378,888       179,746,165  
Addition     8,534,372       184,990,129       541,662,539  
Write-off     (10,764,771 )     (24,140 )     -  
Reversal     (190,713 )     (5,598,712 )     (47,737,259 )
At end of year     378,888       179,746,165       673,671,445  

 

The Group assesses creditworthiness of customers before granting any credit terms. This assessment is primarily based on reviewing of customer's financial statements and historical collection records, discussion with customers' senior management, and reviewing of information provided by third parties, such as Dun & Bradstreet and the insurance company that ultimately insures the Group against customer credit default (Note 9). The significant increase of provisions for accounts receivable in 2012 is mainly due to the adverse economic development in solar industry, especially in Europe, resulting in the reduction in feed-in-tariffs in various countries and the decrease in debt financing available for the development of PV projects, as well as the shift in market practice towards increased use of credit sales and the longer credit terms, which in general would lead to higher risk of bad debts.

 

XML 97 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
ADVANCES TO SUPPLIERS
12 Months Ended
Dec. 31, 2012
ADVANCES TO SUPPLIERS [Abstract]  
ADVANCES TO SUPPLIERS
7. ADVANCES TO SUPPLIERS

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Advances to suppliers under purchase contracts with term of less than 1 year     188,358,498       63,552,991  
Advances to suppliers under purchase contracts with term of more than 1 year     229,376,531       -  
                 
Total     417,735, 029       63,552,991  
Advances to suppliers to be utilized beyond one year     (209,630,940 )     -  
                 
Advances to suppliers-current     208,104,089       63,552,991  

 

The Group's advance payments to suppliers with purchase contracts with term of more than one year were made to two major suppliers, Hoku Materials, Inc. ("Hoku"), a fully owned subsidiary of Hoku Corporation (formerly known as "Hoku Scientific, Inc.") and Wuxi ZhongCai Technologies Co., Ltd., ("Wuxi Zhongcai") respectively. The Group previously entered into long-term polysilicon supply agreements with each of Hoku and Wuxi Zhongcai. As a result of continuing significant decline in the polysilicon purchase price and the adverse developments in those suppliers' operations during 2012, including the suspension of their productions, the Group made full provision of RMB223,043,440 for the full outstanding balances of inventory purchase prepayment made to those two suppliers under long-term polysilicon supply contracts during the year ended December 31, 2012.

 

As of December 31, 2011 and 2012, advances to suppliers with term of less than 1 year mainly represent payments for procurement of recoverable silicon materials, virgin polysilicon and solar cells and the Group has delivery plan with the respective suppliers to receive the materials in the next twelve months.

 

XML 98 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
PREPAYMENTS AND OTHER CURRENT ASSETS
12 Months Ended
Dec. 31, 2012
PREPAYMENTS AND OTHER CURRENT ASSETS [Abstract]  
PREPAYMENTS AND OTHER CURRENT ASSETS
9. PREPAYMENTS AND OTHER CURRENT ASSETS

 

Prepayments and other current assets consisted of the following:

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Value-added tax deductible     703,696,703       209,695,401  
Prepayment for share repurchase     31,924,842       25,963,848  
Employee advances     19,866,729       12,069,024  
Prepaid service fees     12,869,033       6,479,850  
Prepaid rent and others     12,628,829       2,800,420  
Advances recoverable from supplier     11,089,584       9,224,859  
Prepaid insurance premium     6,520,930       8,398,332  
Prepaid advertizing fee and sponsorship     4,916,317       361,635  
Prepayment for income tax     4,432,374       6,390,847  
Employee loans     2,521,000       1,591,650  
Deposits for customs duty, rental and open bidding for solar projects.     1,579,159       46,450,079  
Deferred charges     391,979       910,065  
Receivable from insurance company     -       81,388,706  
Others     1,472,802       1,606,077  
Total     813,910,281       413,330,793  

 

Value-added tax deductible represented the balance that the Group can utilize to deduct its value-added tax liability within the next 12 months.

 

As of December 31, 2011 and 2012, all of the employee advances were business related, interest-free, not collateralized and will be repaid or settled within one year from the respective balance sheet dates.

 

Receivable from insurance company represented the insurance compensation which the Group has claimed with the insurance company that insures the Group against customer credit default and the collection of receivable is reasonably assured.

 

XML 99 R64.htm IDEA: XBRL DOCUMENT v2.4.0.6
TAXATION (Narrative) (Details)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
Dec. 31, 2012
CHINA [Member]
CNY
Dec. 31, 2011
CHINA [Member]
Dec. 31, 2010
CHINA [Member]
Dec. 31, 2012
CHINA [Member]
Minimum [Member]
Dec. 31, 2012
HONG KONG [Member]
Dec. 31, 2012
SWITZERLAND [Member]
Dec. 31, 2012
UNITED STATES [Member]
Dec. 31, 2012
UNITED STATES [Member]
Minimum [Member]
Dec. 31, 2012
UNITED STATES [Member]
Maximum [Member]
Dec. 31, 2012
GERMANY [Member]
Dec. 31, 2012
FRANCE [Member]
Dec. 31, 2012
ITALY [Member]
Dec. 31, 2012
CANADA [Member]
Dec. 31, 2012
AUSTRALIA [Member]
Income Tax [Line Items]                                    
Federal corporate income tax rate (25.00%) (25.00%) 25.00% 25.00% 25.00%       16.50% 8.62%   15.00% 35.00% 33.00% 33.33% 31.40% 15.00% 30.00%
State/Province tax rate                     8.84%           11.00%  
Reduced statutory rate         12.50% 12.50% 12.50%                      
Dividend distribution witholding tax         10.00%     5.00%                    
Statutory reserves $ 28,738,103 179,041,258 178,984,364   450,780,918                          
Deferred tax liability reinvested earnings         45,078,092                          
XML 100 R85.htm IDEA: XBRL DOCUMENT v2.4.0.6
BORROWINGS (Long-term Future Principal Repayments) (Details) (CNY)
Dec. 31, 2012
Dec. 31, 2011
BORROWINGS [Abstract]    
2013 328,000,000  
2014 167,000,000  
Long-term Debt, Total 495,000,000 547,750,000
XML 101 R66.htm IDEA: XBRL DOCUMENT v2.4.0.6
TAXATION (Current and Deferred Income Taxes) (Details)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
TAXATION [Abstract]        
PRC   7,561,393 (76,792,019) (138,020,196)
Other countries   838,169 (71,536)   
Total current income tax expense/benefit   8,399,562 (76,863,555) (138,020,196)
Deferred PRC tax (expense)/benefit 83,159 518,086 (4,209,187) (8,110,198)
Income tax benefit/(expense) $ 1,431,381 8,917,648 (81,072,742) (146,130,394)
XML 102 R102.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES (Operating Lease and Capital Commitments) (Details) (CNY)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Operating lease commitments      
Lease expiration date Dec. 31, 2017    
Future minimum payments under non-cancelable operating leases:      
2013 9,997,574    
2014 7,956,089    
2015 2,674,185    
2016 1,809,349    
2017 1,637,673    
Years thereafter 1,388,202    
Total 25,463,072    
Rental expenses 8,588,661 5,493,427 4,455,490
Capital Additions [Member]
     
Capital commitments      
Commitments to purchase machineries 282,100,000    
XML 103 R63.htm IDEA: XBRL DOCUMENT v2.4.0.6
REVENUES (Revenue by Location) (Details)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2012
CHINA [Member]
CNY
Dec. 31, 2011
CHINA [Member]
CNY
Dec. 31, 2010
CHINA [Member]
CNY
Dec. 31, 2012
GERMANY [Member]
CNY
Dec. 31, 2011
GERMANY [Member]
CNY
Dec. 31, 2010
GERMANY [Member]
CNY
Dec. 31, 2012
ITALY [Member]
CNY
Dec. 31, 2011
ITALY [Member]
CNY
Dec. 31, 2010
ITALY [Member]
CNY
Dec. 31, 2012
SPAIN [Member]
CNY
Dec. 31, 2011
SPAIN [Member]
CNY
Dec. 31, 2010
SPAIN [Member]
CNY
Dec. 31, 2012
CYPRUS [Member]
CNY
Dec. 31, 2011
CYPRUS [Member]
CNY
Dec. 31, 2010
CYPRUS [Member]
CNY
Dec. 31, 2012
USA [Member]
CNY
Dec. 31, 2011
USA [Member]
CNY
Dec. 31, 2010
USA [Member]
CNY
Dec. 31, 2012
Rest Of The World [Member]
CNY
Dec. 31, 2011
Rest Of The World [Member]
CNY
Dec. 31, 2010
Rest Of The World [Member]
CNY
Segment Reporting, Revenue Reconciling Item [Line Items]                                                  
Sales Revenue Net $ 769,613,401 4,794,768,449 7,384,951,444 4,654,854,723 2,179,670,146 1,281,483,521 1,600,001,420 1,177,954,567 2,422,250,586 1,157,707,877 382,077,005 1,846,512,600 1,130,191,372 251,902,465 204,135,242 111,097,087 138,312,812 304,723,650    135,839,209 118,132,913 83,166,809 529,012,245 1,207,712,932 572,690,158
XML 104 R92.htm IDEA: XBRL DOCUMENT v2.4.0.6
REPURCHASE OF ORDINARY SHARES (Details)
12 Months Ended
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2012
American Depositary Shares [Member]
CNY
Dec. 31, 2011
American Depositary Shares [Member]
USD ($)
Dec. 31, 2011
American Depositary Shares [Member]
CNY
Dec. 31, 2012
Common Stock [Member]
Dec. 31, 2011
Common Stock [Member]
Dec. 31, 2011
Additional Paid In Capital [Member]
CNY
Equity, Class of Treasury Stock [Line Items]                
Stock repurchase program, shares of common stock approved for repurchase       $ 30,000,000        
Shares repurchased for full retirement     173,570 1,222,600 1,222,600 694,280 4,890,400  
Value of shares repurchased for full retirement     5,521,130   48,503,352     48,502,683
Repurchase of shares of the Company (in shares)     430,800 257,230 257,230 1,723,200 1,028,920  
Repurchase of shares of the Company 5,521,130 56,857,774 13,875,553   8,354,423      
XML 105 R34.htm IDEA: XBRL DOCUMENT v2.4.0.6
FAIR VALUE MEASUREMENTS
12 Months Ended
Dec. 31, 2012
FAIR VALUE MEASUREMENTS [Abstract]  
FAIR VALUE MEASUREMENTS
27. FAIR VALUE MEASUREMENTS

 

A hierarchy is established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. As such, fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. The hierarchy is broken down into three levels based on the reliability of inputs as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs other than the quoted price in active markets that are observable either directly or indirectly, or quoted prices in less active markets; and (Level 3) unobservable inputs with respect to which there is little or no market data, which require the Company to develop its own assumptions.

 

Derivative Liabilities

 

On a recurring basis, the Company measures the 2010 Performance Adjustment Derivative Liabilities (Note 20) at fair value. Since the 2010 Performance Adjustment Derivative Liabilities are not traded on an exchange, they are valued using a valuation model. Management is responsible for determining the fair value and considered a number of factors including valuations. The 2010 Performance Adjustment Derivative Liability was bifurcated at the fair value measured with the residual financing proceeds attributed to the Series B Redeemable Convertible Preferred Shares on issuance date.

 

Fair value change in forward contracts

 

The Company has entered into foreign exchange forward contracts with local banks to reduce the exposure of significant changes in exchange rates between Renminbi and foreign currencies. Authoritative guidance requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets based upon quoted market prices for comparable instruments. The Company's derivative instruments have not met the criteria for hedge accounting within authoritative guidance. Therefore, the foreign currency forward contracts have been recorded at fair value, with the gain or loss on these transactions recorded in the consolidated statements of operations within "Change in fair value of forward contracts" in the period in which they occur. The Company does not use derivative financial instruments for trading or speculative purposes. The Company held foreign exchange forward contracts with a total notional value of US$384.5 million, EUR21.1 million and AUD0.8 million as of December 31, 2012. These foreign exchange forward contracts mature between 1 to 12 months. The Company used a discounted cash-flow methodology to measure fair value, which requires inputs such as interest yield curves and foreign exchange rates. The significant inputs used in the aforementioned model can be corroborated with market observable data and therefore the fair value measurements are classified as level 2. Typically, any losses or gains on the forward exchange contracts are offset by re-measurement losses or gains on the underlying balances denominated in non-functional currencies. The Company's foreign currency exchange contract is an over-the-counter instrument.

 

Convertible Senior Notes and Capped Call Options

 

The Company has adopted valuation models to assess the fair value for capped call options and the Notes, as the capped call options are not publicly traded and the trading of the Notes is considered inactive. Management is responsible for determining these fair values and assessing a number of factors. Both capped call options and the Notes are valued using the Binominal Tree option pricing model. The valuation involves complex and subjective judgments as well as the Company's best estimates on the valuation date. The main inputs to this model include underlying share price, expected share volatility, expected dividend yield, risk free interest rate etc.

 

Recurring change in fair value

 

As of December 31, 2011 and 2012, information about inputs into the fair value measurements of the Company's assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:

 

    Fair Value Measurements at Reporting Date Using  
Description   Balance as of
December 31,
2011
    Quote Prices in
Active market for
Identical Assets
(Level 1)
    Significant
Other
Observable
Inputs (Level 2)
    Significant
Unobservable
Inputs (Level 3)
 
Assets:                                
Foreign exchange forward contracts     64,954,682       -       64,954,682       -  
Capped call options     16,408,445       -       -       16,408,445  
                                 
Liabilities:                                
Foreign exchange forward contracts     5,524,497       -       5,524,497       -  
Convertible senior notes     387,777,235       -       -       387,777,235  

 

 

    Fair Value Measurements at Reporting Date Using  
Description   Balance as of
December 31,
2012
    Quote Prices in
Active market for
Identical Assets
(Level 1)
    Significant
Other
Observable
Inputs (Level 2)
    Significant
Unobservable
Inputs (Level 3)
 
Assets:                                
Foreign exchange forward contracts     12,930,159       -       12,930,159       -  
Capped call options     16,131,208       -       -       16,131,208  
                                 
Liabilities:                                
Foreign exchange forward contracts     5,490,630       -       5,490,630       -  
Convertible senior notes     483,581,668       -       -       483,581,668  

 

The Group's foreign exchange forward contracts are not traded on an exchange, the Group values them using valuation models. The valuation of these contracts used interest rate yield curves and foreign exchange rates as the significant inputs in the valuation models. These inputs are observable in active markets over the terms of the instruments the Group holds.

 

Assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 valuation)

 

A summary of changes in Level 3 fair value of convertible senior notes for the year ended December 31, 2012 was as follows:

 

Balance at January 1, 2012     387,777,235  
Foreign exchange gain     (1,047,241 )
Change in fair value of convertible senior notes     96,851,674  
Balance at December 31, 2012     483,581,668  

 

A summary of changes in Level 3 fair value of Capped call options for the year ended December 31, 2012 was as follows:

 

Balance at January 1, 2012     16,408,445  
Foreign exchange gain     31,815  
Change in fair value of capped call options     (309,052 )
Balance at December 31, 2012     16,131,208  

 

A summary of the assumptions used in the valuation of convertible senior notes and Capped call options was as follows:

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Fair value of ADS     US$ 5.00       US$ 6.21  
Strike Price     US$ 33.75       US$ 33.75  
Risk Free Interest Rate     0.72 %     0.47 %
Dividend Yield     0 %     0 %
Standard Volatility     112.22 %     87.56 %

 

Change in fair value of derivatives

 

The Change in fair value of derivatives recognized in earnings was as follows:

 

    For the year ended December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
Foreign exchange forward contracts     98,039,341       36,604,889       (9,043,079 )
Embedded derivatives     54,938       -       -  
Convertible senior notes     -       398,030,217       (96,851,674 )
Capped call options     -       (98,282,510 )     (309,052 )
Total     98,094,279       336,352,596       (106,203,805 )

 

Non-recurring change in fair value

 

As of December 31, 2011

 

      Fair Value Measurements at Reporting Date Using    
Description     Balance as of
December 31,
2011
      Quote Prices in
Active market for
Identical Assets
(Level 1)
      Significant
Other
Observable
Inputs (Level 2)
      Significant
Unobservable
Inputs (Level 3)
      Total
(losses)
 
Goodwill     -       -       -       -       RMB45,645,832  

 

The goodwill relating to the acquisition of Zhejiang Jinko has been fully impaired of RMB45,645,832 (Note 3).

 

As of December 31, 2012

 

      Fair Value Measurements at Reporting Date Using    
Description     Balance as of
December 31,
2012
      Quote Prices in
Active market for
Identical Assets
(Level 1)
      Significant
Other
Observable
Inputs (Level 2)
      Significant
Unobservable
Inputs (Level 3)
      Total
(losses)
 
Long-lived assets     RMB4,232,012,975                       RMB4,232,012,975       RMB65,476,299  

 

The long-lived assets represent property, plant and equipment for production of cell production line that had become obsolete (Note 10).

 

In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of FASB Codification Subtopic 360-10, long-lived assets held and used with a carrying amount of RMB65,476,299 were written down to their fair value of RMB 0, resulting in an impairment charge of RMB65,476,299, which was calculated based on Level 3 Inputs and included in earnings for the period.

 

XML 106 R51.htm IDEA: XBRL DOCUMENT v2.4.0.6
BORROWINGS (Tables)
12 Months Ended
Dec. 31, 2012
BORROWINGS [Abstract]  
Schedule of Short-term Borrowings
    As of December 31,  
    2011     2012  
    RMB     RMB  
Short-term bank borrowings     1,808,032,066       1,917,630,796  
Long-term bank borrowings-current portion (Note 17 (b))     392,000,000       328,000,000  
Total short-term borrowings     2,200,032,066       2,245,630,796  

 

Schedule of Long-term Borrowings

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Long-term bank borrowings     547,750,000       495,000,000  
Less: Current portion     (392,000,000 )     (328,000,000 )
Deferred financing cost (Note 26(d))     (250,000 )     -  
Total long-term borrowings     155,500,000       167,000,000  

 

Schedule of Future Principal Repayments on Long-term Debt

Future principal repayments on the long-term borrowings are as follows:

 

Year ending December 31,   RMB  
2013     328,000,000  
2014     167,000,000  
Total     495,000,000  

 

XML 107 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
OTHER ASSETS
12 Months Ended
Dec. 31, 2012
OTHER ASSETS [Abstract]  
OTHER ASSETS
14. OTHER ASSETS

 

Other assets consisted of the following:

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Prepayments for purchase of property, plant and equipment     92,723,986       36,411,466  
Prepayments for land use right     4,245,240       -  
Prepayment for warranty insurance premium     26,565,738       44,228,323  
Prepaid service fee-non-current portion     4,911,937       1,114,886  
Others     941,025       454,998  
Total     129,387,926       82,209,673  

 

XML 108 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
EMPLOYEE BENEFITS
12 Months Ended
Dec. 31, 2012
EMPLOYEE BENEFITS [Abstract]  
EMPLOYEE BENEFITS
  19. EMPLOYEE BENEFITS

 

The full-time employees of the Company's subsidiaries incorporated in the PRC are entitled to staff welfare benefits, including medical care, welfare subsidies, unemployment insurance and pension benefits and housing funds. These companies are required to pay for these benefits based upon certain percentages of employees' salaries in accordance with the relevant regulations, and to make contributions to the state-sponsored housing, pension and medical plans from the amounts accrued for housing, medical and pension benefits. The total amounts charged to the consolidated statements of operations for such employee benefits were RMB40,122,159, RMB72,700,241 and RMB37,134,122 for the years ended December 31, 2010, 2011 and 2012, respectively. The unpaid balances of liability accrued for such employee welfare benefits were RMB118,271,256 and RMB154,819,927 as of December 31, 2011 and 2012, respectively. The unpaid balance of penalty accrued for employee welfare benefits were RMB1,773,995 and RMB12,063,712 as of December 31, 2011 and 2012, respectively.

 

The PRC government is responsible for the medical benefits and ultimate pension liability to these employees.

 

XML 109 R95.htm IDEA: XBRL DOCUMENT v2.4.0.6
SHARE BASED COMPENSATION (Summary of Non-vested Shares) (Details) (CNY)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Number of option outstanding      
Nonvested at January 1, 2012 6,988,848    
Granted 160,000    
Vested (1,877,440)    
Forfeited (589,560)    
Nonvested at December 31, 2012 4,681,848 6,988,848  
Expected to vest as of December 31, 2012 3,735,216    
Weighted-Average Fair Value in Grant Date      
Nonvested at January 1, 2012 7.59    
Granted 5.60    
Vested 8.29    
Forfeited 5.00    
Nonvested at December 31, 2012 7.56 7.59  
Expected to vest as of December 31, 2012 7.64    
Fair value of shares vested 8,928,354 17,489,306 23,534,284
XML 110 R49.htm IDEA: XBRL DOCUMENT v2.4.0.6
OTHER ASSETS (Tables)
12 Months Ended
Dec. 31, 2012
OTHER ASSETS [Abstract]  
Schedule of Other Assets

Other assets consisted of the following:

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Prepayments for purchase of property, plant and equipment     92,723,986       36,411,466  
Prepayments for land use right     4,245,240       -  
Prepayment for warranty insurance premium     26,565,738       44,228,323  
Prepaid service fee-non-current portion     4,911,937       1,114,886  
Others     941,025       454,998  
Total     129,387,926       82,209,673  

 

XML 111 R105.htm IDEA: XBRL DOCUMENT v2.4.0.6
FAIR VALUE MEASUREMENTS (Assets and Liabilities on a Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], CNY)
Dec. 31, 2012
Dec. 31, 2011
Liabilities:    
Convertible senior notes 483,581,668 387,777,135
Foreign Exchange Forward Contract [Member]
   
Assets:    
Derivatives 12,930,159 64,954,982
Liabilities:    
Derivatives 5,490,630 5,524,497
Capped Call Option [Member]
   
Assets:    
Derivatives 16,131,208 16,408,445
Quote Prices in Active market for Identical Assets (Level 1) [Member] | Foreign Exchange Forward Contract [Member]
   
Assets:    
Derivatives      
Liabilities:    
Derivatives      
Quote Prices in Active market for Identical Assets (Level 1) [Member] | Capped Call Option [Member]
   
Assets:    
Derivatives      
Significance Other Observable Inputs (Level 2) [Member] | Foreign Exchange Forward Contract [Member]
   
Assets:    
Derivatives 12,930,159 64,954,682
Liabilities:    
Derivatives 5,490,630 5,524,497
Significance Other Observable Inputs (Level 2) [Member] | Capped Call Option [Member]
   
Assets:    
Derivatives      
Significant Unobservable Inputs (Level 3) [Member] | Foreign Exchange Forward Contract [Member]
   
Assets:    
Derivatives      
Liabilities:    
Derivatives      
Significant Unobservable Inputs (Level 3) [Member] | Capped Call Option [Member]
   
Assets:    
Derivatives 16,131,208 16,408,445
XML 112 R41.htm IDEA: XBRL DOCUMENT v2.4.0.6
TAXATION (Tables)
12 Months Ended
Dec. 31, 2012
TAXATION [Abstract]  
Schedule of Profit (Loss) Before Taxes

Income/(loss) before income taxes for the years ended December 31, 2010, 2011 and 2012 were taxed within the following jurisdictions:

 

    For the year ended December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
Cayman Islands     (2,187,039 )     246,885,595       (136,614,196 )
PRC     1,032,571,112       127,032,230       (1,191,217,775 )
Other countries     (2,380,452 )     (19,519,201 )     (224,901,695 )
Income/(Loss) before income taxes     1,028,003,621       354,398,624       (1,552,733,666 )

 

Schedule of Deferred Tax Asset/Liability

The current and deferred positions of income tax expense included in the consolidated statement of operations for the years ended December 31, 2010, 2011 and 2012 are as follows:

 

    For the year ended December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
Current income tax (expense)/benefit                        
PRC     (138,020,196 )     (76,792,019 )     7,561,393  
Other countries     -       (71,536 )     838,169  
Total current income tax expense/benefit     (138,020,196 )     (76,863,555 )     8,399,562  
Deferred PRC tax (expense)/benefit     (8,110,198 )     (4,209,187 )     518,086  
Income tax benefit/(expense)     (146,130,394 )     (81,072,742 )     8,917,648  

 

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation between the statutory CIT rate and the Company's effective tax rate is as follows:

 

    Year Ended December 31,  
    2010     2011     2012  
    %     %     %  
Statutory CIT rate     25       25       (25 )
Effect of permanent differences:                        
-Share-based compensation expenses     0.6       0.7       0.3  
-Change in fair value of convertible senior notes and capped call options     -       (21.1 )     1.6  
-Goodwill impairment     -       3.2       -  
-Accrued payroll and welfare expenses     0.9       4.4       0.8  
-Change of enact tax rate     -       -       (7.5 )
-Effect of prior year tax difference (1)     -       -       (0.6 )
-Other non-deductible expenses     -       5.6       0.8  
Difference in tax rate of a subsidiary outside the PRC     0.0       (0.9 )     0.9  
Effect of tax holiday for subsidiaries     (12.9 )     (13.2 )     6.9  
Change in valuation allowance     0.6       19.1       21.2  
Effective CIT rate     14.2       22.8       (0.6 )

 

(1) The Company recorded an out-of-period adjustment of RMB12,146,071 resulting from income tax filing difference for two PRC entities, which should have been recorded in the year ended December 31, 2011. The originating amount in 2011 was not material to the 2011 consolidated financial statements, nor was the out of period adjustment recorded in 2012 material to the 2012 consolidated financial statements.

 

Schedule of Aggregate Amount and per Share Effect of Reduction of Tax

 

    For the year ended December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
The aggregate amount of effect     132,120,599       46,723,125       -  
Per share effect-basic     1.76       0.50       -  
Per share effect-diluted     1.64       0.46       -  

 

Schedule Of Components Of Deferred Tax Assets Current

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Net operating losses     -       -  
Provision for inventories, accounts receivable, other receivable     57,690,574       170,795,477  
Change in fair value of forward contracts     (14,042,284 )     (1,749,190 )
Accrued warranty costs     1,688,813       4,952,344  
Accrued interest     -       6,529,370  
Other temporary differences     599,211       (5,153,313 )
Total deferred tax assets     45,936,314       175,374,688  
Less: Valuation allowance     (45,936,314 )     (175,374,688 )
Net deferred tax assets-current     -       -  

 

Schedule of Components of Deferred Tax Assets Noncurrent

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
             
Net operating losses     13,970,679       91,384,912  
Accrued warranty costs     12,485,470       25,690,397  
Increase in fair value of property, plant and equipment and land use rights arising from business combination     (2,920,881 )     (3,532,006 )
Impairment of property, plant and equipment     598,075       10,744,006  
Provision for advance to suppliers to be utilized beyond one year     -       56,931,594  
Provision of prepayment for purchase of property, plant and equipment     -       11,048,442  
Pre-operating expenses of a subsidiary that are deductible in future periods     50,487       -  
Assets related government grant     3,131,413       6,726,539  
Timing difference for revenue recognition of retainage contract     -       (28,557,111 )
Other temporary differences     715,514       (65,135 )
Total deferred tax assets     28,030,757       227,485,860  
Less: Valuation allowance     (28,030,757 )     (227,485,860 )
Deferred tax assets-non-current, net     -       -  

 

Summary of Valuation Allowance on Deferred Assets

 

    As of December 31,  
    2010     2011     2012  
    RMB     RMB     RMB  
At beginning of year     (1,994,833 )     (6,308,714 )     (73,967,071 )
Current year additions     (4,517,852 )     (69,445,609 )     (329,813,147 )
Reversal of valuation allowances     203,971       1,787,252       919,670  
At end of year     (6,308,714 )     (73,967,071 )     (402,860,548 )

 

XML 113 R107.htm IDEA: XBRL DOCUMENT v2.4.0.6
FAIR VALUE MEASUREMENTS (Assumptions Used in the Valuation of Assets and Liabilities Measured Using Unobservable Inputs) (Details) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Assumptions used in the valuation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 valuation):    
Fair value of ADS, per share $ 1.55  
Convertible Senior Notes [Member] | Capped Call Options [Member]
   
Assumptions used in the valuation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 valuation):    
Fair value of ADS, per share $ 6.21 $ 5.00
Strike Price $ 33.75 $ 33.75
Risk Free Interest Rate 0.47% 0.72%
Dividend Yield 0.00% 0.00%
Standard Volatility 87.56% 112.22%
XML 114 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Dec. 31, 2012
Dec. 31, 2011
CONSOLIDATED BALANCE SHEETS [Abstract]    
Ordinary shares, par value $ 0.00002 $ 0.00002
Ordinary shares, shares authorized 500,000,000 500,000,000
Ordinary shares, shares issued 88,758,778 89,435,058
Ordinary shares, shares outstanding 88,758,778 89,435,058
Treasury stock at cost, shares 1,723,200 1,028,920
XML 115 R88.htm IDEA: XBRL DOCUMENT v2.4.0.6
EARNINGS/(LOSS) PER SHARE (Details)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
Dec. 31, 2012
Preferred Stock [Member]
CNY
Dec. 31, 2011
Preferred Stock [Member]
CNY
Dec. 31, 2010
Preferred Stock [Member]
CNY
Dec. 31, 2012
Convertible Senior Notes [Member]
CNY
Dec. 31, 2011
Convertible Senior Notes [Member]
CNY
Dec. 31, 2010
Convertible Senior Notes [Member]
CNY
Dec. 31, 2012
Exchange Gain On Convertible Senior Notes [Member]
CNY
Dec. 31, 2011
Exchange Gain On Convertible Senior Notes [Member]
CNY
Dec. 31, 2010
Exchange Gain On Convertible Senior Notes [Member]
CNY
Dec. 31, 2012
Change In Fair Value Of Convertible Senior Notes [Member]
CNY
Dec. 31, 2011
Change In Fair Value Of Convertible Senior Notes [Member]
CNY
Dec. 31, 2010
Change In Fair Value Of Convertible Senior Notes [Member]
CNY
Dec. 31, 2012
Stock Options [Member]
Dec. 31, 2011
Stock Options [Member]
Dec. 31, 2010
Stock Options [Member]
Dec. 31, 2012
Series A Redeemable Convertible Preferred Shares [Member]
USD ($)
Dec. 31, 2012
Series A Redeemable Convertible Preferred Shares [Member]
CNY
Dec. 31, 2011
Series A Redeemable Convertible Preferred Shares [Member]
CNY
Dec. 31, 2010
Series A Redeemable Convertible Preferred Shares [Member]
CNY
Dec. 31, 2012
Series B Redeemable Convertible Preferred Shares [Member]
USD ($)
Dec. 31, 2012
Series B Redeemable Convertible Preferred Shares [Member]
CNY
Dec. 31, 2011
Series B Redeemable Convertible Preferred Shares [Member]
CNY
Dec. 31, 2010
Series B Redeemable Convertible Preferred Shares [Member]
CNY
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                                                      
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd. $ (247,575,813) (1,542,422,068) 273,342,819 881,873,227                                              
Redeemable Convertible Preferred Shares accretion                                                (13,433,242)          (17,479,734)
Allocation to preferred shareholders          (15,156,606)                                              
Net income / (loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders-Basic (247,575,813) (1,542,422,068) 273,342,819 835,803,645                                              
Dilutive effect               46,069,582    19,855,810       (21,567,522)       (398,030,217)                         
Net income / (loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders-Diluted   (1,542,422,068) (126,399,110) 881,873,227                                              
Denominator for basic calculation-weighted average number of ordinary shares outstanding 88,752,706 88,752,706 93,966,535 74,896,543                                              
Dilutive effect               4,719,884    7,352,536                   1,367,900 1,131,653                
Denominator for diluted calculation-weighted average number of ordinary shares outstanding 88,752,706 88,752,706 102,686,971 80,748,080                                              
Basic earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders $ (2.79) (17.38) 2.91 11.16                                              
Diluted earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders $ (2.79) (17.38) (1.23) 10.92                                              
XML 116 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
GOODWILL
12 Months Ended
Dec. 31, 2012
GOODWILL [Abstract]  
GOODWILL
3. GOODWILL

 

In June 2009, the Company acquired 100% equity interest in Zhejiang Jinko for a total consideration of approximately RMB100 million. The acquisition was consummated on June 30, 2009. Consequently, the Company consolidated the financial statements of Zhejiang Jinko starting from June 30, 2009. Zhejiang Jinko was established in August 2006 and is a manufacturer of solar cells. This acquisition allows the Company to expand its business to manufacturing of solar cells.

 

As of December 31, 2010, the RMB45,645,832 in goodwill related to our reporting unit represented goodwill allocated from the acquisitions of Zhejiang Jinko in 2009. The allocation of all the goodwill from the acquisition to our reporting unit represented the expected synergies, economies of scale and vertical integration our business would realize from using our solar modules in the project pipelines obtained from the acquisition. Once goodwill has been assigned to a reporting unit, for accounting purposes, the goodwill is no longer directly associated with the underlying acquisitions that the goodwill originated from, but rather the reporting unit to which it has been allocated. The Group is considered as one single reporting unit.

 

The Company commenced its annual goodwill impairment test in October 2011. However, considering qualitative factors including the continuing reduction in our market capitalization for the quarters ended September 30, 2011 and December 31, 2011 and the fiscal 2012 solar industry outlook, we concluded that a two-step goodwill impairment test was required for our reporting unit.

 

In estimating the fair value of the reporting unit in the first step of the impairment test, significant management judgment was required. In using the income approach methodology of valuation, estimates to determine the fair value of the reporting unit included management judgment related to forecasts of future operating results, discount rates, and expected future growth rates that are used in the discounted cash flow method of valuation. In using the market approach methodology of valuation, management made judgments related to the selection of comparable businesses. The sum of the fair value of the reporting unit is also compared to the Company's external market capitalization in order for management to assess the appropriateness of such estimates. The underlying assumptions used in the first step of the impairment test considered the market capitalization as of December 31, 2011 and the current industry environment and its expected impact on the fair value of the reporting unit. The Company determined that the fair value of the reporting unit was less than the carrying value, which required us to perform the second step of the impairment test for the components reporting unit.

 

Management performed the second step of the impairment test to determine the implied fair value of goodwill for the reporting unit, which requires management to allocate the fair value of the reporting unit determined in step one to all of the assets and liabilities including any unrecognized intangible assets of the components reporting unit. Management determined the implied fair value of goodwill in the reporting unit to be zero. As a result, we impaired all of the goodwill in the reporting unit and recorded RMB45,645,832 of impairment expense, which also represents the accumulated goodwill impairment losses.

 

XML 117 R58.htm IDEA: XBRL DOCUMENT v2.4.0.6
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY (Tables)
12 Months Ended
Dec. 31, 2012
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY [Abstract]  
Condensed Balance Sheets

Condensed balance sheets:

 

    December 31, 2011     December 31, 2012     December 31, 2012  
    RMB     RMB     USD  
                (Note 2 (aj))  
ASSETS                  
Current assets:                        
Cash and cash equivalents     17,279,974       2,260,713       362,869  
Due from subsidiaries     583,271,399       545,695,322       87,590,139  
Other current assets     33,681,614       27,551,909       4,422,386  
Total current assets     634,232,987       575,507,944       92,375,394  
Investments in subsidiaries     2,703,338,634       1,325,667,558       212,784,315  
Capped call option     16,408,445       16,131,208       2,589,237  
Total assets     3,353,980,066       1,917,306,710       307,748,946  
                         
LIABILITIES                        
Current liabilities:                        
Due to subsidiaries     65,331,777       61,197,969       9,822,952  
Other current liabilities     5,680,539       7,404,779       1,188,549  
Total current liabilities     71,012,316       68,602,748       11,011,501  
Convertible senior notes     387,777,235       483,581,668       77,620,210  
Total liabilities     458,789,551       552,184,416       88,631,711  
Shareholders' Equity                        
Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 89,435,058 and 88,758,778 shares issued and outstanding as of December 31, 2011and 2012, respectively)     13,200       13,202       2,119  
Additional paid-in capital     1,507,224,827       1,524,728,796       244,735,846  
Treasury stock, at cost; 1,028,920 and 1,723,200 shares of ordinary shares as of December 31, 2011 and 2012, respectively     (8,354,423 )     (13,875,553 )     (2,227,180 )
Retained earnings/(accumulated losses)     1,396,441,522       145,980,546       23,431,494  
Accumulated other comprehensive loss     (134,611 )     236,395       37,944  
Total Shareholders' Equity     2,895,190,515       1,365,122,294       219,117,235  
                         
Total liabilities and shareholders' equity     3,353,980,066       1,917,306,710       307,748,946  

 

Condensed Statements of Operations

Condensed statements of operations:

 

    Year ended December 31,  
    2010     2011     2012     2012  
    RMB     RMB     RMB     USD  
                      (Note 2 (aj))  
Net revenues     -       -       -       -  
Cost of revenues     -       -       -       -  
                                 
Gross profit     -       -       -       -  
                                 
Total operating expenses     (5,867,589 )     (7,319,613 )     (8,459,461 )     (1,357,838 )
                                 
Loss from operations     (5,867,589 )     (7,319,613 )     (8,459,461 )     (1, 357,838 )
Convertible senior notes issuance costs     -       (24,463,052 )     -       -  
Share of income /(loss) from subsidiaries and affiliates     884,060,266       26,457,224       (1,405,807,872 )     (225,647,722 )
Interest income/(expense), net     1,342       (19,844,874 )     (31,043,624 )     (4,982,847 )
Exchange gain/(loss)     291,950       (1,204,936 )     49,615       7,964  
Other expense     3,332,320       (29,637 )     -       -  
Change in fair value of embedded derivative     54,938       -       -       -  
Change in fair value of convertible senior notes and capped call option     -       299,747,707       (97,160,726 )     (15,595,372 )
Income before income tax expenses     881,873,227       273,342,819       (1,542,422,068 )     (247,575,815 )
Income tax expenses     -       -       -       -  
Net income for the year     881,873,227       273,342,819       (1,542,422,068 )     (247,575,815 )
Series A Redeemable Convertible Preferred Shares accretion     (13,433,242 )     -       -       -  
Series B Redeemable Convertible Preferred Shares accretion     (17,479,734 )     -       -       -  
Allocation to preferred shareholders     (15,156,606 )     -       -       -  
                                 
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders     835,803,645       273,342,819       (1,542,422,068 )     (247,575,815 )

 

Condensed Statements of Cash Flows

Condensed statements of cash flows:

 

    For the years ended  
    2010     2011     2012     2012  
    RMB     RMB     RMB     USD  
                      (Note 2 (al))  
Cash flows from operating activities:                                
Net income     881,873,227       273,342,819       (1,542,422,068 )     (247,575,815 )
Adjustments to reconcile net income to net cash provided by (used in) operating activities:                                
Change in fair value of embedded derivatives     (54,938 )     -       -       -  
Change in fair value of convertible senior notes     -       (398,030,217 )     96,851,674       15,545,766  
Change in fair value of capped call option     -       98,282,510       309,052       49,606  
Share of (income)/loss from subsidiaries     (884,060,266 )     (26,457,224 )     1,405,807,872       225,647,722  
Exchange (gain)/loss     (291,950 )     1,204,936       (49,615 )     (7,964 )
Changes in operating assets and liabilities:                                
(Increase)/decrease in due from subsidiaries     (1,662,280 )     (571,729,995 )     27,696,952       4,445,668  
Decrease/(increase) in other current assets     2,795,634       2,567,600       769,436       123,503  
Increase in due to a subsidiary     16,417,507       44,435,210       (4,133,808 )     (663,522 )
(Decrease)/increase in other current liabilities     (886,756 )     (19,959,953 )     647,916       104,000  
Net cash from/(used in) operating activities     14,130,178       (596,344,314 )     (14,522,589 )     (2,331,036 )
                                 
Cash flows from investing activities:                                
Investments in subsidiaries     (821,266,865 )     -       (543,555 )     (87,247 )
Net cash used in investing activities     (821,266,865 )     -       (543,555 )     (87,247 )
                                 
Cash flows from financing activities:                                
Proceeds from issuance of ordinary shares     814,286,284       -       -       -  
Proceeds from exercise of share options     2,076,090       3,759,081       -       -  
Proceeds from issuance of convertible senior notes     -       812,525,000       -       -  
Repurchase of convertible senior notes     -       (5,222,773 )     -       -  
Cash paid for capped call option     -       (117,003,600 )     -       -  
Prepayment for share repurchase     -       (31,924,842 )     -       -  
Repurchase of common stock     -       (56,857,774 )     -       -  
Net cash provided by financing activities     816,362,374       605,275,092       -       -  
Effect of foreign exchange rate changes on cash     (141,556 )     (734,935 )     46,883       7,525  
Net increase in cash     9,084,131       8,195,843       (15,019,261 )     (2,410,758 )
Cash and cash equivalents, beginning of year     -       9,084,131       17,279,974       2,773,627  
Cash and cash equivalents, end of year     9,084,131       17,279,974       2,260,713       362,869  
                                 
Supplemental disclosure of non-cash investing and financing cash flow information                                
Shares repurchase utilized prepayment made in prior year     -       -       5,521,130       886,202  
Proceeds from exercise of share options received in subsequent year     -       -       160,861       25,820  

 

XML 118 R82.htm IDEA: XBRL DOCUMENT v2.4.0.6
BONDS PAYABLE AND ACCRUED INTEREST (Details) (Short Term Bonds [Member], CNY)
Apr. 24, 2012
Jul. 11, 2011
Mar. 24, 2011
Jan. 14, 2011
Short Term Bonds [Member]
       
Bonds Payable And Accrued Interest [Line Items]        
Debt, face amount 300,000,000 400,000,000 300,000,000 300,000,000
Stated interest rate 6.30% 6.50% 5.60% 5.28%
XML 119 R106.htm IDEA: XBRL DOCUMENT v2.4.0.6
FAIR VALUE MEASUREMENTS (Assets and Liabilities Measured Using Unobservable Inputs) (Details) (CNY)
12 Months Ended
Dec. 31, 2012
Capped Call Options [Member]
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Balance 16,408,445
Foreign exchange gain 31,815
Change in fair value of capped call options (309,052)
Balance 16,131,208
Convertible Senior Notes [Member]
 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Balance 387,777,235
Foreign exchange gain (1,047,241)
Change in fair value of convertible senior notes 96,851,674
Balance 483,581,668
XML 120 R69.htm IDEA: XBRL DOCUMENT v2.4.0.6
TAXATION (Deferred Tax Assets) (Details) (CNY)
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Deferred Tax Asset [Line Items]        
Less: Valuation allowance (402,860,548) (73,967,071) (6,308,714) (1,994,833)
Deferred Tax Asset Current [Member]
       
Deferred Tax Asset [Line Items]        
Net operating losses          
Provision for inventories, accounts receivable and other receivable 170,795,477 57,690,574    
Change in fair value of forward contracts (1,749,190) (14,042,284)    
Accrued warranty costs 4,952,344 1,688,813    
Accrued interest 6,529,370       
Other temporary differences (5,153,313) 599,211    
Total deferred tax assets 175,374,688 45,936,314    
Less: Valuation allowance 175,374,688 45,936,314    
Net deferred tax assets - current          
Deferred Tax Asset Noncurrent [Member]
       
Deferred Tax Asset [Line Items]        
Net operating losses 91,384,912 13,970,679    
Accrued warranty costs 25,690,397 12,485,470    
Increase in fair value of property, plant and equipment and land use rights arising from business combination (3,532,006) (2,920,881)    
Impairment of property, plant and equipment 10,744,006 598,075    
Provision of prepayment for purchase of property, plant and equipment 11,048,442       
Pre-operating expenses of a subsidiary that are deductible in future periods    50,487    
Provision for advance to suppliers to be utilized beyond one year 56,931,594       
Assets related government grant 6,726,539 3,131,413    
Timing difference for revenue recognition of retainage contract (28,557,111)       
Other temporary differences (65,135) 715,514    
Total deferred tax assets 227,485,860 28,030,757    
Less: Valuation allowance 227,485,860 28,030,757    
Deferred tax assets-non-current, net          
XML 121 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
REDEEMABLE CONVERTIBLE PREFERRED SHARES
12 Months Ended
Dec. 31, 2012
REDEEMABLE CONVERTIBLE PREFERRED SHARES [Abstract]  
REDEEMABLE CONVERTIBLE PREFERRED SHARES
  20. REDEEMABLE CONVERTIBLE PREFERRED SHARES

 

On May 30, 2008, Paker issued 107,503 shares (5,375,150 shares post 2009 Share Split) of Series A Redeemable Convertible Preferred Shares at US$223.25 per share, for a total consideration of US$24,000,000. On September 18, 2008, Paker issued 148,829 shares (7,441,450 shares post 2009 Share Split) of Series B Redeemable Convertible Preferred Shares at US$236.51 per share, for a total consideration of US$35,200,000.

 

On December 16, 2008, all the then existing shareholders of Paker exchanged their respective classes of shares of Paker, including the Series A Redeemable Convertible Preferred Shares and Series B Redeemable Convertible Preferred Shares ("the Preferred Shares"), for equivalent classes of shares of the Company.

 

The par value of the Company's Preferred Shares was US$0.001 per share (US$0.00002 per share post 2009 Share Split). The rights, preferences and privileges of the Preferred Shares were as follows:

 

Conversion

 

The Preferred Shares were convertible into ordinary shares at any time at the option of the preferred shareholders. Automatic conversion would occur based upon the then effective conversion price immediately upon the closing of a Qualified Initial Public Offering ("QIPO") or at the election of the holders of at least 67% of the then outstanding Preferred Shares. Prior to the amendment referred to below, the QIPO was defined as a public offering on Nasdaq or other internationally recognized stock exchange with gross proceeds to the Company of not less than US$150,000,000 and total market capitalization, as a result of the offering, of not less than US$750,000,000. On September 15, 2009, an amendment was executed which changed the definition of a QIPO. Under the amendment, "QIPO meant a fully underwritten initial public offering of the Company's shares or ADSs with a listing on the NYSE;

 

The conversion price of the Preferred Shares was equal the original issue price of the Preferred Shares. Pursuant to the share purchase agreements and agreements between the holders of the Preferred Shares and the Shareholders, the conversion price was subject to adjustments based on the Company's 2008 adjusted net earnings ("2008 Performance") as set out below:

 

Series A Redeemable Convertible Preferred Shares

 

If the Company's 2008 Performance was less than RMB225 million but greater than RMB175 million, or greater than RMB275 million but not greater than RMB325 million, the conversion price of the Series A Redeemable Convertible Preferred Shares should have been adjusted based on a defined formula.

 

However, if all of the Series A Redeemable Convertible Preferred Shares have been converted into the Company's ordinary shares at the time when the Company's 2008 Performance becomes known, the Shareholders and the holders of the Series A Redeemable Convertible Preferred Shares should have transferred ordinary shares amongst them, so that as the result of such transfer, the percentages of the total ordinary shares held by the holders of Series A Redeemable Convertible Preferred Shares equal the percentages of ordinary shares that the Series A Redeemable Convertible Preferred Shares would have converted into, after taking into effect such adjustment to the conversion price.

 

The Company's 2008 Performance was within the range of RMB225 million and RMB275 million. Therefore, no adjustment was made to the conversion price of Series A Redeemable Convertible Preferred Shares as of December 31, 2008.

 

Series B Redeemable Convertible Preferred Shares

 

If the Company's 2008 Performance was less than RMB250 million but greater than RMB200 million or greater than RMB250 million but not greater than RMB300 million, the conversion price of the Series B Redeemable Convertible Preferred Shares should have been adjusted based on a defined formula. The adjustment formula took into consideration factors such as the amount of the investment made by the holders of the Series B Redeemable Convertible Preferred Shares, the amount of the investment made by the holders of the Series A Redeemable Convertible Preferred Shares and the Company's 2008 Performance. The formula was designed to adjust the number of conversion shares held by the holders of the Series B Redeemable Convertible Preferred Shares, if converted so that the percentage of the shares held by the holders of the Series B Redeemable Convertible Preferred Shares in the Company's issued and outstanding share capital equaled the ratio of (i) the amount of investment made by them in the Company to (ii) the value of the Company calculated based on the 2008 Performance.

 

However, if all of the Series B Redeemable Convertible Preferred Shares have been converted into the Company's ordinary shares at the time when the Company's 2008 Performance becomes known, the Shareholders and the holders of the Series B Redeemable Convertible Preferred Shares should have transferred ordinary shares amongst them, so that as a result of such transfer, the percentages of the total ordinary shares held by the holders of Series B Redeemable Convertible Preferred Shares equal the percentages of ordinary shares that the Series B Redeemable Convertible Preferred Shares would have converted into, after taking into effect such performance adjustment to the conversion price. The Company's 2008 performance was below RMB250 million, hence the conversion ratio of the Series B Redeemable Convertible Preferred Shares was adjusted from 1 for 1 to 1 to approximately 1.0054 based on the Company's 2008 Performance. Such adjustment did not result in a beneficial conversion feature.

 

If the value of each ordinary share issuable upon the automatic conversion of the Series B Redeemable Convertible Preferred Shares in connection with a QIPO was less than the defined target IPO price per share, then the Shareholders would be required to transfer to the holders of Series B Redeemable Convertible Preferred Shares in connection with the auto conversion of their shares a number of ordinary shares the value of which, at the QIPO price per share, when added to the value of the ordinary shares issuable upon such conversion of the Series B redeemable convertible preferred shares in connection with the QIPO, would equal the product of (i) the number of outstanding Series B redeemable convertible preferred shares prior to the QIPO, multiplied by (ii) 1.5 times the adjusted original issue price per share of the Series B Redeemable Convertible Preferred Shares.

 

If the QIPO had not been completed by April 30, 2010 and the Company's 2009 adjusted net earnings was less than RMB450 million (the "2009 Performance Target"), then the Shareholders should have transferred to the holders of Series B Redeemable Convertible Preferred Shares certain number of ordinary shares calculated based on a defined formula (the "2009 Performance Adjustment"), regardless of whether the Series B Redeemable Convertible Preferred Shares are converted. The share transfer formula takes into consideration such factors as the amount of the investment by the holders of the Series B Redeemable Convertible Preferred Shares, the amount of the investment by the holders of the Series A Redeemable Convertible Preferred Shares and the Company's 2008 and 2009 Performance. The formula requires the transfer of ordinary shares by the Shareholders to the holders of the Series B Redeemable Convertible Preferred Shares so that the percentage of the total number of shares transferred to and held by the holders of the Series B Redeemable Convertible Preferred Shares as compared to the Company's issued and outstanding share capital will equal the ratio of (i) the amount of investment by them in the Company to (ii) the value of the Company calculated based on the difference between the 2009 Performance Target and the actual 2009 Performance. The Company determined that this embedded share transfer feature in the Series B meets the definition of a derivative and accordingly has been bifurcated from the host contract, the Series B Redeemable Convertible Preferred Shares, and accounted for as a derivative (the "2009 Performance Adjustment Derivative Liability") from September 2008, the issue date of the Series B Redeemable Convertible Preferred Shares.

 

On June 22, 2009, the holders of Series B Redeemable Convertible Preferred Shares and the Shareholders agreed to lower the Company's 2009 Performance Target in assessing the transfer of ordinary shares under the 2009 Performance Adjustment feature. The effect of this change on the value of the derivative liability was a reduction in value of RMB65.2 million. In addition, a 2010 performance target was added, which is an embedded share transfer feature that meets the definition of a derivative and requires bifurcation from the Series B Redeemable Convertible Preferred Shares to be accounted for as a derivative (the "2010 Performance Adjustment Derivative Liability), (Note 27), from June 22, 2009. The fair value of this new derivative at issuance was RMB18.2 million. Under the new 2010 performance target, if a QIPO has not been completed by April 30, 2011 and the Company's 2010 performance is less than RMB200 million (the "2010 Performance Target"), then the Shareholders should have transferred to the holders of Series B Redeemable Convertible Preferred Shares, for no further consideration, certain amounts of ordinary shares calculated based on a defined formula (the "2010 Performance Adjustment"). The 2010 derivative adjustment formula takes into consideration such factors as the amount of the investment by the holders of the Series B Redeemable Convertible Preferred Shares, the amount of the investment by the holders of the Series A Redeemable Convertible Preferred Shares, and the Company's 2009 and 2010 Performance. The formula was designed to adjust the total number of shares held by the holders of the Series B Redeemable Convertible Preferred Shares so that the percentage of the shares transferred to and held by the holders of the Series B Redeemable Convertible Preferred Shares in the Company as compared to the Company's issued and outstanding share capital will equal the ratio of (i) the amount of investment by them in the Company to (ii) the value of the Company calculated based on the difference between the 2010 Performance Target and the actual 2010 Performance.

 

In consideration of the agreement to lower the Company's 2009 Performance Target to RMB100 million, the Shareholders transferred on June 22, 2009 an aggregate of 76,258 (3,812,900 post 2009 Share Split as described in Note 22) ordinary shares to the holders of Series B Redeemable Convertible Preferred Shares. The fair value of these ordinary shares on June 22, 2009 of RMB43.6 million was imputed to the Company as if the Shareholders (who are the principal shareholder of the Company) contributed the shares to the Company and they were immediately reissued by the Company to the holders of the Series B Redeemable Convertible Preferred Shares.

 

The above amendment resulted in: (a) a decrease in the 2009 Performance Adjustment Derivative Liability by RMB65.2 million which was offset by the fair value of the 2010 Performance Adjustment Derivative Liability of RMB18.2 million; (b) an effective contribution of ordinary shares valued at RMB43.6 million by all Shareholders to the Company which was in turn transferred to the holders of the Series B Redeemable Convertible Preferred Shares in consideration for agreeing to modify the terms of the 2009 Performance Adjustment. Accordingly, this amount had been treated as a capital contribution and as an offset to the net change in the fair value of the derivative liabilities in (a) above; (c) the recording of compensation expense of RMB3.4 million which was equal to the change in the fair value of the derivative liabilities net of the consideration transferred to the holders of Series B Redeemable Convertible Preferred Shares in (b) above.

 

In addition, in consideration for obtaining the agreement from one of the holders of Series A Redeemable Convertible Preferred Shares to the transfer of the 76,258 ordinary shares by the Shareholders to the holders of the Series B Redeemable Convertible Preferred Shares pursuant to the amendment described above, the Shareholders transferred to such holder of Series A Redeemable Convertible Preferred Shares on June 22, 2009 an aggregate of 14,031 (701,550 post 2009 Share Split as described in Note 21) ordinary shares as a consent fee. The fair value of the 14,031 ordinary shares on June 22, 2009 of RMB8,015,089 was imputed to the Company as if the Shareholders (who are the principal shareholders of the Company) contributed the ordinary shares to the Company and they were immediately reissued by the Company to the holder of Series A Redeemable Convertible Preferred Shares as a deemed dividend.

 

If the Company does not meet the 2009 Performance Target and the 2010 Performance Target and there is no QIPO by April 30, 2010 and April 30, 2011 respectively, future transfers of ordinary shares from the Shareholders to the holders of Series B Redeemable Convertible Preferred Shares will be required and such transfers will be accounted for as equity contributions from the Shareholders to the Company and immediate redistributions to the holders of Series B Redeemable Convertible Preferred Shares as deemed dividend.

 

On September 15, 2009, the Shareholders reached agreement with the holders of Series A and Series B Redeemable Convertible Preferred Shares on the modification to certain existing terms (the "September 2009 Modification"), including (a) removed the existing definition of a QIPO and replaced it with the following: "QIPO means a fully underwritten initial public offering of the Company's shares or ADSs with a listing on the New York Stock Exchange;" (b) removed the requirement for the Shareholders to transfer certain number of ordinary shares to the holders of the Series B Redeemable Convertible Preferred Shares if the value of issuable upon automatic conversion of the Series B Redeemable Convertible Preferred Shares in connection with a Qualified Public Offering was less than the defined target IPO price per share; and, (c) agreed that the 14,031 and 76,258 ordinary shares, respectively, transferred to the holders of Series A and Series B Redeemable Convertible Preferred Shares in connection with the June 2009 Modification be returned to the Shareholders in the event the redemption of the preferred shares are exercised by the holders of Series A and Series B Redeemable Convertible Preferred Shares.

 

The September 2009 Modification resulted in a reduction of RMB2.4 million in the fair value of the 2009 and 2010 Performance Adjustment Derivative Liabilities that the Company recognized in the consolidated statement of operations as change in fair value derivatives. The September 2009 modification also resulted in an additional benefit transfer of RMB15.1 million from the holders of the Series A and B Redeemable Convertible Preferred Shares to the Shareholders due to the reduction in the fair value of the Series A and B Redeemable Convertible Preferred Shares on September 15, 2009 as a result of such modification. The Company recognized a total of RMB17.5 million compensation charge in general and administrative expenses (including the RMB15.1 million) in recognition of the total benefit transferred from the holders of Series A and B Redeemable Convertible Preferred Shares to the Shareholders that is attributed to the Company, given the Shareholders are also employees of the Company.

 

Redemption

 

After the third anniversary of the first issuance of the Series A Redeemable Convertible Preferred Shares, the holders of not less than a majority of the then outstanding Series A and Series B Redeemable Convertible Preferred Shares may require the Company to redeem all of the outstanding Preferred Shares, if not previously converted, for an amount equal to 150% of their respective original issue price plus all accumulated and unpaid dividends. Dividends should not have accumulated or accrued unless declared.

 

Liquidation

 

In the event of any liquidation event and so long as any of the Series A and Series B Redeemable Convertible Preferred Shares have not been converted into ordinary shares, the shareholders of the Preferred Shares were entitled to receive in preference to the holders of the ordinary shares a per share amount equal to 150% of the respective original issue price and any declared but unpaid dividends. After such payment has been made to holders of the preferred shares, any remaining assets of the Company would have been distributed pro rata to the holders of ordinary shares and the Preferred Shares on an as-converted basis.

 

Liquidation events include (i) a liquidation, winding-up or dissolution of the Company or the PRC Company (which refers to Jiangxi Jinko), or (ii) at the election of the preferred shareholders, a merger, acquisition or sale of voting control of the Company or the PRC Company in which its shareholders did not retain a majority of the voting power in the surviving company, or (iii) a sale of all or substantially all of the Company or the PRC Company's assets, or (iv) a merger which valued the Company at less than 150% of the post-money valuation of the Company immediately after the closing of the investment by holders of Series B Redeemable Convertible Preferred Shares in the Series B Redeemable Convertible Preferred Shares of Paker.

 

Dividend

 

The Series A Redeemable Convertible Preferred Shares should have ranked paripassu with Series B Redeemable Convertible Preferred Shares in terms of rights to receive dividends and distributions from the Company. The holders of Series A and B Redeemable Convertible Preferred Shares should have been entitled to dividends in preference to any dividend on the ordinary shares or any other class or series of shares at the rate of 10% per annum of their respective original issue price, when and as declared by the Board of Directors. No dividend, whether in cash, in property, in shares of the Company or otherwise, should have been paid on any other class or series of shares of the Company unless and until the dividend aforesaid is first paid in full on the Series A and B Redeemable Convertible Preferred Shares. Except for the dividend rights set forth above, the Series A and B Redeemable Convertible Preferred Shares should not have participated with the ordinary shares in any further dividend or distribution of the earnings or profits of the Company. Dividends should not have been accumulated or accrued unless declared.

 

Voting Rights

 

The holders of Series A and B Redeemable Convertible Preferred Shares had voting rights equal to the number of ordinary shares then issuable upon their conversion into ordinary shares. Such holder of the preferred shares was entitled to vote on such matters at any meeting of members of the Company.

 

The Company classified the Series A and B Redeemable Convertible Preferred Shares in the mezzanine section of the consolidated balance sheets. In addition, the Company recorded accretion on the preferred shares to their redemption value using the effective interest method from the issuance date to the earliest redemption date. For year ended December 31, 2009, such accretion amounted to RMB31,832,994 and RMB42,301,594 against retained earnings for Series A and B Redeemable Convertible Preferred Shares, respectively. For year ended December 31, 2010, such accretion amounted to RMB13,433,242 and RMB17,479,734 against retained earnings for Series A and B Redeemable Convertible Preferred Shares, respectively.

 

In connection with the issuance of the Series A Redeemable Convertible Preferred Shares, Paker issued 14,629 ordinary shares (Note 22) and paid cash in the amount of US$469,000 to third parties for professional services rendered. Paker had the option to repurchase the 14,629 ordinary shares issued from the consultant at a nominal price upon the redemption of the Series A Redeemable Convertible Preferred Shares. The fair value of the ordinary shares issued was RMB20,004,865. In connection with the issuance of Series B Redeemable Convertible Preferred Shares, Paker was obligated to pay US$867,300 to third parties for consulting services. The fair value of the ordinary shares issued and the cash consideration paid to the third party consultants were recorded as stock issuance costs.

 

The Preferred Shares were converted into ordinary shares on May 14, 2010 when the Company successfully listed on NYSE under the conversion rate as stated in the discussion above.

 

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INVENTORIES (Details)
12 Months Ended
Dec. 31, 2012
USD ($)
Dec. 31, 2012
CNY
Dec. 31, 2011
CNY
Dec. 31, 2010
CNY
INVENTORIES [Abstract]        
Raw materials   80,712,251 85,429,622  
Work-in-progress   92,719,649 161,793,585  
Finished goods   354,530,478 550,852,122  
Total 84,743,805 527,962,378 798,075,329  
Inventories provision $ 53,343,843 332,337,477 201,662,101 29,602,473
XML 124 R38.htm IDEA: XBRL DOCUMENT v2.4.0.6
PRINCIPAL ACCOUNTING POLICIES (Policy)
12 Months Ended
Dec. 31, 2012
PRINCIPAL ACCOUNTING POLICIES [Abstract]  
Basis of presentation and use of estimates

a. Basis of presentation and use of estimates

 

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

 

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company's consolidated financial statements include allowance for doubtful receivables, provision for inventories and advances to suppliers, impairment of long-lived assets, the economic useful lives of property, plant and equipment and intangible assets, assumptions used in purchase price allocation, assumptions used to measure impairment of goodwill, property, plant and equipment, project assets and intangible assets, certain accrued liabilities including accruals for warranty costs, accounting for share-based compensation, fair value measurements, legal contingencies, and income taxes and related tax valuation allowance, and the assessment of going concern assumption as discussed below.

 

The Company has negative working capital at December 31, 2012. Management believes that the Company's current cash position as of December 31, 2012, the cash expected to be generated from operations and funds available from borrowings under the bank quotas will be sufficient to meet the Company's working capital and capital expenditure requirements for at least the next twelve months from December 31, 2012. However, given that certain bank borrowings and bonds are due within the near term future (Note 16 and Note 17), and possible exercise of the put option of the convertible senior notes on May 14, 2014 (Note 21), sufficient funds may not be available to the Company. Accordingly, the Company may need to reduce discretionary spending and raise additional funds through public or private equity or debt financing. Any additional equity financing may be dilutive to stockholders and debt financing, if available, may involve covenants that would restrict the Company.

 

Additional funds may not be available on terms favourable to the Company or at all. Failure to manage discretionary spending or raise additional capital or debt financing as required may adversely impact the Company's ability to achieve its intended business objectives. The Company believes, although it is not certain, that it will be able to maintain compliance with the convertible senior notes covenants including the put option on May 15, 2014 and repay short term borrowings and other liabilities as those become due for at least the next twelve months from December 31, 2012, and as such, these financial statements are prepared under the going concern assumption which contemplates the realization of assets and the liquidation of liabilities in the ordinary course of business.

 

Consolidation

b. Consolidation

 

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

 

For the Company's majority-owned subsidiaries, non-controlling interests is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group.

 

The Group has revised the statement of cash flows for 2011 to correct the classification of a RMB 31,924,842 cash outflow related to prepayment for share repurchases from operating activities to financing activities. The impact of the revision was not material to the previously reported net total cash flows from operating activities and net total cash flows from financing activities.

 

Foreign currency translation

c. Foreign currency translation

 

The Group's reporting currency is the Renminbi ("RMB"), the official currency in the PRC. The Company and certain subsidiaries use RMB as their functional currency. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates quoted by the People's Bank of China (the "PBOC") prevailing at the dates of the transactions. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations. Monetary assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the applicable balance sheet dates. All such exchange gains or losses are included in exchange loss in the consolidated statements of operations.

 

For consolidation purpose, the financial statements of the Company's subsidiaries whose functional currencies are other than the RMB are translated into RMB using exchange rates quoted by PBOC. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses and gains and losses are translated using the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of in accumulated other comprehensive income in the consolidated statement of comprehensive income/ (loss).

 

The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in China's foreign exchange trading system market. The Company's aggregate amount of cash, cash equivalents and restricted cash denominated in RMB amounted to RMB461.7 million and RMB382.8million as of December 31, 2011 and 2012, respectively.

 

Cash and cash equivalents

d. Cash and cash equivalents

 

Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions, which have original maturities of three months or less.

Restricted cash

e. Restricted cash

 

Restricted cash represents deposits legally held by a bank which are not available for the Group's general use. These deposits are held as collateral for issuance of letters of credit or guarantee, bank acceptance notes to vendors for purchase of machinery and inventories and forward contracts.

Short-term investments

f. Short-term investments

 

Short-term investments represent the bank time deposits with original maturities longer than three months and less than one year. As of December 31, 2012, RMB662.8 million of short-term investments were held as collateral for issuance of letters of credit, guarantee or bank acceptance notes, compared with RMB448.4 million of short-term investments held as collateral for issuance of letters of credit, guarantee or bank acceptance notes as of December 31, 2011.

 

Notes receivable and payable

g. Notes receivable and payable

 

The Group accepts bank acceptance notes from customers in China in the normal course of business. The Group may discount these notes with banks in China or endorse these notes with its suppliers to clear its accounts payable. Notes that have been discounted with banks or endorsed with suppliers are derecognized from the consolidated balance sheets when the criteria for sale treatment are met.

 

The Group also issues bank acceptance notes to its suppliers in China in the normal course of business. The Group classified the changes in notes payable and the restricted cash held as collateral for issuance of bank acceptance notes as financing activities.

 

Notes receivable and payable are typically non-interest bearing and have maturities of less than six months.

 

Accounts receivable

h. Accounts receivable

 

Specific provisions are made against accounts receivable for estimated losses resulting from the inability of the Group's customers to make payments. The Group periodically assessed accounts receivable balances to determine whether an allowance for doubtful accounts should be made based upon historical bad debts, specific customer creditworthiness and current economic trends. Accounts receivable in the balance sheets are stated net of such provision, if any. Before approving sales to each customer, the Group conducts a credit assessment for each customer to evaluate the collectability of such sales. The assessment usually takes into consideration the credit worthiness of such customer and its guarantor, if any, the Group's historical payment experience with such customer, industry-wide trends with respect to credit terms, including the terms offered by competitors, and the macro-economic conditions of the region to which sales will be made. The Group will execute a sales order with a customer and arrange for shipment only if its credit assessment concludes that the collectability with such customer is reasonably assured. The Group may also from time to time require security deposits from certain customers to minimize its credit risk. After the sales are made, the Group closely monitors the credit situation of each customer on an on-going basis for any subsequent change in its financial position, business development and credit rating, and will evaluate whether any of such adverse change warrants further action to be taken by the Group, including asserting claims and/or initiating legal proceedings against the customer and/or its guarantor, as well as making provisions. It is also the Group's general practice to suspend further sales to any customer with significant overdue balances. The receivable from insurance is only recorded when insurance claim has been submitted to the insurance company and been accepted and acknowledged by the carrier and recovery is considered reasonably assured. Upon recording the recovery, the bad debt expense is reduced.

 

Short-term and long-term advances to suppliers

i. Short-term and long-term advances to suppliers

 

The Group provides short-term and long-term advances to secure its raw material needs, which are then offset against future purchases. The Group continually assesses the credit quality of its suppliers and the factors that affect the credit risk. If there is deterioration in the creditworthiness of its suppliers, the Group will seek to recover its advances to suppliers and provide for losses on advances which are akin to receivables in operating expenses because of suppliers' inability to return its advances. Recoveries of the allowance for advances to supplier are recognized when they are received. The Company classified short-term and long-term advances to suppliers based on management's best estimate of the expected purchase in the next twelve-months as of the balance sheet date and the Group's ability to make requisite purchases under existing supply contracts. The balances expected to be utilized outside of the 12 months are recorded in advances to suppliers to be utilized beyond one year. A provision of advance to suppliers of nil, RMB 652,937, and RMB227,073,440 was recorded for the years ended December 31, 2010, 2011 and 2012, respectively. The Group has reclassified "provision for advance to suppliers" to a separate line item from "General and administrative expenses" for the year ended December 31, 2011 to conform to the current period presentation in the consolidated statement of operation due to that the provision for advance to suppliers was not significant in 2011 (Note 7).

 

Inventories

j. Inventories

 

Inventories are stated at the lower of cost or market. Cost is determined using the weighted average method. Provisions are made for excess, slow moving and obsolete inventories as well as for inventories with carrying values in excess of market. Certain factors could impact the realizable value of inventory, so the Group continually evaluates the recoverability based on assumptions about customer demand and market conditions. The evaluation may take into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, and other factors. The reserve or write-down is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact the Group's gross margin and operating results. If actual market conditions are more favorable, the Group may have higher gross margin when products that have been previously reserved or written down are eventually sold. The sale of previously reserved inventory did not have a material impact on our gross margin percentage for any of the years presented.

 

In addition, the Group analyzes its firm purchase commitments, which currently consist primarily of the long-term fixed price polysilicon supplier agreements, at each period end. Provision is made in the current period when the anticipated inventories cost from future execution of such supplier agreement is in excess of market. There was no loss provision recorded related to these long-term contracts for each of the three years ended December 31, 2010, 2011 and 2012.

 

Property, plant and equipment, net

k. Property, plant and equipment, net

 

Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the prices paid to acquire or construct the assets, interest capitalized during the construction period and any expenditure that substantially extends the useful life of an existing asset. Depreciation, taking into consideration any estimated residual value, is computed using the straight-line method over the following estimated useful lives:

 

Buildings 20 years
Machinery and equipment 10 years
Furniture, fixture and office equipment 3-5 years
Motor vehicles 4-5 years

 

Construction in progress primarily represents the construction of new production line. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences.

 

Expenditures for repairs and maintenance are expensed as incurred. The gain or loss on disposal of property, plant and equipment, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets, and is recognized in the consolidated statement of operations upon disposal.

 

Interest Capitalization

l. Interest Capitalization

 

The interest cost associated with major development and construction projects is capitalized and included in the cost of the property, plant and equipment or project assets. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Group capitalizes interest on amounts expended on the project at the Group's weighted average cost of borrowed money. Interest expense capitalized for the years ended December 31, 2010, 2011 and 2012 were RMB2,147,440, RMB3,505,464 and RMB7,507,649, respectively.

 

Project assets

m. Project assets

 

Project assets consist primarily of costs relating to construction of solar power plants at various stages of development. These costs include costs for land and costs for developing and constructing PV solar power plants. While the project assets are not constructed for any specific customers, the Group intends to sell the project assets upon their completion. Upon completion of development and connection of the solar power plants, income generated from connection to the grid is recognized as revenue and the project assets are amortized over the expected life of 20 years.

 

The Group has reclassified the 2011 balance of RMB 272,504,672 from Property, Plant and Equipment to conform to the current period presentation in the Consolidated Balance Sheet. These reclassifications had no impact on previous reported total non-current assets and total assets.

 

The Group has reclassified the 2011 amount of RMB 235,198,641 from purchase of property, plant and equipment to construction of project assets to conform to the current period presentation in the Consolidated Statement of Cash Flows. The Group has separately presented the 2011 balance of RMB 37,306,301 from purchase of property, plant and equipment included in other payable to purchase of project assets included in other payable to conform to the current period presentation in the supplemental disclosure of non-cash investing and financing cash flow information section of the Consolidated Statement of Cash Flows. These reclassifications had no impact on previous reported net total cash used in investing activities.

 

Land use rights

n. Land use rights

 

Land use rights represent fees paid to obtain the right to use land in the PRC. Amortization is computed using the straight-line method over the terms specified in land use right certificates of 50 years or 70 years, as applicable.

 

Intangible assets

o. Intangible assets

 

Intangible assets include purchased software and fees paid to register trademarks, which are amortized on a straight-line basis over their estimated useful lives, which are 5 or 10 years.

Goodwill

p. Goodwill

 

Goodwill represents the excess of (i) the aggregate of (a) the consideration transferred measured in accordance with ASC 805, which generally requires acquisition-date fair value; (b) the fair value of any noncontrolling interests in the acquiree; and (c) in a business combination achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree. If the consideration transferred is less than the fair value of the net assets acquired, the difference is recognized as a gain directly in the consolidated statement of operations. In a business combination, any acquired intangible assets that do not meet separate recognition criteria as specified in ASC 805 are recognized as goodwill.

 

Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. In December of each year, the Company tests impairment of goodwill at the reporting unit level and recognizes impairment in the event that the carrying value exceeds the fair value of each reporting unit. The Company performs a two-step goodwill impairment test. The first step, identifying potential impairment, compares the fair values of each reporting unit to its carrying amount, including goodwill. If the carrying value of the reporting unit exceeds its fair value, the second step would need to be conducted; otherwise, no further steps are necessary as no potential impairment exists. The second step, measuring the impairment loss, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Any excess of the reporting unit goodwill carrying value over the respective implied value is recognized as an impairment loss.

 

An impairment loss of nil, RMB45,645,832 and nil was recorded for the years ended December 31,2010, 2011 and 2012, respectively. See Note 3. "Goodwill" to the Company's consolidated financial statements for additional information on the Company's goodwill impairment tests.

 

Business combination

q. Business combination

 

The Group accounts for business combinations using the acquisition method of accounting. This method requires that the acquisition consideration to be allocated to the assets, including separately identifiable intangible assets, and the liabilities that the Company acquires based on their estimated fair values. The Group makes estimates and judgments in determining the fair value of the acquired assets and liabilities based on its experience with similar assets and liabilities in similar industries. If different judgments or assumptions were used, the amounts assigned to the individual acquired assets or liabilities could be materially different.

 

Investments in affiliates

r. Investments in affiliates

 

The Group holds equity investments in affiliates for which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. These investments are accounted for under equity method of accounting wherein the Group records its' proportionate share of the investees' income or loss in its consolidated financial statements.

 

Investments are evaluated for impairment when facts or circumstances indicate that the fair value of the investment is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Group reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.

 

Impairment of long-lived assets

s. Impairment of long-lived assets

 

The Group's long-lived assets include property, plant and equipment, project assets and other intangible assets with finite lives. The Group's business requires heavy investment in manufacturing equipment that is technologically advanced, but can quickly become significantly under-utilized or rendered obsolete by rapid changes in demand for solar power products produced with those equipment.

 

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amount of an asset may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets and significant negative industry or economic trends. The Group may recognize impairment of long-lived assets in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to these assets. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss, if any, is recognized for the difference between the fair value of the asset and its carrying value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses. .

 

Leases

t. Leases

 

Leases are classified as capital or operating leases. A lease that transfers to the lessee substantially all the benefits and risks incidental to ownership is classified as a capital lease. At inception, a capital lease is recorded at the present value of minimum lease payments or the fair value of the asset, whichever is less. Assets under capital leases are amortized on a basis consistent with that of similar fixed assets or the lease term, whichever is less. Operating lease costs are recognized on a straight-line basis over the lease term.

Revenue recognition

u. Revenue recognition

 

The Group recognizes revenue for product sales when persuasive evidence of an arrangement exists, delivery of the product has occurred and title and risk of loss has passed to the customer, the sales price is fixed or determinable and the collectability of the resulting receivable is reasonably assured. For all sales, the Group requires a contract or purchase order which quantifies pricing, quantity and product specifications.

 

For sales of photovoltaic products from PRC to foreign customers, delivery of the products generally occurs at the point in time the product is delivered to the named port of shipment, which is when the risks and rewards of ownership are transferred to the customer. For sales of PV products to domestic customers in PRC or by foreign subsidiaries, delivery of the product occurs generally at the point in time the product is received by the customer, which is when the risks and rewards of ownership have been transferred. In the case of sales that are contingent upon customer acceptance, revenue is not recognized until the deliveries are formally accepted by the customers.

 

The Group enters into certain sales contracts with retainage terms during 2012, under which customers were allowed to withhold payment of 5% to 10% of the full contract price as retainage after a specified period which generally range from one year to two years (the "Retainage Period"). Given the limited experience the Group has with respect to the collectability of the retainage, the Group defers recognition of the retainage as revenue until the customers pay it after the Retainage Period expires. As of December 31, 2012, the total amounts of retainage that were not recognized as revenue were RMB121,814,534.

 

The Group offers to its solar modules customers the right to return or exchange defective products within a prescribed period if the volume of the defective products exceeds a certain percentage of the shipment as specified in the individual sales contract. For the solar module sales contracts signed subsequent to October 1, 2010, the Group no longer offers the rights to return and refund to its customers. Actual returns were 0.2% of total sales for the years ended December 31, 2010.

 

The Group provides solar power product processing services to customers and the revenue of processing services is recognized upon completion which is generally evidenced by delivery of processed products to the customers.

 

The Company recognizes revenue related to solar system integration projects on the percentage-of-completion method. The Company estimates its revenues by using the cost-to-cost method, whereby it derives a ratio by comparing the costs incurred to date to the total costs expected to be incurred on the project. The Company applies the ratio computed in the cost-to-cost analysis to the contract price to determine the estimated revenues earned in each period. When the Company determines that total estimated costs will exceed total revenues under a contract, it records a loss accordingly.

 

The Company recognized income from generated electricity as revenue upon completion of development and connection of the solar power plant to the grid.

 

Advance payments received from customers for the future sale of inventory are recognized as advances from third party customers in the consolidated balance sheets. Advances from third party customers are recognized as revenues when the conditions for revenue recognition described above have been satisfied. Advances from third party customers have been recognized as a current liability because the amount at each balance sheet date is expected to be recognized as revenue within twelve months.

 

In the PRC, value added tax ("VAT") at a general rate of 17% on invoice amount is collected on behalf of tax authorities in respect of the sales of product and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability until it is paid to the tax authorities.

 

Cost of revenue

v. Cost of revenue

 

Cost of revenue includes production and indirect costs, as well as shipping and handling costs for raw materials purchase and provision for inventories.

 

Costs of revenue for integration projects, include all direct material, labor, subcontractor cost, and those indirect costs related to contract performance, such as indirect labor, supplies and tools. The Group recognizes job material costs as incurred costs when the job materials have been installed. The Group considers job materials to be installed materials when they are permanently attached or fitted to the solar power systems as required by the engineering design.

 

Warranty cost

w. Warranty cost

 

Solar modules produced by the Group are typically sold with either a 2-year or 5-year warranty for product defects, and a 10-year and 25-year warranty against declines of more than 10% and 20%, respectively, from the initial minimum power generation capacity at the time of delivery. Therefore, the Group is exposed to potential liabilities that could arise from these warranties. The potential liability is generally in the form of product replacement or repair.

 

Due to limited warranty claim history, the Group estimates warranty costs based on an assessment for its competitors' history while incorporating estimates of failure rates through its quality review. Consequently, the Group accrues the equivalent of 1% of gross revenues as a warranty liability to accrue the estimated cost of its warranty obligations. Actual warranty costs incurred for warranty claims by customers are recorded in and charged against the accrued warranty liability. To the extent that actual warranty costs differ from the estimates, the Group will prospectively revise its accrual rate. The Group began the sales of solar modules in the first half of 2009 and has not experienced any material warranty claims to-date in connection with declines in the power generation capacity of its solar modules or defects. The accrual for warranty cost as of December 31, 2010, 2011 and 2012 were RMB33,432,852, RMB96,463,635 and RMB130,517,641, respectively. The warranty costs were classified as current liabilities under other payables and accruals, and non-current liabilities under accrued warranty costs - non-current, respectively, which reflect our estimate of the timing of when the warranty expenditures will likely be made. For the years ended December 31, 2010, 2011 and 2012, warranty cost expenses were RMB31,705,135, RMB63,030,783 and RMB40,213,055, respectively. The utilization of the warranty accruals for the years ended December 31, 2010, 2011 and 2012 were nil, nil and RMB6,159,049.

 

We purchase warranty insurance policy which provides coverage for the product warranty services of our solar modules worldwide. Prepayment for warranty insurance premium is initially recorded as other assets and is amortized over the insurance coverage period. Prepayment for warranty insurance premium is not recorded as reduction of estimated warranty liabilities. Once the Company receives insurance recoveries, warranty expenses will be credited

 

Shipping and handling

x. Shipping and handling

 

Costs to ship products to customers are included in selling and marketing expenses in the consolidated statements of operations. Costs to ship products to customers were RMB57,261,154, RMB119,821,738 and RMB164,942,482for the years ended December 31, 2010, 2011 and 2012, respectively.

 

Research and development

y. Research and development

 

Research and development costs are expensed when incurred.

Start-up costs

z. Start-up costs

 

The Company expenses all costs incurred in connection with start-up activities, including pre-production costs associated with new manufacturing facilities and costs incurred with the formation of new subsidiaries such as organization costs.

 

Income Taxes

aa. Income Taxes

 

Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.

 

The accounting for uncertain tax positions requires that the Company recognizes in the consolidated financial statements the impact of an uncertain tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group's policy is to recognize, if any, tax related interest as interest expenses and penalties as general and administrative expenses. For periods presented, the Group did not have any interest and penalties associated with uncertain tax positions in the year ended December 31, 2010, 2011 and 2012 as there were no uncertain tax positions.

 

Commitments and Contingencies

ab. Commitments and Contingencies

 

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.

 

Financial guarantees

ac. Financial guarantees

 

The Group issues guarantees in favor of certain third parties. A guarantee requires the issuer to make payments to reimburse the holder for a loss it incurs when a specified debtor fails to make repayments to the holder, when the debtor's liability to the holder falls due.

 

A guarantee is initially recognized at the estimated fair value in the Group's consolidated balance sheets unless it becomes probable that the Group will reimburse the holder of the guarantee for an amount higher than the carrying amount, in which case the guarantee is carried in the Group's consolidated balance sheets at the expected amount payable to the holder. The guarantee is derecognized when the Group's obligation to the holder expires.

 

Fair value of financial instruments

ad. Fair value of financial instruments

 

The Company does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). A hierarchy is established for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value shall maximize the use of observable inputs.

 

When available, the Company measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. Pricing information the Company obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Company generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and the Company's evaluation of those factors changes. Although the Company uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Company's consolidated assets, liabilities, equity and net income.

 

The Company's financial instruments consist principally of cash and cash equivalents, restricted cash, short-term investments, accounts and notes receivable, forward contract receivable, other receivables, prepayments and other current assets, capped call options, accounts and notes payable, other payables and accruals, forward contract payables, bonds payable, short-term borrowings, long-term borrowings, guarantee liabilities and convertible senior notes.

 

The Company elects to classify the cash flows related to realized gain or loss on settlement of foreign exchange forward contracts as operating activities, which are based on the nature of the cash flows the derivative is economically hedging.

 

Government grants

ae. Government grants

 

Government grants related to technology upgrades and enterprise development are recognized as subsidy income when received. For the years ended December 31, 2010, 2011 and 2012, the Group received financial subsidies of RMB15,696,641, RMB25,553,802 and RMB40,902,610 from the local PRC government authorities, respectively. These subsidies were non-recurring, not refundable and with no conditions, including none related to specific use or disposition of the funds, attached. Such amounts were recorded as subsidy income in the consolidated statements of operations. There are no defined rules and regulations to govern the criteria necessary for companies to enjoy such benefits and the amount of financial subsidy is determined at the discretion of the relevant government authorities.

 

Government grants related to assets are initially recorded as other payables and accruals which are then deducted from the carrying amount when the assets are ready for use. The Company received government grant related to assets of RMB55,000,000, RMB91,611,300 and RMB119,820,411during the years ended December 31, 2010, 2011 and 2012, respectively.

 

Repurchase of share

af. Repurchase of share

 

When the Company's shares are purchased for retirement, the excess of the purchase price over its par value is recorded entirely to additional paid-in capital subject to the limitation of the additional paid in capital when the shares were originally issued. When the Company's shares are acquired for purposes other than retirement, the purchase price is shown separately as treasury stock.

 

Statutory reserves

ag. Statutory reserves

 

Zhejiang Jinko, as sino-foreign owned joint venture incorporated in the PRC, is required to make appropriations of net profits, after recovery of accumulated deficit, to (i) a general reserve fund, (ii) an enterprise expansion fund, and (iii) a staff bonus and welfare fund prior to distribution of dividends to investors. These reserve funds are set at certain percentage of after-tax profit determined in accordance with PRC accounting standards and regulations (the "PRC GAAP"). The percentage of net profit for appropriation to these funds is at the discretion of their board of directors.

 

Jiangxi Jinko, as a wholly foreign owned enterprise incorporated in the PRC, is required on an annual basis to make appropriations of net profits, after the recovery of accumulated deficit, to a general reserve fund and a staff bonus and welfare fund. These reserve funds are set at certain percentage of after-tax profit determined in accordance with the PRC GAAP. The percentage of the appropriation for general reserve fund is at least 10%, and the percentage of the appropriation for staff bonus and welfare fund is at the discretion of its boards of directors.

 

Except for the aforementioned subsidiaries, the Company's other subsidiaries, as domestic enterprises incorporated in the PRC, are required on an annual basis to make an appropriation of net profits, after the recovery of accumulated deficit, to a statutory reserve fund. The statutory reserve fund is set at the percentage of not lower than 10% of the after-tax profit determined in accordance with the PRC GAAP.

 

Once the level of the general reserve fund and the statutory reserve fund reach 50% of the registered capital of the underlying entities, further appropriations to these funds are discretionary. The Group's statutory reserves can only be used for specific purposes of enterprises expansion and staff bonus and welfare, and are not distributable to the shareholders except in the event of liquidation. Appropriations to these funds are accounted for as transfers from retained earnings to the statutory reserves.

 

During the years ended December 31, 2010, 2011 and 2012, the Group made total appropriations to these statutory reserves of RMB126,152,136, RMB14,397,530 and RMB56,894, respectively.

 

Segment reporting

ah. Segment reporting

 

The Group has adopted ASC 280, Segment Reporting, for its segment reporting. The Group operates and manages its business as a single segment primarily in China.

Earnings (Loss) per share

ai. Earnings(Loss) per share

 

Basic earnings(loss) per share is computed by dividing net income(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings(loss) per share is calculated by dividing net income(loss) attributable to ordinary shareholders, as adjusted for the change in income or loss as result from the assumed conversion of those participating securities, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary share equivalents consist of the ordinary shares issuable upon the conversion of the convertible senior notes (using the if-converted method) and ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method). Potential dilutive securities are not included in the calculation of dilutive earnings per share if the effect is anti-dilutive.

 

Share-based compensation

aj. Share-based compensation

 

The Company's share-based payment transactions with employees, including share options, are measured based on the grant-date fair value of the equity instrument issued. The fair value of the award is recognized as compensation expense, net of estimated forfeitures, over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.

 

Other comprehensive income (loss)

ak. Other comprehensive income/(loss)

 

Other comprehensive income/(loss) is defined as the change in equity during a period from non-owner sources. The Company's other comprehensive income/(loss) for each period presented is comprised of foreign currency translation adjustment of the Company's foreign subsidiaries whose assets and liabilities are translated from their respective functional currencies at exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates prevailing during the applicable period.

 

Convenience translation

al. Convenience translation

 

Translations of amounts from RMB into United States dollars ("US$" or "USD") are solely for the convenience of readers and were calculated at the rate of RMB6.2301 to US$1.00, the noon buying rate in effect on December 31, 2012, as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2012, or at any other rate.

 

Recent accounting pronouncements

am. Recent accounting pronouncements

 

In May 2011, the FASB issued ASU 2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs". This ASU is the result of joint efforts by the FASB and International Accounting Standards Board to develop a single, converged fair value framework. The guidance is largely consistent with existing fair value measurement principles in U.S. GAAP. The guidance expands the existing disclosure requirements for fair value measurements and makes other amendments. The guidance is to be applied prospectively and is effective for interim and annual periods beginning after December 15, 2011. Early application is not permitted. We adopted the new guidance since January 1, 2012, and the adoption of this pronouncement did not have a significant effect on its consolidated financial statements.

 

In June 2011, the FASB issued ASU 2011-05, "Comprehensive Income (Topic 220), Presentation of Comprehensive Income." The ASU revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in ASC 220, "Comprehensive Income," and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The ASU does not change the items that must be reported in other comprehensive income. In December 2011, the FASB issued ASU 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05." This ASU defers the requirement in ASU 2011-05 that entities present reclassification adjustments for each component of accumulated other comprehensive income ("AOCI") in both net income and other comprehensive income on the face of the financial statements. ASU 2011-12 requires entities to continue to present amounts reclassified out of AOCI on the face of the financial statements or disclose those amounts in the notes to the financial statements. The effective date of ASU 2011-12 is consistent with ASU 2011-05, which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 for public entities. We adopted this ASU since January 1, 2012, and changed the Company's presentation of comprehensive income in its consolidated financial statements.

 

In September 2011, the FASB issued ASU 2011-08, "Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment". This ASU permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. The amendments in this ASU apply to all entities, both public and nonpublic, that have goodwill reported in their financial statements. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted, including for annual and interim goodwill impairment tests performed as of a date before September 15, 2011, if an entity's financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. We adopted the new guidance since January 1, 2012, and the adoption of this pronouncement did not have a significant effect on its consolidated financial statements.

 

On December 16, 2011, the FASB issued ASU 2011-11, "Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities," which contains new disclosure requirements regarding the nature of an entity's rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The new disclosures are designed to make financial statements that are prepared under US GAAP more comparable to those prepared under IFRSs. To facilitate comparison between financial statements prepared under US GAAP and IFRSs, the new disclosures will give financial statement users information about both gross and net exposures. The new disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods therein; retrospective application is required. The Company does not expect that the adoption of this ASU will have a material effect on its consolidated financial statements.

 

In July 2012, the FASB issued ASU 2012-02, Intangibles - Goodwill and Other (Topic 350), Testing Indefinite-Lived Intangible Assets for Impairment. ASU 2012-02 gives companies an option to first assess qualitative factors to determine whether the existence of events and circumstances indicate it is more-likely-than-not that an indefinite-lived intangible asset is impaired. If based on its qualitative assessment, a company concludes that it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, quantitative impairment testing is required. However, if a company concludes otherwise, quantitative impairment testing is not required. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company does not expect the adoption of this accounting standard in the first quarter of 2013 to have an impact on its consolidated financial statements.

 

In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income". This update does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, this update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This update is effective prospectively for reporting periods beginning after December 15, 2012 for public entities. The Company does not expect the adoption of this accounting standard beginning on January 1, 2013 to have a material impact on its consolidated financial statements.

 

XML 125 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
INTANGIBLE ASSETS, NET
12 Months Ended
Dec. 31, 2012
INTANGIBLE ASSETS, NET [Abstract]  
INTANGIBLE ASSETS, NET
13. INTANGIBLE ASSETS, NET

 

Intangible assets and their related amortization are as follow:

 

    As of December 31,  
    2011     2012  
    RMB     RMB  
Trademark     1,347,193       1,274,392  
Computer software     2,595,474       6,153,728  
Less: accumulated amortization     (286,275 )     (1,054,522 )
Intangible assets, net     3,656,392       6,373,598  

 

Amortization expense was RMB58,219, RMB223,926 and RMB764,312 for the years ended December 31, 2010, 2011 and 2012, respectively. Amortization expense for each of the next five years will be approximately RMB833,930, RMB832,747, RMB780,427, RMB682,373 and RMB570,784, respectively.

 

XML 126 R101.htm IDEA: XBRL DOCUMENT v2.4.0.6
CERTAIN RISKS AND CONCENTRATION (Schedule of Major Customers) (Details)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenue [Member] | Company A [Member]
     
Concentration Risk [Line Items]      
Concentration risk percentage    16.00% 5.00%
Accounts Receivable [Member] | Company B [Member]
     
Concentration Risk [Line Items]      
Concentration risk percentage    14.00%  
Accounts Receivable [Member] | Company C [Member]
     
Concentration Risk [Line Items]      
Concentration risk percentage    11.00%