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
x | ANNUAL 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 |
ORGANIZATION AND NATURE OF OPERATIONS (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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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:
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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
|
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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 |
RELATED PARTY TRANSACTIONS AND BALANCES (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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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:
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INTANGIBLE ASSETS, NET (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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INTANGIBLE ASSETS, NET [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets | Intangible assets and their related amortization are as follow:
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TAXATION (Movement of Valuation Allowances) (Details) (CNY)
|
12 Months Ended | ||
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Dec. 31, 2012
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Dec. 31, 2011
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Dec. 31, 2010
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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) |
CERTAIN RISKS AND CONCENTRATION (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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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:
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LAND USE RIGHTS, NET (Details)
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12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2012
USD ($)
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Dec. 31, 2012
CNY
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Dec. 31, 2011
CNY
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Dec. 31, 2010
CNY
|
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LAND USE RIGHTS, NET [Abstract] | ||||
Land use rights | 386,909,459 | 382,657,019 | ||
Less: accumulated amortization | (21,160,244) | (14,614,093) | ||
Land use rights, net | 58,706,797 | 365,749,215 | 368,042,926 | |
Amortization of land use rights | 1,050,730 | 6,546,151 | 5,558,122 | 4,075,087 |
Estimated future amortization expense | 6,740,845 |
FAIR VALUE MEASUREMENTS (Fair Value Change in Forward Contracts) (Details) (Forward Contracts [Member])
In Millions, unless otherwise specified |
12 Months Ended | ||||
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Dec. 31, 2012
USD ($)
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Dec. 31, 2012
AUD
|
Dec. 31, 2012
EUR (€)
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Dec. 31, 2012
Minimum [Member]
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Dec. 31, 2012
Maximum [Member]
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Derivative [Line Items] | |||||
Derivative, notional amount | $ 384.5 | 0.8 | € 21.1 | ||
Remaining maturity of foreign currency derivative | 1 month | 12 months |
PROPERTY, PLANT AND EQUIPMENT, NET (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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PROPERTY, PLANT AND EQUIPMENT, NET [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment | Property, plant and equipment and related accumulated depreciation are as follows:
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COMMITMENTS AND CONTINGENCIES
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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COMMITMENTS AND CONTINGENCIES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
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:
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.
|
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 |
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 |
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 |
FAIR VALUE MEASUREMENTS (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
|
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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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
A summary of changes in Level 3 fair value of Capped call options for the year ended December 31, 2012 was as follows:
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Fair Value of Derivatives | The Change in fair value of derivatives recognized in earnings was as follows:
|
FAIR VALUE MEASUREMENTS (Non-recurring Change in Fair Value) (Details)
|
12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2012
CNY
|
Dec. 31, 2011
CNY
|
Dec. 31, 2010
CNY
|
Dec. 31, 2012
Non-recurring [Member]
CNY
|
Dec. 31, 2011
Non-recurring [Member]
CNY
|
Dec. 31, 2012
Non-recurring [Member]
Total [Member]
CNY
|
Dec. 31, 2011
Non-recurring [Member]
Total [Member]
CNY
|
Dec. 31, 2012
Non-recurring [Member]
Quote Prices in Active market for Identical Assets (Level 1) [Member]
CNY
|
Dec. 31, 2011
Non-recurring [Member]
Quote Prices in Active market for Identical Assets (Level 1) [Member]
CNY
|
Dec. 31, 2012
Non-recurring [Member]
Significance Other Observable Inputs (Level 2) [Member]
CNY
|
Dec. 31, 2011
Non-recurring [Member]
Significance Other Observable Inputs (Level 2) [Member]
CNY
|
Dec. 31, 2012
Non-recurring [Member]
Significant Unobservable Inputs (Level 3) [Member]
CNY
|
Dec. 31, 2011
Non-recurring [Member]
Significant Unobservable Inputs (Level 3) [Member]
CNY
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||
Goodwill | ||||||||||||||
Goodwill impairment | 45,645,832 | 45,645,832 | ||||||||||||
Long-lived assets | 4,232,012,975 | 4,232,012,975 | ||||||||||||
Impairment of long-lived assets | 10,509,671 | 65,476,299 | 5,376,071 | 65,476,299 | ||||||||||
Carrying value of assets before impairment | 65,476,299 | |||||||||||||
Carrying value of assets after impairment | 0 |
PROPERTY, PLANT AND EQUIPMENT, NET (Details)
|
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012
USD ($)
|
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 |
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 |
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 |
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 |
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 |
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 |
EARNINGS/(LOSS) PER SHARE
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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EARNINGS/(LOSS) PER SHARE [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS/(LOSS) PER SHARE |
Basic earnings/(loss) per share and diluted earnings/(loss) per share have been calculated as follows:
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.
|
OTHER PAYABLES AND ACCRUALS (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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OTHER PAYABLES AND ACCRUALS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Other Payables And Accruals | Other payables and accruals consisted of the following:
|
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES (Table)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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ACCOUNTS RECEIVABLE, NET-THIRD PARTIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable |
|
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Schedule of Movement of Allowance for Doubtful Accounts |
|
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 |
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 |
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
Condensed balance sheets:
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:
|
EARNINGS/(LOSS) PER SHARE (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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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:
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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 | |||||||
|
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 |
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 |
LAND USE RIGHTS, NET (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
|
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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.
|
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