Tags: chinese | solar | stocks | tariffs

Chinese Solar Stocks Gain Despite US Tariffs

Monday, 21 May 2012 03:04 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

Chinese solar stocks on Monday rose for the first time in six days in New York, led by Yingli Green Energy Holding Co., on speculation new U.S. tariffs announced last week won’t reduce the companies’ sales.

Yingli, a solar-panel maker based in Baoding city in northern China, headed for its biggest gain in two weeks, adding 3.2 percent to $2.60 at 2:08 p.m. in New York. Shares have lost 31 percent this year. Suntech Power Holdings Co., the world’s largest solar-panel maker, added 0.3 percent to $2.01.

Yingli fell 22 percent and Suntech slumped 12 percent in the two days after the U.S. said on May 17 that it’s imposing tariffs of as much as 250 percent on Chinese-made solar cells to aid domestic manufacturers. The companies can sustain U.S. sales by circumventing the tariffs through increased manufacturing in Canada and the U.S., or exporting panels from Taiwan, David Smith, the portfolio manager of the Gabelli Green Fund, said.

“There was a knee-jerk reaction to the news last week that’s turned to the realization that there are many ways Chinese solar companies can work around these duties,” Smith said by phone from Rye, New York. “This makes it a little more difficult but there’s nothing that says these guys can’t order cells from Taiwan and have them assembled in the U.S.”

© Copyright 2014 Bloomberg News. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved