The city government of Xinyu has helped keep U.S.-listed solar panel-maker LDK Solar Co.
According to the LDK announcement, state-owned Asset Management Co. holds a 40% stake in Heng Rui Xin.
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The governing coalition collapsed in October 2010 when the junior partner, the Democratic League of Kosovo (LDK), withdrew.
Piper Jaffray analyst Jesse Pichel said high prices for polysilicon--a key material used in solar cell manufacturing--eroded LDK's margins.
Other major Chinese solar producers, including Yingli Green Energy, LDK Solar and Trina Solar, have also reported heavy losses.
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With recently announced poor showings from the likes of LDK Solar, it looks like the news is getting no better.
Earlier media reports said state-owned companies were in talks with LDK Solar.
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The solar sector Tuesday afternoon was hit by a one-two punch, with disappointing financial guidance from both SunPower and LDK Solar.
U.S.-traded solar-related companies such as LDK and Suntech received the most coverage, but those traded at home in China have been hit, too.
Suntech (STP) and LDK Solar (LDK) were unchanged in the premarket.
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Yeung looks to LDK Solar as a turnaround story in 2011, despite the challenges in the solar and renewable industry due to the weak economic backdrop.
The company's report helped boost fellow Chinese solar firms such as JA Solar Holdings, which gained 2.5%, while Trina Solar increased 2.9%, and LDK Solar rose 4.7%.
In overnight trading the U.S., Chinese solar energy stocks swooned on reports that solar materials maker LDK planned layoffs as it faces high debt (see story here).
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Smacked by plunging solar panel prices, LDK Solar Inc. (LDK) became the latest in a string of solar companies to post quarterly losses due to mounting impairment charges.
Since the start of the year, LDK has shed more than a third of its value, with the stock ushered steadily lower under resistance from its 10-day and 20-day moving averages.
The investigation came in response to allegations made by a former financial controller, Charley Situ, that the company had a 250-ton inventory discrepancy and poor financial controls (See "LDK Solar's Sunny Audit").
At snap elections in December the PDK emerged as the winner only a few points ahead of its main rival and former coalition partner, the LDK. In February 2011 he formed a new coalition with several small parties.
Then there is the Chinese billionaire nicknamed Light: Xiaofeng Peng, 33, who got into solar energy in 2005 and took his company, LDK Solar, which makes silicon wafers used in solar panels, public on NYSE Euronext two years later.
Lazard Capital this morning cut ratings on Canadian Solar (CSIQ), China Sunergy (CSUN), JA Solar (JASO) and LDK Solar (LDK), all to Hold from Buy, asserting that industry pricing will likely fall faster than expected given expected policy changes in Italy and regulatory dynamics in Germany.
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On the flip side were several of its direct competitors, such as Suntech Power, Yingli Green Energy, Trina Solar, and LDK Solar, all up substantially on the day. (For a bullish thesis on wind, read Wind Energy Is Poised To Pop After Strong First Quarter).
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