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Jinko(JKS - Get Report). It looks like the Chinese solar company is learning the hard way that its products are supposed to save the planet, not destroy it.
Shares of Jinko got slammed on Monday, losing 29%, after more than 500 angry protesters stormed a company compound in the Shanghai suburb of Haining where it makes photovoltaic cells. Unfortunately, the company also happens to produce a lot of toxic waste at the plant and was secretly dumping it in a nearby river.
Jinko, if you remember, went public in May 2010 at $11 a share and broke $41 last autumn when the market was captivated by all things Chinese and solar. It now trades below $7 a share and Chinese solar companies have turned radioactive. (Figuratively speaking, of course. Or, at least as far as we know.)
"Zhejiang Jinko has always paid a great deal of attention to environmental issues and complies with and follows the state's relevant demands," company spokesman Jing Zhaohui told a news conference.
Come on Jing! What do you mean by
relevant demands? They clearly can't be that "relevant" or even "demands" at all when dead fish keep popping up everywhere. Or did you think all those little fishies washing ashore were just sunbathing?
Jing then added that the company was sorry for the incident and would accept the "legal consequences which have come from management slips."
Wait one more second Jing old buddy. If you indeed followed the Chinese government's
relevant demands, then how can there be any
legal consequences for turning the town's drinking water noxious? Did you break the law or not?
Ah, forget it. We already know the answer so there's no use in beating the guy up over it. Unlike Jinko, of course, which literally roughed up a group of local reporters covering the protest, smashing their cameras, and in some cases, their faces.
Jing apologized for that too. But we don't find his words that
relevant anymore so we'll stop listening.