This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

JinkoSolar Announces Reappointment Of PricewaterhouseCoopers Zhong Tian CPAs Limited As Its Independent Registered Public Accounting Firm For The Fiscal Year Ended December 31, 2012

Stocks in this article: JKS

SHANGHAI, Feb. 1, 2013 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. (" JinkoSolar" or the " Company") (NYSE: JKS), a leading global solar power product manufacturer, today announced that, based on discussions with both PricewaterhouseCoopers Zhong Tian CPAs Limited (" PwC") and Ernst & Young Hua Ming LLP (" EY"), the Company has decided to reappoint PwC to conduct the audit for the fiscal year ended December 31, 2012, and, at the same time, has requested EY to resign as the Company's auditor.  EY has agreed to the Company's request and has resigned on February 1, 2013.  Pursuant to JinkoSolar's articles of association, the decision to change auditors was unanimously approved by the directors of the Company, including all members of the Company's Audit Committee, on February 1, 2013.

On April 29, 2012, the Company dismissed PwC as its independent registered public accounting firm. On May 30, 2012, the Company engaged EY as its auditors to conduct the audit for the fiscal year ended December 31, 2012.  During EY's term of engagement from May 30, 2012 to February 1, 2013, EY did not issue any report on the Company's consolidated financial statements.  The Company and EY did not have any disagreements on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of EY, would have caused EY to make reference to the subject matter of the disagreements in connection with its report.

Upon its resignation, EY advised the Company of a matter that it believed constituted a reportable event, as defined in Item 16F of Form 20-F. In July 2012, the Company received a subpoena captioned " In the Matter of Riemann Investment Holdings Ltd." from the Division of Enforcement (the " Division") of the U.S. Securities and Exchange Commission (the " SEC") requesting documents from the Company as part of an investigation conducted by the Division.  The cover letter that the SEC sent JinkoSolar with the subpoena states that "[t]he investigation and subpoena do not mean that we have concluded that you or anyone else has broken the law. Also, the investigation does not mean that we have a negative opinion of any person, entity or security."  In response to the subpoena, the Company produced documents to the Division in December 2012.  The Company authorized EY to respond fully to the inquiries of PwC relating to the reportable event described above. As of the date of EY's resignation, the Division had not completed its investigation.

JinkoSolar never had any business relationship with Riemann Investment Holdings Ltd., which is believed to have had, at some point in time, a business relationship with an outside investor of JinkoSolar.  

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs