Yingli Green Energy (YGE) Stock Surging Following Response to 'Going Concern' Reports

NEW YORK (TheStreet) -- Shares of Yingli Green Energy (YGE) are higher by 26.06% to $1.18 on heavy volume in late morning trading on Wednesday, after the Chinese solar panel company issued a statement responding to recent media coverage of its ability to continue as a going concern.

Last week, Yingli issued a going concern warning in a regulatory filing.

"In line with the prudent analysis of its independent auditors, the company stated in the 2014 Annual Report that there is substantial doubt as to the company's ability to continue as a going concern. However, this statement has been taken and interpreted out of context in some media coverages," the company said.

Yingli said that it has been transparent about the risks and challenges it faces, as well as about its alternative plans to mitigate future risks and challenges.

The company noted that it has already taken a number of "positive and substantive actions and steps relating to its debt repayment plans." Yingli said it will be able to repay its debt on time.

"Overall, the company is optimistic about and confident in its ability to continue servicing the global solar market, and feel well-positioned with our quality products and access to capital in order to take advantage of the current surge in solar demand," the statement concluded.

So far today, 10.85 million shares of Yingli Green Energy have exchanged hands as compared to its average daily volume of 1.81 million shares.

Additionally, the company announced that it will report its 2015 first quarter earnings results before the market open on Friday, June 5.

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