On 15 June 2009 Yingli Green Energy Holding Co. Ltd.’s (Yingli Green) announced that it will issue 15.5 mn ADRs. On 17 June 2009 the company increased this figure to approximately 18.6 mn ADRs. Proceeds from the secondary offering will be primarily used to repay debt. We maintain our current HOLD rating for the ADR, despite the target price not supporting a HOLD at current price levels, until we can revalue the stock…

Yingli Green Energy Holding Co., Ltd. (Yingli Green) reported dismal results in 1Q 09, significantly underperforming our expectations. Even though the company has lowered its FY 2009 shipment guidance, it expects an improved gross margin in FY 2009. Although the company's revised shipment guidance lies within our expectations, the gross margin guidance is higher than our expectations. In light of the company's revised guidance; we expect to increase our…

Yingli Green Energy Holding Co. Ltd.’s (Yingli Green) ADR price has appreciated significantly since our 3Q 08 update report, dated 28 January 2009, primarily based on improved investor sentiments following efforts initiated by the Chinese government to stimulate the acceptance of solar power over conventional sources…