false
--12-31
FY
2013
2013-12-31
20-F
0001481513
108051630
Yes
Non-accelerated Filer
2006-11-10
2009-11-25
2006-12-13
2009-12-24
2009-06-30
2010-06-13
2011-12-06
2010-12-01
2011-05-03
2010-04-01
2010-08-19
2011-06-07
2011-07-08
2011-09-12
2011-11-18
2011-12-07
2012-09-14
2011-07-28
2012-06-11
2013-09-16
2013-11-12
JinkoSolar Holding Co., Ltd.
No
JKS
322000000
167000000
70017190
11566016
63552991
-227073440
-227073440
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in"> </td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>8.</strong></td> <td style="TEXT-ALIGN: justify"><strong>ADVANCES TO SUPPLIERS</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Advances to suppliers - current</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">67,582,991</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">74,047,190</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Advances to suppliers - noncurrent</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 223,043,440</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 223,043,440</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Total</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">290,626,431</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">297,090,630</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Provision for advances to suppliers</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (227,073,440</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (227,073,440</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Advances to suppliers, net</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 63,552,991</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 70,017,190</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group's advance payments to suppliers with purchase contracts with term of more than one year were made to two major suppliers, Hoku Materials, Inc. ("Hoku"), a fully owned subsidiary of Hoku Corporation (formerly known as "Hoku Scientific, Inc.") and Wuxi ZhongCai Technologies Co., Ltd., ("Wuxi Zhongcai") respectively. The Group previously entered into long-term polysilicon supply agreements with each of Hoku and Wuxi Zhongcai. As a result of continuing significant decline in the polysilicon purchase price and the adverse developments in those suppliers' operations during 2012, including the suspension of their productions, the Group made full provision of RMB223,043,440 for the full outstanding balances of inventory purchase prepayment made to those two suppliers under long-term polysilicon supply contracts during the year ended December 31, 2012. A provision for advance to suppliers of RMB 227,043,440 and nil was recorded for the years ended December 31, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2012 and 2013, advances to suppliers with term of less than 1 year mainly represent payments for procurement of recoverable silicon materials, virgin polysilicon and solar cells and the Group has delivery plan with the respective suppliers to receive the materials in the next twelve months.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
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223043440
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0.00
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-100000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>am. Convenience translation</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Translations of amounts from RMB into United States dollars ("US$" or "USD") are solely for the convenience of readers and were calculated at the rate of RMB6.0537 to US$1.00, the noon buying rate in effect on December 31, 2013, as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2013, or at any other rate.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>22.</strong></td> <td style="TEXT-ALIGN: justify"><strong>CONVERTIBLE SENIOR NOTES</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company issued USD 125 million of convertible senior notes on May 17, 2011 (the "Notes"). The Notes will mature on May 15, 2016. The interest rate is 4% per annum payable semi-annually, in arrears. No accrued interest to be paid on the Notes when they are converted.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Holders have the option to convert their Notes from the earlier of (i) when the registration statement of the Notes becomes effective and (ii) the first anniversary of the date on which the Notes are first issued, through to and including the business day prior to the maturity date into ADSs representing the ordinary shares initially at a conversion rate of 29.6307 ADSs per US$1,000 principal amount of Notes (equivalent to an initial conversion price of approximately US$33.75 per ADS).</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The conversion rate is subject to change on anti-dilution and upon certain fundamental changes. Fundamental changes are defined as 1) any "person" or "group" beneficially owns (directly or indirectly) 50% or more of the total voting power of all outstanding classes of Company's shares or has the power to elect a majority of the members of the board of directors; 2) Company consolidates with, or merge with or into, another person or the Company sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets, or any person consolidates with, or merges with or into, the Company; 3) Termination of trading of Company's ADSs; and 4) adoption of a plan relating to our liquidation or dissolution.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The holders have the option to require the Company to repurchase the Notes, in whole or in part, in the event of a fundamental change for an amount equal to the 100% of the principal amount and any accrued and unpaid interest in the event of fundamental changes. Management assessed that the likelihood of fundamental change is remote.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The holders will have the right to require the Company to repurchase for cash all or any portion of their notes on May 15, 2014 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> While the Notes remain outstanding, the Company or its subsidiaries will not create or permit to subsist any security upon its property, assets or revenues (present or future) to secure any international investment securities or to secure any guarantee of or indemnity of any international investment securities unless the obligations under the Notes and the indenture (a) are secured equally and ratably therewith, or (b) have the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by holders of a majority in aggregate principal amount of the Notes then outstanding.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company has RMB as its functional currency, and the Notes are denominated in USD. As a result, the conversion feature is dual indexed to the Company's stock as well as the RMB and USD exchange rate, and is considered an embedded derivative which needs to be bifurcated from the host instrument in accordance with ASC 815.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> ASC 815-15-25 provides that if an entity has a hybrid financial instrument that would require bifurcation of embedded derivatives under ASC 815, the entity may irrevocably elect to initially and subsequently measure a hybrid financial instrument in its entirety at fair value with changes in fair value recognized in earnings. The fair value election can be made instrument by instrument and shall be supported by concurrent documentation or a preexisting documented policy for automatic election.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company elected to measure the Notes in their entirety at fair value with changes in fair value recognized as non-operating income or loss at each balance sheet date in accordance with ASC 815-15-25. Further, as the functional currency of the Company is RMB, the fair value of the Notes is translated into RMB at each balance sheet date with the difference being reported as exchange gain or loss. In addition, all issuance costs associated with the Notes offering has been expensed as incurred in the year ended December 31, 2011.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2011, 2012 and 2013, the estimated fair value of the Notes amounted to approximately RMB387,777,235, RMB483,581,668 and RMB770,485,897, respectively. The Company recorded foreign exchange gain of RMB21,567,522, RMB1,047,241,and RMB18,298,249 for the year ended December 31, 2011, 2012, and 2013, respectively. Gain from change in fair value of convertible senior notes was RMB398,030,217 and loss from change in fair value of convertible senior notes were RMB96,851,674 and RMB305,202,478 in the year ended December 31, 2011, 2012 and 2013, respectively (Note 29).</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As a result of the depressed market conditions, the Company repurchased Notes with face value of US$2 million or 1.6% of the Notes at approximately 41% of the face value as of December 31, 2011.There were no repurchase of Notes for the year ended December 31, 2012 and 2013.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong> </strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Capped Call Options</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Concurrent with the Company's issuance of the Convertible Senior Notes on May 17, 2011, it entered into a capped call option transactions with an affiliate of the initial purchaser of the Notes. The capped call transaction was designed to reduce the potential dilution that would otherwise occur as a result of new ordinary share issuances upon conversion of the Notes and effectively increase the conversion price of the Notes for the Company to $48.21 per ADS from the actual conversion price to the Notes holders of $33.75 per ADS. The total premium paid by the Company for the capped call transactions was US$18 million. The purchaser of the Notes have the right to require the Company to repurchase for cash all or any portion of their notes on May 15, 2014 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company's functional currency is different from the denomination of the capped call. Therefore, in accordance with ASC 815, Derivatives and Hedging, the Company accounted for the capped call transactions as freestanding derivative assets in the consolidated balance sheets. The derivative is marked to market each reporting period utilizing the binomial model.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The fair value of capped call options was RMB16,408,445, RMB16,131,208 and RMB107,223,601 as of December 31, 2011, 2012 and 2013. We recorded loss of RMB 98,282,510 and RMB309,052 for the years ended December 31, 2011 and 2012, and gain of RMB92,295,905 for the year ended December 31, 2013 in change in fair value of capped call options(Note 29).</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>x. Cost of revenue</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Cost of revenue for sales of photovoltaic products includes production and indirect costs, as well as shipping and handling costs for raw materials purchase and provision for inventories. </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Costs of revenue for EPC include all direct material, labor, subcontractor cost, and those indirect costs related to contract performance, such as indirect labor, supplies and tools. The Group recognizes job material costs as incurred costs when the job materials have been installed. The Group considers job materials to be installed materials when they are permanently attached or fitted to the solar power systems as required by the engineering design.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Costs of revenue for generating of electricity include depreciation, operating, and maintenance of project assets.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>ae. Financial guarantees</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group issues guarantees in favor of certain third parties. A guarantee requires the issuer to make payments to reimburse the holder for a loss it incurs when a specified debtor fails to make repayments to the holder, when the debtor's liability to the holder falls due.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> A guarantee is initially recognized at the estimated fair value in the Group's consolidated balance sheets unless it becomes probable that the Group will reimburse the holder of the guarantee for an amount higher than the carrying amount, in which case the guarantee is carried in the Group's consolidated balance sheets at the expected amount payable to the holder. The guarantee is derecognized when the Group's obligation to the holder expires.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
0.005
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>ag. Government grants</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Government grants related to technology upgrades and enterprise development are recognized as subsidy income when received. For the years ended December 31, 2011, 2012 and 2013, the Group received financial subsidies of RMB25,553,802 , RMB40,902,610 and RMB7,583,102 from the local PRC government authorities, respectively. These subsidies were non-recurring, not refundable and with no conditions, including none related to specific use or disposition of the funds, attached. Such amounts were recorded as subsidy income in the consolidated statements of operations. There are no defined rules and regulations to govern the criteria necessary for companies to enjoy such benefits and the amount of financial subsidy is determined at the discretion of the relevant government authorities.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Government grants related to assets are initially recorded as other payables and accruals which are then deducted from the carrying amount when the assets are ready for use and approved by related government. The Company received government grant related to assets of RMB91,611,300, RMB119,820,411and RMB63,331,500 during the years ended December 31, 2011, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
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P50Y
P5Y
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>24.</strong></td> <td style="TEXT-ALIGN: justify"><strong>ISSUANCE OF ORDINARY SHARES</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company's authorized share capital amount of US$10,000,000 comprising 500,000,000 ordinary shares with a par value of US$0.00002 each. On September 25, 2013, the Company closed a follow-on public offering of 14,000,000 ordinary shares (4,370,000 ADSs) and received aggregated net proceeds of approximately $67.8 million, after deducting discounts and commissions but before offering expenses.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2012 and 2013, the Company's issued and outstanding shares were 88,758,778 and 108,051,630, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
27824516
21160244
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in"> </td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>14.</strong></td> <td style="TEXT-ALIGN: justify"><strong>LAND USE RIGHTS, NET</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Land use rights represent fees paid to the government to obtain the rights to use certain lands over periods of 50 or 70 years, as applicable, in the PRC.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Land use rights</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">386,909,459</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">386,909,459</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less: accumulated amortization</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (21,160,244</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (27,824,516</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Land use rights, net</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 365,749,215</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 359,084,943</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Amortization expense was RMB5,558,122 , RMB6,546,151 and RMB6,664,272 for the years ended December 31, 2011, 2012 and 2013, respectively. As of December 31, 2013, estimated amortization expense in each of the next five years is RMB6,663,252.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2013, Certain land use rights with net book value of RMB301,580,764 were pledged as collateral for the Company's borrowings (Note 19).</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
386909459
386909459
359084943
59316607
365749215
301580764
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Land use rights</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">386,909,459</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">386,909,459</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less: accumulated amortization</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (21,160,244</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (27,824,516</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Land use rights, net</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 365,749,215</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 359,084,943</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>4.</strong></td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>REVENUES</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group's revenues for the respective periods are detailed as follows:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">For the years ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; TEXT-ALIGN: left">Sales of solar modules</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">6,647,264,147</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,897,288,039</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">6,660,317,517</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Sales of silicon wafers</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">517,935,191</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">328,428,550</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">70,636,980</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Sales of solar cells</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">168,388,351</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">138,686,401</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">184,203,072</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Sales of silicon ingots</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">14,363,232</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,885,648</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,189,751</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Sales of recovered silicon materials</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6,365,978</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">270,406</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">14,559,658</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Processing service fees</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5,836,528</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">213,427,948</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">71,010,744</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Solar system EPC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">24,798,017</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">213,174,391</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">201,056</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Revenue from generated electricity</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,607,066</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 76,719,737</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 7,384,951,444</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 4,794,768,449</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 7,078,838,515</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company began developing solar projects in 2011. Before July 1, 2013, the Company did not accrue the government subsidy for electricity revenues from solar projects due to the lack of detailed government guidelines and uncertainty over the timing of subsidy payment. During the third quarter of 2013, the Chinese government announced a series of policies aimed at streamlining and standardizing government subsidy payments for electricity revenues from solar projects in China as well as expanding the amount invested in renewable energy. In addition, the Company received the government subsidy payments for electricity revenues from solar projects for the year 2012 during the third quarter of 2013. As the result of the increased policy clarity and payment certainty, the Company has begun to accrue the government subsidy for electricity revenue from solar projects starting July 1, 2013.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For the electricity revenues recognized in the year ended December 31, 2013, RMB2,125,076 and RMB52,700,759 was related to the government subsidy for electricity revenues in 2012 and 2013, respectively. Excluding the government subsidy for electricity revenues, electricity revenues for electricity from solar projects were RMB21,893,902 for the year ended December 31, 2013.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The following table summarizes the Group's net revenues generated in respective geographic locations:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">For the years ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; TEXT-ALIGN: left">Inside China (including Hong Kong and Taiwan)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">1,281,483,521</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">2,179,670,146</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,461,295,473</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Outside China</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; TEXT-INDENT: 9pt">South Africa</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">202,449</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">681,502,434</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-INDENT: 9pt">Germany</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,422,250,586</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,177,954,567</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">583,912,744</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-INDENT: 9pt">America</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">118,132,913</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">135,839,209</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">414,371,308</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-INDENT: 9pt">Singapore</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">14,854,015</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">370,676,442</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-INDENT: 9pt">India</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">108,636,545</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">31,122,508</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">310,873,363</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Rest of the world</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 3,454,447,879</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,255,125,555</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,256,206,751</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 7,384,951,444</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 4,794,768,449</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 7,078,838,515</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong> </strong></p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in"> </td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>17.</strong></td> <td style="TEXT-ALIGN: justify"><strong>OTHER PAYABLES AND ACCRUALS</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Other payables and accruals consisted of the following:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Payables for purchase of property, plant and equipment</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">253,431,693</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">209,168,858</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Payables for project assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">184,623,149</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">282,999,774</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Government grants related to assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">181,160,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">53,150,000</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Value-added tax and other tax payables</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">26,545,382</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">26,032,624</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Freight payables</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">28,799,192</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">71,588,840</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Accrued utilities, rentals and interest</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">35,204,650</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">21,296,512</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Contracted labor fee</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">19,593,436</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">28,579,830</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Accrued warranty cost</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">21,179,367</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">36,133,758</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Commission payables</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,020,242</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">28,359,421</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Accrued professional service fees</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">13,844,655</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">9,217,250</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Others</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 50,991,380</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 63,846,698</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 817,393,146</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 830,373,565</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The government grant was under Golden Sun Program which was sponsored by China's Ministry of Finance, Ministry of Science and Technology, the National Energy Administration of the National Development and Reform Commission, and the Ministry of Housing and Urban-Rural Development. These grants will be deducted from the carrying amount when the assets are ready for use.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
3261649
538786
2270876
0.73
1273309
210336
1273309
210336
-235198641
-116845750
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-87470328
115987700
7200
12305449
2032715
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>10.</strong></td> <td style="TEXT-ALIGN: justify"><strong>PREPAYMENTS AND OTHER CURRENT ASSETS</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Prepayments and other current assets consisted of the following:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Value-added tax deductible</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">209,695,401</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">463,771,911</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Prepayment for share repurchase</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,963,848</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,173,532</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Employee advances</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">13,660,674</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">10,357,581</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Prepayment for income tax</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6,390,847</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5,992,644</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Deposits for customs duty, rental and open bidding for solar projects</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">46,450,079</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">50,614,427</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Receivable from insurance company</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">81,388,706</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">24,359</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Prepaid insurance premium, rent, and others</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">18,040,237</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">21,608,096</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Others</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 11,741,001</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 14,311,425</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 413,330,793</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 591,853,975</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Value-added tax deductible represented the balance that the Group can utilize to deduct its value-added tax liability within the next 12 months.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2012 and 2013, all of the employee advances were business related, interest-free, not collateralized and will be repaid or settled within one year from the respective balance sheet dates.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Receivable from insurance company represented the insurance compensation which the Group has claimed with the insurance company that insures the Group against customer credit default and the collection of receivable is reasonably assured.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
25173532
25963848
160861
1266499
209211
160861
1266499
209211
272100000
37306301
184623149
282999774
46748232
1358944492
224481638
536391099
272504672
1349668502
349485131
634169173
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>m. Project assets</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Project assets consist primarily of costs relating to construction of solar power plants at various stages of development. These costs include costs for land and costs for developing and constructing a PV solar power plant. Upon completion of development and connection of the solar power plants, income generated from connection to the grid is recognized as revenue and the project assets are amortized over their expected life of 20 years.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
P20Y
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in"> </td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>13.</strong></td> <td style="TEXT-ALIGN: justify"><strong>PROJECT ASSETS</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2012 and 2013 the balances of project assets was RMB536,391,099 and RMB1,358,944,492, respectively. As of December 31, 2012 and 2013, RMB 349,485,131 and RMB1,349,668,502 of project assets had been completed and connected to the grid. The revenues from connection to the grid for the years ended December 31, 2012 and 2013 were RMB1,607,066 and RMB76,719,737, respectively. Depreciation expenses of project assets were RMB5,141,460 and RMB27,309,105 for the years ended December 31, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2013, project assets with net book value of RMB634,169,173 were pledged as collateral for the Group's borrowings (Note19).</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
274599278
253431693
209168858
34552234
3061616887
3080421654
652937
227073440
24359
81388706
0.15
P10Y
2366679050
1.178
0.1
0.05
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Advances to suppliers - current</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">67,582,991</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">74,047,190</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Advances to suppliers - noncurrent</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 223,043,440</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 223,043,440</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Total</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">290,626,431</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">297,090,630</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Provision for advances to suppliers</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (227,073,440</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (227,073,440</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Advances to suppliers, net</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 63,552,991</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 70,017,190</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">For the year ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 55%; TEXT-ALIGN: left">The aggregate amount of effect</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">46,723,125</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">25,853,541</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>Per share effect-basic</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.50</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.27</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>Per share effect-diluted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.46</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.27</td> <td style="TEXT-ALIGN: left"> </td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">For the year ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Net operating losses</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Provision for inventories, accounts receivable, other receivable</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">170,795,477</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">59,362,637</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Change in fair value of forward contracts</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,749,190</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(5,270,148</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Accrued warranty costs</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4,952,344</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5,923,185</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Accrued interest</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6,529,370</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">503,377</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Other temporary differences</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (5,153,313</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 5,283,025</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Total deferred tax assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">175,374,688</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">65,802,076</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less: Valuation allowance</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (175,374,688</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (65,802,076</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Net deferred tax assets-current</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">For the year ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Net operating losses</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">91,384,912</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">39,762,082</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Accrued warranty costs</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,690,397</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,977,871</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Increase in fair value of property, plant and equipment and land use rights arising from business combination</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(3,532,006</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(2,052,738</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Timing difference for project assets, property, plant and equipment</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">17,470,545</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">43,098,028</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Provision for advance to suppliers to be utilized beyond one year</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">56,931,594</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">34,158,957</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Provision of prepayment for purchase of property, plant and equipment</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">11,048,442</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6,629,065</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Timing difference for revenue recognition of retainage contract</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">28,557,111</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,442,086</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Other temporary differences</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (65,135</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 3,300,328</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Total deferred tax assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">227,485,860</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">176,315,679</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less: Valuation allowance</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (227,485,860</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (176,315,679</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Deferred tax assets-non-current, net</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Payables for purchase of property, plant and equipment</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">253,431,693</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">209,168,858</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Payables for project assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">184,623,149</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">282,999,774</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Government grants related to assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">181,160,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">53,150,000</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Value-added tax and other tax payables</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">26,545,382</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">26,032,624</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Freight payables</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">28,799,192</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">71,588,840</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Accrued utilities, rentals and interest</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">35,204,650</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">21,296,512</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Contracted labor fee</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">19,593,436</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">28,579,830</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Accrued warranty cost</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">21,179,367</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">36,133,758</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Commission payables</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,020,242</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">28,359,421</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Accrued professional service fees</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">13,844,655</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">9,217,250</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Others</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 50,991,380</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 63,846,698</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 817,393,146</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 830,373,565</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">For the years ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; TEXT-ALIGN: left">Sales of solar modules</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">6,647,264,147</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,897,288,039</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">6,660,317,517</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Sales of silicon wafers</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">517,935,191</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">328,428,550</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">70,636,980</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Sales of solar cells</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">168,388,351</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">138,686,401</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">184,203,072</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Sales of silicon ingots</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">14,363,232</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,885,648</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,189,751</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Sales of recovered silicon materials</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6,365,978</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">270,406</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">14,559,658</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Processing service fees</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5,836,528</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">213,427,948</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">71,010,744</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Solar system EPC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">24,798,017</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">213,174,391</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">201,056</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Revenue from generated electricity</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,607,066</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 76,719,737</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 7,384,951,444</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 4,794,768,449</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 7,078,838,515</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Number of option<br /> outstanding</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Weighted-average fair<br /> value in grant date</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left" colspan="2"> </td> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> (RMB/share)</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Non-vested at January 1, 2013</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">4,681,848</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">7.56</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Granted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,280,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">23.32</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Vested</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(2,084,116</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">9.35</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Forfeited</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (25,960</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 30.98</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Non-vested at December 31, 2013</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,851,772</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 11.67</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Expected to vest as of December 31, 2013</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,178,848</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 11.65</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap"> Subsidiaries</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap"> Date of<br /> Incorporation /Acquisition</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap"> Place of<br /> Incorporation</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Percentage of<br /> ownership</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left" colspan="2"> </td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 37%; TEXT-ALIGN: left">JinkoSolar Technology Limited ("Paker")</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 24%; TEXT-ALIGN: center">November 10, 2006</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 24%; TEXT-ALIGN: center">Hong Kong</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">100</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Jinko Solar Co., Ltd. ("Jiangxi Jinko")</td> <td> </td> <td style="TEXT-ALIGN: center">December 13, 2006</td> <td> </td> <td style="TEXT-ALIGN: center">PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Zhejiang Jinko Solar Co., Ltd.("Zhejiang Jinko")</td> <td> </td> <td style="TEXT-ALIGN: center">June 30, 2009</td> <td> </td> <td style="TEXT-ALIGN: center">PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">JinkoSolar International Limited ("JinkoSolar International")</td> <td> </td> <td style="TEXT-ALIGN: center">November 25, 2009</td> <td> </td> <td style="TEXT-ALIGN: center">Hong Kong</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export")</td> <td> </td> <td style="TEXT-ALIGN: center">December 24, 2009</td> <td> </td> <td style="TEXT-ALIGN: center">PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">JinkoSolar GmbH ("Jinko GmbH")</td> <td> </td> <td style="TEXT-ALIGN: center">April 1, 2010</td> <td> </td> <td style="TEXT-ALIGN: center">Germany</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Zhejiang Jinko Trading Co., Ltd.("Zhejiang Trading")</td> <td> </td> <td style="TEXT-ALIGN: center">June 13, 2010</td> <td> </td> <td style="TEXT-ALIGN: center">PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">JinkoSolar (U.S.) Inc. ("Jinko US")</td> <td> </td> <td style="TEXT-ALIGN: center">August 19, 2010</td> <td> </td> <td style="TEXT-ALIGN: center">USA</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Jiangxi Photovoltaic Materials Co., Ltd ("Jiangxi Materials")</td> <td> </td> <td style="TEXT-ALIGN: center">December 1, 2010</td> <td> </td> <td style="TEXT-ALIGN: center">PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">JinkoSolar (Switzerland) AG("Jinko Switzerland")</td> <td> </td> <td style="TEXT-ALIGN: center">May 3, 2011</td> <td> </td> <td style="TEXT-ALIGN: center">Switzerland</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">JinkoSolar (US) Holdings Inc.("Jinko US Holding")</td> <td> </td> <td style="TEXT-ALIGN: center">June 7, 2011</td> <td> </td> <td style="TEXT-ALIGN: center">USA</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">JinkoSolar Italy S.R.L. ("Jinko Italy")</td> <td> </td> <td style="TEXT-ALIGN: center">July 8, 2011</td> <td> </td> <td style="TEXT-ALIGN: center">Italy</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Shangrao Jinko PV Technology Engineering Co., Ltd. ("Jinko Tech")</td> <td> </td> <td style="TEXT-ALIGN: center">July 28, 2011</td> <td> </td> <td style="TEXT-ALIGN: center">PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">JinkoSolar SAS ("Jinko France")</td> <td> </td> <td style="TEXT-ALIGN: center">September 12, 2011</td> <td> </td> <td style="TEXT-ALIGN: center">France</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 37%; TEXT-ALIGN: left">Jinko Solar Canada Co., Ltd ("Jinko Canada")</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 24%; TEXT-ALIGN: center">November 18, 2011</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 24%; TEXT-ALIGN: center">Canada</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">100</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Delingha Ruiqida Solar Power Co., Ltd. ("Delingha Solar Power")</td> <td> </td> <td style="TEXT-ALIGN: center">December 6, 2011</td> <td> </td> <td style="TEXT-ALIGN: center">PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">88.70</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Jinko Solar Australia Holdings Co. Pty Ltd ("Jinko Australia")</td> <td> </td> <td style="TEXT-ALIGN: center">December 7, 2011</td> <td> </td> <td style="TEXT-ALIGN: center">Australia</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Wide Wealth Group Holding Limited ("Wide Wealth")</td> <td> </td> <td style="TEXT-ALIGN: center">June 11, 2012</td> <td> </td> <td style="TEXT-ALIGN: center">Hong Kong</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Haining JinkoSolar Investment Co., Ltd ("Haining Investment")*</td> <td> </td> <td style="TEXT-ALIGN: center">September 14, 2012</td> <td> </td> <td style="TEXT-ALIGN: center">PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Canton Best Limited ("Canton Best")</td> <td> </td> <td style="TEXT-ALIGN: center">September 16, 2013</td> <td> </td> <td style="TEXT-ALIGN: center">BVI</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">JinkoSolar Power Engineering Group Limited ("Power Engineering")</td> <td> </td> <td style="TEXT-ALIGN: center">November 12, 2013</td> <td> </td> <td style="TEXT-ALIGN: center">Cayman</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> * Haining Investment is the holding company of a number of power plant project companies established in various locations in China.<br /> </p> <!--EndFragment--></div> </div>
24823040
4100474
11.65
3178848
5
5
5
5
24
5
36
5
1
12
3
5
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>25.</strong></td> <td style="TEXT-ALIGN: justify"><strong>SHARE BASED COMPENSATION</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company adopted a long-term incentive plan (the "Plan") in July 2009 which was subsequently amended and restated. The Plan provides for the issuance of options of the Company's ordinary shares in the amount of up to 7,325,122. The options have a contractual life of seven years with the exception of certain options granted to an employee that can be exercised until October 1, 2013. From August 28, 2009 to September 15, 2009, options were granted to certain of the Company's administrative and management personnel to purchase in total 3,024,750 shares of the Company's ordinary shares at an exercise price of US$3.13 per share. On April 6, 2010, the exercise price of these share options was adjusted from US$3.13 per share to US$2.08 per share ("repricing"). The impact of this amendment of RMB5,132,052 was recognized during the year ended December 31, 2010 as a result of the IPO condition described below. The share options will generally vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel's service with the Company has not terminated prior to each such vesting date. For one employee, the share options will vest in a series of 36 successive equal monthly installments, on the last day of each month, commencing from October 1, 2008, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On September 28, 2011, the Company amended and restated the Plan to increase the maximum number of shares that may be issued under the Plan to 9,325,122.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On January 25, 2010, the Company granted to certain officers and employees options to purchase 726,250 ordinary shares of the Company at an exercise price of 85% of the initial public offering price per share. These options will vest in five successive equal annual installments on the last day of each year from January 25, 2010, provided that the personnel's service with the Company has not been terminated prior to each such vesting date. These share options were considered as not effectively granted until their exercise price was determined at US$2.08 on April 12, 2010.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> From April 12, 2010 to April 26, 2010, the Company granted additional options to purchase 785,480 ordinary shares at an exercise price of US$2.08 per share to certain administrative and management personnel. The share options will generally vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> No portion of any of the above granted share options, even vested, may be exercised prior to and within the 180-day period following an effective initial public offering as defined in the Plan. Given the exercise restriction, the recognition of share-based compensation expense was delayed. Such expense of RMB14,651,329 accumulated from grant date was recognized at the time of the Company's initial public offering on May 14, 2010.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On March 11, 2011, the Company granted to certain officers and employees options to purchase 300,000 ordinary shares of the Company at an exercise price of US$5.65 per share. The share options will vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On May 3, 2011, the Company granted to one officer options to purchase 100,000 ordinary shares of the Company at an exercise price of US$6.50 per share. The share options will vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On October 1, 2011, the Company granted to certain officers and employees options to purchase 4,180,000 and 32,000 ordinary shares of the Company at an exercise price of US$1.42 per share, with which the share options will vest in 5 and 1 successive equal annual installments on the last day of each year from the grant date, respectively, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On November 3, 2011, the Company granted to one officer options to purchase 1,120,000 ordinary shares of the Company at an exercise price of US$1.42 per share. The share options will vest in 24 successive equal monthly installments on the last day of each month from October 1, 2011, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On December 21, 2012, the Company granted to certain officers options to purchase 160,000 ordinary shares of the Company at an exercise price of US$1.42 per share. The share options will vest in 5 successive equal annual installments on the last day of each year from December 21, 2011 and February 1, 2012, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On August 13, 2013, the Company extended the expiration date of the stock options granted to an officer from October 1, 2013 to October 1, 2014. As a result of this modification, the Company recorded additional stock-based compensation expense of RMB 1,608,968 for the year ended December 31, 2013.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On October 1, 2013, the Company granted to an officer options to purchase 600,000 ordinary shares of the Company at an exercise price of US$4.38 per share, with which the share options will vest in 12 successive equal monthly installments on the last day of each month from the grant date, provided that the personnel's service with the Company has not terminated prior to each such vesting date. On October 1, 2013, the Company granted to certain employees options to purchase 680,000 ordinary shares of the Company at an exercise price of US$4.38 per share, with which the share options will vest in 3 and 5 successive equal annual installments on the last day of each year from the grant date, respectively, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> A summary of activity under the share-based compensation plan is as follow:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Number of option<br /> outstanding</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Weighted-average<br /> exercise price</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap"><font style="FONT: 10pt Times New Roman, Times, Serif"> <strong>Weighted-average</strong></font><br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>remaining</strong></font><br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>contractual term</strong></font></td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Aggregate<br /> intrinsic value</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left" colspan="2"> </td> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> (US$/share)</td> <td style="FONT-WEIGHT: bold"> </td> <td> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center" colspan="2"> <strong>(in years)</strong></td> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> (RMB)</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 48%; TEXT-ALIGN: left">Balance as of January 1, 2013</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">8,061,054</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">1.81</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Granted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,280,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4.38</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Exercise</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,812,852</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2.03</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Forfeited</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (457,400</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1.80</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> </td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> </td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Balance as of December 31, 2013</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 7,070,802</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 2.22</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3.9</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 220,182,959</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Vested and expected to vest as of December 31, 2013</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 6,397,878</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 2.20</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 2.9</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 200,060,309</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Vested and exercisable as of December 31, 2013</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,219,030</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1.94</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3.1</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 105,644,209</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The aggregate intrinsic value is calculated as the difference between the market price of ordinary shares, US$7.3 per share as of December 31, 2013 and the exercise prices of the options.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Total intrinsic value of options exercised as of December 31, 2011, 2012 and 2013 were nil, RMB14,454 and RMB76,736,538, respectively. The weighted average grant date fair value of options granted during the years ended December 31, 2011, 2012 and 2013 was RMB6.91, RMB5.6 and RMB23.32 per share, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> A summary of non-vested shares activity under the share-based compensation plan is as follow:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Number of option<br /> outstanding</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Weighted-average fair<br /> value in grant date</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left" colspan="2"> </td> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> (RMB/share)</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Non-vested at January 1, 2013</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">4,681,848</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">7.56</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Granted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,280,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">23.32</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Vested</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(2,084,116</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">9.35</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Forfeited</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (25,960</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 30.98</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Non-vested at December 31, 2013</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,851,772</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 11.67</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Expected to vest as of December 31, 2013</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,178,848</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 11.65</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The total fair value of shares vested for the years ended December 31, 2011, 2012 and 2013 were RMB17,489,306, RMB8,928,354 and RMB18,548,052, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The share-based compensation expense for the year ended December 31, 2011, 2012 and 2013 was recorded in the respective items:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 55%; TEXT-ALIGN: left">Costs of revenues</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">725,651</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">947,428</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">505,036</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Selling expenses</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">529,939</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,128,245</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,499,187</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">General and administrative expenses</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 8,623,534</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 14,267,437</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 15,987,983</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 9,879,124</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 17,343,110</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 17,992,206</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0px"> As of December 31, 2013, the company had 7,070,802 options outstanding. Total share-based compensation expense, determined based on the fair value of the options on the grant dates including the incremental charge resulted from the repricing, extension of expired date, applying an estimated forfeiture rate of 10%, amounted to approximately RMB69,343,192 of which the amounts of RMB17,343,110 and RMB17,992,206 was recognized for the year ended December 31, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2013, the Company had unrecognized share-based compensation expense RMB26,011,873 related to non-vested share options. That deferred cost is expected to be recognized over a weighted-average period of 3.1 years. For the year ended December 31, 2013, total cash received from the exercise of share options is RMB17,551,472.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The fair value of options grant during the year ended December 31, 2013 is estimated on the date of grant using Black-Scholes model with the following assumptions:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Expected volatility</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 87.8% - 96.3%</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 80%; TEXT-ALIGN: left">Expected dividend yield</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 17%; TEXT-ALIGN: right">0</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Expected terms</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 1.8 - 5.0</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Risk-free interest rate</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 0.29% - 1.46%</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Fair value per option at grant date (RMB)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 20.4 - 28.14</td> <td style="TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The risk-free interest rate is based on the China government bond yield denominated in US$ for a term consistent with the expected life of the awards in effect at the time of grant.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The expected term is based on the contractual term of the option and expected employee exercise and post-vesting employment termination behavior. Currently, it is based on the simplified approach.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company has no history or expectation of paying dividends on its ordinary shares.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company chose to use the historical volatility and implied volatility of a basket of comparable publicly-traded companies for a period equal to the expected term preceding the grant date.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>23.</strong></td> <td style="TEXT-ALIGN: justify"><strong>REPURCHASE OF ORDINARY SHARES</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On May 6, 2011, the Board of Directors approved a share repurchase program to repurchase up to US$30 million of its outstanding ADS of the Company from time to time over the next 12 months, depending on market conditions, share price and other factors, as well as subject to the memorandum and articles of association of the Company, the relevant rules under United States securities laws and regulations and the relevant stock exchange rules. The share repurchases may be made on the open market, in block trades or otherwise and is expected to include derivative transactions. The program may be suspended or discontinued at any time.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For the year ended December 31, 2011, 1,222,600 outstanding American Depositary Shares ("ADSs") (4,890,400 shares) were repurchased for full retirement with a total consideration of RMB48,503,352. Additional paid-in capital was reduced by RMB48,502,683. As of December 31, 2011, 257,230 ADSs (1,028,920 shares) were repurchased but have not been retired with a total consideration of RMB 8,354,423 which is shown as treasury stock.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For the year ended December 31, 2012, 173,570 outstanding ADSs (694,280 shares) were repurchased with a total consideration of RMB5,521,130, which is shown as treasury stock. As of December 31, 2013, total of 430,800 ADSs (1,723,200 shares) were repurchased but have not been retired with a total consideration of RMB13,875,553 which is shown as treasury stock.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
5521130
5521130
1974593927
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P25Y
P5Y
P10Y
P2Y
0.2
0.1
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>ai. Statutory reserves</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Zhejiang Jinko, as sino-foreign owned joint venture incorporated in the PRC, is required to make appropriations of net profits, after recovery of accumulated deficit, to (i) a general reserve fund, (ii) an enterprise expansion fund, and (iii) a staff bonus and welfare fund prior to distribution of dividends to investors. These reserve funds are set at certain percentage of after-tax profit determined in accordance with PRC accounting standards and regulations (the "PRC GAAP"). The percentage of net profit for appropriation to these funds is at the discretion of their board of directors.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Jiangxi Jinko, as a wholly foreign owned enterprise incorporated in the PRC, is required on an annual basis to make appropriations of net profits, after the recovery of accumulated deficit, to a general reserve fund and a staff bonus and welfare fund. These reserve funds are set at certain percentage of after-tax profit determined in accordance with the PRC GAAP. The percentage of the appropriation for general reserve fund is at least 10%, and the percentage of the appropriation for staff bonus and welfare fund is at the discretion of its boards of directors.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Except for the aforementioned subsidiaries, the Company's other subsidiaries, as domestic enterprises incorporated in the PRC, are required on an annual basis to make an appropriation of net profits, after the recovery of accumulated deficit, to a statutory reserve fund. The statutory reserve fund is set at the percentage of not lower than 10% of the after-tax profit determined in accordance with the PRC GAAP.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Once the level of the general reserve fund and the statutory reserve fund reach 50% of the registered capital of the underlying entities, further appropriations to these funds are discretionary. The Group's statutory reserves can only be used for specific purposes of enterprises expansion and staff bonus and welfare, and are not distributable to the shareholders except in the event of liquidation. Appropriations to these funds are accounted for as transfers from retained earnings to the statutory reserves.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> During the years ended December 31, 2011, 2012 and 2013, the Group made total appropriations to statutory reserves of RMB14,397,530, RMB56,894 and RMB5,887,925, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>ah. Repurchase of share</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> When the Company's shares are purchased for retirement, the excess of the purchase price over its par value is recorded entirely to additional paid-in capital subject to the limitation of the additional paid in capital when the shares were originally issued. When the Company's shares are acquired for purposes other than retirement, the purchase price is shown separately as treasury stock.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 55%; TEXT-ALIGN: left">At beginning of year</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">378,888</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">179,746,165</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">673,671,445</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Addition</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">184,990,129</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">541,662,539</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">121,315,213</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Write-off</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(24,140</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(40,819,459</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Reversal</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (5,598,712</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (47,737,259</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (308,211,032</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">At end of year</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 179,746,165</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 673,671,445</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 445,956,167</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
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30117797
30117797
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>a. Basis of presentation and use of estimates</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company's consolidated financial statements include allowance for doubtful receivables, provision for inventories and advances to suppliers, impairment of long-lived assets, the economic useful lives of property, plant and equipment, project assets and intangible assets, assumptions used in purchase price allocation, certain accrued liabilities including accruals for warranty costs, accounting for share-based compensation, fair value measurements, legal contingencies, income taxes and related deferred tax valuation allowance.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>r. Business combination</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group accounts for business combinations using the acquisition method of accounting. This method requires that the acquisition consideration to be allocated to the assets, including separately identifiable intangible assets, and the liabilities that the Company acquires based on their estimated fair values. The Group makes estimates and judgments in determining the fair value of the acquired assets and liabilities based on its experience with similar assets and liabilities in similar industries. If different judgments or assumptions were used, the amounts assigned to the individual acquired assets or liabilities could be materially different.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
10000000
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>d. Cash and cash equivalents</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions, which have original maturities of three months or less.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>e. Restricted cash</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Restricted cash represents deposits legally held by banks which are not available for the Group's general use. These deposits are held as collateral for issuance of letters of credit or guarantee, bank acceptance notes to vendors for purchase of machinery and inventories and forward contracts.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
602700000
382800000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>28.</strong></td> <td style="TEXT-ALIGN: justify"><strong>COMMITMENTS AND CONTINGENCIES</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>(a) Operating lease commitments</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> From January 1, 2008, Jiangxi Jinko leased buildings and land use rights from Desun, under a non-cancelable operating lease expiring in January 2018. In addition, the Group also leased office buildings for its offices under non-cancelable operating lease from third parties.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Future minimum obligations for operating leases are as follows:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 1.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Year ending December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">RMB</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 85%; TEXT-ALIGN: left">2014</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">8,101,999</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">2015</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,048,529</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">2016</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,946,349</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">2017</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,644,217</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">2018</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">543,913</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Thereafter</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 861,194</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 16,146,201</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> Rental expense under all operating leases were RMB5,493,427, RMB8,588,661 and RMB9,385,783 for the years ended December 31, 2011, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>(b) Capital commitments</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group entered into several purchase agreements and supplementary agreements with certain suppliers to acquire machineries to be used in the manufacturing of its products. The Group's total future payments under these purchase agreements amounted to RMB105.4 million as of December 31, 2013.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>(c) Contingencies</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in"> In the opinion of management, as confirmed by its legal counsel, as of December 31, 2013, the ownership structure of the Group is in compliance with all existing PRC laws and regulations. It is also in the opinion of management that potential losses arising from the ownership structure based on current regulatory environment is remote. However, the Company cannot be assured that the PRC government authorities will not take a view contrary to the opinion of management. In addition, there may be changes and other developments in the PRC laws and regulations or their interpretations. If the current ownership structure of the Group was found to be not in compliance with any existing or future PRC laws or regulations, the Group may be required to restructure its ownership structure and operations in the PRC to comply with current or new PRC laws and regulations.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in"> On October 11, 2011, JinkoSolar was named as a defendant in a putative shareholder class action lawsuit filed in the United States District Court for the Southern District of New York captioned <em>Marco Peters v. JinkoSolar Holding Co., Ltd., et al.</em>, Case No. 11-CV-7133 (S.D.N.Y.) (the "U.S. Securities Action"). In addition to JinkoSolar, the complaint also named as defendants Xiande Li, Kangping Chen, Xianhua Li, Wing Koen Siew, Haitao Jin, Zibin Li, Stephen Markscheid, Longgen Zhang (the "Individual Defendants"), and the underwriters of our initial public offering in May 2010. The plaintiff in the U.S. Securities Action sought to represent a class of all purchasers and acquirers of ADSs of JinkoSolar between May 13, 2010 and September 21, 2011, inclusive. The plaintiff alleged that the defendants violated Sections 11 and 12(a)(2) of the Securities Act and Section 10(b) of the Exchange Act by making material misstatements or failing to disclose material information regarding, among other things, JinkoSolar's compliance with environmental regulations at its Haining facility. The complaint also asserted claims against the Individual Defendants for control person liability under Section 15 of the Securities Act and Section 20(a) of the Exchange Act. The complaint sought, among other things, certification of the putative class, unspecified compensatory damages (including interest), and costs and expenses incurred in the action. On March 19, 2012, the court entered an order appointing lead plaintiffs in the U.S. Securities Action.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in"> On June 1, 2012, the court-appointed lead plaintiffs filed an amended complaint (the "Amended Complaint") asserting similar allegations and the same causes of action as in the original complaint and naming one additional underwriter as a defendant. On August 1, 2012, JinkoSolar filed a motion to dismiss the Amended Complaint, as did Stephen Markscheid, who was the only Individual Defendant to have been served in the action. On the same date, the underwriter defendants filed a joinder to JinkoSolar's motion to dismiss. On January 22, 2013, the court issued a Memorandum and Order granting JinkoSolar's and Stephen Markscheid's motions to dismiss in their entirety and dismissing the Amended Complaint as against all defendants. The Court entered judgment in favor of defendants on the same date. On February 19, 2013, lead plaintiffs filed a notice of appeal with respect to the court's January 22, 2013 Memorandum and Order and Judgment. Lead plaintiffs' appeal is currently pending in the United States Court of Appeals for the Second Circuit. The Company are unable to reliably estimate the probability of prevailing in the case and the scope of any liabilities.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in"> In July 2008, the Company entered into a long-term supply agreement with Wuxi Zhongcai, a producer of virgin polysilicon materials. The Company provided a prepayment of RMB95.6 million pursuant to such contract. Wuxi Zhongcai subsequently halted production as a result of the adverse changes in the polysilicon market. In February 2013, the Company sued Wuxi Zhongcai in Shangrao City Intermediate People's Court for the refund of the outstanding balance of our prepayment of RMB93.2 million after deducting delivery made to the Company by an affiliate of Wuxi Zhongcai. In January 2013, the Company notified Wuxi Zhongcai to terminate our long-term supply agreement. In February 2013, Wuxi Zhongcai sued the Company in Shanghai Pudong New Area People's Court for approximately RMB2.7 million for breaching the contract by failing to make allegedly required payments. The Company considered the recovery of the RMB93.2 million unlikely as a result of the polysilicon market conditions, the mutually alleged claims and the adverse developments in the operations of Wuxi Zhongcai and recorded provisions of RMB93.2 million for the balance of our prepayment to Wuxi Zhongcai. As of the date of this report, these suits are still pending. The Company is unable to reliably estimate the probability of prevailing in the case and the scope of any liabilities.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in"> In March 2012, COGIP S.P.A., or COGIP, one of the customers, initiated arbitration proceedings in the Chinese European Arbitration Centre for approximately EUR20.4 million for damages allegedly relating to the late delivery of modules and defects in our products. We responded to the arbitration summons on April 18, 2012 and raised a counterclaim for the outstanding portion of the purchase price of EUR23,310,000.00 plus liquidated damages of 0.5% of this amount per week since March 6, 2012. On April 24, 2013 the Company reached a settlement agreement with COGIP, pursuant to which COGIP agreed to pay EUR14 million to the Company in three installments to settle all claims As of July 31, 2013, the Company received all settlement payment of EUR14 million in total from COGIP.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>(d) Guarantees</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On June 13, 2009, Jiangxi Jinko entered into a loan agreement with Shangrao Heji Investment Co., Ltd. ("Heji"), in the principal amount of RMB100 million with a term of three years. Of this amount, RMB nil was outstanding as of December 31, 2011. In consideration of this loan agreement, Heji required Jiangxi Jinko to enter into a guarantee agreement with Jiangxi International Trust Co., Ltd. ("JITCL") on May 31, 2009 for Heji's payment obligations under its separate trust loan agreement with JITCL ("JITCL Loan Agreement"), under which JITCL extended a loan to Heji in the principal amount of RMB50 million for a term of three years. In the event that Heji fails to perform its obligations under the JITCL Loan Agreement or otherwise defaults thereunder, Jiangxi Jinko will become liable for Heji's obligations under the JITCL Loan Agreement. The Company recorded a guarantee liability of RMB1.5 million as of December 31, 2010 and reclassified to short term liability as of December 31, 2011. Corresponding deferred financing cost was recorded and amortized over the period of Jiangxi Jinko's long-term borrowing. Jiangxi Jinko has fully repaid the entrusted loans in July 2011. During 2012, Heji repaid the loan and Jiangxi Jinko was released from its obligations.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>ad. Commitments and Contingencies</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>al. Other comprehensive income/(loss)</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Other comprehensive income/(loss) is defined as the change in equity during a period from non-owner sources. The Company's other comprehensive income/(loss) for each period presented is comprised of foreign currency translation adjustment of the Company's foreign subsidiaries and unrealized gains and losses on available-for-sale securities. .</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in"> </td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>27.</strong></td> <td style="TEXT-ALIGN: justify"><strong>CERTAIN RISKS AND CONCENTRATION</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <strong><em>a) Concentrations of credit risk</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Financial instruments that potentially subject the Group to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, restricted short-term investments, accounts receivable, prepayments and other current assets. As of December 31, 2012 and 2013, substantially all of the Group's cash and cash equivalents, restricted cash and restricted short-term investments were held by major financial institutions located in the PRC.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group is also exposed to the credit and financial risks of its suppliers to which the Group made advances. The Group's financial condition and results of operations may be materially affected if the suppliers fail to meet their obligations of supplying silicon materials according to the contractually agreed schedules.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <strong><em>b) Foreign currency risk</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group has contracts for the purchases of materials and equipment which are denominated in foreign currencies, including US Dollars, and Euros. For the year ended December 31, 2013, 51.3% of the Group's revenues are dominated in foreign currencies, including US Dollars, Euros, Australian Dollars, Canadian Dollars and South African Rand. Renminbi, the functional currency of the Group, is not freely convertible into foreign currencies.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> <strong><em>c) Major customers</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group performs ongoing credit evaluations of its customers' financial condition whenever deemed necessary and generally does not require collateral. The Group maintains an allowance for doubtful accounts based upon the expected collectability of all accounts receivable, which takes into consideration an analysis of historical bad debts, specific customer creditworthiness and current economic trends.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The following table summarizes the percentage of the Company's revenue over 10% of total revenue for the years ended December 31, 2011, 2012 and 2013. There is no accounts receivable represented by customers with balances over 10% of accounts receivables as of December 31, 2012 and 2013, respectively:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">Revenue</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10"> For the year ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; TEXT-ALIGN: left">Company A</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">16</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">11</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
0.16
0
0.11
0.513
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>32. ADDITIONAL INFORMATION - CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong> </strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The separate condensed financial statements of the Company as presented below have been prepared in accordance with Securities and Exchange Commission Regulation S-X Rule 5-04 and Rule 12-04 and present the Company's investments in its subsidiaries under the equity method of accounting. Such investment is presented on separate condensed balance sheets of the Company as "Investments in subsidiaries " and the Company's shares of the profit or loss of subsidiaries are presented as "Share of (loss) / income from subsidiaries" in the statements of operations.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company did not have any significant commitment, long term obligation, or guarantees as of December 31, 2012 and 2013.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong> </strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Condensed statements of operations:</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14" nowrap="nowrap"> For the year ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">USD</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: left" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: left" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: left" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">(Note 2 (am))</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Net revenue</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Cost of revenues</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Gross profit</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 48%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Total operating expenses</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt"> </td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (7,319,613</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt"> </td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (8,459,461</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt"> </td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,286,844</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt"> </td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (708,136</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Loss from operations</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (7,319,613</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (8,459,461</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,286,844</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (708,136</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Convertible senior notes issuance costs</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(24,463,052</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Share of income/(loss) from subsidiaries and affiliates</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">26,457,224</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,405,807,872</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">437,886,531</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">72,333,701</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Interest expense, net</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(19,844,874</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(31,043,624</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(30,526,093</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(5,042,551</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Exchange (loss)/gain</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,204,936</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">49,615</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(2,155,196</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(356,013</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Other expense, net</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(29,637</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Change in fair value of convertible senior notes and capped call option</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 299,747,707</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (97,160,726</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (212,906,573</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (35,169,660</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Income/(Loss) before income taxes</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">273,342,819</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,542,422,068</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">188,011,825</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">31,057,341</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Income tax expenses</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 273,342,819</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (1,542,422,068</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 188,011,825</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 31,057,341</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Condensed balance sheets:</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">December, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">USD</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: right" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: right" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; FONT-WEIGHT: bold; TEXT-ALIGN: right" nowrap="nowrap"><strong>(Note 2 (am))</strong></td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">ASSETS</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: right"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Current assets:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; TEXT-ALIGN: left; PADDING-LEFT: 9pt">Cash and cash equivalent</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">2,260,713</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">7,329,752</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">1,210,789</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Due from subsidiaries</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">545,695,322</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">858,972,809</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">141,892,201</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Other current assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">27,551,909</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">27,657,413</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4,568,679</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 9pt"> Capped call option</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> </td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 107,223,601</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 17,712,077</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Total current assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">575,507,944</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,001,183,575</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">165,383,746</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Investments in subsidiaries</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,325,667,558</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,800,616,766</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">297,440,700</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 9pt"> Capped call option</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 16,131,208</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Total assets</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 1,917,306,710</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 2,801,800,341</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 462,824,446</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">LIABILITIES AND SHAREHOLDERS' EQUITY</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Current liabilities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Due to subsidiaries</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">61,197,969</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">14,676,988</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,424,466</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Other current liabilities</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">7,404,779</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6,894,632</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,138,912</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Convertible senior notes-current</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> </td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 770,485,897</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 127,275,203</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Total current liabilities</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">68,602,748</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">792,057,517</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">130,838,581</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 483,581,668</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Total liabilities</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 552,184,416</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 792,057,517</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 130,838,581</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Shareholders' equity:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 88,758,778 and 108,051,630 shares issued and outstanding as of December 31, 2012 and 2013, respectively)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">13,202</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">15,574</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,573</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Additional paid-in capital</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,524,728,796</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,968,702,066</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">325,206,414</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Accumulated other comprehensive loss</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">236,395</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">12,869,458</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,125,883</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Treasury stock, at cost: 1,723,200 shares of ordinary shares as of December 31, 2012 and 2013, respectively</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(13,875,553</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(13,875,553</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(2,292,078</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Accumulative (deficit)/income</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (145,980,546</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 42,031,279</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 6,943,073</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Total shareholders' equity</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 1,365,122,294</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 2,009,742,824</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 331,985,865</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left; PADDING-LEFT: 9pt"> Total liabilities and shareholders' equity</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 1,917,306,710</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 2,801,800,341</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 462,824,446</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The balance due from subsidiaries represented the expenses paid on behalf by the Company for its subsidiaries.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Other current assets mainly represented the prepaid insurance premium, prepaid rent and other miscellaneous expenses.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The balance due to subsidiaries represented the professional service fees paid by Jiangxi Jinko.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Other current liabilities represented accrual for unpaid professional service fees.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company has long term obligations arising from the issuance of Convertible Senior Notes (See Note 22 of the notes to the consolidated financial statements).</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Condensed statements of cash flows:</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14" nowrap="nowrap"> For the year ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">USD</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">(Note 2 (am))</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash flows from operating activities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 48%; TEXT-ALIGN: left">Net income</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">273,342,819</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">(1,542,422,068</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">188,011,825</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">31,057,341</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Change in fair value of embedded derivatives</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Change in fair value of convertible senior notes</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(398,030,217</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">96,851,674</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">305,202,478</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">50,415,858</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Change in fair value of capped call option</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">98,282,510</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">309,052</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(92,295,905</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(15,246,197</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Share of (income)/loss from subsidiaries</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(26,457,224</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,405,807,872</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(437,886,531</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(72,333,702</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Exchange (gain)/loss</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,204,936</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(49,615</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,155,196</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">356,013</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Changes in operating assets and liabilities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">(Increase)/decrease in due from subsidiaries</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(571,729,995</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">27,696,952</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(313,277,487</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(51,749,754</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Decrease/(increase) in other current assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,567,600</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">769,436</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(105,504</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(17,428</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Increase/(Decrease) in due to a subsidiary</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">44,435,210</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(4,133,808</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(46,520,981</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(7,684,719</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> (Decrease)/increase in other current liabilities</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (19,959,953</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 647,916</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,783,456</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (294,606</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Net cash (used in)/provided by operating activities</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (596,344,314</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (14,522,589</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (396,500,365</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (65,497,194</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash flows from investing activities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Investments in subsidiaries</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (543,555</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (28,834,009</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,763,039</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Net cash used in investing activities</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (543,555</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (28,834,009</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,763,039</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash flows from financing activities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Proceeds from issuance of ordinary shares</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">413,004,026</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">68,223,405</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Proceeds from exercise of share options</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,759,081</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">17,551,472</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,899,297</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Proceeds from issuance of convertible senior notes</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">812,525,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Repurchase of convertible senior notes</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(5,222,773</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Cash paid for capped call option</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(117,003,600</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Prepayment for share repurchase</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(31,924,842</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Repurchase of common stock</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (56,857,774</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Net cash provided by/(used in) financing activities</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 605,275,092</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 430,555,498</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 71,122,702</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Effect of foreign exchange rate changes on cash and cash equivalents</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (734,935</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 46,883</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (152,085</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (25,123</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Net (decrease)/increase in cash and cash equivalents</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">8,195,843</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(15,019,261</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5,069,039</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">837,346</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Cash and cash equivalents, beginning of year</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 9,084,131</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 17,279,974</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 2,260,713</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 373,443</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Cash and cash equivalents, end of year</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 17,279,974</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 2,260,713</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 7,329,752</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,210,789</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Supplemental disclosure of non-cash investing and financing cash flow information</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Shares repurchase utilized prepayment made in prior year</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5,521,130</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Proceeds from exercise of share options received in subsequent period</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">160,861</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,266,499</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">209,211</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Payment of issuance cost for follow-on offering in subsequent period</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,273,309</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">210,336</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>b. Consolidation</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For the Company's majority-owned subsidiaries, non-controlling interests is recognized to reflect the portion of their equity interests which are not attributable, directly or indirectly, to the Group.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>19</strong></td> <td style="TEXT-ALIGN: justify"><strong>BORROWINGS</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>(a) Short-term borrowings</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Short-term bank borrowings</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">1,917,630,796</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">1,803,593,927</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Long-term bank borrowings-current portion</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 328,000,000</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 171,000,000</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total short-term borrowings</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 2,245,630,796</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,974,593,927</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The short-term bank borrowings outstanding as of December 31, 2012 and 2013 carried a weighted average interest rate of 5.41% and 5.28% per annum, respectively. Included in the balance of short-term bank borrowings as of December 31, 2013 were borrowings of RMB18,004,160 and RMB254,485,472 which are denominated and repayable in EURO and USD, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2013, the Group had short-term bank borrowings of RMB 133,257,782 which were only credit loans and short-term bank borrowings of RMB138,088,878 which was collateralized on bank notes of RMB186,172,636. As of December 31, 2013, the Group had short-term bank borrowings of RMB120,170,412 which was collateralized on fixed deposits of RMB102,395,000, including RMB20,547,865 which was also guaranteed by Jiangxi Jinko.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2013, the Company had short-term bank borrowings of RMB90,000,000 which were collateralized on the inventories of RMB146,053,314.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2013, the Company had short-term bank borrowings of RMB272,990,761 which was guaranteed by Jiangxi Jinko, including RMB200,000,000 was also guaranteed by the Shareholders. As of December 31, 2013, the Company had short-term bank borrowing of RMB48,267,911 guaranteed by a third party.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2013, the Company had short-term bank borrowings of RMB600,400,000 which were collateralized on certain land use rights, plants and equipment, including RMB97,000,000 which were guaranteed by Zhejiang Jinko and the Shareholders, RMB 100,000,000 which were guaranteed by Jiangxi Jinko and the Shareholders, RMB183,400,000 which was guaranteed by Jiangxi Jinko, and RMB100,000,000 which were guaranteed by the Shareholders and a third party. As of December 31, 2013, the Company had short-term bank borrowing of RMB198,000,000 which were collateralized on its certain Land use rights, plants, equipment, accounts receivable, and Inventories. Included in these borrowings was RMB28,000,000 guaranteed by the Shareholders, RMB50,000,000 guaranteed by Jiangxi Jinko, and RMB 80,000,000 also guaranteed by Jiangxi I&E. The net book values of Land use rights, plants, equipment, accounts receivable, and Inventories under collaterals were RMB301,580,764, RMB218,730,748, RMB1,879,780,957, RMB38,753,200, and RMB60,380,000, respectively as of December 31, 2013.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2013, the Company had short-term borrowings of RMB6,000,000 from Shangrao Hexing Co., Ltd and RMB196,418,183 from Jiangxi Heji Investment Co., Ltd. which are interest free and without definite repayment term.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in"> </td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong><em>(b)</em></strong></td> <td style="TEXT-ALIGN: justify"><strong><em>Long-term borrowings</em></strong></td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Long-term bank borrowings</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">495,000,000</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">533,000,000</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less: Current portion</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (328,000,000</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (171,000,000</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total long-term borrowings</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 167,000,000</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 362,000,000</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Future principal repayments on the long-term borrowings are as follows:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 1.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Year ending December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">RMB</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 85%; TEXT-ALIGN: left">2014</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">171,000,000</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">2015</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4,000,000</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Thereafter</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 358,000,000</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 533,000,000</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In 2011, the Group obtained a bank borrowing of RMB7,000,000 which was due in 2014. The borrowing carries a variable interest rate that is determined semi-quarterly with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.15% as of December 31, 2013. Interest is payable quarterly. The borrowing was only credit loan.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In 2012, the Group obtained a bank borrowing of RMB160,000,000 which was due in 2014. The borrowing carries a variable interest rate that is determined semi-annually with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.46% as of December 31, 2013. Interest is payable monthly. The borrowing was collateralized on certain Jiangxi Jinko's land use right, plants and equipment. The net book value of land use right, plants and equipment collateralized were RMB97,990,541,RMB140,907,714 and RMB152,908,077, respectively as of December 31, 2013.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In 2013, the Group entered into a loan agreement with Jiangxi Guochuang Investment Co., Ltd. ("Guochuang") for a three-years loan in the principle amount of RMB 8,000,000. As of December 31, 2013, Jiangxi Jinko has received RMB 8,000,000 proceeds which are interest free. The borrowing was collateralized on stock rights of Jiangxi Jinko, which was hold by Jinko Technology.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In 2013, the Group entered into loan facilities for an aggregate principle amount of RMB360 million within a term of 15 years with China Development Bank to develop PV project, which was repayable in installments from May 2013 to March 2028. As of December 31, 2013, the balance of these borrowings was RMB358,000,000, including 4,000,000 which was due in 2014. The borrowing carries a variable interest rate that is determined with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 7.21% as of December 31, 2013. Interest is payable quarterly. The borrowing was collateralized on certain project assets, accounts receivable, and also guaranteed by Jiangxi Jinko. The net book value of project assets and accounts receivable collateralized were RMB634,169,173 and RMB35,982,577, respectively as of December 31, 2013.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0in; TEXT-ALIGN: left"> </td> </tr> </table> <!--EndFragment--></div> </div>
0.01
33.75
48.21
1
29.6307
300000000
300000000
400000000
300000000
800000000
150000000
160000000
7000000
8000000
125000000
0.0615
0.0646
0.0721
0.05
0.0528
0.056
0.065
0.063
0.0899
0.04
0.04
2011-05-17
2015-12-31
2019-01-28
2019-01-31
2014-12-31
2014-12-31
2016-05-15
0.41
0.016
2000000
P3Y
P15Y
P15Y
30154071
24463052
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>h. Notes receivable and payable</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group accepts bank acceptance notes from customers in China in the normal course of business. The Group may discount these notes with banks in China or endorse these notes with its suppliers to clear its accounts payable. Notes that have been discounted with banks or endorsed with suppliers are derecognized from the consolidated balance sheets when the criteria for sale treatment are met.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group also issues bank acceptance notes to its suppliers in China in the normal course of business. The Group classifies the changes in notes payable and the restricted cash held as collateral for issuance of bank acceptance notes as financing activities.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Notes receivable and payable are typically non-interest bearing and have maturities of less than six months.</p> <!--EndFragment--></div> </div>
3.13
2.08
2.08
2.08
5.65
6.50
1.42
1.42
1.42
4.38
1.42
4.38
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Value-added tax deductible</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">209,695,401</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">463,771,911</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Prepayment for share repurchase</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,963,848</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,173,532</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Employee advances</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">13,660,674</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">10,357,581</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Prepayment for income tax</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6,390,847</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5,992,644</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Deposits for customs duty, rental and open bidding for solar projects</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">46,450,079</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">50,614,427</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Receivable from insurance company</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">81,388,706</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">24,359</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Prepaid insurance premium, rent, and others</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">18,040,237</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">21,608,096</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Others</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 11,741,001</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 14,311,425</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 413,330,793</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 591,853,975</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
4209187
-518086
910065
150332
-5270148
-1749190
65802076
175374688
176315679
227485860
39762082
91384912
5283025
-5153313
3300328
-65135
43098028
17470545
59362637
170795477
503377
6529370
5923185
4952344
25977871
25690397
65802076
175374688
176315679
227485860
242117755
402860548
73967071
6308714
50614427
46450079
263846113
323152636
328311127
54233135
5141460
27309105
43160093
12930159
107223601
16131208
43160093
12930159
107223601
16131208
107223601
16131208
16408445
42149460
6962595
12930159
16131208
16131208
18000000
1010633
166945
36604889
-9043079
48390446
7993532
299747707
-97160726
-212906573
-35169660
336352596
-106203805
-164516127
60982675
42947577
22750277
-24377786
-51990656
25640169
398030217
-96851674
-305202478
-98282510
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92295905
107223601
17712077
107223601
17712077
-24377786
-51990656
25640169
4235454
398030217
-96851674
305202478
50415858
-98282510
-309052
92295905
15246197
-98282510
-309052
92295905
299747707
-97160726
-212906573
-35169660
10080395
5490630
10080395
5490630
10080395
1665163
5490630
19855810
-21567522
-398030217
10357581
13660674
216255
35723
5840380
266510538
327258267
111371748
3261649
2161345
109531
5730010
32316121
2948489
2.91
-17.38
2
0.33
-1.23
-17.38
1.96
0.32
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>aj. Earnings(Loss) per share</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Basic earnings(loss) per share is computed by dividing net income(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings(loss) per share is calculated by dividing net income(loss) attributable to ordinary shareholders, as adjusted for the change in income or loss as result from the assumed conversion of those participating securities, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary share equivalents consist of the ordinary shares issuable upon the conversion of the convertible senior notes (using the if-converted method) and ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method). Potential dilutive securities are not included in the calculation of dilutive earnings per share if the effect is anti-dilutive.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0in; TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 0.25in"> <strong>20.</strong></td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify"> <strong>EARNINGS/(LOSS) PER SHARE</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Basic earnings/(loss) per share and diluted earnings/(loss) per share have been calculated as follows:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10"> For the years ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Numerator:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 61%; TEXT-ALIGN: left">Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders - Basic</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">273,342,819</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">(1,542,422,068</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">188,011,825</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Dilutive effect of convertible senior notes interest</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">19,855,810</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Dilutive effect of exchange gain on convertible senior notes</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(21,567,522</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Dilutive effect of change in fair value of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (398,030,217</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Net (loss)/income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders - Diluted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(126,399,110</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,542,422,068</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">188,011,825</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Denominator:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Denominator for basic calculation - weighted average number of ordinary shares outstanding</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">93,966,535</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">88,752,706</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">94,018,394</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Dilutive effects of share options</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,367,900</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,017,591</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Dilutive effects of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 7,352,536</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Denominator for diluted calculation - weighted average number of ordinary shares outstanding</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 102,686,971</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 88,752,706</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 96,035,985</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Basic earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2.91</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(17.38</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2.00</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Diluted (loss)/earnings per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (1.23</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (17.38</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1.96</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2012 and 2013, the convertible senior notes were not included in the calculation of diluted EPS because of their anti-dilutive effect.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2012, the Company was in the loss situation, therefore the share options were not included in the computation of diluted EPS because of their anti-dilutive effect.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in"> </td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>11.</strong></td> <td style="TEXT-ALIGN: justify"><strong>INVESTMENTS IN AFFILIATES</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <em>Investments accounted for under the equity method.</em></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The movement of the investments in equity method company is as follows:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">At beginning of year</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">27,983,709</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Investment</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">28,000,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">84,000,000</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">share of loss of affiliated companies</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (16,291</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (25,614,963</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">At end of year</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 27,983,709</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 86,368,746</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On December 20, 2012, JinkoSolar signed a strategic cooperation agreement with Jinchuan Group Co., Ltd. ("Jinchuan Group"), a Chinese state-owned enterprise, to jointly invest in and establish a company named Gansu Jintai Electronic Power Co., Ltd. ("Gansu Jintai" or "investee"), to develop 200 MW photovoltaic ("PV") solar power plant in Jinchang, Gansu Province, China. JinkoSolar holds 28% equity interest in Gansu Jintai and accounts for its investment in Gansu Jintai using the equity method as JinkoSolar has the ability to exercise significant influence over the operating and financial policies of the investee. JinkoSolar's share of Gansu Jintai 's results of operations is included in equity gain/(loss) in affiliated companies in the Group's consolidated statements of operations, with an amount of RMB16,291 and RMB25,614,963 for the year ended December 31, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <em>Investments accounted for under the cost method</em></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <em> </em></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In May 2012, the Group acquired a 9% stake in Heihe Hydropower Development Co., Ltd, a company in Gaisu province, China, for a consideration of RMB7,200,000. The Group accounted for the RMB7.2 million using the cost method of accounting.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>s. Investments in affiliates</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group holds equity investments in affiliates for which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. These investments are accounted for under equity method of accounting wherein the Group records its' proportionate share of the investees' income or loss in its consolidated financial statements. Cost method is used for investments over which the Company does not have the ability to exercise significant influence.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Investments are evaluated for impairment when facts or circumstances indicate that the fair value of the investment is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Group reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">At beginning of year</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">27,983,709</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Investment</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">28,000,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">84,000,000</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">share of loss of affiliated companies</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (16,291</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (25,614,963</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">At end of year</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 27,983,709</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 86,368,746</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
28000000
84000000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14"> Fair Value Measurements at Reporting Date Using</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Description</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Balance as of<br /> December 31,<br /> 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Quote prices in<br /> active market for<br /> identical assets<br /> (level 1)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Significant other<br /> observable<br /> inputs (Level 2)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Significant<br /> unobservable<br /> inputs (Level 3)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Assets:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 40%; TEXT-ALIGN: left">Foreign exchange forward contracts</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">12,930,159</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">12,930,159</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Capped call options</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">16,131,208</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">16,131,208</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Available-for-sale investment</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Liabilities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Foreign exchange forward contracts</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5,490,630</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5,490,630</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Convertible senior notes</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">483,581,668</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">483,581,668</td> <td style="TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14"> Fair Value Measurements at Reporting Date Using</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Description</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Balance as of<br /> December 31,<br /> 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Quote prices in<br /> active market for<br /> identical assets<br /> (level 1)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Significant other<br /> observable<br /> inputs (Level 2)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Significant<br /> unobservable<br /> inputs (Level 3)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Assets:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 40%; TEXT-ALIGN: left">Foreign exchange forward contracts</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">43,160,093</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">43,160,093</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Capped call options</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">107,223,601</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">107,223,601</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Available-for-sale investment</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">30,117,797</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">30,117,797</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Liabilities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Foreign exchange forward contracts</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">10,080,395</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">10,080,395</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Convertible senior notes</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">770,485,897</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">770,485,897</td> <td style="TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0px"> A summary of changes in Level 3 fair value of convertible senior notes for the year ended December 31, 2012 and 2013 were as follows:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6"> For the year ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Balance at January 1,</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">387,777,235</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">483,581,668</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Foreign exchange gain</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,047,241</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(18,298,249</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Change in fair value of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 96,851,674</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 305,202,478</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Balance at December 31,</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 483,581,668</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 770,485,897</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> A summary of changes in Level 3 fair value of Capped call options for the year ended December 31, 2012 and 2013 were as follows:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6"> For the year ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Balance at January 1,</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">16,408,445</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">16,131,208</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Foreign exchange gain/(loss)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">31,815</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,203,512</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Change in fair value of capped call options</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (309,052</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 92,295,905</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Balance at December 31,</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 16,131,208</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 107,223,601</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> A summary of the assumptions used in the valuation of convertible senior notes and Capped call options was as follows:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Fair value of ADS</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> US$6.21</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> US$29.30</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Strike price</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> US$33.75</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> US$33.75</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Risk free interest rate</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">0.47</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">0.53</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Dividend yield</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Standard Volatility</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">87.6</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">70.6</td> <td style="TEXT-ALIGN: left">%</td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> A summary of changes in Level 3 fair value of available-for-sale investment for the year ended December 31, 2012 and 2013 were as follows:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6"> For the year ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Balance at January 1,</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Receipt of available-for-sale investment</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">23,730,486</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Foreign exchange gain</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">344,877</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Change in fair value of available-for-sale</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 6,042,434</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Balance at December 31,</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 30,117,797</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong> </strong></p> <!--EndFragment--></div> </div>
33.75
33.75
0
0
0.876
0.706
0.0047
0.0053
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in"> </td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>29.</strong></td> <td style="TEXT-ALIGN: justify"><strong>FAIR VALUE MEASUREMENTS</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> A hierarchy is established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. As such, fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. The hierarchy is broken down into three levels based on the reliability of inputs as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs other than the quoted price in active markets that are observable either directly or indirectly, or quoted prices in less active markets; and (Level 3) unobservable inputs with respect to which there is little or no market data, which require the Company to develop its own assumptions.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Fair value change in forward contracts</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company has entered into foreign exchange forward contracts with local banks to reduce the exposure of significant changes in exchange rates between Renminbi and foreign currencies. Authoritative guidance requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets based upon quoted market prices for comparable instruments. The Company's derivative instruments have not met the criteria for hedge accounting within authoritative guidance. Therefore, the foreign currency forward contracts have been recorded at fair value, with the gain or loss on these transactions recorded in the consolidated statements of operations within "Change in fair value of forward contracts" in the period in which they occur. The Company does not use derivative financial instruments for trading or speculative purposes. The Company held foreign exchange forward contracts with a total notional value of US$322 million and EUR167 million as of December 31, 2013. These foreign exchange forward contracts mature between 1 to 15 months. The Company used a discounted cash-flow methodology to measure fair value, which requires inputs such as interest yield curves and foreign exchange rates. The significant inputs used in the aforementioned model can be corroborated with market observable data and therefore the fair value measurements are classified as level 2. Typically, any losses or gains on the forward exchange contracts are offset by re-measurement losses or gains on the underlying balances denominated in non-functional currencies. The Company's foreign currency exchange contract is an over-the-counter instrument.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Convertible Senior Notes and Capped Call Options</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company has adopted valuation models to assess the fair value for capped call options and the Notes, as the capped call options are not publicly traded and the trading of the Notes is considered inactive. Management is responsible for determining these fair values and assessing a number of factors. Both capped call options and the Notes are valued using the Binominal Tree option pricing model. The valuation involves complex and subjective judgments as well as the Company's best estimates on the valuation date. The main inputs to this model include underlying share price, expected share volatility, expected dividend yield, risk free interest rate etc.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Available-for-sale investment</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On a recurring basis, the Company measures available-for-sale investment at fair value. Since the available-for-sale investment does not have quoted price in active markets, the Company has adopted Binomial Tree option pricing model to assess their fair value. Management is responsible for determining the fair value and assessing a number of factors. The valuation involves complex and subjective judgements as well as the Company's best estimates on the valuation date. The main inputs to this model include underlying share price of the Issuer, risk free rate, expected volatility, expected dividend yield etc.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Recurring change in fair value</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2012 and 2013, information about the hierarchy of the fair value measurements for the Company's assets and liabilities that are measured at fair value on a recurring basis subsequent to their initial recognition is as follows:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14"> Fair Value Measurements at Reporting Date Using</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Description</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Balance as of<br /> December 31,<br /> 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Quote prices in<br /> active market for<br /> identical assets<br /> (level 1)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Significant other<br /> observable<br /> inputs (Level 2)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Significant<br /> unobservable<br /> inputs (Level 3)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Assets:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 40%; TEXT-ALIGN: left">Foreign exchange forward contracts</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">12,930,159</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">12,930,159</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Capped call options</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">16,131,208</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">16,131,208</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Available-for-sale investment</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Liabilities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Foreign exchange forward contracts</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5,490,630</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5,490,630</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Convertible senior notes</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">483,581,668</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">483,581,668</td> <td style="TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14"> Fair Value Measurements at Reporting Date Using</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Description</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Balance as of<br /> December 31,<br /> 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Quote prices in<br /> active market for<br /> identical assets<br /> (level 1)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Significant other<br /> observable<br /> inputs (Level 2)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Significant<br /> unobservable<br /> inputs (Level 3)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Assets:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 40%; TEXT-ALIGN: left">Foreign exchange forward contracts</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">43,160,093</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">43,160,093</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Capped call options</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">107,223,601</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">107,223,601</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Available-for-sale investment</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">30,117,797</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">30,117,797</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Liabilities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Foreign exchange forward contracts</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">10,080,395</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">10,080,395</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Convertible senior notes</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">770,485,897</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">770,485,897</td> <td style="TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group's foreign exchange forward contracts are not traded on an exchange, the Group values them using valuation models. The valuation of these contracts used interest rate yield curves and foreign exchange rates as the significant inputs in the valuation models. These inputs are observable in active markets over the terms of the instruments the Group holds.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 valuation)</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0px"> A summary of changes in Level 3 fair value of convertible senior notes for the year ended December 31, 2012 and 2013 were as follows:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6"> For the year ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Balance at January 1,</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">387,777,235</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">483,581,668</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Foreign exchange gain</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,047,241</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(18,298,249</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Change in fair value of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 96,851,674</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 305,202,478</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Balance at December 31,</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 483,581,668</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 770,485,897</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> A summary of changes in Level 3 fair value of Capped call options for the year ended December 31, 2012 and 2013 were as follows:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6"> For the year ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Balance at January 1,</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">16,408,445</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">16,131,208</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Foreign exchange gain/(loss)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">31,815</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,203,512</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Change in fair value of capped call options</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (309,052</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 92,295,905</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Balance at December 31,</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 16,131,208</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 107,223,601</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> A summary of the assumptions used in the valuation of convertible senior notes and Capped call options was as follows:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Fair value of ADS</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> US$6.21</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> US$29.30</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Strike price</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> US$33.75</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> US$33.75</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Risk free interest rate</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">0.47</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">0.53</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Dividend yield</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Standard Volatility</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">87.6</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">70.6</td> <td style="TEXT-ALIGN: left">%</td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> A summary of changes in Level 3 fair value of available-for-sale investment for the year ended December 31, 2012 and 2013 were as follows:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6"> For the year ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Balance at January 1,</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Receipt of available-for-sale investment</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">23,730,486</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Foreign exchange gain</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">344,877</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Change in fair value of available-for-sale</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 6,042,434</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Balance at December 31,</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 30,117,797</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong> </strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Change in fair value of derivatives</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Change in fair value of derivatives recognized in earnings was as follows:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10"> For the year ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 55%; TEXT-ALIGN: left">Foreign exchange forward contracts-realized</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">60,982,675</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">42,947,577</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">22,750,277</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Foreign exchange forward contracts-unrealized</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(24,377,786</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(51,990,656</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,640,169</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Convertible senior notes</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">398,030,217</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(96,851,674</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(305,202,478</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Capped call options</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (98,282,510</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (309,052</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 92,295,905</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 336,352,596</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (106,203,805</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (164,516,127</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Non-recurring change in fair value</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>As of December 31, 2012</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="18"> Fair Value Measurements at Reporting Date Using</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Description</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Balance as of<br /> December 31,<br /> 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Quote Prices in<br /> active market<br /> for identical<br /> assets (Level 1)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Significant<br /> other<br /> observable<br /> input (Level 2)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Significant<br /> unobservable<br /> input (Leval 3)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Total<br /> (losses)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td> </td> <td style="TEXT-ALIGN: left" colspan="2"> </td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 35%; TEXT-ALIGN: left">Long-lived assets</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">4,232,012,975</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">4,232,012,975</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">65,476,299</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>As of December 31, 2013</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="18"> Fair Value Measurements at Reporting Date Using</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Description</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Balance as of<br /> December 31,<br /> 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Quote Prices in<br /> active market<br /> for identical<br /> assets (Level 1)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Significant<br /> other<br /> observable<br /> input (Level 2)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Significant<br /> unobservable<br /> input (Leval 3)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Total<br /> (losses)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td> </td> <td style="TEXT-ALIGN: left" colspan="2"> </td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 35%; TEXT-ALIGN: left">Long-lived assets</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">4,905,027,385</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">4,905,027,385</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,573,248</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The long-lived assets represent property, plant and equipment for production of cell production line that had become obsolete (Note 12).</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360-10, long-lived assets held and used with a carrying amount of RMB65,476,299 and RMB3,573,248 as of December 31, 2012 and 2013 were written down to their fair value of zero, resulting in an impairment charge of RMB65,476,299 and RMB3,573,248 for the year ended December 31, 2012 and 2013, respectively, which was calculated based on Level 3 Inputs and included in earnings for the period.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
-309052
92295905
107223601
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>af. Fair value of financial instruments</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). A hierarchy is established for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value shall maximize the use of observable inputs.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> When available, the Company measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. Pricing information the Company obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Company generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and the Company's evaluation of those factors changes. Although the Company uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Company's consolidated assets, liabilities, equity and net income.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company's financial instruments consist principally of cash and cash equivalents, restricted cash, restricted short-term investments, accounts and notes receivable, forward contract receivable, other receivables, prepayments and other current assets, capped call options, accounts and notes payable, other payables and accruals, forward contract payables, bonds payable, short-term borrowings, long-term borrowings, guarantee liabilities and convertible senior notes.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company elects to classify the cash flows related to realized gain or loss on settlement of foreign exchange forward contracts as operating activities, which are based on the nature of the cash flows the derivative is economically hedging.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>c. Foreign currency translation</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group's reporting currency is the Renminbi ("RMB"), the official currency in the PRC. The Company and certain subsidiaries use RMB as their functional currency. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates quoted by the People's Bank of China (the "PBOC") prevailing at the dates of the transactions. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations. Monetary assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the applicable balance sheet dates. All such exchange gains or losses are included in exchange loss in the consolidated statements of operations.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For consolidation purpose, the financial statements of the Company's subsidiaries whose functional currencies are other than the RMB are translated into RMB using exchange rates quoted by PBOC. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses and gains and losses are translated using the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of in accumulated other comprehensive income in the consolidated statement of comprehensive income/ (loss).</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of PBOC, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in China's foreign exchange trading system market. The Company's aggregate amount of cash, cash equivalents and restricted cash denominated in RMB amounted to RMB382.8 million and RMB602.7 million as of December 31, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
93200000
23310000
1200363
198286
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419291812
760807250
230125455
38014017
45645832
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>q. Goodwill</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Goodwill represents the excess of (i) the aggregate of (a) the consideration transferred measured in accordance with ASC 805, which generally requires acquisition-date fair value; (b) the fair value of any noncontrolling interests in the acquiree; and (c) in a business combination achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree. If the consideration transferred is less than the fair value of the net assets acquired, the difference is recognized as a gain directly in the consolidated statement of operations. In a business combination, any acquired intangible assets that do not meet separate recognition criteria as specified in ASC 805 are recognized as goodwill.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. In December of each year, the Company tests impairment of goodwill at the reporting unit level and recognizes impairment in the event that the carrying value exceeds the fair value of each reporting unit. The Company performs a two-step goodwill impairment test. The first step, identifying potential impairment, compares the fair values of each reporting unit to its carrying amount, including goodwill. If the carrying value of the reporting unit exceeds its fair value, the second step would need to be conducted; otherwise, no further steps are necessary as no potential impairment exists. The second step, measuring the impairment loss, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Any excess of the reporting unit goodwill carrying value over the respective implied value is recognized as an impairment loss.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> An impairment loss of RMB45,645,832 was recorded for the year ended December 31,2011. See Note 3. "Goodwill" to the Company's consolidated financial statements for additional information on the Company's goodwill impairment tests.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>p. Intangible assets</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Intangible assets include purchased software and fees paid to register trademarks and are amortized on a straight-line basis over their estimated useful lives, which are 5 or 10 years, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong><em>3.</em></strong></td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong><em>GOODWILL</em></strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In June 2009, the Company acquired 100% equity interest in Zhejiang Jinko for a total consideration of approximately RMB100 million. The acquisition was consummated on June 30, 2009. Consequently, the Company consolidated the financial statements of Zhejiang Jinko starting from June 30, 2009. Zhejiang Jinko was established in August 2006 and is a manufacturer of solar cells. This acquisition allows the Company to expand its business to manufacturing of solar cells.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2010, the RMB45,645,832 in goodwill related to the Company's reporting unit represented goodwill allocated from the acquisitions of Zhejiang Jinko in 2009. The allocation of all the goodwill from the acquisition to the reporting unit represented the expected synergies, economies of scale and vertical integration the business would realize from using our solar modules in the project pipelines obtained from the acquisition. Once goodwill has been assigned to a reporting unit, for accounting purposes, the goodwill is no longer directly associated with the underlying acquisitions that the goodwill originated from, but rather the reporting unit to which it has been allocated. The Group is considered as one single reporting unit.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company commenced its annual goodwill impairment test in October 2011. However, considering qualitative factors including the continuing reduction in its market capitalization for the quarters ended September 30, 2011 and December 31, 2011 and the fiscal 2012 solar industry outlook, management concluded that a two-step goodwill impairment test was required for its reporting unit.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In estimating the fair value of the reporting unit in the first step of the impairment test, significant management judgment was required. In using the income approach methodology of valuation, estimates to determine the fair value of the reporting unit included management judgment related to forecasts of future operating results, discount rates, and expected future growth rates that are used in the discounted cash flow method of valuation. In using the market approach methodology of valuation, management made judgments related to the selection of comparable businesses. The sum of the fair value of the reporting unit is also compared to the Company's external market capitalization in order for management to assess the appropriateness of such estimates. The underlying assumptions used in the first step of the impairment test considered the market capitalization as of December 31, 2011 and the current industry environment and its expected impact on the fair value of the reporting unit. The Company determined that the fair value of the reporting unit was less than the carrying value, which required it to perform the second step of the impairment test for the components reporting unit.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Management performed the second step of the impairment test to determine the implied fair value of goodwill for the reporting unit, which requires management to allocate the fair value of the reporting unit determined in step one to all of the assets and liabilities including any unrecognized intangible assets of the components reporting unit. Management determined the implied fair value of goodwill in the reporting unit to be zero. As a result, the Company impaired all of the goodwill in the reporting unit and recorded RMB45,645,832 of impairment expense, which also represents the accumulated goodwill impairment losses.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
45645832
1149851154
232237115
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237322339
1440916302
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45863937
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1500000
50000000
65476299
3573248
590259
65476299
3573248
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>t. Impairment of long-lived assets</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group's long-lived assets include property, plant and equipment, project assets and other intangible assets with finite lives. The Group's business requires heavy investment in manufacturing equipment that is technologically advanced, but can quickly become significantly under-utilized or rendered obsolete by rapid changes in demand for solar power products produced with those equipment.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amount of an asset may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets and significant negative industry or economic trends. The Group may recognize impairment of long-lived assets in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to these assets. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss, if any, is recognized for the difference between the fair value of the asset and its carrying value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses. .</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
354398624
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19467078
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-68786825
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-252710798
127032230
-1191217775
308896189
-19519201
-224901695
151838949
273342819
-1542422068
188011825
31057341
-16291
-25614963
-4231290
26457224
-1405807872
437886531
72333701
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0px"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 0.25in"> <strong>6.</strong></td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify"> <strong>TAXATION</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company and its subsidiaries file separate income tax returns.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Cayman Islands</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Under the current laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, upon any payment of dividends by the Company, no Cayman Islands withholding tax is imposed.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>People's Republic of China</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On March 16, 2007, the National People's Congress approved the Corporate Income Tax Law of the People's Republic of China (the "CIT Law") with effective on January 1, 2008. The CIT Law enacted a statutory income tax rate of 25%. As foreign invested enterprises, Jiangxi Jinko and Zhejiang Jinko are entitled to a two year tax exemption from CIT and a 50% CIT reduction for the succeeding three years thereafter. Jiangxi Jinko and Zhejiang Jinko are each subject to CIT rate of 12.5% from year 2010 to year 2012. Starting from year 2013, three of the major subsidiaries of the Group, Jiangxi Jinko, Zhejiang Jinko and Jinko Materials were recognized by State Administration of Taxation as a "National High and New Technology Enterprise", entitling them to a preferential tax rate of 15%.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The subsidiaries in Delingha and Longchang are entitled to a three year tax exemption from CIT and a 50% CIT reduction for the succeeding three years thereafter for the income generated from investing and operating in the qualified public basic infrastructure projects according to the CIT law.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Additionally, under the CIT Law, 10% withholding income tax ("WHT") will be levied on foreign investors for dividend distributions from foreign invested enterprises' profit earned after January 1, 2008. For certain treaty jurisdictions such as Hong Kong which has signed double tax arrangement with the PRC, the applicable WHT rate could be reduced to 5% if foreign investors directly hold at least 25% shares of invested enterprises at any time throughout the 12-month period preceding the entitlement to the dividends and they are also qualified as beneficial owners to enjoy the treaty benefit. Deferred income taxes are not provided on undistributed earnings of the Company's subsidiaries that are intended to be permanently reinvested in China. Cumulative undistributed earnings of the Company's PRC subsidiaries intended to be permanently reinvested totaled RMB709,676,806 and the amount of the unrecognized deferred tax liability, calculated based on the 10% rate, on the permanently reinvested earnings was RMB70,967,681 as of December 31, 2013.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Hong Kong</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company's subsidiaries established in Hong Kong, Paker and JinkoSolar International, are subject to Hong Kong profit tax at a rate of 16.5% on its assessable profit.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>European Countries</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Jinko Switzerland is incorporated in Switzerland and according to its current business model where it employs limited staff and generates income exclusively from trading activities conducted outside Switzerland, is subject to a combined federal, cantonal and communal tax rate of 8.62% in 2013.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Jinko GMBH is incorporated in Germany and is subject to Germany profit tax rate of approximately 33% on the assessable profit.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Jinko Italy is incorporated in Italy and is subject to corporate income tax at 31.4%.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Jinko France is incorporated in France and is subject to corporate income tax at 33.33%.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>United States</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Both Jinko US and Jinko US Holding are incorporated in Delaware, the United States. Jinko US and Jinko US Holding do not conduct any business in Delaware, thus, they are not subject to Delaware State income tax. Jinko US conducts business in California. It is subject to a progressive federal corporate income tax from 15% to 35% and California state income tax of 8.84%, which is deductible for federal income tax purpose.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Canada</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Jinko Canada is incorporated in Canada and is subject to a federal corporate income tax of 15% and provinces and territories income tax of 11.5%.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Australia</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Jinko Australia is incorporated in Australia and is subject to corporate income tax at 30%.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Composition of Income Tax Expense</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Income/(loss) before income taxes for the years ended December 31, 2011, 2012 and 2013 were taxed within the following jurisdictions:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">For the year ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 55%; TEXT-ALIGN: left">Cayman Islands</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">246,885,595</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">(136,614,196</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">(252,710,798</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">127,032,230</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,191,217,775</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">308,896,189</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Other countries</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (19,519,201</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (224,901,695</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 151,838,949</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Income/(Loss) before income taxes</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 354,398,624</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (1,552,733,666</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 208,024,340</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For the year ended December 31, 2011, 2012 and 2013, the earnings (losses) attributed to Cayman Islands was mainly due to the fair value gain (loss) from convertible senior notes and capped call options.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The current and deferred positions of income tax (expense)/benefit included in the consolidated statement of operations for the years ended December 31, 2011, 2012 and 2013 are as follows:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">For the year ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Current income tax (expense)/benefit</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 55%">PRC</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">(76,792,019</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">7,561,393</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">(17,468,843</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Other countries</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (71,536</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 838,169</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (153,468</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Total current income tax (expense)/benefit</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(76,863,555</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">8,399,562</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(17,622,311</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Deferred PRC tax (expense)/benefit</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,209,187</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 518,086</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (910,065</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Income tax (expense)/benefit</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (81,072,742</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 8,917,648</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (18,532,376</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Reconciliation of the differences between statutory tax rate and the effective tax rate</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Reconciliation between the statutory CIT rate and the Company's effective tax rate is as follows:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">For the year ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> %</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> %</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> %</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 55%; TEXT-ALIGN: left">Statutory CIT rate</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">25.0</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">(25.0</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">25.0</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Effect of permanent differences:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">-Share-based compensation expenses</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.7</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.3</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1.3</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">-Change in fair value of convertible senior notes and capped call options</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(21.1</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1.6</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25.6</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>-Goodwill impairment</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3.2</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">-Accrued payroll and welfare expenses</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4.4</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.8</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2.4</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">-Change of enact tax rate</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(7.5</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">49.2</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">-Effect of prior year tax difference (1)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(0.6</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>-Other non-deductible expenses</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5.6</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.8</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1.9</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Difference in tax rate of a subsidiary outside the PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(0.9</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.9</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3.8</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Effect of tax holiday for subsidiaries</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(13.2</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6.9</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(6.5</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Change in valuation allowance</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 19.1</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 21.2</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (93.8</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Effective CIT rate</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 22.8</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (0.6</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 8.9</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in"> </td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left">(1)</td> <td style="TEXT-ALIGN: justify">The Company recorded an out-of-period adjustment of RMB12,146,071in the year ended December 31, 2012, resulting from income tax filing difference for two PRC entities, which should have been recorded in the year ended December 31, 2011. The originating amount in 2011 was not material to the 2011 consolidated financial statements, nor was the out of period adjustment recorded in 2012 material to the 2012 consolidated financial statements.</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>The aggregate amount and per share effect of reduction of CIT for certain PRC subsidiaries as a result of tax holidays are as follows:</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">For the year ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 55%; TEXT-ALIGN: left">The aggregate amount of effect</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">46,723,125</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">25,853,541</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>Per share effect-basic</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.50</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.27</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>Per share effect-diluted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.46</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.27</td> <td style="TEXT-ALIGN: left"> </td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Significant components of deferred tax assets-current</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">For the year ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Net operating losses</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Provision for inventories, accounts receivable, other receivable</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">170,795,477</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">59,362,637</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Change in fair value of forward contracts</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,749,190</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(5,270,148</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Accrued warranty costs</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4,952,344</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5,923,185</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Accrued interest</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6,529,370</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">503,377</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Other temporary differences</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (5,153,313</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 5,283,025</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Total deferred tax assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">175,374,688</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">65,802,076</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less: Valuation allowance</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (175,374,688</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (65,802,076</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Net deferred tax assets-current</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Significant components of deferred tax assets-non-current</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">For the year ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Net operating losses</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">91,384,912</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">39,762,082</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Accrued warranty costs</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,690,397</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,977,871</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Increase in fair value of property, plant and equipment and land use rights arising from business combination</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(3,532,006</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(2,052,738</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Timing difference for project assets, property, plant and equipment</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">17,470,545</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">43,098,028</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Provision for advance to suppliers to be utilized beyond one year</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">56,931,594</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">34,158,957</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Provision of prepayment for purchase of property, plant and equipment</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">11,048,442</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6,629,065</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Timing difference for revenue recognition of retainage contract</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">28,557,111</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,442,086</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Other temporary differences</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (65,135</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 3,300,328</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Total deferred tax assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">227,485,860</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">176,315,679</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less: Valuation allowance</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (227,485,860</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (176,315,679</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Deferred tax assets-non-current, net</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Movement of valuation allowances</em></strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">For the year ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 55%; TEXT-ALIGN: left">At beginning of year</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">(6,308,714</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">(73,967,071</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">(402,860,548</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Current year additions</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(69,445,609</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(329,813,147</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(21,347,390</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Reversal of valuation allowances</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,787,252</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 919,670</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 182,090,183</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">At end of year</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (73,967,071</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (402,860,548</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (242,117,755</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Valuation allowances were determined by assessing both positive and negative evidence and have been provided on the net deferred tax asset due to the uncertainty surrounding its realization. As of December 31, 2012 and 2013, valuation allowances of RMB402,860,548 and RMB242,117,755 were provided against deferred tax assets because it was more likely than not that such portion of deferred tax will not be realized based on the Group's estimate of future taxable incomes of all its subsidiaries. If events occur in the future that allow the Group to realize more of its deferred tax assets than the presently recorded amount, an adjustment to the valuation allowances will result in a non-cash income statement benefit when those events occur. Certain valuation allowance was reversed in 2013 when certain subsidiaries generated sufficient taxable income to utilize the deferred tax assets.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
140611920
26447159
1600684
264414
81072742
-8917648
18532376
3061330
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>ac. Income Taxes</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The accounting for uncertain tax positions requires that the Company recognizes in the consolidated financial statements the impact of an uncertain tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group's policy is to recognize, if any, tax related interest as interest expenses and penalties as general and administrative expenses. For periods presented, the Group did not have any interest and penalties associated with uncertain tax positions in the year ended December 31, 2011, 2012 and 2013 as there were no uncertain tax positions.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
12146071
25056512
991337723
412963858
68216770
-27576884
-4555377
44435210
-4133808
-46520981
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1340304800
897969098
-179373854
-29630450
571729995
-27696952
313277487
51749754
-59315991
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15621225
2580443
-77627705
-9826997
26552112
4386096
79793458
29738283
32242439
5326071
42900000
7086575
178610644
29504376
-1500000
180222899
62224526
347795326
57451695
17279630
-15855857
271350019
44823830
260642981
66006025
181013128
29901239
-19959953
647916
-1783456
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31341556
57573276
15582225
2574000
291798
5149138
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-929039
426961717
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168266310
27795614
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105504
17428
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35248372
246791432
40767040
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in"> </td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>15.</strong></td> <td style="TEXT-ALIGN: justify"><strong>INTANGIBLE ASSETS, NET</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Intangible assets and their related amortization are as follow:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Trademark</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">1,274,392</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">1,828,762</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Computer software</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6,153,728</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6,603,124</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less: accumulated amortization</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,054,522</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,968,299</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Intangible assets, net</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 6,373,598</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 6,463,587</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Amortization expense was RMB223,926 , RMB764,312 and RMB953,290 for the years ended December 31, 2011, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>o. Land use rights</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Land use rights represent fees paid to obtain the right to use land in the PRC. Amortization is computed using the straight-line method over the terms specified in land use right certificates of 50 years or 70 years, as applicable.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
6463587
1067709
6373598
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>n. Interest Capitalization</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The interest cost associated with major development and construction projects is capitalized and included in the cost of the property, plant and equipment or project assets. Interest capitalization ceases once a project is substantially completed or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Group capitalizes interest on amounts expended on the project at the Group's weighted average cost of borrowings. Interest expense capitalized for the years ended December 31, 2011, 2012 and 2013 were RMB3,505,464, RMB7,507,649, and RMB7,086,641, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
3505464
7507649
7086641
66725777
-182502237
-221719806
-223376902
-36899236
-221719806
-209340372
-14036530
-19844874
-31043624
-30526093
-5042551
202038731
223163459
145665179
24062157
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in"> </td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>9.</strong></td> <td style="TEXT-ALIGN: justify"><strong>INVENTORIES</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Inventories consisted of the following:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Raw materials</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">80,712,251</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">239,284,316</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Work-in-progress</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">92,719,649</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">103,161,011</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Finished goods</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 354,530,478</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 369,583,888</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 527,962,378</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 712,029,215</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Write-down of the carrying amount of inventory to its estimated market value was RMB201,662,101, RMB332,337,477, and RMB163,728,488 for the years ended December 31, 2011, 2012 and 2013, respectively, and were recorded as cost of revenues in the consolidated statements of operations.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2013, inventories with net book value of RMB206,433,314 are pledged as collateral for the Group's borrowings (Note 19).</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
369583888
354530478
712029215
117618847
527962378
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>k. Inventories</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Inventories are stated at the lower of cost or market. Cost is determined using the weighted average method. Provisions are made for excessive, slow moving and obsolete inventories as well as for inventories with carrying values in excess of market. Certain factors could impact the realizable value of inventory, so the Group continually evaluates the recoverability based on assumptions about customer demand and market conditions. The evaluation may take into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, and other factors. The reserve or write-down is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact the Group's gross margin and operating results. If actual market conditions are more favorable, the Group may have higher gross margin when products that have been previously reserved or written down are eventually sold. The sale of previously reserved inventory did not have a material impact on our gross margin percentage for any of the years presented.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In addition, the Group analyzes its firm purchase commitments, which currently consist primarily of the long-term polysilicon supplier agreements, at each period end. Provision is made in the current period when the anticipated inventories cost from future execution of such supplier agreement is in excess of market. There was no loss provision recorded related to these long-term contracts for each of the three years ended December 31, 2011, 2012 and 2013.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
239284316
80712251
103161011
92719649
201662101
332337477
163728489
27046020
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>f. Restricted short-term investments</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Restricted short-term investments represent the time deposits legally hold by banks with original maturities longer than three months and less than one year, which are held as collateral for issuance of letters of credit, guarantee or bank acceptance notes.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
1800616766
297440700
1325667558
2017-12-31
2018-01-31
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>u. Leases</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Leases are classified as capital or operating leases. A lease that transfers to the lessee substantially all the benefits and risks incidental to ownership is classified as a capital lease. At inception, a capital lease is recorded at the present value of minimum lease payments or the fair value of the asset, whichever is less. Assets under capital leases are amortized on a basis consistent with that of similar fixed assets or the lease term, whichever is less. Operating lease costs are recognized on a straight-line basis over the lease term.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
8590611483
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792057517
130838581
552184416
10611225071
1752849511
8372320321
2801800341
462824446
1917306710
7237114297
1195486116
6238443457
792057517
130838581
68602748
358000000
2028-03-31
100000000
360000000
400000000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"><strong>7.</strong></td> <td style="TEXT-ALIGN: justify"><strong>ACCOUNTS RECEIVABLE, NET-THIRD PARTIES</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Accounts receivables</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">2,386,356,664</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">2,094,704,129</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Allowance for doubtful accounts</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (673,671,445</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (445,956,167</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Accounts receivable, net</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,712,685,219</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,648,747,962</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>Movement of allowance of doubtful accounts</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 55%; TEXT-ALIGN: left">At beginning of year</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">378,888</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">179,746,165</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">673,671,445</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Addition</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">184,990,129</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">541,662,539</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">121,315,213</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Write-off</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(24,140</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(40,819,459</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Reversal</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (5,598,712</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (47,737,259</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (308,211,032</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">At end of year</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 179,746,165</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 673,671,445</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 445,956,167</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group assesses creditworthiness of customers before granting any credit terms. This assessment is primarily based on reviewing of customer's financial statements and historical collection records, discussion with customers' senior management, and reviewing of information provided by third parties, such as Dun & Bradstreet and the insurance company that ultimately insures the Group against customer credit default.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The significant bad debt reversal represents the cash collection of the fully provided long-term receivables. The Company made bad debt provisions for certain long-term receivables in prior years which were in line with the adverse economic environment in solar industry. With the recovery of solar industry in 2013, the Company made its best effort to improve the cash collection for the long-aged accounts receivables. The cash received was recorded as the reversal of prior year bad debt allowance.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2013, certain accounts receivable with net book value amounting to RMB74,735,777 are pledged as collateral for the Group's borrowings.(Note 19)</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
171000000
328000000
533000000
495000000
66725778
11022313
313689778
4000000
171000000
4000000
362000000
59798140
167000000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in"> </td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>18.</strong></td> <td style="TEXT-ALIGN: justify"><strong>BONDS PAYABLE AND ACCRUED INTEREST</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On January 14, 2011, Jiangxi Jinko issued a short-term bond with a principal amount of RMB300,000,000 which bears interest at the rate of 5.28% per annum, and the bond was repaid on January 14, 2012. On March 24, 2011, Jiangxi Jinko issued a short-term bond with a principal amount of RMB300,000,000 which bears interest at the rate of 5.6% per annum, and the bond was repaid on March 23, 2012. On July 11, 2011, Jiangxi Jinko issued a short-term bond with a principal amount of RMB400,000,000 which bears interest at the rate of 6.5% per annum, and the bond was repaid on July11, 2012.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On April 24, 2012, Jiangxi Jinko issued a short-term bond with a principal amount of RMB300,000,000 which bears interest at the rate of 6.3% per annum, and the bond was subsequently repaid on April 23, 2013.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On January 29, 2013, Jiangxi Jinko issued a six-year bond with an aggregate principal amount of RMB800,000,000 which bears a fixed annual interest rate of 8.99% and will mature on January 28, 2019. At the end of the third year in the life of the bonds, the Group has the option to raise the interest rate by up to 100 basis points, and the bondholders will have the right to require Jiangxi Jinko to repurchase all or part of their bond, at such time. The bond is recorded on amortized cost basis with the interest rate of 8.99%. Interest expense related to the bond was RMB66,725,777 for the year ended December 31, 2013.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Bonds payable are all issued at face value, unsecured from the issuance date.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
32395842
5351412
145515
2700000
20400000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>g. Available-for-sale investment</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Investments in debt and equity securities are, on initial recognition, classified into the three categories: held-to-maturity securities, trading securities and available-for-sale securities. Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses included in earnings. Debt and equity securities not classified as either held-to-maturity securities or trading securities are classified as available-for-sale investments and are reported at fair value, with unrealized gains and losses recognized in accumulated other comprehensive income.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Subsequent to initial recognition, available-for-sale investment is measured at fair value with changes in fair value recognized in accumulated other comprehensive income included in shareholders' equity. When there is objective evidence that the investment is impaired, the cumulative losses from the declines in fair value that had been recognized directly in accumulated other comprehensive income are removed from equity and recognized in the income statement. When the available-for-sale investment is sold, the cumulative fair value adjustments previously recognized in accumulated other comprehensive income are recognized in the statement of operations. The Group evaluates the investments periodically for possible other-than temporary impairment. When other-than-temporary impairment has occurred for an available-for-sale debt security and the Group intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, an impairment loss is recognized in earnings equal to the difference between the investment's amortized cost basis and its fair value at the balance sheet date. The new cost basis will not be changed for subsequent recoveries in fair value. To determine whether a loss is other-than-temporary, the Group reviews the cause and duration of the impairment, the extent to which fair value is less than cost, the financial condition and near-term prospects of the issuer, and the Group's intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery of its cost.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On September 20, 2013, the parent company ("Issuer") of one of the Company's customers issued convertible bond ("Bond") to the Company in order to settle the outstanding receivables owed by that customer of EUR 2,948,489. The Bond matures on December 31, 2015. Each Bond is convertible into one share at 1:1 ratio during September 1, 2014 to December 31, 2014, or June 1, 2015 to December 31, 2015. The Bond bears a simple interest of 5% per annum and is payable every six months in arrears on June 30 and December 31 of each year from 2013 to 2015. The Issuer, at any time, may redeem all the Bond outstanding by paying a sum of money at an amount equal to the greater of (1) the total nominal value of the Bond plus outstanding interest and (2) the counter- value. Upon maturity, the outstanding Bond will be reimbursed at the nominal value together with the accrued and unpaid interests.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company recorded such Bond as available-for-sale instruments as its intent is to convert the Bond into common shares when the common share price appreciates over its nominal value during the two convertible periods, and recorded the fair value change in the Bond in accumulated other comprehensive income.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
P1M
P15M
10870764
1795722
8689113
4404391
98125
4502516
0.28
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> 1. <strong>ORGANIZATION AND NATURE OF OPERATIONS</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> JinkoSolar Holding Co., Ltd. (the "Company") was incorporated in the Cayman Islands on August 3, 2007. On May 14, 2010, the Company became listed on the New York Stock Exchange ("NYSE") in the United States. The Company and its subsidiaries (collectively the "Group") are principally engaged in the design, development, production and marketing of photovoltaic products and provision of solar system integration services as well as developing commercial solar power projects.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> JinkoSolar Technology Limited ("Paker", formally known as Paker Technology Limited) was incorporated in Hong Kong as a limited liability company on November 10, 2006 by a Hong Kong citizen and a citizen of People's Republic of China ("the PRC"), who held the investment on behalf of three PRC shareholders (the "Shareholders") via a series of entrustment agreements. On December 16, 2008, all of the then existing shareholders of Paker exchanged their respective shares of Paker for equivalent classes of shares of the Company (the "Share Exchange"). As a result, Paker became a wholly-owned subsidiary of the Company. On December 13, 2006, Paker established Jinko Solar Co., Ltd. ("Jiangxi Jinko") as a wholly foreign owned enterprise in Shangrao, Jiangxi province, the PRC.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In June 2009, the Company acquired 100% equity interest in Zhejiang Jinko for a total consideration of RMB100 million. The acquisition was consummated on June 30, 2009. Consequently, the Company consolidated the financial statements of Zhejiang Jinko starting from June 30, 2009. Zhejiang Jinko is a solar cell manufacturer which was also one of Jiangxi Jinko's major solar wafer customers before the acquisition.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The following table sets forth information concerning the Company's major subsidiaries as of December 31, 2013:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap"> Subsidiaries</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap"> Date of<br /> Incorporation /Acquisition</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" nowrap="nowrap"> Place of<br /> Incorporation</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Percentage of<br /> ownership</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left" colspan="2"> </td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 37%; TEXT-ALIGN: left">JinkoSolar Technology Limited ("Paker")</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 24%; TEXT-ALIGN: center">November 10, 2006</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 24%; TEXT-ALIGN: center">Hong Kong</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">100</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Jinko Solar Co., Ltd. ("Jiangxi Jinko")</td> <td> </td> <td style="TEXT-ALIGN: center">December 13, 2006</td> <td> </td> <td style="TEXT-ALIGN: center">PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Zhejiang Jinko Solar Co., Ltd.("Zhejiang Jinko")</td> <td> </td> <td style="TEXT-ALIGN: center">June 30, 2009</td> <td> </td> <td style="TEXT-ALIGN: center">PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">JinkoSolar International Limited ("JinkoSolar International")</td> <td> </td> <td style="TEXT-ALIGN: center">November 25, 2009</td> <td> </td> <td style="TEXT-ALIGN: center">Hong Kong</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export")</td> <td> </td> <td style="TEXT-ALIGN: center">December 24, 2009</td> <td> </td> <td style="TEXT-ALIGN: center">PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">JinkoSolar GmbH ("Jinko GmbH")</td> <td> </td> <td style="TEXT-ALIGN: center">April 1, 2010</td> <td> </td> <td style="TEXT-ALIGN: center">Germany</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Zhejiang Jinko Trading Co., Ltd.("Zhejiang Trading")</td> <td> </td> <td style="TEXT-ALIGN: center">June 13, 2010</td> <td> </td> <td style="TEXT-ALIGN: center">PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">JinkoSolar (U.S.) Inc. ("Jinko US")</td> <td> </td> <td style="TEXT-ALIGN: center">August 19, 2010</td> <td> </td> <td style="TEXT-ALIGN: center">USA</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Jiangxi Photovoltaic Materials Co., Ltd ("Jiangxi Materials")</td> <td> </td> <td style="TEXT-ALIGN: center">December 1, 2010</td> <td> </td> <td style="TEXT-ALIGN: center">PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">JinkoSolar (Switzerland) AG("Jinko Switzerland")</td> <td> </td> <td style="TEXT-ALIGN: center">May 3, 2011</td> <td> </td> <td style="TEXT-ALIGN: center">Switzerland</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">JinkoSolar (US) Holdings Inc.("Jinko US Holding")</td> <td> </td> <td style="TEXT-ALIGN: center">June 7, 2011</td> <td> </td> <td style="TEXT-ALIGN: center">USA</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">JinkoSolar Italy S.R.L. ("Jinko Italy")</td> <td> </td> <td style="TEXT-ALIGN: center">July 8, 2011</td> <td> </td> <td style="TEXT-ALIGN: center">Italy</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Shangrao Jinko PV Technology Engineering Co., Ltd. ("Jinko Tech")</td> <td> </td> <td style="TEXT-ALIGN: center">July 28, 2011</td> <td> </td> <td style="TEXT-ALIGN: center">PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">JinkoSolar SAS ("Jinko France")</td> <td> </td> <td style="TEXT-ALIGN: center">September 12, 2011</td> <td> </td> <td style="TEXT-ALIGN: center">France</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 37%; TEXT-ALIGN: left">Jinko Solar Canada Co., Ltd ("Jinko Canada")</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 24%; TEXT-ALIGN: center">November 18, 2011</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 24%; TEXT-ALIGN: center">Canada</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">100</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Delingha Ruiqida Solar Power Co., Ltd. ("Delingha Solar Power")</td> <td> </td> <td style="TEXT-ALIGN: center">December 6, 2011</td> <td> </td> <td style="TEXT-ALIGN: center">PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">88.70</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Jinko Solar Australia Holdings Co. Pty Ltd ("Jinko Australia")</td> <td> </td> <td style="TEXT-ALIGN: center">December 7, 2011</td> <td> </td> <td style="TEXT-ALIGN: center">Australia</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Wide Wealth Group Holding Limited ("Wide Wealth")</td> <td> </td> <td style="TEXT-ALIGN: center">June 11, 2012</td> <td> </td> <td style="TEXT-ALIGN: center">Hong Kong</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Haining JinkoSolar Investment Co., Ltd ("Haining Investment")*</td> <td> </td> <td style="TEXT-ALIGN: center">September 14, 2012</td> <td> </td> <td style="TEXT-ALIGN: center">PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Canton Best Limited ("Canton Best")</td> <td> </td> <td style="TEXT-ALIGN: center">September 16, 2013</td> <td> </td> <td style="TEXT-ALIGN: center">BVI</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: center"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">JinkoSolar Power Engineering Group Limited ("Power Engineering")</td> <td> </td> <td style="TEXT-ALIGN: center">November 12, 2013</td> <td> </td> <td style="TEXT-ALIGN: center">Cayman</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">100</td> <td style="TEXT-ALIGN: left">%</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> * Haining Investment is the holding company of a number of power plant project companies established in various locations in China.<br /> <br /> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>an. Recent accounting pronouncements</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income". This update does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, this update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This update is effective prospectively for reporting periods beginning after December 15, 2012 for public entities. The adoption of this accounting standard beginning on January 1, 2013 does not have a material impact on the Group's consolidated financial statements.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In July 2013, the FASB issued ASU 2013-11, ''Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists'', which is an update to provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carry forward exists. The guidance requires an entity to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, except for when a net operating loss carryforward is not available as of the reporting date to settle taxes that would result from the disallowance of the tax position or when the entity does not intend to use the deferred tax asset for purposes of reducing the net operating loss carry forward. The guidance is effective for fiscal years beginning after December 15, 2013 and for interim periods within that fiscal year. The Group does not expect the adoption of this pronouncement to have a significant impact on its consolidated financial statements.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>16.</strong></td> <td style="TEXT-ALIGN: justify"><strong>OTHER ASSETS</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Other assets consisted of the following:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Prepayments for purchase of property, plant and equipment</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">36,411,466</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">61,958,160</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Prepayments for construction of project assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">9,283,580</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Prepayments for land use rights</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">12,305,449</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Prepayment for warranty insurance premium</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">44,228,323</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">57,215,458</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Prepaid service fee-non-current portion</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,114,886</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Others</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 454,998</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 4,164,974</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 82,209,673</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 144,927,621</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>21.</strong></td> <td style="TEXT-ALIGN: justify"><strong>EMPLOYEE BENEFITS</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The full-time employees of the Company's subsidiaries incorporated in the PRC are entitled to staff welfare benefits, including medical care, welfare subsidies, unemployment insurance and pension benefits and housing funds. These companies are required to pay for these benefits based upon certain percentages of employees' salaries in accordance with the relevant regulations, and to make contributions to the state-sponsored housing, pension and medical plans from the amounts accrued for housing, medical and pension benefits. The total amounts charged to the consolidated statements of operations for such employee benefits were RMB72,700,241 RMB37,134,122 and RMB49,718,062 for the years ended December 31, 2011, 2012 and 2013, respectively. The unpaid balances of liability accrued for such employee welfare benefits were RMB154,819,927 and RMB175,141,564 as of December 31, 2012 and 2013, respectively. The unpaid balance of penalty accrued for employee welfare benefits were RMB12,063,712 and RMB25,807,949 as of December 31, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The PRC government is responsible for the medical benefits and ultimate pension liability to these employees.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in"> </td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>12.</strong></td> <td style="TEXT-ALIGN: justify"><strong>PROPERTY, PLANT AND EQUIPMENT, NET</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Property, plant and equipment and related accumulated depreciation are as follows:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Buildings</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">507,989,849</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">632,996,431</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Machinery and equipment</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,307,235,601</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,412,945,731</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Motor vehicles</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">22,609,244</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">24,519,713</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Furniture, fixture and office equipment</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 45,729,731</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 48,993,283</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,883,564,425</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4,119,455,158</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Less: Accumulated depreciation</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(732,881,877</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,024,205,575</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less: Impairment</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (70,260,894</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (33,632,696</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Subtotal</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,080,421,654</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,061,616,887</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Construction in progress</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 249,451,007</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 125,381,063</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Property, plant and equipment, net</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,329,872,661</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,186,997,950</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Depreciation expenses were RMB263,846,113 , RMB323,152,636 and RMB328,311,127 for the years ended December 31, 2011, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Construction in progress primarily represents the construction of new production line. Costs incurred in the construction are capitalized and transferred to property and equipment upon completion, at which time depreciation commences.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Based on impairment assessment performed on long-lived assets held for use, the Company recorded no impairment provision in the years ended December 31, 2011, 2012 and 2013. In the years ended December 31, 2011, 2012 and 2013, the Group recorded impairment of nil , RMB65,476,299 and RMB3,573,248 related to the retirement of certain equipment in the wafer and cell production line that had become obsolete.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> As of December 31, 2013, certain property, plant and equipment with net book value amounting of RMB2,392,327,496 are pledged as collateral for the Group's borrowings (Note 19).</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
632996431
507989849
3412945731
3307235601
24519713
22609244
48993283
45729731
4119455158
3883564425
3186997950
526454557
3329872661
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>l. Property, plant and equipment, net</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the prices paid to acquire or construct the assets, interest capitalized during the construction period and any expenditure that substantially extends the useful life of an existing asset. Depreciation, taking into consideration any estimated residual value, is computed using the straight-line method over the following estimated useful lives:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 75%"> Buildings</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; WIDTH: 25%"> 20 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Machinery and equipment</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 10 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Furniture, fixture and office equipment</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 3-5 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Motor vehicles</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 4-5 years</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Construction in progress primarily represents the construction of new production line. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Expenditures for repairs and maintenance are expensed as incurred. The gain or loss on disposal of property, plant and equipment, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets, and is recognized in the consolidated statement of operations upon disposal.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Buildings</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">507,989,849</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">632,996,431</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Machinery and equipment</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,307,235,601</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,412,945,731</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Motor vehicles</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">22,609,244</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">24,519,713</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Furniture, fixture and office equipment</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 45,729,731</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 48,993,283</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,883,564,425</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4,119,455,158</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Less: Accumulated depreciation</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(732,881,877</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,024,205,575</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less: Impairment</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (70,260,894</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (33,632,696</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Subtotal</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,080,421,654</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,061,616,887</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Construction in progress</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 249,451,007</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 125,381,063</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Property, plant and equipment, net</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,329,872,661</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,186,997,950</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
P3Y
P5Y
P4Y
P5Y
P20Y
P10Y
179391417
493925280
-186895819
-30872990
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>j. Short-term and long-term advances to suppliers</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group provides short-term and long-term advances to secure its raw material needs, which are then offset against future purchases. The Group continually assesses the credit quality of its suppliers and the factors that affect the credit risk. If there is deterioration in the creditworthiness of its suppliers, the Group will seek to recover its advances to suppliers and provide for losses on advances which are akin to receivables in operating expenses because of suppliers' inability to return its advances. Recoveries of the allowance for advances to supplier are recognized when they are received. The Company classified short-term and long-term advances to suppliers based on management's best estimate of the expected purchase in the next twelve-months as of the balance sheet date and the Group's ability to make requisite purchases under existing supply contracts. The balances expected to be utilized outside of the 12 months are recorded in advances to suppliers to be utilized beyond one year. A provision of advance to suppliers of RMB 652,937, RMB227,073,440 and nil was recorded for the years ended December 31, 2011, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
1100304
1100304
1100304
44512919
3968340
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0.25in; TEXT-ALIGN: left"> <strong>26.</strong></td> <td style="TEXT-ALIGN: justify"><strong>RELATED PARTY TRANSACTIONS AND BALANCES</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>(a) Related party balances</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Outstanding amounts due from/to related parties as of December 31, 2012 and 2013 were as follows:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left"> Accounts receivable from related parties:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 74%; TEXT-ALIGN: left">Accounts receivable from subsidiaries of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">105,531,368</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">17,631,474</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Accounts receivable due from Gausu Jintai Electronic Power Company Ltd.("Guasu Jintai", an affiliated company, in which the Group owns 28% equity interests)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">266,510,538</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left"> Notes receivalbes from related parties:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Notes receivable due from Gausu Jintai</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">42,900,000</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left"> Other receivables from related parties:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Advances of travel and other business expenses to executive directors who are also shareholders</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 5,840,380</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 216,255</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 111,371,748</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 327,258,267</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left"> Accounts payable due to a related party:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Accounts payable due to a subsidiary of ReneSola</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">30,045,245</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,468,361</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left"> Other payables due to a related party:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Other payables to Jiangxi Desun Energy Co., Ltd. (Desun, an entity in which the Shareholders, each holds more than 10%, and collectively hold 73%, of the equity interest) for leasing of land and buildings</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,161,345</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,261,649</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Travelling reimbursements payable to executive directors who are also shareholders</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 109,531</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 32,316,121</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 5,730,010</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"> </td> <td style="WIDTH: 0.25in">(1)</td> <td style="TEXT-ALIGN: left">Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts the Company advanced to them for expected expenses, charges and incidentals relating to their business development activities.</td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> </p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"> </td> <td style="WIDTH: 0.25in">(2)</td> <td style="TEXT-ALIGN: left">Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.</td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>(b) Related party transactions</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For the years ended December 31, 2011, 2012 and 2013, revenues from sales of products and provision of processing services to subsidiaries of ReneSola amounted to RMB32,587,949, RMB201,355,631and RMB33,936,022, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For the transactions with Renesola during 2012, these sales and purchases transactions were conducted simultaneously and there was direct linkage between any one or group of buy transactions with any one or group of sell transactions. There was also correlation between the value of raw materials received and the value of finished goods delivered pursuant to the contractual arrangement. These buy and sell transactions with the same counterparty were recognized at net basis and presented separately as sales in the Group's consolidated financial statements.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For the transaction with Renesola during 2013, the Group entered into processing services agreements with subsidiaries of Renesola, and revenue related to provision of processing services was recognised when such services had been performed.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For the years ended December 31, 2011, 2012 and 2013, raw materials purchased from a subsidiary of ReneSola amounted to RMB44,512,919, nil and RMB3,968,340, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On January 1, 2008, Desun and Jiangxi Jinko entered into an operating lease agreement pursuant to which Desun leased its buildings and land use rights to Jiangxi Jinko for a ten-year period from January 1, 2008 to December 31, 2017. Desun was deconsolidated from the Company on July 28, 2008 and became a related party of the Group. For the years ended December 31, 2011, 2012 and 2013, Desun charged Jiangxi Jinko RMB1,100,304, RMB1,100,304 and RMB1,100,304 in rent, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On December 20, 2012, JinkoSolar has signed a strategic cooperation agreement with Jinchuan Group Co., Ltd. ("Jinchuan Group"), a Chinese state-owned enterprise, to jointly invest and establish a Company ("Gansu Jintai" or "investee"), to develop 200 MW photovoltaic ("PV") solar power plant in Jinchang, Gansu Province, China. For the year ended December 31, 2013, sales of solar module to Jinchuan Group amounted to RMB758,075,063.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> During the years ended December 31, 2012 and 2013, the Shareholders provided guarantees for the Group's several short-term and long-term bank borrowings. As of December 31, 2012 and 2013, the balances of short-term borrowings guaranteed by the Shareholders were RMB508,254,639 and RMB605,000,000 , respectively (Note 19).</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
5222773
5222773
1000000000
300000000
49556470
46000000
4915672032
3600565060
3469138668
573060883
29992990
68960214
65481728
10816811
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>aa. Research and development</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Research and development costs are expensed when incurred.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>30. RESTRICTED NET ASSETS</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Relevant PRC laws and regulations permit payments of dividends by the Company's PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC GAAP. In addition, the statutory general reserve fund requires annual appropriations of 10% of net after-tax income to be set aside prior to payment of any dividends by the Company's PRC subsidiaries that are registered as wholly owned foreign investment enterprises or domestic enterprises. As a result of these and other restrictions under PRC laws and regulations, the PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. Even though the Company does not currently require any such dividends, loans or advances from the Company's PRC subsidiaries for working capital or other funding purposes, it may in the future require additional cash resources from the PRC subsidiaries due to changes in business conditions, to fund future acquisitions and development, or merely declare dividends or make distributions to the Company's shareholders. Restricted net assets were RMB2,366,679,050, representing 117.8% of the Company's total consolidated net assets as of December 31, 2013.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
398499713
65827463
140760763
87386678
14435251
14800000
-142897904
-23605052
-325021804
42031279
6943073
-145980546
184929183
30548125
179041258
709676806
32587949
201355631
33936022
758075063
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>v. Revenue recognition</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group recognizes revenue for product sales when persuasive evidence of an arrangement exists, delivery of the product has occurred and title and risk of loss has passed to the customer, the sales price is fixed or determinable and the collectability of the resulting receivable is reasonably assured. For all sales, the Group requires a contract or purchase order which quantifies pricing, quantity and product specifications.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For sales of photovoltaic products from PRC to foreign customers, delivery of the products generally occurs at the point in time the product is delivered to the named port of shipment, which is when the risks and rewards of ownership are transferred to the customer. For sales of PV products to domestic customers in PRC or by foreign subsidiaries, delivery of the product occurs generally at the point in time the product is received by the customer, which is when the risks and rewards of ownership have been transferred. In the case of sales that are contingent upon customer acceptance, revenue is not recognized until the deliveries are formally accepted by the customers.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group enters into certain sales contracts with retainage terms during 2012, under which customers were allowed to withhold payment of 5% to 10% of the full contract price as retainage after a specified period which generally range from one year to two years (the "Retainage Period"). Given the limited experience the Group has with respect to the collectability of the retainage, the Group defers recognition of the retainage as revenue until the customers pay it after the Retainage Period expires. The total amounts of retainage that were not recognized as revenue were RMB121,814,534 and RMB169,630,559 as of December 31, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group provides solar power product processing services to customers and the revenue of processing services is recognized upon completion which is generally evidenced by delivery of processed products to the customers.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group recognizes revenue related to solar system integration projects on the percentage-of-completion basis. The Company estimates its revenues using the cost-to-cost method, whereby it derives a ratio by comparing the costs incurred to date to the total costs expected to be incurred on the project. The Company applies the ratio computed in the cost-to-cost analysis to the contract price to determine the estimated revenues earned in each period. When the Company determines that total estimated costs will exceed total revenues under a contract, it records a loss accordingly.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group recognizes income from generating electricity as revenue when persuasive evidence of an arrangement exists, electricity has been generated and be transmitted to the grid, the price of electricity is fixed or determinable and the collectability of the resulting receivable is reasonably assured.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group recognized government subsidy of electricity revenues from solar projects when the condition attached to it has been met and there is reasonable assurance that the grant will be received.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Advance payments received from customers for the future sale of inventory are recognized as advances from third party customers in the consolidated balance sheets. Advances from third party customers are recognized as revenues when the conditions for revenue recognition described above have been satisfied. Advances from third party customers have been recognized as a current liability because the amount at each balance sheet date is expected to be recognized as revenue within twelve months.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In the PRC, value added tax ("VAT") at a general rate of 17% on invoice amount is collected on behalf of tax authorities in respect of the sales of product and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability until it is paid to the tax authorities.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Accounts receivables</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">2,386,356,664</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">2,094,704,129</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Allowance for doubtful accounts</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (673,671,445</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (445,956,167</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Accounts receivable, net</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,712,685,219</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,648,747,962</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 55%; TEXT-ALIGN: left">Costs of revenues</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">725,651</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">947,428</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">505,036</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Selling expenses</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">529,939</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,128,245</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,499,187</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">General and administrative expenses</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 8,623,534</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 14,267,437</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 15,987,983</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 9,879,124</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 17,343,110</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 17,992,206</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Condensed balance sheets:</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">December, 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">USD</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: right" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: right" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; FONT-WEIGHT: bold; TEXT-ALIGN: right" nowrap="nowrap"><strong>(Note 2 (am))</strong></td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">ASSETS</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: right"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Current assets:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; TEXT-ALIGN: left; PADDING-LEFT: 9pt">Cash and cash equivalent</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">2,260,713</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">7,329,752</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">1,210,789</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Due from subsidiaries</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">545,695,322</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">858,972,809</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">141,892,201</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Other current assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">27,551,909</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">27,657,413</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4,568,679</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 9pt"> Capped call option</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> </td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 107,223,601</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 17,712,077</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Total current assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">575,507,944</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,001,183,575</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">165,383,746</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Investments in subsidiaries</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,325,667,558</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,800,616,766</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">297,440,700</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left; PADDING-LEFT: 9pt"> Capped call option</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 16,131,208</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Total assets</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 1,917,306,710</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 2,801,800,341</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 462,824,446</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">LIABILITIES AND SHAREHOLDERS' EQUITY</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Current liabilities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Due to subsidiaries</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">61,197,969</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">14,676,988</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,424,466</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Other current liabilities</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">7,404,779</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6,894,632</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,138,912</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Convertible senior notes-current</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> </td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 770,485,897</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 127,275,203</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Total current liabilities</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">68,602,748</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">792,057,517</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">130,838,581</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 483,581,668</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Total liabilities</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 552,184,416</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 792,057,517</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 130,838,581</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Shareholders' equity:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 88,758,778 and 108,051,630 shares issued and outstanding as of December 31, 2012 and 2013, respectively)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">13,202</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">15,574</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,573</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Additional paid-in capital</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,524,728,796</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,968,702,066</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">325,206,414</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Accumulated other comprehensive loss</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">236,395</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">12,869,458</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,125,883</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Treasury stock, at cost: 1,723,200 shares of ordinary shares as of December 31, 2012 and 2013, respectively</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(13,875,553</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(13,875,553</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(2,292,078</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Accumulative (deficit)/income</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (145,980,546</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 42,031,279</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 6,943,073</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Total shareholders' equity</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 1,365,122,294</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 2,009,742,824</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 331,985,865</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left; PADDING-LEFT: 9pt"> Total liabilities and shareholders' equity</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 1,917,306,710</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 2,801,800,341</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-WEIGHT: bold; TEXT-ALIGN: right"> 462,824,446</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The balance due from subsidiaries represented the expenses paid on behalf by the Company for its subsidiaries.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Other current assets mainly represented the prepaid insurance premium, prepaid rent and other miscellaneous expenses.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The balance due to subsidiaries represented the professional service fees paid by Jiangxi Jinko.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Other current liabilities represented accrual for unpaid professional service fees.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company has long term obligations arising from the issuance of Convertible Senior Notes (See Note 22 of the notes to the consolidated financial statements).</p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Condensed statements of cash flows:</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14" nowrap="nowrap"> For the year ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">USD</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">(Note 2 (am))</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash flows from operating activities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 48%; TEXT-ALIGN: left">Net income</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">273,342,819</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">(1,542,422,068</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">188,011,825</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">31,057,341</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Change in fair value of embedded derivatives</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Change in fair value of convertible senior notes</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(398,030,217</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">96,851,674</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">305,202,478</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">50,415,858</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Change in fair value of capped call option</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">98,282,510</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">309,052</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(92,295,905</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(15,246,197</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Share of (income)/loss from subsidiaries</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(26,457,224</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,405,807,872</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(437,886,531</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(72,333,702</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Exchange (gain)/loss</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,204,936</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(49,615</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,155,196</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">356,013</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Changes in operating assets and liabilities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">(Increase)/decrease in due from subsidiaries</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(571,729,995</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">27,696,952</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(313,277,487</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(51,749,754</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Decrease/(increase) in other current assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,567,600</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">769,436</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(105,504</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(17,428</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Increase/(Decrease) in due to a subsidiary</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">44,435,210</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(4,133,808</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(46,520,981</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(7,684,719</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> (Decrease)/increase in other current liabilities</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (19,959,953</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 647,916</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,783,456</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (294,606</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Net cash (used in)/provided by operating activities</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (596,344,314</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (14,522,589</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (396,500,365</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (65,497,194</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash flows from investing activities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Investments in subsidiaries</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (543,555</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (28,834,009</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,763,039</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Net cash used in investing activities</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (543,555</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (28,834,009</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,763,039</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash flows from financing activities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Proceeds from issuance of ordinary shares</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">413,004,026</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">68,223,405</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Proceeds from exercise of share options</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,759,081</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">17,551,472</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,899,297</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Proceeds from issuance of convertible senior notes</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">812,525,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Repurchase of convertible senior notes</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(5,222,773</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Cash paid for capped call option</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(117,003,600</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Prepayment for share repurchase</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(31,924,842</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Repurchase of common stock</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (56,857,774</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Net cash provided by/(used in) financing activities</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 605,275,092</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 430,555,498</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 71,122,702</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Effect of foreign exchange rate changes on cash and cash equivalents</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (734,935</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 46,883</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (152,085</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (25,123</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Net (decrease)/increase in cash and cash equivalents</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">8,195,843</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(15,019,261</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5,069,039</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">837,346</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Cash and cash equivalents, beginning of year</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 9,084,131</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 17,279,974</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 2,260,713</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 373,443</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Cash and cash equivalents, end of year</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 17,279,974</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 2,260,713</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 7,329,752</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,210,789</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Supplemental disclosure of non-cash investing and financing cash flow information</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Shares repurchase utilized prepayment made in prior year</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5,521,130</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Proceeds from exercise of share options received in subsequent period</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">160,861</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,266,499</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">209,211</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Payment of issuance cost for follow-on offering in subsequent period</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,273,309</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">210,336</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Condensed statements of operations:</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14" nowrap="nowrap"> For the year ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">USD</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: left" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: left" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: left" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">(Note 2 (am))</td> <td style="FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Net revenue</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Cost of revenues</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Gross profit</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 48%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Total operating expenses</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt"> </td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (7,319,613</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt"> </td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (8,459,461</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt"> </td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,286,844</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt"> </td> <td style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (708,136</td> <td style="WIDTH: 1%; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Loss from operations</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (7,319,613</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (8,459,461</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,286,844</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (708,136</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Convertible senior notes issuance costs</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(24,463,052</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Share of income/(loss) from subsidiaries and affiliates</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">26,457,224</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,405,807,872</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">437,886,531</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">72,333,701</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Interest expense, net</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(19,844,874</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(31,043,624</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(30,526,093</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(5,042,551</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Exchange (loss)/gain</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,204,936</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">49,615</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(2,155,196</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(356,013</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Other expense, net</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(29,637</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Change in fair value of convertible senior notes and capped call option</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 299,747,707</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (97,160,726</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (212,906,573</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (35,169,660</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Income/(Loss) before income taxes</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">273,342,819</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,542,422,068</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">188,011,825</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">31,057,341</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Income tax expenses</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 273,342,819</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (1,542,422,068</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 188,011,825</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 31,057,341</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Long-term bank borrowings</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">495,000,000</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">533,000,000</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less: Current portion</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (328,000,000</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (171,000,000</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total long-term borrowings</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 167,000,000</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 362,000,000</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">For the year ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Current income tax (expense)/benefit</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 55%">PRC</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">(76,792,019</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">7,561,393</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">(17,468,843</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Other countries</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (71,536</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 838,169</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (153,468</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Total current income tax (expense)/benefit</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(76,863,555</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">8,399,562</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(17,622,311</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Deferred PRC tax (expense)/benefit</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,209,187</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 518,086</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (910,065</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Income tax (expense)/benefit</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (81,072,742</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 8,917,648</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (18,532,376</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Change in fair value of derivatives</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Change in fair value of derivatives recognized in earnings was as follows:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10"> For the year ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 55%; TEXT-ALIGN: left">Foreign exchange forward contracts-realized</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">60,982,675</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">42,947,577</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">22,750,277</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Foreign exchange forward contracts-unrealized</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(24,377,786</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(51,990,656</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,640,169</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Convertible senior notes</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">398,030,217</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(96,851,674</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(305,202,478</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Capped call options</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (98,282,510</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (309,052</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 92,295,905</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 336,352,596</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (106,203,805</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (164,516,127</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>Non-recurring change in fair value</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>As of December 31, 2012</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="18"> Fair Value Measurements at Reporting Date Using</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Description</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Balance as of<br /> December 31,<br /> 2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Quote Prices in<br /> active market<br /> for identical<br /> assets (Level 1)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Significant<br /> other<br /> observable<br /> input (Level 2)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Significant<br /> unobservable<br /> input (Leval 3)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Total<br /> (losses)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td> </td> <td style="TEXT-ALIGN: left" colspan="2"> </td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 35%; TEXT-ALIGN: left">Long-lived assets</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">4,232,012,975</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">4,232,012,975</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">65,476,299</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>As of December 31, 2013</strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="18"> Fair Value Measurements at Reporting Date Using</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Description</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Balance as of<br /> December 31,<br /> 2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Quote Prices in<br /> active market<br /> for identical<br /> assets (Level 1)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Significant<br /> other<br /> observable<br /> input (Level 2)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Significant<br /> unobservable<br /> input (Leval 3)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">Total<br /> (losses)</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td> </td> <td style="TEXT-ALIGN: left" colspan="2"> </td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 35%; TEXT-ALIGN: left">Long-lived assets</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">4,905,027,385</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">4,905,027,385</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,573,248</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10"> For the years ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Numerator:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 61%; TEXT-ALIGN: left">Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders - Basic</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">273,342,819</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">(1,542,422,068</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">188,011,825</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Dilutive effect of convertible senior notes interest</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">19,855,810</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Dilutive effect of exchange gain on convertible senior notes</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(21,567,522</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Dilutive effect of change in fair value of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (398,030,217</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Net (loss)/income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders - Diluted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(126,399,110</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,542,422,068</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">188,011,825</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: left">Denominator:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Denominator for basic calculation - weighted average number of ordinary shares outstanding</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">93,966,535</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">88,752,706</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">94,018,394</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Dilutive effects of share options</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,367,900</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,017,591</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Dilutive effects of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 7,352,536</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Denominator for diluted calculation - weighted average number of ordinary shares outstanding</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 102,686,971</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 88,752,706</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 96,035,985</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Basic earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2.91</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(17.38</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2.00</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Diluted (loss)/earnings per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (1.23</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (17.38</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1.96</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">For the year ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> %</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> %</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> %</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 55%; TEXT-ALIGN: left">Statutory CIT rate</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">25.0</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">(25.0</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">25.0</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Effect of permanent differences:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">-Share-based compensation expenses</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.7</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.3</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1.3</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">-Change in fair value of convertible senior notes and capped call options</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(21.1</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1.6</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25.6</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>-Goodwill impairment</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3.2</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">-Accrued payroll and welfare expenses</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4.4</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.8</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2.4</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">-Change of enact tax rate</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(7.5</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">49.2</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">-Effect of prior year tax difference (1)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(0.6</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>-Other non-deductible expenses</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5.6</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.8</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1.9</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Difference in tax rate of a subsidiary outside the PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(0.9</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.9</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3.8</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Effect of tax holiday for subsidiaries</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(13.2</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6.9</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(6.5</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Change in valuation allowance</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 19.1</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 21.2</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (93.8</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Effective CIT rate</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 22.8</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (0.6</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 8.9</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="MARGIN-BOTTOM: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0px" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify"> <td style="WIDTH: 0in"> </td> <td style="WIDTH: 0.25in; TEXT-ALIGN: left">(1)</td> <td style="TEXT-ALIGN: justify">The Company recorded an out-of-period adjustment of RMB12,146,071in the year ended December 31, 2012, resulting from income tax filing difference for two PRC entities, which should have been recorded in the year ended December 31, 2011. The originating amount in 2011 was not material to the 2011 consolidated financial statements, nor was the out of period adjustment recorded in 2012 material to the 2012 consolidated financial statements.</td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Trademark</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">1,274,392</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">1,828,762</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Computer software</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6,153,728</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6,603,124</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Less: accumulated amortization</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,054,522</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (1,968,299</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Intangible assets, net</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 6,373,598</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 6,463,587</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 1.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Year ending December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">RMB</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 85%; TEXT-ALIGN: left">2014</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">8,101,999</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">2015</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,048,529</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">2016</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,946,349</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">2017</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,644,217</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">2018</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">543,913</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Thereafter</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 861,194</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 16,146,201</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">For the year ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 55%; TEXT-ALIGN: left">Cayman Islands</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">246,885,595</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">(136,614,196</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">(252,710,798</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>PRC</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">127,032,230</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,191,217,775</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">308,896,189</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Other countries</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (19,519,201</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (224,901,695</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 151,838,949</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Income/(Loss) before income taxes</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 354,398,624</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (1,552,733,666</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 208,024,340</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Raw materials</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">80,712,251</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">239,284,316</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Work-in-progress</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">92,719,649</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">103,161,011</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Finished goods</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 354,530,478</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 369,583,888</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 527,962,378</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 712,029,215</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 1.25in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center"> Year ending December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">RMB</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 85%; TEXT-ALIGN: left">2014</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">171,000,000</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">2015</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4,000,000</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Thereafter</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 358,000,000</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 533,000,000</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Prepayments for purchase of property, plant and equipment</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">36,411,466</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">61,958,160</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Prepayments for construction of project assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">9,283,580</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Prepayments for land use rights</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">12,305,449</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Prepayment for warranty insurance premium</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">44,228,323</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">57,215,458</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Prepaid service fee-non-current portion</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,114,886</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Others</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 454,998</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 4,164,974</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 82,209,673</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 144,927,621</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left"> Accounts receivable from related parties:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 74%; TEXT-ALIGN: left">Accounts receivable from subsidiaries of ReneSola Ltd. ("ReneSola", controlled by an immediate family member of the principal shareholders and directors of the Company, who are the executive officers of the Company)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">105,531,368</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">17,631,474</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Accounts receivable due from Gausu Jintai Electronic Power Company Ltd.("Guasu Jintai", an affiliated company, in which the Group owns 28% equity interests)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">266,510,538</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left"> Notes receivalbes from related parties:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Notes receivable due from Gausu Jintai</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">42,900,000</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left"> Other receivables from related parties:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Advances of travel and other business expenses to executive directors who are also shareholders</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 5,840,380</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 216,255</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 111,371,748</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 327,258,267</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left"> Accounts payable due to a related party:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Accounts payable due to a subsidiary of ReneSola</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">30,045,245</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,468,361</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: left"> Other payables due to a related party:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Other payables to Jiangxi Desun Energy Co., Ltd. (Desun, an entity in which the Shareholders, each holds more than 10%, and collectively hold 73%, of the equity interest) for leasing of land and buildings</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,161,345</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,261,649</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Travelling reimbursements payable to executive directors who are also shareholders</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 109,531</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Total</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 32,316,121</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 5,730,010</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"> </td> <td style="WIDTH: 0.25in">(1)</td> <td style="TEXT-ALIGN: left">Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts the Company advanced to them for expected expenses, charges and incidentals relating to their business development activities.</td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in"> </p> <table style="MARGIN-BOTTOM: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-TOP: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"> </td> <td style="WIDTH: 0.25in">(2)</td> <td style="TEXT-ALIGN: left">Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.</td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">For the years ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; TEXT-ALIGN: left">Inside China (including Hong Kong and Taiwan)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">1,281,483,521</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">2,179,670,146</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">3,461,295,473</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Outside China</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left; TEXT-INDENT: 9pt">South Africa</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">202,449</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">681,502,434</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-INDENT: 9pt">Germany</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2,422,250,586</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,177,954,567</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">583,912,744</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-INDENT: 9pt">America</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">118,132,913</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">135,839,209</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">414,371,308</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-INDENT: 9pt">Singapore</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">14,854,015</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">370,676,442</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-INDENT: 9pt">India</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">108,636,545</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">31,122,508</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">310,873,363</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Rest of the world</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 3,454,447,879</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,255,125,555</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,256,206,751</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 7,384,951,444</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 4,794,768,449</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 7,078,838,515</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong> </strong></p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="30" nowrap="nowrap">For the year ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14" nowrap="nowrap">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14" nowrap="nowrap">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Manufacturing</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Solar projects</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 7pt Times New Roman, Times, Serif; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> <strong>Elimination<sup>(1)</sup></strong></td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Total</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Manufacturing</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Solar projects</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Elimination</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Total</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 28%"> Revenues</td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 4,909,005,407</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 1,607,066</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> (115,844,024</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 4,794,768,449</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 7,369,293,690</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 76,719,737</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> (367,174,912</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 7,078,838,515</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">Gross profit/(loss)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">237,322,339</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(3,986,799</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(1,098,425</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">232,237,115</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">1,440,916,302</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">45,863,937</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(49,428,832</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">1,437,351,407</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">Interest expense, net</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(221,719,806</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(221,719,806</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(209,340,372</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(14,036,530</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(223,376,902</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">Loss/(Income) before income taxes</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(1,526,557,907</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(25,061,043</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(1,098,425</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(1,552,717,375</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">282,959,050</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">19,467,078</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(68,786,825</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">233,639,303</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 21pt"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="30">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14">RMB</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14">RMB</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Manufacturing</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Solar projects</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 7pt Times New Roman, Times, Serif; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> <strong>Elimination<sup>(2)</sup></strong></td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Total</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Manufacturing</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Solar projects</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Elimination</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Total</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: justify; WIDTH: 28%">Total assets</td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 7,719,329,082</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 798,992,874</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> (146,001,635</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 8,372,320,321</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 10,309,643,591</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 2,218,556,658</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> (1,916,975,178</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 10,611,225,071</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> (1) Elimination refers to the elimination of revenue and profit from the sale of solar modules from the manufacturing segment to the solar project segment.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> (2) Elimination refers to the elimination of unsettled receivables of the manufacturing segment and unsettled payables of the solar projects segment resulting from the above sales of solar modules.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Number of option<br /> outstanding</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Weighted-average<br /> exercise price</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap"><font style="FONT: 10pt Times New Roman, Times, Serif"> <strong>Weighted-average</strong></font><br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>remaining</strong></font><br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>contractual term</strong></font></td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Aggregate<br /> intrinsic value</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left" colspan="2"> </td> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> (US$/share)</td> <td style="FONT-WEIGHT: bold"> </td> <td> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center" colspan="2"> <strong>(in years)</strong></td> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> (RMB)</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 48%; TEXT-ALIGN: left">Balance as of January 1, 2013</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">8,061,054</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">1.81</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Granted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,280,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4.38</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Exercise</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,812,852</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2.03</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Forfeited</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (457,400</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1.80</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> </td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> </td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Balance as of December 31, 2013</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 7,070,802</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 2.22</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3.9</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 220,182,959</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Vested and expected to vest as of December 31, 2013</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 6,397,878</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 2.20</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 2.9</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 200,060,309</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Vested and exercisable as of December 31, 2013</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,219,030</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1.94</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3.1</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 105,644,209</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Expected volatility</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 87.8% - 96.3%</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="WIDTH: 80%; TEXT-ALIGN: left">Expected dividend yield</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 17%; TEXT-ALIGN: right">0</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Expected terms</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 1.8 - 5.0</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Risk-free interest rate</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 0.29% - 1.46%</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="TEXT-ALIGN: left">Fair value per option at grant date (RMB)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 20.4 - 28.14</td> <td style="TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="6">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 70%; TEXT-ALIGN: left">Short-term bank borrowings</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">1,917,630,796</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">1,803,593,927</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Long-term bank borrowings-current portion</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 328,000,000</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 171,000,000</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">Total short-term borrowings</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 2,245,630,796</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,974,593,927</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">Revenue</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10"> For the year ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 61%; TEXT-ALIGN: left">Company A</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">16</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">-</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 10%; TEXT-ALIGN: right">11</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">%</td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>5. SEGMENT REPORT</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; FONT-FAMILY: Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-ALIGN: justify"> During the third quarter of 2013, the Group changed its organizational structure as part of its transformation to a products manufacturing and downstream projects developing company. As a result of these changes, information that the Group's chief operating decision maker regularly reviews for purposes of allocating resources and assessing performance changed. Therefore, the Group is reporting its financial performance based on the new segments: manufacturing segment and solar projects segment.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; FONT-SIZE: 10pt; MARGIN: 0pt 0px"> The Group did not start the construction of solar projects until late 2011. During the year ended December 31, 2011, total operating expenses incurred was RMB149,894 and no revenue was recognized as the construction was still in process. The following table set forth the results of operations of the segments and reconciliation with consolidated results of operations only for the years ended December 31, 2012 and 2013:</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="30" nowrap="nowrap">For the year ended December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14" nowrap="nowrap">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14" nowrap="nowrap">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14" nowrap="nowrap">RMB</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Manufacturing</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Solar projects</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 7pt Times New Roman, Times, Serif; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> <strong>Elimination<sup>(1)</sup></strong></td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Total</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Manufacturing</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Solar projects</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Elimination</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Total</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 28%"> Revenues</td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 4,909,005,407</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 1,607,066</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> (115,844,024</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 4,794,768,449</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 7,369,293,690</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 76,719,737</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> (367,174,912</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 7,078,838,515</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">Gross profit/(loss)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">237,322,339</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(3,986,799</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(1,098,425</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">232,237,115</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">1,440,916,302</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">45,863,937</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(49,428,832</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">1,437,351,407</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">Interest expense, net</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(221,719,806</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(221,719,806</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(209,340,372</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(14,036,530</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(223,376,902</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">Loss/(Income) before income taxes</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(1,526,557,907</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(25,061,043</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(1,098,425</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(1,552,717,375</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">282,959,050</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">19,467,078</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">(68,786,825</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left">)</td> <td><font style="FONT-SIZE: 7pt"> </font> </td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right">233,639,303</td> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 21pt"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="30">As of December 31,</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14">RMB</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="14">RMB</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Manufacturing</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Solar projects</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: 7pt Times New Roman, Times, Serif; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> <strong>Elimination<sup>(2)</sup></strong></td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Total</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Manufacturing</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Solar projects</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Elimination</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 7pt; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Total</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt" nowrap="nowrap"> <font style="FONT-SIZE: 7pt"> </font> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: justify; WIDTH: 28%">Total assets</td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 7,719,329,082</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 798,992,874</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> (146,001,635</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 8,372,320,321</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 10,309,643,591</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 2,218,556,658</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> (1,916,975,178</td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> <td style="FONT-SIZE: 7pt; TEXT-ALIGN: right; WIDTH: 6%"> 10,611,225,071</td> <td style="WIDTH: 1%; TEXT-ALIGN: left"><font style="FONT-SIZE: 7pt"> </font> </td> </tr> </table> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> (1) Elimination refers to the elimination of revenue and profit from the sale of solar modules from the manufacturing segment to the solar project segment.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> (2) Elimination refers to the elimination of unsettled receivables of the manufacturing segment and unsettled payables of the solar projects segment resulting from the above sales of solar modules.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>w. Segment report</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> During the third quarter of 2013, the Group changed its organizational structure as part of the transformation to a solar product manufacturing and solar project developing company. As a result of these changes, information that the Company's chief operating decision maker regularly reviews for purposes of allocating resources and assessing performance changed. Therefore, beginning in the third quarter of 2013, the Group reports its financial performance based on the new segments: manufacturing segment and solar projects segment.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group uses the management approach in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group's chief operating decision maker for making operating decisions, allocating resources and assessing performance as the source for determining the Group's reportable segments. Management has determined that the Group operates its business in two segments, as that term is defined by FASB ASC Topic 280, <em>Segment reporting</em>.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group's first segment is the vertically integrated solar power products manufacturing business ("manufacturing segment"), from silicon ingots, wafers, cells to solar modules.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group's second segment is the downstream solar projects ("solar projects segment"), through which the Group entities develop, construct and operate the solar projects, including (i) project development, (ii) engineering, procurement, and construction ("EPC"), (iii) connecting solar projects to the grid, operating and maintenance ("O&M").</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
338381885
343407116
492625584
81375949
9879124
17343110
17992206
2972101
5132052
25960
30.98
1280000
23.32
3851772
4681848
11.67
7.56
2084116
9.35
P7Y
0
P5Y
P1Y9M18D
0.878
0.963
0.0029
0.0146
7325122
9325122
105644209
3219030
1.94
P3Y1M6D
14454
76736538
457400
1280000
3024750
726250
785480
300000
100000
1120000
160000
4180000
680000
32000
600000
20.4
28.14
6.91
5.60
23.32
220182959
7070802
8061054
2.22
1.81
P3Y10M24D
200060309
6397878
2.20
P2Y10M24D
0.85
2.03
1.80
4.38
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>ak. Share-based compensation</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company's share-based payment transactions with employees, including share options, are measured based on the grant-date fair value of the equity instrument issued. The fair value of the award is recognized as compensation expense, net of estimated forfeitures, over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
29.30
6.21
7.30
108051630
88758778
89435058
95078242
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>z. Shipping and handling</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Costs to ship products to customers are included in selling and marketing expenses in the consolidated statements of operations. Costs to ship products to customers were RMB119,821,738, RMB164,942,482 and RMB212,342,881 for the years ended December 31, 2011, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
119821738
164942482
212342881
1803593927
1917630796
18004160
254485472
133257782
138088878
120170412
20547865
272990761
200000000
48267911
90000000
97000000
183400000
600400000
100000000
100000000
198000000
28000000
50000000
80000000
196418183
6000000
0.0528
0.0541
734093262
121263568
722461319
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: -0.25in"> <strong>2.</strong> <strong>PRINCIPAL ACCOUNTING POLICIES</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px 0pt 0.25in; TEXT-INDENT: -0.25in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>a. Basis of presentation and use of estimates</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company's consolidated financial statements include allowance for doubtful receivables, provision for inventories and advances to suppliers, impairment of long-lived assets, the economic useful lives of property, plant and equipment, project assets and intangible assets, assumptions used in purchase price allocation, certain accrued liabilities including accruals for warranty costs, accounting for share-based compensation, fair value measurements, legal contingencies, income taxes and related deferred tax valuation allowance.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>b. Consolidation</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For the Company's majority-owned subsidiaries, non-controlling interests is recognized to reflect the portion of their equity interests which are not attributable, directly or indirectly, to the Group.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>c. Foreign currency translation</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group's reporting currency is the Renminbi ("RMB"), the official currency in the PRC. The Company and certain subsidiaries use RMB as their functional currency. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates quoted by the People's Bank of China (the "PBOC") prevailing at the dates of the transactions. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations. Monetary assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the applicable balance sheet dates. All such exchange gains or losses are included in exchange loss in the consolidated statements of operations.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For consolidation purpose, the financial statements of the Company's subsidiaries whose functional currencies are other than the RMB are translated into RMB using exchange rates quoted by PBOC. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses and gains and losses are translated using the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of in accumulated other comprehensive income in the consolidated statement of comprehensive income/ (loss).</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of PBOC, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in China's foreign exchange trading system market. The Company's aggregate amount of cash, cash equivalents and restricted cash denominated in RMB amounted to RMB382.8 million and RMB602.7 million as of December 31, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>d. Cash and cash equivalents</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions, which have original maturities of three months or less.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>e. Restricted cash</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Restricted cash represents deposits legally held by banks which are not available for the Group's general use. These deposits are held as collateral for issuance of letters of credit or guarantee, bank acceptance notes to vendors for purchase of machinery and inventories and forward contracts.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>f. Restricted short-term investments</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Restricted short-term investments represent the time deposits legally hold by banks with original maturities longer than three months and less than one year, which are held as collateral for issuance of letters of credit, guarantee or bank acceptance notes.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>g. Available-for-sale investment</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Investments in debt and equity securities are, on initial recognition, classified into the three categories: held-to-maturity securities, trading securities and available-for-sale securities. Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses included in earnings. Debt and equity securities not classified as either held-to-maturity securities or trading securities are classified as available-for-sale investments and are reported at fair value, with unrealized gains and losses recognized in accumulated other comprehensive income.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Subsequent to initial recognition, available-for-sale investment is measured at fair value with changes in fair value recognized in accumulated other comprehensive income included in shareholders' equity. When there is objective evidence that the investment is impaired, the cumulative losses from the declines in fair value that had been recognized directly in accumulated other comprehensive income are removed from equity and recognized in the income statement. When the available-for-sale investment is sold, the cumulative fair value adjustments previously recognized in accumulated other comprehensive income are recognized in the statement of operations. The Group evaluates the investments periodically for possible other-than temporary impairment. When other-than-temporary impairment has occurred for an available-for-sale debt security and the Group intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, an impairment loss is recognized in earnings equal to the difference between the investment's amortized cost basis and its fair value at the balance sheet date. The new cost basis will not be changed for subsequent recoveries in fair value. To determine whether a loss is other-than-temporary, the Group reviews the cause and duration of the impairment, the extent to which fair value is less than cost, the financial condition and near-term prospects of the issuer, and the Group's intent and ability to hold the security for a period of time sufficient to allow for any anticipated recovery of its cost.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On September 20, 2013, the parent company ("Issuer") of one of the Company's customers issued convertible bond ("Bond") to the Company in order to settle the outstanding receivables owed by that customer of EUR 2,948,489. The Bond matures on December 31, 2015. Each Bond is convertible into one share at 1:1 ratio during September 1, 2014 to December 31, 2014, or June 1, 2015 to December 31, 2015. The Bond bears a simple interest of 5% per annum and is payable every six months in arrears on June 30 and December 31 of each year from 2013 to 2015. The Issuer, at any time, may redeem all the Bond outstanding by paying a sum of money at an amount equal to the greater of (1) the total nominal value of the Bond plus outstanding interest and (2) the counter- value. Upon maturity, the outstanding Bond will be reimbursed at the nominal value together with the accrued and unpaid interests.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company recorded such Bond as available-for-sale instruments as its intent is to convert the Bond into common shares when the common share price appreciates over its nominal value during the two convertible periods, and recorded the fair value change in the Bond in accumulated other comprehensive income.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>h. Notes receivable and payable</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group accepts bank acceptance notes from customers in China in the normal course of business. The Group may discount these notes with banks in China or endorse these notes with its suppliers to clear its accounts payable. Notes that have been discounted with banks or endorsed with suppliers are derecognized from the consolidated balance sheets when the criteria for sale treatment are met.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group also issues bank acceptance notes to its suppliers in China in the normal course of business. The Group classifies the changes in notes payable and the restricted cash held as collateral for issuance of bank acceptance notes as financing activities.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Notes receivable and payable are typically non-interest bearing and have maturities of less than six months.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>i. Accounts receivable</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Specific provisions are made against accounts receivable for estimated losses resulting from the inability of the Group's customers to make payments. The Group periodically assessed accounts receivable balances to determine whether an allowance for doubtful accounts should be made based upon historical bad debts, specific customer creditworthiness and current economic trends. Accounts receivable in the balance sheets are stated net of such provision, if any. Before approving sales to each customer, the Group conducts a credit assessment for each customer to evaluate the collectability of such sales. The assessment usually takes into consideration the credit worthiness of such customer and its guarantor, if any, the Group's historical payment experience with such customer, industry-wide trends with respect to credit terms, including the terms offered by competitors, and the macro-economic conditions of the region to which sales will be made. The Group will execute a sales order with a customer and arrange for shipment only if its credit assessment concludes that the collectability with such customer is reasonably assured. The Group may also from time to time require security deposits from certain customers to minimize its credit risk. After the sales are made, the Group closely monitors the credit situation of each customer on an on-going basis for any subsequent change in its financial position, business development and credit rating, and will evaluate whether any of such adverse change warrants further action to be taken by the Group, including asserting claims and/or initiating legal proceedings against the customer and/or its guarantor, as well as making provisions. It is also the Group's general practice to suspend further sales to any customer with significant overdue balances. The receivable from insurance is only recorded when insurance claim has been submitted to the insurance company and been accepted and acknowledged by the carrier and recovery is considered reasonably assured. Upon recording the recovery, the bad debt expense is reduced.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>j. Short-term and long-term advances to suppliers</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group provides short-term and long-term advances to secure its raw material needs, which are then offset against future purchases. The Group continually assesses the credit quality of its suppliers and the factors that affect the credit risk. If there is deterioration in the creditworthiness of its suppliers, the Group will seek to recover its advances to suppliers and provide for losses on advances which are akin to receivables in operating expenses because of suppliers' inability to return its advances. Recoveries of the allowance for advances to supplier are recognized when they are received. The Company classified short-term and long-term advances to suppliers based on management's best estimate of the expected purchase in the next twelve-months as of the balance sheet date and the Group's ability to make requisite purchases under existing supply contracts. The balances expected to be utilized outside of the 12 months are recorded in advances to suppliers to be utilized beyond one year. A provision of advance to suppliers of RMB 652,937, RMB227,073,440 and nil was recorded for the years ended December 31, 2011, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>k. Inventories</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Inventories are stated at the lower of cost or market. Cost is determined using the weighted average method. Provisions are made for excessive, slow moving and obsolete inventories as well as for inventories with carrying values in excess of market. Certain factors could impact the realizable value of inventory, so the Group continually evaluates the recoverability based on assumptions about customer demand and market conditions. The evaluation may take into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, and other factors. The reserve or write-down is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact the Group's gross margin and operating results. If actual market conditions are more favorable, the Group may have higher gross margin when products that have been previously reserved or written down are eventually sold. The sale of previously reserved inventory did not have a material impact on our gross margin percentage for any of the years presented.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In addition, the Group analyzes its firm purchase commitments, which currently consist primarily of the long-term polysilicon supplier agreements, at each period end. Provision is made in the current period when the anticipated inventories cost from future execution of such supplier agreement is in excess of market. There was no loss provision recorded related to these long-term contracts for each of the three years ended December 31, 2011, 2012 and 2013.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>l. Property, plant and equipment, net</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the prices paid to acquire or construct the assets, interest capitalized during the construction period and any expenditure that substantially extends the useful life of an existing asset. Depreciation, taking into consideration any estimated residual value, is computed using the straight-line method over the following estimated useful lives:</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 75%"> Buildings</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; WIDTH: 25%"> 20 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Machinery and equipment</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 10 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Furniture, fixture and office equipment</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 3-5 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Motor vehicles</td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 4-5 years</td> </tr> </table> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Construction in progress primarily represents the construction of new production line. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Expenditures for repairs and maintenance are expensed as incurred. The gain or loss on disposal of property, plant and equipment, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets, and is recognized in the consolidated statement of operations upon disposal.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>m. Project assets</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Project assets consist primarily of costs relating to construction of solar power plants at various stages of development. These costs include costs for land and costs for developing and constructing a PV solar power plant. Upon completion of development and connection of the solar power plants, income generated from connection to the grid is recognized as revenue and the project assets are amortized over their expected life of 20 years.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>n. Interest Capitalization</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The interest cost associated with major development and construction projects is capitalized and included in the cost of the property, plant and equipment or project assets. Interest capitalization ceases once a project is substantially completed or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Group capitalizes interest on amounts expended on the project at the Group's weighted average cost of borrowings. Interest expense capitalized for the years ended December 31, 2011, 2012 and 2013 were RMB3,505,464, RMB7,507,649, and RMB7,086,641, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>o. Land use rights</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Land use rights represent fees paid to obtain the right to use land in the PRC. Amortization is computed using the straight-line method over the terms specified in land use right certificates of 50 years or 70 years, as applicable.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>p. Intangible assets</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Intangible assets include purchased software and fees paid to register trademarks and are amortized on a straight-line basis over their estimated useful lives, which are 5 or 10 years, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>q. Goodwill</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Goodwill represents the excess of (i) the aggregate of (a) the consideration transferred measured in accordance with ASC 805, which generally requires acquisition-date fair value; (b) the fair value of any noncontrolling interests in the acquiree; and (c) in a business combination achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree. If the consideration transferred is less than the fair value of the net assets acquired, the difference is recognized as a gain directly in the consolidated statement of operations. In a business combination, any acquired intangible assets that do not meet separate recognition criteria as specified in ASC 805 are recognized as goodwill.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. In December of each year, the Company tests impairment of goodwill at the reporting unit level and recognizes impairment in the event that the carrying value exceeds the fair value of each reporting unit. The Company performs a two-step goodwill impairment test. The first step, identifying potential impairment, compares the fair values of each reporting unit to its carrying amount, including goodwill. If the carrying value of the reporting unit exceeds its fair value, the second step would need to be conducted; otherwise, no further steps are necessary as no potential impairment exists. The second step, measuring the impairment loss, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Any excess of the reporting unit goodwill carrying value over the respective implied value is recognized as an impairment loss.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> An impairment loss of RMB45,645,832 was recorded for the year ended December 31,2011. See Note 3. "Goodwill" to the Company's consolidated financial statements for additional information on the Company's goodwill impairment tests.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>r. Business combination</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group accounts for business combinations using the acquisition method of accounting. This method requires that the acquisition consideration to be allocated to the assets, including separately identifiable intangible assets, and the liabilities that the Company acquires based on their estimated fair values. The Group makes estimates and judgments in determining the fair value of the acquired assets and liabilities based on its experience with similar assets and liabilities in similar industries. If different judgments or assumptions were used, the amounts assigned to the individual acquired assets or liabilities could be materially different.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>s. Investments in affiliates</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group holds equity investments in affiliates for which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. These investments are accounted for under equity method of accounting wherein the Group records its' proportionate share of the investees' income or loss in its consolidated financial statements. Cost method is used for investments over which the Company does not have the ability to exercise significant influence.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Investments are evaluated for impairment when facts or circumstances indicate that the fair value of the investment is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Group reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>t. Impairment of long-lived assets</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group's long-lived assets include property, plant and equipment, project assets and other intangible assets with finite lives. The Group's business requires heavy investment in manufacturing equipment that is technologically advanced, but can quickly become significantly under-utilized or rendered obsolete by rapid changes in demand for solar power products produced with those equipment.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amount of an asset may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets and significant negative industry or economic trends. The Group may recognize impairment of long-lived assets in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to these assets. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss, if any, is recognized for the difference between the fair value of the asset and its carrying value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses. .</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>u. Leases</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Leases are classified as capital or operating leases. A lease that transfers to the lessee substantially all the benefits and risks incidental to ownership is classified as a capital lease. At inception, a capital lease is recorded at the present value of minimum lease payments or the fair value of the asset, whichever is less. Assets under capital leases are amortized on a basis consistent with that of similar fixed assets or the lease term, whichever is less. Operating lease costs are recognized on a straight-line basis over the lease term.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>v. Revenue recognition</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group recognizes revenue for product sales when persuasive evidence of an arrangement exists, delivery of the product has occurred and title and risk of loss has passed to the customer, the sales price is fixed or determinable and the collectability of the resulting receivable is reasonably assured. For all sales, the Group requires a contract or purchase order which quantifies pricing, quantity and product specifications.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> For sales of photovoltaic products from PRC to foreign customers, delivery of the products generally occurs at the point in time the product is delivered to the named port of shipment, which is when the risks and rewards of ownership are transferred to the customer. For sales of PV products to domestic customers in PRC or by foreign subsidiaries, delivery of the product occurs generally at the point in time the product is received by the customer, which is when the risks and rewards of ownership have been transferred. In the case of sales that are contingent upon customer acceptance, revenue is not recognized until the deliveries are formally accepted by the customers.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group enters into certain sales contracts with retainage terms during 2012, under which customers were allowed to withhold payment of 5% to 10% of the full contract price as retainage after a specified period which generally range from one year to two years (the "Retainage Period"). Given the limited experience the Group has with respect to the collectability of the retainage, the Group defers recognition of the retainage as revenue until the customers pay it after the Retainage Period expires. The total amounts of retainage that were not recognized as revenue were RMB121,814,534 and RMB169,630,559 as of December 31, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group provides solar power product processing services to customers and the revenue of processing services is recognized upon completion which is generally evidenced by delivery of processed products to the customers.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group recognizes revenue related to solar system integration projects on the percentage-of-completion basis. The Company estimates its revenues using the cost-to-cost method, whereby it derives a ratio by comparing the costs incurred to date to the total costs expected to be incurred on the project. The Company applies the ratio computed in the cost-to-cost analysis to the contract price to determine the estimated revenues earned in each period. When the Company determines that total estimated costs will exceed total revenues under a contract, it records a loss accordingly.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group recognizes income from generating electricity as revenue when persuasive evidence of an arrangement exists, electricity has been generated and be transmitted to the grid, the price of electricity is fixed or determinable and the collectability of the resulting receivable is reasonably assured.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group recognized government subsidy of electricity revenues from solar projects when the condition attached to it has been met and there is reasonable assurance that the grant will be received.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Advance payments received from customers for the future sale of inventory are recognized as advances from third party customers in the consolidated balance sheets. Advances from third party customers are recognized as revenues when the conditions for revenue recognition described above have been satisfied. Advances from third party customers have been recognized as a current liability because the amount at each balance sheet date is expected to be recognized as revenue within twelve months.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In the PRC, value added tax ("VAT") at a general rate of 17% on invoice amount is collected on behalf of tax authorities in respect of the sales of product and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability until it is paid to the tax authorities.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>w. Segment report</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> During the third quarter of 2013, the Group changed its organizational structure as part of the transformation to a solar product manufacturing and solar project developing company. As a result of these changes, information that the Company's chief operating decision maker regularly reviews for purposes of allocating resources and assessing performance changed. Therefore, beginning in the third quarter of 2013, the Group reports its financial performance based on the new segments: manufacturing segment and solar projects segment.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group uses the management approach in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group's chief operating decision maker for making operating decisions, allocating resources and assessing performance as the source for determining the Group's reportable segments. Management has determined that the Group operates its business in two segments, as that term is defined by FASB ASC Topic 280, <em>Segment reporting</em>.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group's first segment is the vertically integrated solar power products manufacturing business ("manufacturing segment"), from silicon ingots, wafers, cells to solar modules.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group's second segment is the downstream solar projects ("solar projects segment"), through which the Group entities develop, construct and operate the solar projects, including (i) project development, (ii) engineering, procurement, and construction ("EPC"), (iii) connecting solar projects to the grid, operating and maintenance ("O&M").</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>x. Cost of revenue</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Cost of revenue for sales of photovoltaic products includes production and indirect costs, as well as shipping and handling costs for raw materials purchase and provision for inventories. </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Costs of revenue for EPC include all direct material, labor, subcontractor cost, and those indirect costs related to contract performance, such as indirect labor, supplies and tools. The Group recognizes job material costs as incurred costs when the job materials have been installed. The Group considers job materials to be installed materials when they are permanently attached or fitted to the solar power systems as required by the engineering design.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Costs of revenue for generating of electricity include depreciation, operating, and maintenance of project assets.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>y. Warranty cost</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Solar modules produced by the Group are typically sold with either a 2-year or 5-year warranty for product defects, and a 10-year and 25-year warranty against declines of more than 10% and 20%, respectively, from the initial minimum power generation capacity at the time of delivery. Therefore, the Group is exposed to potential liabilities that could arise from these warranties. The potential liability is generally in the form of product replacement or repair.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Due to limited warranty claim history, the Group estimates warranty costs based on an assessment for its competitors' history while incorporating estimates of failure rates through its quality review. Consequently, the Group accrues the equivalent of 1% of gross revenues as a warranty liability to accrue the estimated cost of its warranty obligations. Actual warranty costs incurred for warranty claims by customers are recorded in and charged against the accrued warranty liability. To the extent that actual warranty costs differ from the estimates, the Group will prospectively revise its accrual rate. The Group began the sales of solar modules in the first half of 2009 and has not experienced any material warranty claims to-date in connection with declines in the power generation capacity of its solar modules or defects. The accrual for warranty cost as of December 31, 2011, 2012 and 2013 were RMB96,463,635, RMB130,517,641 and RMB195,235,102, respectively. The warranty costs were classified as current liabilities under other payables and accruals, and non-current liabilities under accrued warranty costs - non-current, respectively, which reflect our estimate of the timing of when the warranty expenditures will likely be made. For the years ended December 31, 2011, 2012 and 2013, warranty costs were RMB63,030,783, RMB40,213,055 and RMB67,516,104, respectively. The utilization of the warranty accruals for the years ended December 31, 2011, 2012 and 2013 were nil, RMB6,159,049 and RMB2,798,643, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group purchases warranty insurance policy which provides coverage for the product warranty services of solar modules worldwide. Prepayment for warranty insurance premium is initially recorded as other assets and is amortized over the insurance coverage period. Prepayment for warranty insurance premium is not recorded as reduction of estimated warranty liabilities<strong><em>.</em></strong> Once the Group receives insurance recoveries, warranty expenses will be credited.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>z. Shipping and handling</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Costs to ship products to customers are included in selling and marketing expenses in the consolidated statements of operations. Costs to ship products to customers were RMB119,821,738, RMB164,942,482 and RMB212,342,881 for the years ended December 31, 2011, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>aa. Research and development</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Research and development costs are expensed when incurred.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>ab. Start-up costs</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group expenses all costs incurred in connection with start-up activities, including pre-production costs associated with new manufacturing facilities (excluding costs that are capitalized as part of property, plant and equipment) and costs incurred with the formation of new subsidiaries such as organization costs.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>ac. Income Taxes</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The accounting for uncertain tax positions requires that the Company recognizes in the consolidated financial statements the impact of an uncertain tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group's policy is to recognize, if any, tax related interest as interest expenses and penalties as general and administrative expenses. For periods presented, the Group did not have any interest and penalties associated with uncertain tax positions in the year ended December 31, 2011, 2012 and 2013 as there were no uncertain tax positions.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>ad. Commitments and Contingencies</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>ae. Financial guarantees</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group issues guarantees in favor of certain third parties. A guarantee requires the issuer to make payments to reimburse the holder for a loss it incurs when a specified debtor fails to make repayments to the holder, when the debtor's liability to the holder falls due.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> A guarantee is initially recognized at the estimated fair value in the Group's consolidated balance sheets unless it becomes probable that the Group will reimburse the holder of the guarantee for an amount higher than the carrying amount, in which case the guarantee is carried in the Group's consolidated balance sheets at the expected amount payable to the holder. The guarantee is derecognized when the Group's obligation to the holder expires.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>af. Fair value of financial instruments</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). A hierarchy is established for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value shall maximize the use of observable inputs.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> When available, the Company measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. Pricing information the Company obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Company generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and the Company's evaluation of those factors changes. Although the Company uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Company's consolidated assets, liabilities, equity and net income.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company's financial instruments consist principally of cash and cash equivalents, restricted cash, restricted short-term investments, accounts and notes receivable, forward contract receivable, other receivables, prepayments and other current assets, capped call options, accounts and notes payable, other payables and accruals, forward contract payables, bonds payable, short-term borrowings, long-term borrowings, guarantee liabilities and convertible senior notes.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company elects to classify the cash flows related to realized gain or loss on settlement of foreign exchange forward contracts as operating activities, which are based on the nature of the cash flows the derivative is economically hedging.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>ag. Government grants</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Government grants related to technology upgrades and enterprise development are recognized as subsidy income when received. For the years ended December 31, 2011, 2012 and 2013, the Group received financial subsidies of RMB25,553,802 , RMB40,902,610 and RMB7,583,102 from the local PRC government authorities, respectively. These subsidies were non-recurring, not refundable and with no conditions, including none related to specific use or disposition of the funds, attached. Such amounts were recorded as subsidy income in the consolidated statements of operations. There are no defined rules and regulations to govern the criteria necessary for companies to enjoy such benefits and the amount of financial subsidy is determined at the discretion of the relevant government authorities.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Government grants related to assets are initially recorded as other payables and accruals which are then deducted from the carrying amount when the assets are ready for use and approved by related government. The Company received government grant related to assets of RMB91,611,300, RMB119,820,411and RMB63,331,500 during the years ended December 31, 2011, 2012 and 2013, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>ah. Repurchase of share</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> When the Company's shares are purchased for retirement, the excess of the purchase price over its par value is recorded entirely to additional paid-in capital subject to the limitation of the additional paid in capital when the shares were originally issued. When the Company's shares are acquired for purposes other than retirement, the purchase price is shown separately as treasury stock.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>ai. Statutory reserves</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Zhejiang Jinko, as sino-foreign owned joint venture incorporated in the PRC, is required to make appropriations of net profits, after recovery of accumulated deficit, to (i) a general reserve fund, (ii) an enterprise expansion fund, and (iii) a staff bonus and welfare fund prior to distribution of dividends to investors. These reserve funds are set at certain percentage of after-tax profit determined in accordance with PRC accounting standards and regulations (the "PRC GAAP"). The percentage of net profit for appropriation to these funds is at the discretion of their board of directors.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Jiangxi Jinko, as a wholly foreign owned enterprise incorporated in the PRC, is required on an annual basis to make appropriations of net profits, after the recovery of accumulated deficit, to a general reserve fund and a staff bonus and welfare fund. These reserve funds are set at certain percentage of after-tax profit determined in accordance with the PRC GAAP. The percentage of the appropriation for general reserve fund is at least 10%, and the percentage of the appropriation for staff bonus and welfare fund is at the discretion of its boards of directors.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Except for the aforementioned subsidiaries, the Company's other subsidiaries, as domestic enterprises incorporated in the PRC, are required on an annual basis to make an appropriation of net profits, after the recovery of accumulated deficit, to a statutory reserve fund. The statutory reserve fund is set at the percentage of not lower than 10% of the after-tax profit determined in accordance with the PRC GAAP.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Once the level of the general reserve fund and the statutory reserve fund reach 50% of the registered capital of the underlying entities, further appropriations to these funds are discretionary. The Group's statutory reserves can only be used for specific purposes of enterprises expansion and staff bonus and welfare, and are not distributable to the shareholders except in the event of liquidation. Appropriations to these funds are accounted for as transfers from retained earnings to the statutory reserves.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> During the years ended December 31, 2011, 2012 and 2013, the Group made total appropriations to statutory reserves of RMB14,397,530, RMB56,894 and RMB5,887,925, respectively.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>aj. Earnings(Loss) per share</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Basic earnings(loss) per share is computed by dividing net income(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings(loss) per share is calculated by dividing net income(loss) attributable to ordinary shareholders, as adjusted for the change in income or loss as result from the assumed conversion of those participating securities, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary share equivalents consist of the ordinary shares issuable upon the conversion of the convertible senior notes (using the if-converted method) and ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method). Potential dilutive securities are not included in the calculation of dilutive earnings per share if the effect is anti-dilutive.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>ak. Share-based compensation</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Company's share-based payment transactions with employees, including share options, are measured based on the grant-date fair value of the equity instrument issued. The fair value of the award is recognized as compensation expense, net of estimated forfeitures, over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>al. Other comprehensive income/(loss)</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Other comprehensive income/(loss) is defined as the change in equity during a period from non-owner sources. The Company's other comprehensive income/(loss) for each period presented is comprised of foreign currency translation adjustment of the Company's foreign subsidiaries and unrealized gains and losses on available-for-sale securities. .</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>am. Convenience translation</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Translations of amounts from RMB into United States dollars ("US$" or "USD") are solely for the convenience of readers and were calculated at the rate of RMB6.0537 to US$1.00, the noon buying rate in effect on December 31, 2013, as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2013, or at any other rate.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>an. Recent accounting pronouncements</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income". This update does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, this update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This update is effective prospectively for reporting periods beginning after December 15, 2012 for public entities. The adoption of this accounting standard beginning on January 1, 2013 does not have a material impact on the Group's consolidated financial statements.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> In July 2013, the FASB issued ASU 2013-11, ''Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists'', which is an update to provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carry forward exists. The guidance requires an entity to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, except for when a net operating loss carryforward is not available as of the reporting date to settle taxes that would result from the disallowance of the tax position or when the entity does not intend to use the deferred tax asset for purposes of reducing the net operating loss carry forward. The guidance is effective for fiscal years beginning after December 15, 2013 and for interim periods within that fiscal year. The Group does not expect the adoption of this pronouncement to have a significant impact on its consolidated financial statements.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>y. Warranty cost</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Solar modules produced by the Group are typically sold with either a 2-year or 5-year warranty for product defects, and a 10-year and 25-year warranty against declines of more than 10% and 20%, respectively, from the initial minimum power generation capacity at the time of delivery. Therefore, the Group is exposed to potential liabilities that could arise from these warranties. The potential liability is generally in the form of product replacement or repair.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Due to limited warranty claim history, the Group estimates warranty costs based on an assessment for its competitors' history while incorporating estimates of failure rates through its quality review. Consequently, the Group accrues the equivalent of 1% of gross revenues as a warranty liability to accrue the estimated cost of its warranty obligations. Actual warranty costs incurred for warranty claims by customers are recorded in and charged against the accrued warranty liability. To the extent that actual warranty costs differ from the estimates, the Group will prospectively revise its accrual rate. The Group began the sales of solar modules in the first half of 2009 and has not experienced any material warranty claims to-date in connection with declines in the power generation capacity of its solar modules or defects. The accrual for warranty cost as of December 31, 2011, 2012 and 2013 were RMB96,463,635, RMB130,517,641 and RMB195,235,102, respectively. The warranty costs were classified as current liabilities under other payables and accruals, and non-current liabilities under accrued warranty costs - non-current, respectively, which reflect our estimate of the timing of when the warranty expenditures will likely be made. For the years ended December 31, 2011, 2012 and 2013, warranty costs were RMB63,030,783, RMB40,213,055 and RMB67,516,104, respectively. The utilization of the warranty accruals for the years ended December 31, 2011, 2012 and 2013 were nil, RMB6,159,049 and RMB2,798,643, respectively.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group purchases warranty insurance policy which provides coverage for the product warranty services of solar modules worldwide. Prepayment for warranty insurance premium is initially recorded as other assets and is amortized over the insurance coverage period. Prepayment for warranty insurance premium is not recorded as reduction of estimated warranty liabilities<strong><em>.</em></strong> Once the Group receives insurance recoveries, warranty expenses will be credited.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>ab. Start-up costs</em></strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> The Group expenses all costs incurred in connection with start-up activities, including pre-production costs associated with new manufacturing facilities (excluding costs that are capitalized as part of property, plant and equipment) and costs incurred with the formation of new subsidiaries such as organization costs.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> <strong><em> </em></strong></p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal"> <strong>31.</strong> <strong>SUBSEQUENT EVENTS</strong></p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal"> Subsequent to December 31, 2013, the Group obtained an additional long-term bank borrowing of RMB141.4 million and repaid long-term bank borrowings of RMB46.0 million. The additional long-term bank borrowing was collateralized on certain project assets, accounts receivable, and also guaranteed by Jiangxi Jinko, Haining Investment and the Shareholders. These borrowings carry variable interest rates that are determined by reference to the prevailing base lending rate set by PBOC.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal"> On January 6, 2014, we entered into loan facilities for an aggregate principal amount of RMB400 million with a term of 15 years with China Development Bank for the development of three PV projects in Xinjiang Uyghur Autonomous Region and Qinghai province of the PRC with a total capacity of 50 MW, which we had fully drawn down as of the date of this annual report.</p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal"> In January 2014, Zhejiang Jinko entered into an operating lease agreement with the bankruptcy administration of Zhejiang Topoint Photovoltaic Co., Ltd., Zhejiang Yutai Photovoltaic Material Co., Ltd., Zhejiang Weishida Photovoltaic Material Co., Ltd., and Zhejiang Jiutai New Energy Co., Ltd (collectively "Topoint") for the manufacturing assets of Topoint, beginning January 13, 2014. The manufacturing assets of Topoint include 500MW of production capacity for silicon wafers, 500 MW for PV cells, and 100 MW for PV modules.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal"> In January 2014, the Company closed the concurrent offerings of 15,000,000 ordinary shares (3,750,000 ADSs) and US$150.0 million convertible senior notes and received net proceeds of US$272.1 million. The convertible senior notes will mature on January, 2019. The interest rate is 4.00% per annum payable semi-annually, in arrears.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; font-size-adjust: none; font-stretch: normal"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="10">For the year ended December 31</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2011</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2012</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2">2013</td> <td style="FONT-WEIGHT: bold; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold"> </td> <td style="FONT-WEIGHT: bold; TEXT-ALIGN: center" colspan="2"> RMB</td> <td style="FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 55%; TEXT-ALIGN: left">At beginning of year</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">(6,308,714</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">(73,967,071</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> <td style="WIDTH: 1%"> </td> <td style="WIDTH: 1%; TEXT-ALIGN: left"> </td> <td style="WIDTH: 12%; TEXT-ALIGN: right">(402,860,548</td> <td style="WIDTH: 1%; TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="TEXT-ALIGN: left">Current year additions</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(69,445,609</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(329,813,147</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(21,347,390</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left">Reversal of valuation allowances</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,787,252</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 919,670</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 182,090,183</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">At end of year</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (73,967,071</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (402,860,548</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (242,117,755</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left">)</td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong><em>i. Accounts receivable</em></strong></p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <p style="TEXT-ALIGN: justify; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Specific provisions are made against accounts receivable for estimated losses resulting from the inability of the Group's customers to make payments. The Group periodically assessed accounts receivable balances to determine whether an allowance for doubtful accounts should be made based upon historical bad debts, specific customer creditworthiness and current economic trends. Accounts receivable in the balance sheets are stated net of such provision, if any. Before approving sales to each customer, the Group conducts a credit assessment for each customer to evaluate the collectability of such sales. The assessment usually takes into consideration the credit worthiness of such customer and its guarantor, if any, the Group's historical payment experience with such customer, industry-wide trends with respect to credit terms, including the terms offered by competitors, and the macro-economic conditions of the region to which sales will be made. The Group will execute a sales order with a customer and arrange for shipment only if its credit assessment concludes that the collectability with such customer is reasonably assured. The Group may also from time to time require security deposits from certain customers to minimize its credit risk. After the sales are made, the Group closely monitors the credit situation of each customer on an on-going basis for any subsequent change in its financial position, business development and credit rating, and will evaluate whether any of such adverse change warrants further action to be taken by the Group, including asserting claims and/or initiating legal proceedings against the customer and/or its guarantor, as well as making provisions. It is also the Group's general practice to suspend further sales to any customer with significant overdue balances. The receivable from insurance is only recorded when insurance claim has been submitted to the insurance company and been accepted and acknowledged by the carrier and recovery is considered reasonably assured. Upon recording the recovery, the bad debt expense is reduced.</p> <p style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in"> </p> <!--EndFragment--></div> </div>
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2010-12-31
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2010-12-31
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2010-12-31
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2010-12-31
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2010-12-31
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2010-12-31
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2010-12-31
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2010-12-31
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2009-07-31
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Elimination refers to the elimination of revenue and profit from the sale of solar modules from the manufacturing segment to the solar project segment.
Elimination refers to the elimination of unsettled receivables of the manufacturing segment and unsettled payables of the solar projects segment resulting from the above sales of solar modules.
Haining Investment is the holding company of a number of power plant project companies established in various locations in China.