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FY
JKS
JINKOSOLAR HOLDING CO., LTD.
Yes
false
Accelerated Filer
2011
20-F
2011-12-31
0001481513
No
--12-31
31341556
4979672
1149851154
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597258
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><b>21.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>ORDINARY SHARES AND SHARE
EXCHANGE</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">On
September 15, 2009, the Board of Directors approved a share
split with the result of each share becoming 50 shares of the same
class ("2009 Share Split"). The par value of the ordinary shares of
the Company is US$0.00002 after the 2009 Share Split. All shares
and per share amounts in the consolidated financial statements and
related notes have been retroactively adjusted to reflect the
change in ratio for the periods presented, as if the 2009 Share
Splits occurred at the beginning of the periods
presented.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">As
described in Note 19, the Company issued 14,629 (731,450 post 2009
Share Split) ordinary shares to a consultant in connection with the
issuance of Series A Redeemable Convertible Preferred Shares. The
fair value of which was recorded as issuance costs against the
Series A Redeemable Convertible Preferred Shares
proceeds.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">As
described in Note 19, the Shareholders agreed to transfer 76,258
(3,812,900 post 2009 Share Split) ordinary shares and 14,031
(701,500 post 2009 Share Split) ordinary shares to the holders of
Series B Redeemable Convertible Preferred Shares and one of the
holders of Series A Redeemable Convertible Preferred Shares,
respectively, in connection with the amendment of the 2009
Performance Target. The share transfer was completed on
September 15, 2009.</font></font></p>
</div>
-16937
-2691
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.25in">
<b>2.</b>     <b>PRINCIPAL ACCOUNTING
POLICIES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.25in">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b><i>a. Basis of presentation and use of estimates</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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, the economic useful lives of
property, plant and equipment and intangible assets, assumptions
used in purchase price allocation, assumptions used to measure
impairment of goodwill, property, plant and equipment and
intangible assets, certain accrued liabilities including accruals
for warranty costs, accounting for share-based compensation, fair
value measurements, legal contingencies, and income taxes and
related tax valuation allowance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company has a negative working capital balance at December 31,
2011. Management believes that the Company’s current cash
position as of December 31, 2011, the cash expected to be generated
from operations and funds available from borrowings under the bank
quotas will be sufficient to meet the Company’s working
capital and capital expenditure requirements for at least the next
twelve months from December 31, 2011. However, given that certain
bank borrowings and bonds due within the near term future (Note 15
and Note 16), sufficient funds may not be available to the Company.
Accordingly, the Company may need to reduce discretionary spending
and raise additional funds through public or private equity or debt
financing. Any additional equity financing may be dilutive to
stockholders and debt financing, if available, may involve
covenants that would restrict the Company. Additional funds may not
be available on terms favorable to the Company or at all. Failure
to manage discretionary spending or raise additional capital or
debt financing as required may adversely impact the Company’s
ability to achieve its intended business objectives. The Company
believes, although it is not certain, that it will be able to
maintain compliance with the convertible senior notes covenants and
repay short term borrowings and other liabilities as those become
due for at least the next twelve months from December 31, 2011, and
as such, these financial statements are prepared under the going
concern assumption which contemplates the realization of assets and
the liquidation of liabilities in the ordinary course of
business.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>b. Consolidation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
For the Company’s majority-owned subsidiaries,
non-controlling interest is recognized to reflect the portion of
their equity which is not attributable, directly or indirectly, to
the Group.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>c. Foreign currency translation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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 statement of
shareholders’ equity and comprehensive loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The RMB is not a freely convertible currency. The PRC State
Administration for Foreign Exchange, under the authority of the
People’s Bank of China, 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 RMB775.9 million and RMB461.7
million as of December 31, 2010 and 2011, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>d. Cash and cash equivalents</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>e. Restricted cash</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Restricted cash represents deposits legally held by a bank 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>f. Short-term investments</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Short-term investments represent the bank time deposits with
original maturities longer than three months and less than one
year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>g. Notes receivable and payable</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Group also issues bank acceptance notes to its suppliers in
China in the normal course of business. The Group classified the
changes in notes payable and the restricted cash held as collateral
for issuance of bank acceptance notes as financing activities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Notes receivable and payable are typically non-interest bearing and
have maturities of less than six months.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>h. Accounts receivable</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<br />
<b><i>i. Short-term and long-term advances to suppliers</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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 from the 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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>j. Inventories</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font: 10pt Times New Roman, Times, Serif; color: black">Inventories
are stated at the lower of cost or market. Cost is determined using
the weighted average method. Provisions are made for excess, slow
moving and obsolete inventories as well as for inventories with
carrying values in excess of market.</font> <font style="font: 10pt Times New Roman, Times, Serif; color: black">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In addition, the Company analyzes its firm purchase commitments,
which currently consist primarily of the long-term fixed price
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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>k. Property, plant and equipment, net</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<tr>
<td style="vertical-align: top; text-align: left; width: 75%">
Buildings</td>
<td style="vertical-align: bottom; text-align: right; width: 25%">
20 years</td>
</tr>
<tr>
<td style="vertical-align: top; text-align: left">Machinery and
equipment</td>
<td style="vertical-align: bottom; text-align: right">10 years</td>
</tr>
<tr>
<td style="vertical-align: top; text-align: left">Furniture,
fixture and office equipment</td>
<td style="vertical-align: bottom; text-align: right">
3-5 years</td>
</tr>
<tr>
<td style="vertical-align: top; text-align: left">Motor
vehicles</td>
<td style="vertical-align: bottom; text-align: right">
4-5 years</td>
</tr>
<tr>
<td style="vertical-align: top; text-align: left">Solar power
projects</td>
<td style="vertical-align: bottom; text-align: right">
20 years</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Construction in progress primarily represents the construction of
new production line and solar power projects. Costs incurred in the
construction are capitalized and transferred to property, plant and
equipment upon completion, at which time depreciation commences.
Interest expense incurred for qualifying assets are capitalized in
accordance with <i>Capitalization of Interest</i>. Interest expense
capitalized for the years ended December 31, 2009, 2010 and
2011 were RMB193,124, RMB2,147,440 and RMB3,505,464,
respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>l. Interest Capitalization</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
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 complete 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 Company
capitalizes interest on amounts expended on the project at the
Company’s weighted average cost of borrowed money.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>m. Land use rights</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>n. Intangible assets</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Intangible assets include purchased software and fees paid to
register trademarks, which are amortized on a straight-line basis
over their estimated useful lives, which are 5 or 10 years.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>o. Goodwill</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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 interest 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 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 should
be recognized as goodwill.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
An impairment loss of nil, nil and RMB45,645,832 was recorded in
2009, 2010 and 2011, respectively. See Note 28.
“Goodwill” to the Company’s consolidated
financial statements for additional information on the
Company’s goodwill impairment tests.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>p. Business combination</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company 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
Company 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>q. Impairment of long-lived assets</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company’s long-lived assets include property, plant and
equipment, solar power project assets and other intangible assets
with finite lives. The Company’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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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. The impairment of long-lived assets for the Company were
nil, RMB5,376,071 and nil for the years ended December 31,
2009, 2010 and 2011, respectively, which was recorded in general
and administrative expenses (Note 10).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>r. Leases</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>s. Revenue recognition</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company 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
Company requires a contract or purchase order which quantifies
pricing, quantity and product specifications.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Group offers to its solar modules customers the right to return
or exchange defective products within a prescribed period if the
volume of the defective products exceeds a certain percentage of
the shipment as specified in the individual sales contract. For the
solar module sales contracts signed subsequent to October 1, 2010,
the Group no longer offers the rights to return and refund to its
customers. Actual returns were 0.1% and 0.2% of total sales for the
years ended December 31, 2009 and 2010, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company recognizes revenue related to solar system integration
on the percentage-of-completion method. The Company estimates its
revenues by 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>t. Cost of revenue</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Cost of revenue includes production and indirect costs, as well as
shipping and handling costs for raw materials purchase and
provision for inventories. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>u. Warranty cost</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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 provision
for warranty cost as of December 31, 2009, 2010 and 2011 were
RMB1,727,717, RMB33,432,852 and RMB96,463,635, 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, 2009, 2010 and
2011, warranty cost expenses were RMB1,727,717, RMB31,705,135 and
RMB63,030,783, respectively. There was nil utilization of the
warranty accruals for each of the years ended December 31, 2009,
2010 and 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>v. Shipping and handling</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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 RMB1,632,428,
RMB57,261,154 and RMB119,821,738 for the years ended
December 31, 2009, 2010 and 2011, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>w. Research and development</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
Research and development costs are expensed when incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>x. Start-up costs</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
The Company expenses all costs incurred in connection with start-up
activities, including pre-production costs associated with new
manufacturing facilities and costs incurred with the formation of
new subsidiaries such as organization costs.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>y. Income Taxes</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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 tax positions. As of
December 31, 2011 and 2010, the Group did not record any
liability for any uncertain tax positions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>z. Commitments and Contingencies</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>aa. Financial guarantees</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>ab. Fair value of financial instruments</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company's financial instruments consist principally of cash and
cash equivalents, restricted cash, 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 liability and convertible senior
notes (Note 27).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>ac. Government grants</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Government grants related to technology upgrades and development of
export markets are recognized as subsidy income when received. For
the years ended December 31, 2009, 2010 and 2011, the Group
received financial subsidies of RMB8,569,118, RMB15,696,641 and
RMB25,553,802 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Government grants related to assets are initially recorded as other
payables and accruals which are deducted to the carrying amount
when the assets are ready for use. The Company received government
grant for assets of nil, RMB55,000,000 and RMB91,611,300 during the
years ended December 31, 2009, 2010 and 2011, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>ad. Repurchase of share</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
When the Company’s shares are retired, or purchased for
constructive retirement (with or without an intention to retire the
stock formally in accordance with applicable laws), 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 over its par value is shown
separately as treasury stock.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>ae. Statutory reserves</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
During the years ended December 31, 2009, 2010 and 2011, the Group
made total appropriations to these statutory reserves of
RMB12,609,573, RMB126,152,136 and RMB14,397,530, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>af. Segment reporting</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
The Group operates and manages its business as a single segment
primarily in China.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>ag. Earnings(Loss) per share</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>ah. Share-based compensation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>ai. Other comprehensive income(loss)</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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 whose assets and liabilities are translated
from their respective functional currencies at exchange rates in
effect at the balance sheet date, and revenues and expenses are
translated at average exchange rates prevailing during the
applicable period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>aj. Convenience translation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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 RMB6.2939 to US$1.00, the noon buying
rate in effect on December 30, 2011, as set forth in the H.10
statistical release of the Federal Reserve Board. No representation
is intended to imply that the RMB amounts could have been, or could
be, converted, realized or settled into US$ at that rate on
December 30, 2011, or at any other rate.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>ak. Recent accounting pronouncements</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In May 2011, the Financial Accounting Standards Board ("FASB")
amended its fair value principles and disclosure requirements. The
amended fair value guidance states that the concepts of highest and
best use and valuation premise are only relevant when measuring the
fair value of nonfinancial assets and prohibits the grouping of
financial instruments for purposes of determining their fair values
when the unit of account is specified in other guidance. The
amendment became effective for the Company on January 1, 2012. The
Company does not anticipate that this amendment will have a
material impact on its consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In June 2011, the FASB amended its disclosure guidance related to
the presentation of comprehensive income. This amendment eliminates
the option to report other comprehensive income and its components
in the statement of changes in shareholders’ equity and
requires presentation and reclassification adjustments on the face
of the income statement. In December, 2011, the FASB further
amended its guidance to defer changes related to the presentation
of reclassification adjustments indefinitely as a result of
concerns raised by stakeholders that the new presentation
requirements would be difficult for preparers and add unnecessary
complexity to financial statements. The amendment (other than the
portion regarding the presentation of reclassification adjustments
which, as noted above, has been deferred indefinitely) became
effective for the Company on January 1, 2012 and will not have any
impact on its financial position, but will impact its financial
statement presentation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In September 2011, the FASB amended its goodwill guidance by
providing entities an option to use a qualitative approach to test
goodwill for impairment. An entity will be able to first perform a
qualitative assessment to determine whether it is more likely than
not that the fair value of a reporting unit is less than its
carrying value. If it is concluded that this is the case, it is
necessary to perform the currently prescribed two step goodwill
impairment test. Otherwise, the two-step goodwill impairment test
is not required. The amendment became effective for the Company on
January 1, 2012. The Company does not anticipate that this
amendment will have a material impact on its consolidated financial
statements.</p>
</div>
230323
36595
-2433671124
-386671401
459509189
73008657
338381885
53763467
1340304800
212952986
10000000
1588840
140611920
22340984
-134611
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><b>26.</b></td>
<td style="text-align: justify"><b>COMMITMENTS AND
CONTINGENCIES</b></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<b><i>(a) Operating lease commitments</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
From January 1, 2008, Jiangxi Jinko leased buildings and land
use rights from Desun, under a non-cancelable operating lease
expiring in January 2018, with an annual rental of RMB1,100,304 and
an option to renew. In addition, the Group also leased office
buildings for its offices located in Hong Kong, Shanghai, Germany,
United States and Italy under non-cancelable operating lease from
third parties.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
Future minimum obligations for operating leases are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 85%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">
Year ending December 31,</td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
RMB</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 79%; text-align: left; padding-left: 10pt">
2012</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 18%; text-align: right">5,464,815</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: 10pt">2013</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">5,073,942</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: 10pt">2014</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">4,005,687</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 10pt">2015</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">1,692,868</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: 10pt">2016</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">1,294,245</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Years
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">
1,100,304</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>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">
Total</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
18,631,861</td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt">Rental expense under all operating
leases were RMB3,284,497, RMB4,455,490 and RMB5,493,427 for the
years ended December 31, 2009, 2010 and 2011,
respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><b><i>(b) Capital
commitments</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt">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 RMB439.1 million as of
December 31, 2011.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><b><i>(c)
Contingencies</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
In the opinion of management, as confirmed by its legal counsel, as
of December 31, 2011, 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 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
On December 20, 2010, Zhejiang Global Photovoltaic Technology
Co., Ltd ("Zhejiang Global"), one of the customers, filed an action
in Shaoxing People's Court against Zhejiang Jinko for the late
delivery of products and claimed for charges of RMB14 million and
the return of advances paid by Zhejiang Global to Zhejiang Jinko of
RMB5 million. As of December 31, 2010, the management estimates
that the probable loss associated with this lawsuit is in the range
of RMB10 million to RMB13 million. Hence, the Company provided
RMB10 million for estimated loss. On April 20, 2011, Shaoxing
People’s Court ruled in favor of Zhejiang Global that
Zhejiang Jinko must pay the late charge of RMB12 million and return
the advances of RMB4.8 million to Zhejiang Global. On May 30, 2011,
Zhejiang Jinko filed an appeal to the Shaoxing Intermediate
People’s Court, Zhejiang Province. On December 15, 2011,
Shaoxing Intermediate People’s Court upheld the judgment of
the lower court. The Group provided RMB12 million for estimated
loss as of December 31, 2011. A total liability of RMB 16.8
million including the return of the advance payment, were recorded
in other payables and accruals as of December 31, 2011.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
On March 9, 2011, Jiangsu Yangsheng Energy Technology Co., Ltd., or
Jiangsu Yangsheng, one of our customers, filed an action in Haining
People’s Court, Zhejiang Province against Zhejiang Jinko for
the return of prepayment of RMB8 million and the accrued interest
of RMB74,667 due to the delayed return of prepayment. The case was
subsequently referred to the Jiaxing Intermediate People’s
Court. On February 20, 2012, Jiaxing Intermediate People’s
Court ruled in favor of Zhejiang Jinko for lack of contractual
relationship between Jiangsu Yansheng and Zhejiang Jinko. On March
6, 2012, Jiangsu Yangsheng filed an appeal to the Zhejiang High
People’s Court, Zhejiang Province. As of the date of this
annual report, this suit is still pending. The Company does not
anticipate any loss from this case.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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 Marco Peters v. JinkoSolar Holding Co., Ltd., et al.,
Case No. 11-CV-7133 (S.D.N.Y.) (the “U.S. Securities
Action”). In addition to JinkoSolar, the complaint also names
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
JinkoSolar's May 13, 2010 ADS offering. The plaintiff in the U.S.
Securities Action seeks to represent a class of all purchasers and
acquirers of ADSs of JinkoSolar between May 13, 2010 and September
21, 2011, inclusive. The plaintiff alleges that the defendants
violated Sections 11 and 12(a)(2) of the Securities Act of 1933 and
Section 10(b) of the Securities Exchange Act of 1934 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 asserts claims against the Individual Defendants for control
person liability under Section 15 of the Securities Act of 1933 and
Section 20(a) of the Securities Exchange Act of 1934. The complaint
seeks, among other things, certification of the putative class,
unspecified compensatory damages (including interest), and costs
and expenses incurred in the action.</p>
<p style="margin: 0pt 0"> </p>
<p style="margin: 0pt 0; text-align: justify">On March 19, 2012,
the court entered an order appointing lead plaintiffs in the U.S.
Securities Action. On April 2, 2012, the court directed lead
plaintiffs to file an amended complaint on or before May 30, 2012.
The deadline for defendants to move, answer or otherwise respond to
the amended complaint is July 30, 2012. As of December 31, 2011, a
range of loss was not known for the claims. JinkoSolar believes
that the claims against it in the U.S. Securities Action are
without merit and intends to defend itself vigorously.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><b><i>(d)
Guarantees</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
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. However, Jiangxi
Jinko has not been released from its obligations and therefore, it
may still be required to perform obligations under the Guarantee
Agreement, which would have a materially adverse effect on the
Company’s financial condition.</p>
</div>
<div style="FONT: 10pt Times New Roman, Times, Serif">
<table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 6pt" cellspacing="0" cellpadding="0">
<tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top">
<td style="WIDTH: 0in"></td>
<td style="TEXT-ALIGN: left; WIDTH: 0.25in"><font style="COLOR: black"><b>15.</b></font></td>
<td style="TEXT-ALIGN: justify"><font style="COLOR: black"><b>BONDS
PAYABLE AND ACCRUED INTEREST</b></font></td>
</tr>
</table>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black"> </font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="COLOR: black">On January 13, 2011, Jiangxi Jinko
issued short-term bonds with a principal amount of RMB300,000,000
which bears interest at the rate of 5.28% per annum. On March 22,
2011, Jiangxi Jinko issued short-term bonds with a principal amount
of RMB300,000,000 which bears interest at the rate of 5.6% per
annum. On July 8, 2011, Jiangxi Jinko issued short-term bonds with
a principal amount of RMB400,000,000 which bears interest at the
rate of 6.5% per annum. Bonds payable are all issued at face value,
unsecured and mature within 12 months from the issuance
date.</font></p>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><b>19.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>REDEEMABLE CONVERTIBLE PREFERRED
SHARES</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">On
May 30, 2008, Paker issued 107,503 shares (5,375,150 shares
post 2009 Share Split) of Series A Redeemable Convertible Preferred
Shares at US$223.25 per share, for a total consideration of
US$24,000,000. On September 18, 2008, Paker issued 148,829
shares (7,441,450 shares post 2009 Share Split) of Series B
Redeemable Convertible Preferred Shares at US$236.51 per share, for
a total consideration of US$35,200,000.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">On
December 16, 2008, all the then existing shareholders of Paker
exchanged their respective classes of shares of Paker, including
the Series A Redeemable Convertible Preferred Shares and Series B
Redeemable Convertible Preferred Shares ("the Preferred Shares"),
for equivalent classes of shares of the Company.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">The par
value of the Company's Preferred Shares was US$0.001 per share
(US$0.00002 per share post 2009 Share Split). The rights,
preferences and privileges of the Preferred Shares were as
follows:</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i> </i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i>Conversion</i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">The
Preferred Shares were convertible into ordinary shares at any time
at the option of the preferred shareholders. Automatic conversion
would occur based upon the then effective conversion price
immediately upon the closing of a Qualified Initial Public Offering
("QIPO") or at the election of the holders of at least 67% of the
then outstanding Preferred Shares. Prior to the amendment referred
to below, the QIPO was defined as a public offering on Nasdaq or
other internationally recognized stock exchange with gross proceeds
to the Company of not less than US$150,000,000 and total market
capitalization, as a result of the offering, of not less than
US$750,000,000. On September 15, 2009, an amendment was
executed which changed the definition of a QIPO. Under the
amendment, "QIPO meant a fully underwritten initial public offering
of the Company's shares or ADSs with a listing on the
NYSE;</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">The
conversion price of the Preferred Shares was equal the original
issue price of the Preferred Shares. Pursuant to the share purchase
agreements and agreements between the holders of the Preferred
Shares and the Shareholders, the conversion price was subject to
adjustments based on the Company's 2008 adjusted net earnings
("2008 Performance") as set out below:</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b> </b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b>Series A Redeemable Convertible Preferred
Shares</b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">If the
Company's 2008 Performance was less than RMB225 million but greater
than RMB175 million, or greater than RMB275 million but not greater
than RMB325 million, the conversion price of the Series A
Redeemable Convertible Preferred Shares should have been adjusted
based on a defined formula.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">However, if all of the Series A Redeemable
Convertible Preferred Shares have been converted into the Company's
ordinary shares at the time when the Company's 2008 Performance
becomes known, the Shareholders and the holders of the Series A
Redeemable Convertible Preferred Shares should have transferred
ordinary shares amongst them, so that as the result of such
transfer, the percentages of the total ordinary shares held by the
holders of Series A Redeemable Convertible Preferred Shares equal
the percentages of ordinary shares that the Series A Redeemable
Convertible Preferred Shares would have converted into, after
taking into effect such adjustment to the conversion
price.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">The
Company's 2008 Performance was within the range of RMB225 million
and RMB275 million. Therefore, no adjustment was made to the
conversion price of Series A Redeemable Convertible Preferred
Shares as of December 31, 2008.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b> </b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b>Series B Redeemable Convertible Preferred
Shares</b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">If the
Company's 2008 Performance was less than RMB250 million but greater
than RMB200 million or greater than RMB250 million but not greater
than RMB300 million, the conversion price of the Series B
Redeemable Convertible Preferred Shares should have been adjusted
based on a defined formula. The adjustment formula took into
consideration factors such as the amount of the investment made by
the holders of the Series B Redeemable Convertible Preferred
Shares, the amount of the investment made by the holders of the
Series A Redeemable Convertible Preferred Shares and the Company's
2008 Performance. The formula was designed to adjust the number of
conversion shares held by the holders of the Series B Redeemable
Convertible Preferred Shares, if converted so that the percentage
of the shares held by the holders of the Series B Redeemable
Convertible Preferred Shares in the Company's issued and
outstanding share capital equaled the ratio of (i) the amount
of investment made by them in the Company to (ii) the value of
the Company calculated based on the 2008
Performance.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">However, if all of the Series B Redeemable
Convertible Preferred Shares have been converted into the Company's
ordinary shares at the time when the Company's 2008 Performance
becomes known, the Shareholders and the holders of the Series B
Redeemable Convertible Preferred Shares should have transferred
ordinary shares amongst them, so that as a result of such transfer,
the percentages of the total ordinary shares held by the holders of
Series B Redeemable Convertible Preferred Shares equal the
percentages of ordinary shares that the Series B Redeemable
Convertible Preferred Shares would have converted into, after
taking into effect such performance adjustment to the conversion
price. The Company's 2008 performance was below RMB250 million,
hence the conversion ratio of the Series B Redeemable Convertible
Preferred Shares was adjusted from 1 for 1 to 1 to approximately
1.0054 based on the Company's 2008 Performance. Such adjustment did
not result in a beneficial conversion feature.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">If the
value of each ordinary share issuable upon the automatic conversion
of the Series B Redeemable Convertible Preferred Shares in
connection with a QIPO was less than the defined target IPO price
per share, then the Shareholders would be required to transfer to
the holders of Series B Redeemable Convertible Preferred Shares in
connection with the auto conversion of their shares a number of
ordinary shares the value of which, at the QIPO price per share,
when added to the value of the ordinary shares issuable upon such
conversion of the Series B redeemable convertible preferred shares
in connection with the QIPO, would equal the product of
(i) the number of outstanding Series B redeemable convertible
preferred shares prior to the QIPO, multiplied by (ii) 1.5
times the adjusted original issue price per share of the Series B
Redeemable Convertible Preferred Shares.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">If the
QIPO had not been completed by April 30, 2010 and the
Company's 2009 adjusted net earnings was less than RMB450 million
(the "2009 Performance Target"), then the Shareholders should have
transferred to the holders of Series B Redeemable Convertible
Preferred Shares certain number of ordinary shares calculated based
on a defined formula (the "2009 Performance Adjustment"),
regardless of whether the Series B Redeemable Convertible Preferred
Shares are converted. The share transfer formula takes into
consideration such factors as the amount of the investment by the
holders of the Series B Redeemable Convertible Preferred Shares,
the amount of the investment by the holders of the Series A
Redeemable Convertible Preferred Shares and the Company's 2008 and
2009 Performance. The formula requires the transfer of ordinary
shares by the Shareholders to the holders of the Series B
Redeemable Convertible Preferred Shares so that the percentage of
the total number of shares transferred to and held by the holders
of the Series B Redeemable Convertible Preferred Shares as compared
to the Company's issued and outstanding share capital will equal
the ratio of (i) the amount of investment by them in the
Company to (ii) the value of the Company calculated based on
the difference between the 2009 Performance Target and the actual
2009 Performance. The Company determined that this embedded share
transfer feature in the Series B meets the definition of a
derivative and accordingly has been bifurcated from the host
contract, the Series B Redeemable Convertible Preferred Shares, and
accounted for as a derivative (the "2009 Performance Adjustment
Derivative Liability") from September 2008, the issue date of the
Series B Redeemable Convertible Preferred Shares.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">On
June 22, 2009, the holders of Series B Redeemable Convertible
Preferred Shares and the Shareholders agreed to lower the Company's
2009 Performance Target in assessing the transfer of ordinary
shares under the 2009 Performance Adjustment feature. The effect of
this change on the value of the derivative liability was a
reduction in value of RMB65.2 million. In addition, a 2010
performance target was added, which is an embedded share transfer
feature that meets the definition of a derivative and requires
bifurcation from the Series B Redeemable Convertible Preferred
Shares to be accounted for as a derivative (the "2010 Performance
Adjustment Derivative Liability), (Note 27), from June 22,
2009. The fair value of this new derivative at issuance was RMB18.2
million. Under the new 2010 performance target, if a QIPO has not
been completed by April 30, 2011 and the Company's 2010
performance is less than RMB200 million (the "2010 Performance
Target"), then the Shareholders should have transferred to the
holders of Series B Redeemable Convertible Preferred Shares, for no
further consideration, certain amounts of ordinary shares
calculated based on a defined formula (the "2010 Performance
Adjustment"). The 2010 derivative adjustment formula takes into
consideration such factors as the amount of the investment by the
holders of the Series B Redeemable Convertible Preferred Shares,
the amount of the investment by the holders of the Series A
Redeemable Convertible Preferred Shares, and the Company's 2009 and
2010 Performance. The formula was designed to adjust the total
number of shares held by the holders of the Series B Redeemable
Convertible Preferred Shares so that the percentage of the shares
transferred to and held by the holders of the Series B Redeemable
Convertible Preferred Shares in the Company as compared to the
Company's issued and outstanding share capital will equal the ratio
of (i) the amount of investment by them in the Company to
(ii) the value of the Company calculated based on the
difference between the 2010 Performance Target and the actual 2010
Performance.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">In
consideration of the agreement to lower the Company's 2009
Performance Target to RMB100 million, the Shareholders transferred
on June 22, 2009 an aggregate of 76,258 (3,812,900 post 2009
Share Split as described in Note 22) ordinary shares to the holders
of Series B Redeemable Convertible Preferred Shares. The fair value
of these ordinary shares on June 22, 2009 of RMB43.6 million
was imputed to the Company as if the Shareholders (who are the
principal shareholder of the Company) contributed the shares to the
Company and they were immediately reissued by the Company to the
holders of the Series B Redeemable Convertible Preferred
Shares.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">The
above amendment resulted in: (a) a decrease in the 2009
Performance Adjustment Derivative Liability by RMB65.2 million
which was offset by the fair value of the 2010 Performance
Adjustment Derivative Liability of RMB18.2 million; (b) an
effective contribution of ordinary shares valued at RMB43.6 million
by all Shareholders to the Company which was in turn transferred to
the holders of the Series B Redeemable Convertible Preferred Shares
in consideration for agreeing to modify the terms of the 2009
Performance Adjustment. Accordingly, this amount had been treated
as a capital contribution and as an offset to the net change in the
fair value of the derivative liabilities in (a) above;
(c) the recording of compensation expense of RMB3.4 million
which was equal to the change in the fair value of the derivative
liabilities net of the consideration transferred to the holders of
Series B Redeemable Convertible Preferred Shares in
(b) above.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">In
addition, in consideration for obtaining the agreement from one of
the holders of Series A Redeemable Convertible Preferred Shares to
the transfer of the 76,258 ordinary shares by the Shareholders to
the holders of the Series B Redeemable Convertible Preferred Shares
pursuant to the amendment described above, the Shareholders
transferred to such holder of Series A Redeemable Convertible
Preferred Shares on June 22, 2009 an aggregate of 14,031
(701,550 post 2009 Share Split as described in Note 21) ordinary
shares as a consent fee. The fair value of the 14,031 ordinary
shares on June 22, 2009 of RMB8,015,089 was imputed to the
Company as if the Shareholders (who are the principal shareholders
of the Company) contributed the ordinary shares to the Company and
they were immediately reissued by the Company to the holder of
Series A Redeemable Convertible Preferred Shares as a deemed
dividend.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">If the
Company does not meet the 2009 Performance Target and the 2010
Performance Target and there is no QIPO by April 30, 2010 and
April 30, 2011 respectively, future transfers of ordinary
shares from the Shareholders to the holders of Series B Redeemable
Convertible Preferred Shares will be required and such transfers
will be accounted for as equity contributions from the Shareholders
to the Company and immediate redistributions to the holders of
Series B Redeemable Convertible Preferred Shares as deemed
dividend.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">On
September 15, 2009, the Shareholders reached agreement with
the holders of Series A and Series B Redeemable Convertible
Preferred Shares on the modification to certain existing terms (the
"September 2009 Modification"), including (a) removed the
existing definition of a QIPO and replaced it with the following:
"QIPO means a fully underwritten initial public offering of the
Company's shares or ADSs with a listing on the New York Stock
Exchange;" (b) removed the requirement for the Shareholders to
transfer certain number of ordinary shares to the holders of the
Series B Redeemable Convertible Preferred Shares if the value of
issuable upon automatic conversion of the Series B Redeemable
Convertible Preferred Shares in connection with a Qualified Public
Offering was less than the defined target IPO price per share; and,
(c) agreed that the 14,031 and 76,258 ordinary shares,
respectively, transferred to the holders of Series A and Series B
Redeemable Convertible Preferred Shares in connection with the June
2009 Modification be returned to the Shareholders in the event the
redemption of the preferred shares are exercised by the holders of
Series A and Series B Redeemable Convertible Preferred
Shares.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">The
September 2009 Modification resulted in a reduction of RMB2.4
million in the fair value of the 2009 and 2010 Performance
Adjustment Derivative Liabilities that the Company recognized in
the consolidated statement of operations as change in fair value
derivatives. The September 2009 modification also resulted in an
additional benefit transfer of RMB15.1 million from the holders of
the Series A and B Redeemable Convertible Preferred Shares to the
Shareholders due to the reduction in the fair value of the Series A
and B Redeemable Convertible Preferred Shares on September 15,
2009 as a result of such modification. The Company recognized a
total of RMB17.5 million compensation charge in general and
administrative expenses (including the RMB15.1 million) in
recognition of the total benefit transferred from the holders of
Series A and B Redeemable Convertible Preferred Shares to the
Shareholders that is attributed to the Company, given the
Shareholders are also employees of the Company.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i> </i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i>Redemption</i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">After
the third anniversary of the first issuance of the Series A
Redeemable Convertible Preferred Shares, the holders of not less
than a majority of the then outstanding Series A and Series B
Redeemable Convertible Preferred Shares may require the Company to
redeem all of the outstanding Preferred Shares, if not previously
converted, for an amount equal to 150% of their respective original
issue price plus all accumulated and unpaid dividends. Dividends
should not have accumulated or accrued unless
declared.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i> </i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i>Liquidation</i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">In the
event of any liquidation event and so long as any of the Series A
and Series B Redeemable Convertible Preferred Shares have not been
converted into ordinary shares, the shareholders of the Preferred
Shares were entitled to receive in preference to the holders of the
ordinary shares a per share amount equal to 150% of the respective
original issue price and any declared but unpaid dividends. After
such payment has been made to holders of the preferred shares, any
remaining assets of the Company would have been distributed pro
rata to the holders of ordinary shares and the Preferred Shares on
an as-converted basis.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">Liquidation events include (i) a
liquidation, winding-up or dissolution of the Company or the PRC
Company (which refers to Jiangxi Jinko), or (ii) at the
election of the preferred shareholders, a merger, acquisition or
sale of voting control of the Company or the PRC Company in which
its shareholders did not retain a majority of the voting power in
the surviving company, or (iii) a sale of all or substantially
all of the Company or the PRC Company's assets, or (iv) a
merger which valued the Company at less than 150% of the post-money
valuation of the Company immediately after the closing of the
investment by holders of Series B Redeemable Convertible Preferred
Shares in the Series B Redeemable Convertible Preferred Shares of
Paker.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i> </i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i>Dividend</i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">The
Series A Redeemable Convertible Preferred Shares should have ranked
pari passu with Series B Redeemable Convertible Preferred Shares in
terms of rights to receive dividends and distributions from the
Company. The holders of Series A and B Redeemable Convertible
Preferred Shares should have been entitled to dividends in
preference to any dividend on the ordinary shares or any other
class or series of shares at the rate of 10% per annum of
their respective original issue price, when and as declared by the
Board of Directors. No dividend, whether in cash, in property, in
shares of the Company or otherwise, should have been paid on any
other class or series of shares of the Company unless and until the
dividend aforesaid is first paid in full on the Series A and B
Redeemable Convertible Preferred Shares. Except for the dividend
rights set forth above, the Series A and B Redeemable Convertible
Preferred Shares should not have participated with the ordinary
shares in any further dividend or distribution of the earnings or
profits of the Company. Dividends should not have been accumulated
or accrued unless declared.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i>Voting Rights</i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">The
holders of Series A and B Redeemable Convertible Preferred Shares
had voting rights equal to the number of ordinary shares then
issuable upon their conversion into ordinary shares. Such holder of
the preferred shares was entitled to vote on such matters at any
meeting of members of the Company.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">The
Company classified the Series A and B Redeemable Convertible
Preferred Shares in the mezzanine section of the consolidated
balance sheets. In addition, the Company recorded accretion on the
preferred shares to their redemption value using the effective
interest method from the issuance date to the earliest redemption
date. For year ended December 31, 2009, such accretion
amounted to RMB31,832,994 and RMB42,301,594 against retained
earnings for Series A and B Redeemable Convertible Preferred
Shares, respectively. For year ended December 31, 2010, such
accretion amounted to RMB13,433,242 and RMB17,479,734 against
retained earnings for Series A and B Redeemable Convertible
Preferred Shares, respectively.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">In
connection with the issuance of the Series A Redeemable Convertible
Preferred Shares, Paker issued 14,629 ordinary shares (Note 22) and
paid cash in the amount of US$469,000 to third parties for
professional services rendered. Paker had the option to repurchase
the 14,629 ordinary shares issued from the consultant at a nominal
price upon the redemption of the Series A Redeemable Convertible
Preferred Shares. The fair value of the ordinary shares issued was
RMB20,004,865. In connection with the issuance of Series B
Redeemable Convertible Preferred Shares, Paker was obligated to pay
US$867,300 to third parties for consulting services. The fair value
of the ordinary shares issued and the cash consideration paid to
the third party consultants were recorded as stock issuance
costs.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">The
Preferred Shares were converted into ordinary shares on
May 14, 2010 when the Company successfully listed on NYSE
under the conversion rate as stated in the discussion
above.</font></font></p>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><b>16.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>BORROWINGS</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i> </i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i>(a) Short-term
borrowings</i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<table cellpadding="0" cellspacing="0" style="width: 94%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
As of December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
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">1,061,776,271</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">1,808,032,066</td>
<td style="width: 1%; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Long-term bank
borrowings—current portion (Note 16 (b))</td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; text-align: right">
110,000,000</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">
392,000,000</td>
<td style="padding-bottom: 1pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 2.5pt">Total
short-term borrowings</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
1,171,776,271</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: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
2,200,032,066</td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">The
short-term bank borrowings outstanding as of December 31, 2010
and 2011 carried a weighted average interest rate of 4.70% and
5.38% per annum, respectively. The borrowings were for one
year term and matured at various times. Proceeds from these
short-term bank borrowings were for working capital purposes. None
of the short-term bank borrowings had financial covenants or
restrictions other than pledge of the Company's assets as described
below.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">Included in the balance of short-term bank
borrowings as of December 31, 2011 were borrowings of
RMB193,938,649 and RMB175,046,193 which are denominated and
repayable in EURO and USD, respectively.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt">As of December 31, 2011, Jiangxi
Jinko had short-term bank borrowings of RMB258,159,574 which were
only credit loans. As of December 31, 2011, Jiangxi I&E had
short-term bank borrowings of RMB386,213,946 which were only credit
loans. As of December 31, 2011, Zhejiang Jinko had short-term bank
borrowings of RMB330,258,546 which were only credit
loans.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt">As of December 31, 2011, Jiangxi
Jinko had short-term bank borrowings of RMB271,400,000 which were
collateralized on certain land use rights, plant, equipments,
including RMB27,000,000 which was also guaranteed by the
Shareholders (Notes 24). The net book value of the land use rights
and equipments under collaterals were RMB230,602,878 and
RMB386,191,679, respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">As of
December 31, 2011, Jiangxi Jinko had short-term bank
borrowings of RMB178,000,000 which were collateralized on Jiangxi
Jinko's inventories of RMB343,470,202. Included in these borrowings
was RMB50,000,000 guaranteed by the Shareholders (Notes
24).</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">As of
December 31, 2011, Jiangxi Jinko had short-term bank
borrowings of RMB17,000,000 collateralized on certain land use
rights and buildings of Desun. In addition, this borrowing was also
guaranteed by the Shareholders (Note 24).</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt">As of December 31, 2011 Jiangxi Jinko
had short-term bank borrowings of RMB45,000,000 which was
guaranteed by the Shareholders, Jiangxi I&E has short-term bank
borrowings of RMB80,000,000 which was guaranteed by the
Shareholders and Zhejiang Jinko had short-term bank borrowings of
RMB25,000,000 which was guaranteed by the Shareholders.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">As of
December 31, 2011, Zhejiang Jinko had short-term bank
borrowings of RMB17,000,000 which are collateralized on its land
use rights. The net book values of these assets under collaterals
were RMB31,338,910, as of December 31, 2011.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">As of
December 31, 2011, Zhejiang Jinko had short-term bank
borrowings of RMB200,000,000 which are collateralized on its land
use rights and certain equipments. The net book values of these
assets under collaterals were RMB 46,579,066 and RMB 1,113,118,729,
respectively, as of December 31, 2011.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt">Subsequent to December 31, 2011,
the Company obtained additional short-term bank borrowings of
RMB1,222,135,090, and repaid short-term bank borrowings of
RMB894,831,420. These additional short-term bank borrowings were
collateralized on part of the Company's letter of credit, land use
right and buildings, equipments and were guaranteed by the
Shareholders and Jiangxi Jinko.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i> </i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i>(b) Long-term
borrowings</i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<table cellpadding="0" cellspacing="0" style="width: 94%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
As of December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
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">380,000,000</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">547,750,000</td>
<td style="width: 1%; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less: Current portion</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(110,000,000</td>
<td style="text-align: left">)</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(392,000,000</td>
<td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt">Deferred
financing cost (Note 26(d))</td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; text-align: right">
(750,000</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">
(250,000</td>
<td style="padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total long-term
borrowings</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
269,250,000</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: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
155,500,000</td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">Future
principal repayments on the long-term borrowings are as
follows:</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<table cellpadding="0" cellspacing="0" style="width: 85%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">
Year ending December 31,</td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
RMB</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 79%; text-align: left; padding-left: 10pt">
2012</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 18%; text-align: right">392,250,000</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: 10pt">2013</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">148,500,000</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">
2014</td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; text-align: right">
7,000,000</td>
<td style="padding-bottom: 1pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">
Total</td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
547,750,000</td>
<td style="padding-bottom: 1pt; text-align: left"> </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">In June
2009, Jiangxi Jinko obtained a bank borrowing of RMB58,000,000
which is repayable in June 2012. The borrowing carries a variable
interest rate that is determined quarterly with reference to the
prevailing base lending rate set by PBOC. The effective interest
rate of the borrowing was 5.40% as of December 31, 2011. Interest
is payable monthly. The borrowing was collateralized on Jiangxi
Jinko's inventory on net book value of RMB78,999,993 as of December
31, 2011.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">In June
2009, Jiangxi Jinko entered into a loan agreement with Jiangxi Heji
Investment Co., Ltd. ("Heji") in relation to a three-year loan in
the principal amount of RMB100 million. As of December 31,
2011, Jiangxi Jinko has repaid the loan. In connection with this
loan agreement, Heji required Jiangxi Jinko to enter into a
guarantee agreement with Jiangxi International Trust and Investment
Limited Corporation, or JITIC, for Heji's own payment obligations
under its separate trust loan agreement with JITIC under which,
JITIC extended a loan to Heji in the principal amount of RMB50
million for a term of three years, that carries interest at the
rate of 6.86% per annum. Jiangxi Jinko recognized a guarantee
liability of RMB1,500,000, with the amount being recognized as a
deferred financing cost which is amortized over the period of the
borrowing (Note 26(d)).</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">In
August 2009, Jiangxi Jinko obtained a bank borrowing of
RMB40,000,000 which is repayable in July 2012. The borrowing
carries a variable interest rate that is determined quarterly with
reference to the prevailing base lending rate set by PBOC. The
effective interest rate of the borrowing was 5.40% as of December
31, 2011. Interest is payable monthly. The borrowing was
collateralized on Jiangxi Jinko's land use right on net book value
of RMB51,042,749, as of December 31, 2011.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">In
September 2009, Jiangxi Jinko obtained a bank borrowing of
RMB19,000,000 which is repayable in September 2012. The borrowing
carries a variable interest rate that is determined quarterly with
reference to the prevailing base lending rate set by PBOC. The
effective interest rate of the borrowing was 5.40% as of December
31, 2011. Interest is payable monthly. The borrowing was
collateralized on Jiangxi Jinko's land use right with net book
value of RMB88,697,143 as of December 31, 2011.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">In
October 2009, Jiangxi Jinko obtained a bank borrowing of
RMB10,000,000 which is repayable in July 2012. The borrowing
carries a variable interest rate that is determined annually with
reference to the prevailing base lending rate set by PBOC. The
effective interest rate of the borrowing was 4.89% as of December
31, 2011. Interest is payable monthly. The borrowing was guaranteed
by the Shareholders and collateralized on Jiangxi Jinko's
equipments with net book value of RMB22,640,273 as of December 31,
2011</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">In
December 2009, Jiangxi Jinko obtained a bank borrowing of
RMB70,000,000 which is repayable in July 2012. The borrowing
carries a variable interest rate that is determined quarterly with
reference to the prevailing base lending rate set by PBOC. The
effective interest rate of the borrowing was 5.85% as of December
31, 2011. Interest is payable monthly. The borrowing was
collateralized on Jiangxi Jinko's equipments with net book value of
RMB112,756,156 as of December 31, 2011, In addition to the
collaterals, this borrowing was guaranteed by the
Shareholders.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">In
March 2010, Zhejiang Jinko obtained a bank borrowing of
RMB10,000,000 which is repayable in March 2013. The borrowing
carries a variable interest rate that is determined quarterly with
reference to the prevailing base lending rate set by PBOC. The
effective interest rate of the borrowing was 5.40% as of
December 31, 2011. Interest is repayable monthly. The
borrowing was collateralized on Zhejiang Jinko's equipments with
net book value of RMB74,308,821 as of December 31, 2011. In
additions to the collaterals, the borrowing is guaranteed by
Jiangxi Jinko.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">In May
2010, Zhejiang Jinko obtained a bank borrowing of RMB10,000,000
which is repayable in May 2013. The borrowing carries a variable
interest rate that is determined quarterly with reference to the
prevailing base lending rate set by PBOC. The effective interest
rate of the borrowing was 5.40% as of December 31, 2011.
Interest is repayable monthly. The borrowing was collateralized on
Zhejiang Jinko's equipments with net book value of RMB74,308,821 as
of December 31, 2011. In additions to the collaterals, the
borrowing is guaranteed by Jiangxi Jinko.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">From
April 2011, Zhejiang Jinko entered into loan agreements with a
group of PRC banks. Pursuant to these loan agreements, Zhejiang
Jinko obtained bank borrowings of RMB 189,250,000 from a group of
PRC banks of which are repayable in installments from June 2012 to
November 2012. The borrowing carries a variable interest rate that
is determined quarterly with repayable with reference to the
prevailing base lending rate set by PBOC. The effective interest
rates of the borrowings are at the range of 6.4% to 6.65% as of
December 31, 2011. Interest is repayable monthly. The borrowing was
collateralized on Zhejiang Jinko’s land use rights and
certain equipments with net book value of RMB 46,579,066 and RMB
1,113,118,729, respectively, as of December 31,
2011.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">In May
2011, Zhejiang Jinko obtained a bank borrowing of RMB30,000,000
which is repayable in June 2013. The borrowing carries a variable
interest rate that is determined quarterly with reference to the
prevailing base lending rate set by PBOC. The effective interest
rate of the borrowing was 6.4% as of December 31, 2011.
Interest is repayable monthly. The borrowing was collateralized on
Zhejiang Jinko’s land use rights and certain equipments with
net book value of RMB 46,579,066 and RMB 1,113,118,729,
respectively, as of December 31, 2011.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">In June
2011, Zhejiang Jinko obtained a bank borrowing of RMB 37,000,000 of
which is repayable in December 2013. The borrowing carries a
variable interest rate that is determined quarterly with repayable
with reference to the prevailing base lending rate set by PBOC. The
effective interest rate of the borrowing was 6.4% as of December
31, 2011. Interest is repayable monthly. The borrowing of
RMB12,000,000 was collateralized on Zhejiang Jinko’s land use
rights and certain equipments with net book value of RMB 46,579,066
and RMB 1,113,118,729, respectively, as of December 31, 2011. In
addition to the collateral, RMB 25,000,000 was guaranteed by
Jiangxi Jinko as of December 31, 2011.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">In July
2011, Zhejiang Jinko obtained a bank borrowing of RMB 15,500,000 of
which RMB10,000,000 is repayable in June 2013 and RMB 5,500,000 is
repayable in December 2013. The borrowing carries a variable
interest rate that is determined quarterly with repayable with
reference to the prevailing base lending rate set by PBOC. The
effective interest rate of the borrowing was 6.65% as of December
31, 2011. Interest is repayable monthly. The borrowing was
collateralized on Zhejiang Jinko’s land use rights and
certain equipments with net book value of RMB 46,579,066 and RMB
1,113,118,729, respectively, as of December 31,
2011.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">In
August 2011, Zhejiang Jinko obtained a bank borrowing of RMB
40,000,000 of which is repayable in December 2013. The borrowing
carries a variable interest rate that is determined quarterly with
repayable with reference to the prevailing base lending rate set by
PBOC. The effective interest rate of the borrowing was 6.65% as of
December 31, 2011. Interest is repayable monthly. The borrowing was
collateralized on Zhejiang Jinko’s land use rights and
certain equipments with net book value of RMB 46,579,066 and RMB
1,113,118,729, respectively, as of December 31,
2011.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">In
September 2011, Jiangxi Jinko obtained a bank borrowing of
RMB19,000,000 which is repayable in installments from February 2012
to August 2014. The borrowing carries a variable interest rate that
is determined quarterly with reference to the prevailing base
lending rate set by PBOC. The effective interest rate of the
borrowing was 6.65% as of December 31, 2011. Interest is payable
monthly.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt">Subsequent to December 31, 2011,
the Company obtained additional long-term bank borrowings of
RMB50,000,000 and repaid long-term bank borrowings of RMB1,000,000.
These long-term bank borrowings are collateralized by certain of
Jiangxi Jinko's equipments. These borrowings carry variable
interest rates that are determined by reference to the prevailing
base lending rate set by PBOC.</font></p>
</div>
-798134743
-126810840
-77627705
-12333800
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><b>17.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>EARNINGS/(LOSS) PER SHARE</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">On
September 15, 2009, the Company effected a share split with
the result of each share becoming 50 shares of the same class (Note
21). Accordingly, all of shares and per share amount in the
consolidated financial statements and the accompanying notes have
been retroactively adjusted to reflect the change in ratio for all
periods presented, as if such share splits and the Share Exchange
occurred since inception.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">Basic
earnings/(loss) per share and diluted earnings/(loss) per share
have been calculated as follows:</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="font-size: 10pt"><b>2009*</b></font></td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="font-size: 10pt"><b>2010</b></font><b>**</b></td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="font-size: 10pt"><b>2011**</b></font>*</td>
<td style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
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 attributable to
JinkoSolar Holding Co., Ltd.</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 10%; text-align: right">85,409,632</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">881,873,227</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">273,342,819</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">Series A Redeemable Convertible
Preferred Shares accretion</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(31,832,994</td>
<td style="text-align: left">)</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(13,433,242</td>
<td style="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">Series B Redeemable Convertible
Preferred Shares accretion</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(42,301,594</td>
<td style="text-align: left">)</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(17,479,734</td>
<td style="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">Allocation to preferred
shareholders</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(40,422,944</td>
<td style="text-align: left">)</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(15,156,606</td>
<td style="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-bottom: 1pt">Deemed dividend
to a preferred shareholder</td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; text-align: right">
(8,015,089</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">Net income / (loss) attributable to
JinkoSolar Holding Co., Ltd.'s ordinary
shareholders—Basic</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(37,162,989</td>
<td style="text-align: left">)</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">835,803,645</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">273,342,819</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Dilutive effect of Preferred
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">46,069,582</td>
<td style="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">Dilutive effect of convertible senior
notes interest</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">19,855,810</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">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(21,567,522</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-bottom: 1pt">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">
—</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">
(398,030,217</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 income / (loss) attributable to
JinkoSolar Holding Co., Ltd.'s ordinary
shareholders—Diluted</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(37,162,989</td>
<td style="text-align: left">)</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">881,873,227</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(126,399,110</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">50,731,450</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">74,896,543</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">93,966,535</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Dilutive effect of share options</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">1,131,653</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">1,367,900</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Dilutive effect of preferred
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">4,719,884</td>
<td style="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-bottom: 1pt">Dilutive effect
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">
—</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">
7,352,536</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">Denominator for diluted
calculation—weighted average number of ordinary shares
outstanding</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">50,731,450</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">80,748,080</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">102,686,971</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>
<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">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">(0.73</td>
<td style="text-align: left">)</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">11.16</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">2.91</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Diluted 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">(0.73</td>
<td style="text-align: left">)</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">10.92</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(1.23</td>
<td style="text-align: left">)</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
</p>
<div align="left" style="margin-top: 0pt; margin-bottom: 0pt">
<div style="font-size: 1pt; border-top: Black 1pt solid; width: 100%">
<font style="font-size: 10pt"> </font></div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
</p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 4%; text-align: left"><font style="font-size: 10pt">*</font></td>
<td style="width: 96%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt">The potentially dilutive Redeemable
Convertible Preferred Shares of 12,816,600 for the year ended
December 31, 2009 have been excluded in the calculation of
dilutive earnings/(loss) per share because of their anti-dilutive
effect. The total granted share options of 3,024,750 was also
excluded in the calculation of dilutive loss per share for the year
ended December 31, 2009 because no share options were
exercisable prior to the Company's IPO and the share options were
anti-dilutive as of December 31, 2009. </font></p>
</td>
</tr>
<tr style="vertical-align: top">
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: top">
<td style="text-align: left"><b>**</b> </td>
<td style="text-align: left">As of December 31, 2010, there were no
anti-dilutive securities.</td>
</tr>
<tr style="vertical-align: top">
<td style="text-align: left"> </td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: top">
<td style="text-align: left"><font style="font-size: 10pt"><b>***</b></font></td>
<td style="text-align: left">As of December 31, 2011, t<font style="font-size: 10pt">he Company’s average stock price for the
period was below the strike price of the call options; therefore
the call options were not included in the computation of diluted
EPS.</font></td>
</tr>
</table>
</div>
354398624
56308270
9879124
1569635
-1.23
-0.20
263846113
41920925
5971912049
948841267
79793458
12677904
-2488103
-395320
4209187
668772
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><b>13.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>OTHER ASSETS</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">Other
assets consisted of the following:</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<table cellpadding="0" cellspacing="0" style="width: 94%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
As of December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
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">202,455,541</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">92,723,986</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 land use right</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">4,245,240</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Prepayment for warranty insurance
premium</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">26,565,738</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Prepaid interest for a long-term
borrowing—non-current portion</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">551,949</td>
<td style="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">Prepaid service fee—non-current
portion</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">525,195</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">4,911,937</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">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">
—</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">
941,025</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; padding-bottom: 2.5pt">Total</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
203,532,685</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: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
129,387,926</td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td>
</tr>
</table>
</div>
-159941605
-25412162
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><b>30.</b></td>
<td style="text-align: justify"><b>SUBSEQUENT EVENTS</b></td>
</tr>
</table>
<p style="margin: 0"> </p>
<p style="margin: 0; text-align: justify">Subsequent to December
31, 2011, the Group obtained additional short-term and long-term
bank borrowings (Note 16).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In January 2012, the Company repurchased 173,570 ADSs (694,280
shares) but have not been retired with total consideration of RMB
5.5 million (US$0.9 million).</p>
<p style="margin: 0"> </p>
<p style="margin: 0; text-align: justify">On April 17, 2012, the
Company registered unsecured one-year short-term bonds with an
aggregate principal amount of RMB300 million with the the PRC
National Association of Financial Market Institutional Investors
(“NAFMII”). The short-term bonds which the Company
expects to issue on April 23, 2012 will bear a fixed annual
interest rate determined on the issuance date and will mature on
April 23, 2013. Industrial Bank Co., Ltd. Will act as the lead
underwriter and bookrunner for the short-term bonds with standby
commitment. The proceeds will be used as working capital.</p>
</div>
3759081
4915672032
781021629
179391417
28502426
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><b>18.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>EMPLOYEE BENEFITS</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">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 RMB13,695,107,
RMB40,122,159 and RMB72,700,241 for the years ended
December 31, 2009, 2010 and 2011, respectively. The unpaid
balances of liability accrued for such employee welfare benefits
were RMB56,593,517 and RMB118,271,256 as of December 31, 2010
and 2011, respectively. The PRC government is responsible for the
medical benefits and ultimate pension liability to these
employees.</font></font></p>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><b>29.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>RESTRICTED NET ASSETS</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">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 RMB2,850,011,133, 31% of total assets as of December 31,
2011.</font></font></p>
</div>
273342819
43429800
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="color: black"><b>6.</b></font></td>
<td style="text-align: justify"><font style="color: black"><b>ACCOUNTS RECEIVABLE, NET—THIRD
PARTIES</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
As of December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 74%; text-align: left">Accounts receivables</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 10%; text-align: right">577,175,283</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">1,779,953,029</td>
<td style="width: 1%; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">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">
(378,888</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">
(179,746,165</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; padding-bottom: 2.5pt">Accounts
receivable, net</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
576,796,395</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: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
1,600,206,864</td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"><b><i>Movement of allowance of doubtful
accounts</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
As of December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 74%; text-align: left">At beginning of year</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 10%; text-align: right">2,800,000</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: 10%; text-align: right">378,888</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">8,534,372</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">184,990,129</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">(10,764,771</td>
<td style="text-align: left">)</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(24,140</td>
<td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">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">
(190,713</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">
(5,598,712</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; padding-bottom: 2.5pt">At end of
year</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
378,888</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: right">
 </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>
</tr>
</table>
</div>
338308472
53751803
<div style="FONT: 10pt Times New Roman, Times, Serif">
<table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 6pt" cellspacing="0" cellpadding="0">
<tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top">
<td style="WIDTH: 0in"></td>
<td style="TEXT-ALIGN: left; WIDTH: 0.25in"><font style="FONT-SIZE: 10pt"><b>31.</b></font></td>
<td style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt"><b>ADDITIONAL INFORMATION—CONDENSED
FINANCIAL STATEMENTS OF THE PARENT COMPANY</b></font></td>
</tr>
</table>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">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.</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">The
Company completed the Share Exchange with the then existing
shareholders of Paker, the holding company of its subsidiaries, on
December 16, 2008 (Note 21). Upon completion, Paker becomes a
wholly-owned subsidiary of the Company. The Share Exchange was
accounted for as a recapitalization of the Company, as such, the
separate condensed financial statements of the Company are
presented as if the current corporate structure has been in
existence since the beginning of the years
presented.</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">The
Company did not have any significant commitment, long term
obligation, or guarantees as of December 31, 2010 and
2011.</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">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.</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><b> </b></font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><b>Condensed statements of
operations:</b></font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14">Year ended December 31,</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2009</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2010</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">
RMB</td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">
RMB</td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">
RMB</td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">
USD</td>
<td style="FONT-WEIGHT: bold"> </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> </td>
<td style="TEXT-ALIGN: left" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="TEXT-ALIGN: left" colspan="2"> </td>
<td> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">(Note
2 (aj))</td>
<td style="FONT-WEIGHT: bold"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Net revenues</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 48%; FONT-WEIGHT: bold">
Total operating expenses</td>
<td style="PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; WIDTH: 10%; FONT-WEIGHT: bold">
(25,388,252</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT-WEIGHT: bold">
)</td>
<td style="PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; WIDTH: 10%; FONT-WEIGHT: bold">
(5,867,589</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT-WEIGHT: bold">
)</td>
<td style="PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; WIDTH: 10%; FONT-WEIGHT: bold">
(7,319,613</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT-WEIGHT: bold">
)</td>
<td style="PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; WIDTH: 10%; FONT-WEIGHT: bold">
(1,162,969</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT-WEIGHT: bold">
)</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">Loss
from operations</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold">
(25,388,252</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">)</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold">
(5,867,589</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">)</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold">
(7,319,613</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">)</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold">
(1,162,969</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">)</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Convertible senior notes issuance
costs</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </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">(3,886,788</td>
<td style="TEXT-ALIGN: left">)</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Share of income from subsidiaries</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">124,566,024</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">884,060,266</td>
<td style="TEXT-ALIGN: left"> </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">4,203,630</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Interest income/(expense), net</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">1,342</td>
<td style="TEXT-ALIGN: left"> </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">(3,153,033</td>
<td style="TEXT-ALIGN: left">)</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Exchange gain/(loss)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">291,950</td>
<td style="TEXT-ALIGN: left"> </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">(191,445</td>
<td style="TEXT-ALIGN: left">)</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Other expense</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(168,839</td>
<td style="TEXT-ALIGN: left">)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">3,332,320</td>
<td style="TEXT-ALIGN: left"> </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">(4,709</td>
<td style="TEXT-ALIGN: left">)</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Change in fair value of embedded
derivative</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(13,599,301</td>
<td style="TEXT-ALIGN: left">)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">54,938</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="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="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">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">
—</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
47,625,114</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">Income
before income tax expenses</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold">
85,409,632</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold">
881,873,227</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold">
273,342,819</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold">
43,429,800</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">Net
income for the year</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
85,409,632</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
881,873,227</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
273,342,819</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
43,429,800</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Series A Redeemable Convertible
Preferred Shares accretion</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(31,832,994</td>
<td style="TEXT-ALIGN: left">)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(13,433,242</td>
<td style="TEXT-ALIGN: left">)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Series B Redeemable Convertible
Preferred Shares accretion</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(42,301,594</td>
<td style="TEXT-ALIGN: left">)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(17,479,734</td>
<td style="TEXT-ALIGN: left">)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="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="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Deemed dividend to a preferred
shareholder</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(8,015,089</td>
<td style="TEXT-ALIGN: left">)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Allocation to
preferred 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">
(40,422,944</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
(15,156,606</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">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: right">
<b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<b>(37,162,989</b></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"><b>)</b></td>
<td style="PADDING-BOTTOM: 2.5pt"><b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<b>835,803,645</b></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
273,342,819</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
43,429,800</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
</tr>
</table>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><b>Condensed balance
sheets:</b></font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
</p>
<table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">December 31, 2010</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">December 31, 2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">December 31, 2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">
RMB</td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">
RMB</td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">
USD</td>
<td style="FONT-WEIGHT: bold"> </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> </td>
<td style="TEXT-ALIGN: left" colspan="2"> </td>
<td> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">(Note
2 (aj))</td>
<td style="FONT-WEIGHT: bold"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">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="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 61%">Cash
and cash equivalents</td>
<td style="WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: right; WIDTH: 10%">9,084,131</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: right; WIDTH: 10%">17,279,974</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: right; WIDTH: 10%">2,745,511</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<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">1,662,280</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">583,271,399</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">92,672,492</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">Other
current assets</td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
4,324,372</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
33,681,614</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
5,351,470</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">Total current
assets</td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">15,070,783</td>
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">634,232,987</td>
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">100,769,473</td>
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<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">2,677,016,021</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">2,703,338,634</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">429,517,252</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; 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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
16,408,445</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
2,607,039</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">Total
assets</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
2,692,086,804</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
3,353,980,066</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
532,893,764</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="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="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">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="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<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">20,896,567</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">65,331,777</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">10,380,173</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">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">
5,988,361</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
5,680,539</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
902,547</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">Total current
liabilities</td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">26,884,928</td>
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">71,012,316</td>
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: right; FONT-WEIGHT: bold">11,282,720</td>
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">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">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
387,777,235</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
61,611,598</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><b>Total
liabilities</b></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">
<b> </b></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold">
<b> </b></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold">
<b>26,884,928</b></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">
<b> </b></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">
<b> </b></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold">
<b> </b></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold">
<b>458,789,551</b></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">
<b> </b></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">
<b> </b></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
<b> </b></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
<b>72,894,318</b></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">
<b> </b></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">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="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Ordinary shares
(US$0.00002 par value, 500,000,000 shares authorized, 95,078,242
and 89,435,058 shares issued and outstanding as of
December 31, 2010 and 2011, respectively)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">13,832</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">13,200</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">2,097</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Additional paid-in
capital</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">1,542,089,341</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">1,507,224,827</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">239,473,908</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Treasury stock</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(8,354,423</td>
<td style="TEXT-ALIGN: left">)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(1,327,384</td>
<td style="TEXT-ALIGN: left">)</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Retained
earnings</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">1,123,098,703</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">1,396,441,522</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">221,872,213</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">
Accumulated other comprehensive loss</td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
(134,611</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
(21,388</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><b>Total
Shareholders' Equity</b></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">
<b> </b></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold">
<b> </b></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold">
<b>2,665,201,876</b></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">
<b> </b></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">
<b> </b></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-WEIGHT: bold">
<b> </b></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-WEIGHT: bold">
<b>2,895,190,515</b></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">
<b> </b></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">
<b> </b></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
<b> </b></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
<b>459,999,446</b></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">
<b> </b></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">Total
liabilities and shareholders' equity</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
2,692,086,804</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
3,353,980,066</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
532,893,764</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
</tr>
</table>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
</p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">The
balance due from subsidiaries represented the expenses paid on
behalf by the Company to its subsidiaries.</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Other
current assets mainly represented the prepaid insurance premium,
prepaid rent and other miscellaneous expenses.</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">The
balance due to subsidiaries represented the professional service
fees paid by Jiangxi Jinko.</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Other
current liabilities represented accrual for unpaid professional
service fees.</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">The
Company has long term obligations arising from the issuance of
Convertible Senior Notes due in May 15, 2016 (See Note 20 of the
notes to the consolidated financial statements).</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><b>Condensed statements of cash
flows:</b></font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
</p>
<table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="14">For the years ended</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2009</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2010</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">
RMB</td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">
RMB</td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">
RMB</td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">
USD</td>
<td style="FONT-WEIGHT: bold"> </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> </td>
<td style="TEXT-ALIGN: center" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="TEXT-ALIGN: center" colspan="2"> </td>
<td> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">(Note
2 (aj))</td>
<td style="FONT-WEIGHT: bold"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; WIDTH: 48%">Net income</td>
<td style="WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: right; WIDTH: 10%">85,409,632</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: right; WIDTH: 10%">881,873,227</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: right; WIDTH: 10%">273,342,819</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: right; WIDTH: 10%">43,429,800</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Adjustments to reconcile net income to
net cash provided by (used in) operating activities:</td>
<td style="FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"> </td>
<td style="FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"> </td>
<td style="FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"> </td>
<td style="FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Change in fair
value of embedded derivatives</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">13,599,301</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(54,938</td>
<td style="TEXT-ALIGN: left">)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="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="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Change in fair
value of convertible senior notes</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </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">(63,240,633</td>
<td style="TEXT-ALIGN: left">)</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Change in fair
value of capped call option</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </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">15,615,518</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Non-cash
compensation to ordinary shareholders/employees</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">20,889,414</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Share of income
from subsidiaries</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(124,566,024</td>
<td style="TEXT-ALIGN: left">)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(884,060,266</td>
<td style="TEXT-ALIGN: left">)</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">(4,203,630</td>
<td style="TEXT-ALIGN: left">)</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Exchange
(gain)/loss</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(291,950</td>
<td style="TEXT-ALIGN: left">)</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">191,445</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Changes in operating assets and
liabilities:</td>
<td style="FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"> </td>
<td style="FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"> </td>
<td style="FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"> </td>
<td style="FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 12pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Increase in due
from subsidiaries</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(1,662,280</td>
<td style="TEXT-ALIGN: left">)</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">(90,838,749</td>
<td style="TEXT-ALIGN: left">)</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Decrease/(increase)
in other current assets</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(7,120,006</td>
<td style="TEXT-ALIGN: left">)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">2,795,634</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(29,357,242</td>
<td style="TEXT-ALIGN: left">)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(4,664,396</td>
<td style="TEXT-ALIGN: left">)</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Increase in due to
a subsidiary</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">7,308,623</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">16,417,507</td>
<td style="TEXT-ALIGN: left"> </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">7,060,044</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">
(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">
4,479,060</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
(886,756</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
(3,171,316</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">Net
cash from/(used in) operating activities</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
—</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
14,130,178</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
(628,269,156</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">)</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
(99,821,917</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">)</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="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="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">
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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
(821,266,865</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"><b>Net
cash used in investing activities</b></td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
<b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
<b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
<b>—</b></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
<b> </b></td>
<td style="PADDING-BOTTOM: 2.5pt"><b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">
<b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<b>(821,266,865</b></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"><b>)</b></td>
<td style="PADDING-BOTTOM: 2.5pt"><b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">
<b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<b>—</b></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">
<b> </b></td>
<td style="PADDING-BOTTOM: 2.5pt"><b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">
<b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<b>—</b></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">
<b> </b></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="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="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">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">814,286,284</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="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="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Proceeds from
exercise of share options</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">2,076,090</td>
<td style="TEXT-ALIGN: left"> </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">597,258</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Proceeds from
issuance of convertible senior notes</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </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">129,097,221</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Repurchase of
convertible senior notes</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(5,222,773</td>
<td style="TEXT-ALIGN: left">)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(829,815</td>
<td style="TEXT-ALIGN: left">)</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt">Cash paid for
capped call option</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </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">(18,590,000</td>
<td style="TEXT-ALIGN: left">)</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">
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">
—</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
(9,033,790</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">Net
cash provided by financing activities</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
—</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
816,362,374</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
637,199,934</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
101,240,874</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
<b>Effect of foreign exchange rate changes on cash</b></td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
<b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
<b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
<b>—</b></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
<b> </b></td>
<td style="PADDING-BOTTOM: 2.5pt"><b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">
<b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<b>(141,556</b></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"><b>)</b></td>
<td style="PADDING-BOTTOM: 2.5pt"><b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">
<b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<b>(734,935</b></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"><b>)</b></td>
<td style="PADDING-BOTTOM: 2.5pt"><b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">
<b> </b></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<b>(116,769</b></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"><b>)</b></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-WEIGHT: bold">Net increase in
cash</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">9,084,131</td>
<td style="TEXT-ALIGN: left"> </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">1,302,188</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold">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">
—</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
1,443,323</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">Cash
and cash equivalents, end of year</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
—</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
9,084,131</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
17,279,974</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-WEIGHT: bold">
2,745,511</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-WEIGHT: bold">
 </td>
</tr>
</table>
</div>
29992990
4765406
45645832
7252392
-59315991
-9424362
6235100290
990657667
291798
46362
273342819
43429800
-182502237
-28996685
117003600
18590000
201662101
32040881
2015416953
320217506
2.91
0.46
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
<td style="width: 0"></td>
<td style="width: 0.25in"><b>1.</b></td>
<td style="text-align: left"><b>ORGANIZATION AND NATURE OF
OPERATIONS</b></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Company and its subsidiaries (collectively the
“Group”) are principally engaged in the design,
development, production and marketing of photovoltaic products and
also provide solar system integration services as well as
developing commercial solar power projects.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The immediate family members of the Shareholders established
Jiangxi Desun Energy Co., Ltd. (“Desun”) on behalf of
the Shareholders on June 6, 2006 in Shangrao, Jiangxi province, the
PRC. In January 2007 the shares were transferred to the
shareholders of the Company. From February 28, 2007 to August 9,
2007, Paker entered into various agreements with Desun under which
Paker injected capital into Desun. Upon the completion of the
capital injections, the Shareholders owned 72.98% of Desun, Paker
owned the remaining 27.02% and Desun became a foreign invested
enterprise. In addition, on February 27, 2007, the Shareholders
executed an agreement whereby they pledged their shares and
beneficial interest (“Share Pledge Agreement”) in Desun
to Paker. As a result, Paker obtained 100% voting control and
economic interest of Desun (“Reorganization”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The Reorganization and the Share Exchange were accounted for as
legal reorganization of entities under common control, in a manner
similar to pooling of interests. Accordingly, the accompanying
consolidated financial statements were prepared as if the current
corporate structure had been in existence from the inception of
Desun. On July 28, 2008, Paker disposed its equity interests
in Desun to a third party. Concurrently with the disposal, the
Shareholders and Paker terminated the Share Pledge Agreement. The
disposal and the termination of the Share Pledge Agreement were
both approved by the local authorities on July 28, 2008.
Consequently, the Company deconsolidated Desun as of July 28,
2008.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The following table sets forth information concerning the
Company’s major subsidiaries as of December 31, 2011:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
  </p>
<table cellpadding="0" cellspacing="0" style="width: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center">Subsidiaries</td>
<td style="font-weight: bold"> </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Date of Incorporation<br />
/Acquisition</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
Place of<br />
Incorporation</td>
<td style="font-weight: bold"> </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">Percentage of <b><br />
Ownership</b></td>
<td nowrap="nowrap" style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"> </td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td nowrap="nowrap" style="font-weight: bold; text-align: center">
 </td>
<td style="font-weight: bold"> </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center"> </td>
<td nowrap="nowrap" style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 63%; text-align: left; text-indent: -10pt; padding-left: 10pt">
JinkoSolar Technology Limited (“<i>Paker</i>”)</td>
<td style="width: 1%"> </td>
<td nowrap="nowrap" style="width: 1%; text-align: center">
 </td>
<td nowrap="nowrap" style="width: 8%; text-align: center">November
10, 2006</td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%"> </td>
<td nowrap="nowrap" style="width: 12%; text-align: center">Hong
Kong</td>
<td style="width: 1%"> </td>
<td nowrap="nowrap" style="width: 1%; text-align: left"> </td>
<td nowrap="nowrap" style="width: 10%; text-align: right">100</td>
<td nowrap="nowrap" style="width: 1%; text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt">
 </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right"> </td>
<td nowrap="nowrap" 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
(“<i>JinkoSolar International</i>”)</td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center">November 25,
2009</td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center">Hong Kong</td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right">100</td>
<td nowrap="nowrap" style="text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right"> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Jinko
Solar Co., Ltd. (“<i>Jiangxi Jinko</i>”)</td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center">December 13,
2006</td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center">PRC</td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right">100</td>
<td nowrap="nowrap" style="text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt">
 </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right"> </td>
<td nowrap="nowrap" 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. ("<i>Jinko Import and Export</i>")</td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center">December 24,
2009</td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center">PRC</td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right">100</td>
<td nowrap="nowrap" style="text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right"> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
Zhejiang Jinko Solar Co., Ltd.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
("<i>Zhejiang Jinko</i>")</p>
</td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center">September 30,
2009</td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center">PRC</td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right">100</td>
<td nowrap="nowrap" style="text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right"> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
Zhejiang Jinko Trading Co., Ltd.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
("<i>Zhejiang Trading</i>")</p>
</td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center">June 13, 2010</td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center">PRC</td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right">100</td>
<td nowrap="nowrap" style="text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right"> </td>
<td nowrap="nowrap" 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
("<i>Delingha Solar Power</i>")</td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center">December 6,
2011</td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center">PRC</td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right">88.7</td>
<td nowrap="nowrap" style="text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right"> </td>
<td nowrap="nowrap" 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 ("<i>Jiangxi Materials</i>")</td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center">December 1,
2010</td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center">PRC</td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right">100</td>
<td nowrap="nowrap" style="text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right"> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
JinkoSolar (Switzerland) AG</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
(“<i>Jinko Switzerland</i>”)</p>
</td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center">May 3, 2011</td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center">Switzerland</td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right">100</td>
<td nowrap="nowrap" style="text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right"> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt">
JinkoSolar GmbH (“<i>Jinko GmbH</i>”)</td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center">April 1, 2010</td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center">Germany</td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right">100</td>
<td nowrap="nowrap" style="text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt">
 </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right"> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt">
JinkoSolar (U.S.) Inc. ("<i>Jinko US</i>")</td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center">August 19, 2010</td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center">USA</td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right">100</td>
<td nowrap="nowrap" style="text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt">
 </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right"> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: left; text-indent: -10pt">
JinkoSolar (US) Holdings Inc.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: left; text-indent: -10pt">
(“<i>Jinko US Holding</i>”)</p>
</td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center">June 7, 2011</td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center">USA</td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right">100</td>
<td nowrap="nowrap" style="text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right"> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt">
JinkoSolar Italy S.R.L. (“<i>Jinko Italy</i>”)</td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center">July 8, 2011</td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center">Italy</td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right">100</td>
<td nowrap="nowrap" style="text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -10pt; padding-left: 10pt">
 </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right"> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">JinkoSolar SAS (“<i>Jinko
France</i>”)</td>
<td> </td>
<td nowrap="nowrap" style="text-align: center"> </td>
<td nowrap="nowrap" style="text-align: center">September 12,
2011</td>
<td style="text-align: left"> </td>
<td> </td>
<td nowrap="nowrap" style="text-align: center">France</td>
<td> </td>
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="text-align: right">100</td>
<td nowrap="nowrap" style="text-align: left">%</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Other than Zhejiang Jinko, all other subsidiaries were formed by
the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In December 2011, the Company established a subsidiary, Delingha
Solar Power, with a registered capital of RMB88.5 million in the
PRC. The Company and an independent third party held 88.7% and
11.3%, respectively, of the equity interest of the project company.
Delingha Solar Power is developing its self-owned on-grid solar
power plant with a total capacity of 30MW in Delingha, Qinghai
Province which Delingha Solar Power plans to operate upon its
completion.</p>
</div>
223926
35578
7384951444
1173350616
5222773
829815
260642981
41411999
2929210
465405
315885698
50189183
273191271
110672659
17584115
-138994253
-22083963
202038731
32100721
25056512
3981079
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><b>8.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>INVENTORIES</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">Inventories consisted of the
following:</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<table cellpadding="0" cellspacing="0" style="width: 94%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 10pt">As of December 31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 10pt">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 10pt">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="font-size: 10pt">RMB</font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="font-size: 10pt">RMB</font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 70%; text-align: left"><font style="font-size: 10pt">Raw materials</font></td>
<td style="width: 1%"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 10pt">202,257,837</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 10pt">85,429,622</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 10pt">Work-in-progress</font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">109,777,637</font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">161,793,585</font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Finished goods</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">507,479,057</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">550,852,122</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt">Total</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt">819,514,531</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt">798,075,329</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">Write-down the carrying amount of inventory to
its estimated market value was RMB11,422,243, RMB29,602,473 and
RMB201,662,101 for the years ended December 31, 2009, 2010 and
2011, respectively, and were recorded as cost of revenues in the
consolidated statements of operations. Inventories are pledged as
collateral for the Group's borrowings
(Note 16).</font></font></p>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><b>10.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>PROPERTY, PLANT AND EQUIPMENT,
NET</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">Property, plant and equipment and related
accumulated depreciation are as follows:</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<table cellpadding="0" cellspacing="0" style="width: 94%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 10pt">As of December 31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 10pt">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 10pt">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="font-size: 10pt">RMB</font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="font-size: 10pt">RMB</font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 70%; text-align: left"><font style="font-size: 10pt">Buildings</font></td>
<td style="width: 1%"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 10pt">211,635,316</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 10pt">441,046,753</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 10pt">Machinery and equipment</font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">1,643,401,637</font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">3,217,550,882</font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 10pt">Motor
vehicles</font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">12,135,310</font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">22,814,205</font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 10pt">Furniture, fixture and office
equipment</font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">20,407,418</font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">44,168,256</font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Solar power projects</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">89,656,060</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 12pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">1,887,579,681</font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">3,815,236,156</font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 10pt">Less:
Accumulated depreciation</font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">(150,902,142</font></td>
<td style="text-align: left"><font style="font-size: 10pt">)</font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">(412,394,030</font></td>
<td style="text-align: left"><font style="font-size: 10pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Less: Impairment provision</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">(5,376,071</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">(4,784,595</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 10pt">Subtotal</font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">1,731,301,468</font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">3,398,057,531</font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Construction in progress</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">207,676,752</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">442,741,441</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt">Property, plant and equipment, net</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt">1,938,978,220</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt">3,840,798,972</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">Depreciation expenses were RMB43,840,980,
RMB96,751,960 and RMB263,846,113 for the years ended
December 31, 2009, 2010 and 2011,
respectively.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">Construction in progress primarily represents the
construction of new production line and solar power project. Costs
incurred in the construction are capitalized and transferred to
property and equipment upon completion, at which time depreciation
commences.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">Management evaluated long-lived
assets for impairment if events or changes in circumstances
indicated that the carrying value of such assets 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
Company’s impairment evaluation of long-lived assets includes
an analysis of estimated future undiscounted net cash flows
expected to be generated by the assets over their remaining
estimated useful lives. If estimate of future undiscounted net cash
flows is insufficient to recover the carrying value of the assets
over the remaining estimated useful lives, the Company records an
impairment loss in the amount by which the carrying value of the
assets exceeds the fair value. Fair value is generally measured
based on either quoted market prices, if available, or discounted
cash flow analyses. Based on the performed impairment assessment,
the Company recorded an impairment provision in general and
administrative expenses of nil, RMB5,376,071 and nil for the years
ended December 31, 2009, 2010 and 2011 for certain equipment
in the wafer production line that had become obsolete. The
recoverable amount was based on fair value less cost to sell. The
carrying value of the assets previously impaired and disposed
during the year ended December 31, 2011 were RMB591,476.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">Certain
property, plant and equipment are pledged as collateral for the
Company's borrowings (Note 16).</font></font></p>
</div>
812525000
129097221
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><b>28.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>GOODWILL</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">As of
December 31, 2010, the RMB45,645,832 in goodwill related to
our reporting unit represented goodwill allocated from the
acquisitions of Zhejiang Jinko in 2009 (Note 3). The allocation of
all the goodwill from the acquisition to our reporting unit
represented the expected synergies, economies of scale and vertical
integration our 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.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt">The Company <font style="font-size: 10pt">commenced its annual goodwill impairment test in
October 2011.  However, considering qualitative factors
including the continuing reduction in our market capitalization for
the quarters ended September 30, 2011 and December 31, 2011 and the
fiscal 2012 solar industry outlook, we concluded that a two-step
goodwill impairment test was required for our reporting
unit.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">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 us to perform the second step of the
impairment test for the components reporting
unit.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">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, we 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.</font></font></p>
</div>
81072742
12881161
-87353841
-13879127
93966535
458886559
72909731
-7969056
-1266155
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><b>27.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>FAIR VALUE MEASUREMENTS</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">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.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i> </i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i>Derivative
Liabilities</i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">On a
recurring basis, the Company measures the 2010 Performance
Adjustment Derivative Liabilities (Note 19) at fair value. Since
the 2010 Performance Adjustment Derivative Liabilities are not
traded on an exchange, they are valued using a valuation model.
Management is responsible for determining the fair value and
considered a number of factors including valuations. The 2010
Performance Adjustment Derivative Liability was bifurcated at the
fair value measured with the residual financing proceeds attributed
to the Series B Redeemable Convertible Preferred Shares on issuance
date.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i> </i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i>Fair value change in forward
contracts</i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">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$583.7 million and EUR32.0 million as of
December 31, 2011. These foreign exchange forward contracts
mature between 1 to 12 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.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i> </i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i>Convertible Senior Notes and Capped Call
Options</i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt; color: black">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</font> <font style="color: #1F497D">publicly</font> <font style="color: black">trade</font><font style="color: #1F497D">d</font>
<font style="color: black">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 Binomial 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.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b>Recurring change in fair
value</b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">As of
December 31, 2010 and 2011, information about inputs into the
fair value measurements of the Company's assets and liabilities
that are measured at fair value on a recurring basis in periods
subsequent to their initial recognition is as
follows:</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="14" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Fair Value Measurements at Reporting Date Using</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">
Description</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Balance as of<br />
December 31,<br />
2010</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
 </td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Quote Prices in<br />
Active market for<br />
Identical Assets<br />
(Level 1)</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
 </td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Significant<br />
Other<br />
Observable<br />
Inputs (Level 2)</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
 </td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Significant<br />
Unobservable<br />
Inputs (Level 3)</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="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">96,871,563</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">96,871,563</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"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="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">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">13,063,592</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">13,063,592</td>
<td style="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="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="text-align: left"> </td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="14" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Fair Value Measurements at Reporting Date Using</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap" style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">
Description</td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Balance as of<br />
December 31,<br />
2011</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
 </td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Quote Prices in<br />
Active market for<br />
Identical Assets<br />
(Level 1)</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
 </td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Significant<br />
Other<br />
Observable<br />
Inputs (Level 2)</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
 </td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Significant<br />
Unobservable<br />
Inputs (Level 3)</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="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">64,954,682</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">64,954,682</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">16,408,445</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">16,408,445</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>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="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">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">Foreign exchange forward
contracts</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">5,524,497</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">5,524,497</td>
<td style="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">Convertible senior notes</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">387,777,235</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">387,777,235</td>
<td style="text-align: left"> </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">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.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b>Assets and liabilities measured at fair value
on a recurring basis using significant unobservable inputs (Level 3
valuation)</b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">A
summary of changes in Level 3 embedded derivative underlying Series
B Redeemable Convertible Preferred Shares for the years ended
December 31, 2010 and 2011 were as follows:</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">A
summary of changes in Level 3 fair value of convertible senior
notes for the year ended December 31, 2011 was as
follows:</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Balance at December 31, 2010</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: 85%; text-align: left">Issuance of convertible
senior notes</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 12%; text-align: right">812,525,000</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">(21,522,933</td>
<td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Change in fair
value of convertible senior notes</td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt; text-align: left"> </td>
<td style="padding-bottom: 1pt; text-align: right">
(398,030,217</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">Repurchase of convertible senior
notes</td>
<td> </td>
<td style="text-align: right; border-bottom: Black 1pt solid">
 </td>
<td style="text-align: right; border-bottom: Black 1pt solid">
(5,194,615</td>
<td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Balance at
December 31, 2011</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
387,777,235</td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b> </b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">A
summary of changes in Level 3 fair value of Capped call options for
the year ended December 31, 2011 was as follows:</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Balance at December 31, 2010</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: 85%; text-align: left">Purchase of capped call
option</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 12%; text-align: right">117,003,600</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">(2,312,645</td>
<td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">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">
(98,282,510</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; padding-bottom: 1pt">Balance at
December 31, 2011</td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
16,408,445</td>
<td style="padding-bottom: 1pt; text-align: left"> </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b> </b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b>Change in fair value of
derivatives</b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">The
Change in fair value of derivatives recognized in earnings was as
follows:</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-left: 0"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
For the year ended December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-left: 0"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2009</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-left: 0"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
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; padding-left: 0">Forward
contracts</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">98,039,341</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">36,604,889</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: 0">Embedded
derivatives</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(13,599,301</td>
<td style="text-align: left">)</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">54,938</td>
<td style="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; padding-left: 0">Convertible senior
notes</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">398,030,217</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0">
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">
—</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">
(98,282,510</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; padding-bottom: 2.5pt; padding-left: 0">
Total</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
(13,599,301</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: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
98,094,279</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: right">
 </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>
</tr>
</table>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="color: black"><b>5.</b></font></td>
<td style="text-align: justify"><font style="color: black"><b>TAXATION</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">The Company and its subsidiaries file
separate income tax returns.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"><b><i>Cayman Islands</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"><b><i>People’s Republic of
China</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">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% starting from year 2010 to year 2012.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">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. The
Company was not considered to fulfill above criteria as of December
31, 2011 and therefore the applicable WHT rate was 10%. 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 RMB1,243,797,938 and the amount of the unrecognized
deferred tax liability on the permanently reinvested earnings was
RMB124,379,794 as of December 31, 2011.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">  </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"><b><i>Hong Kong</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"><b><i>European
Countries</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">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 8.65% in
2011.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">Jinko GMBH is incorporated in Germany
and is subject to Germany profit tax rate of approximately 33% on
the assessable profit.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">Jinko Italy is incorporated in Italy and
is subject to corporate income tax at 31.4%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">Jinko France is incorporated in France
and is subject to corporate income tax at 33.33%.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"><b><i>United States</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"><b><i>Composition of Income Tax
Expense</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">Earnings before income taxes for the
years ended December 31, 2009, 2010 and 2011 were taxed within the
following jurisdictions:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
For the year ended December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2009</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
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">Cayman Islands</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 10%; text-align: right">(34,488,715</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">(2,187,039</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">246,885,595</td>
<td style="width: 1%; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">PRC</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">118,556,309</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">1,032,571,112</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">127,032,230</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-bottom: 1pt">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">
—</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">
(2,380,452</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">
(19,519,201</td>
<td style="padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Income tax
benefit/(expense)</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
84,067,594</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: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
1,028,003,621</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: right">
 </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>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">The increase in earnings attributed to
Cayman Islands was mainly due to the fair value gain from
convertible senior notes.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">The current and deferred positions of
income tax expense included in the consolidated statement of
operations for the years ended December 31, 2009, 2010 and
2011 are as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-size: 12pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 10pt">For the year ended
December 31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 12pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 10pt">2009</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 10pt">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 10pt">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="font-size: 12pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="font-size: 10pt">RMB</font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="font-size: 10pt">RMB</font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="font-size: 10pt">RMB</font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left"><font style="font-size: 10pt">Current
income tax expense</font></td>
<td style="font-size: 12pt"><font style="font-size: 10pt"> </font></td>
<td style="font-size: 12pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-size: 12pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="font-size: 12pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-size: 12pt"><font style="font-size: 10pt"> </font></td>
<td style="font-size: 12pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-size: 12pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="font-size: 12pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-size: 12pt"><font style="font-size: 10pt"> </font></td>
<td style="font-size: 12pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-size: 12pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="font-size: 12pt; text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 61%; text-align: left; padding-left: 0.12in">
<font style="font-size: 10pt">PRC</font></td>
<td style="width: 1%"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">(138,020,196</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt">)</font></td>
<td style="width: 1%"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">(76,792,019</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.12in">
<font style="font-size: 10pt">Other countries</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">—</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">(71,536</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 10pt">Total
current income tax expense</font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">—</font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">(138,020,196</font></td>
<td style="text-align: left"><font style="font-size: 10pt">)</font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">(76,863,555</font></td>
<td style="text-align: left"><font style="font-size: 10pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Deferred PRC tax benefit/(expense)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">1,342,038</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">(8,110,198</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">(4,209,187</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt">Income tax benefit/(expense)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt">1,342,038</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt">(146,130,394</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt">(81,072,742</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt">)</font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"><b><i>Reconciliation of the differences
between statutory tax rate and the effective tax
rate</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black">Reconciliation between the statutory CIT
rate and the Company's effective tax rate is as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-left: 0"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Year Ended December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-left: 0"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2009</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; padding-left: 0"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
%</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
%</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
%</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; padding-left: 0">Statutory
CIT rate</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 10%; text-align: right">25</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">25</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">25</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: 0">Effect of permanent
differences:</td>
<td style="font-size: 12pt"> </td>
<td style="font-size: 12pt; text-align: left"> </td>
<td style="font-size: 12pt; text-align: right"> </td>
<td style="font-size: 12pt; text-align: left"> </td>
<td style="font-size: 12pt"> </td>
<td style="font-size: 12pt; text-align: left"> </td>
<td style="font-size: 12pt; text-align: right"> </td>
<td style="font-size: 12pt; text-align: left"> </td>
<td style="font-size: 12pt"> </td>
<td style="font-size: 12pt; text-align: left"> </td>
<td style="font-size: 12pt; text-align: right"> </td>
<td style="font-size: 12pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 0">—Change in fair
value of embedded derivative</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">4.1</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="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: 0">—Compensation
charge from the modification to Series B Redeemable Convertible
Preferred Shares</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">6.2</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: rgb(204,255,204)">
<td style="text-align: left; padding-left: 0">—Share-based
compensation expenses</td>
<td> </td>
<td style="text-align: left"> </td>
<td 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">0.7</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 0">—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">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(21.1</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: 0">—Goodwill
impairment</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">3.2</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 0">—Accrued
payroll and welfare expenses</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">5.3</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">4.4</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 0">—Other
non-deductible expenses</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>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">5.6</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 0">Difference in tax
rate of a subsidiary outside the PRC</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">0.7</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">0.0</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>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 0">Effect of tax holiday
for subsidiaries</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(45.1</td>
<td style="text-align: left">)</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(12.9</td>
<td style="text-align: left">)</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(13.2</td>
<td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0">
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">
1.6</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">
0.6</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">
19.1</td>
<td style="padding-bottom: 1pt; text-align: left"> </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Year Ended December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2009</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="width: 61%; text-align: left"> </td>
<td style="width: 1%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
<td style="width: 10%; font-weight: bold; text-align: center">
<b>%</b></td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
<td style="width: 1%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
<td style="width: 10%; font-weight: bold; text-align: center">
<b>%</b></td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
<td style="width: 1%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
<td style="width: 10%; font-weight: bold; text-align: center">
<b>%</b></td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 2.5pt">Effective CIT
rate</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="text-align: right; border-bottom: Black 2.5pt double">
(1.6</td>
<td style="text-align: left; padding-bottom: 2.5pt">)</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="text-align: right; border-bottom: Black 2.5pt double">
14.2</td>
<td style="text-align: left; padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="text-align: right; border-bottom: Black 2.5pt double">
22.8</td>
<td style="text-align: left; padding-bottom: 2.5pt"> </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"><b><i>The aggregate amount and per share
effect of reduction of CIT for certain PRC subsidiaries are as
follows:</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
For the year ended December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2009</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
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">The aggregate amount of
effect</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 10%; text-align: right">37,888,279</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">132,120,599</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">46,723,125</td>
<td style="width: 1%; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Per share effect—basic</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">0.75</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">1.76</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">0.50</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Per share effect—diluted</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">0.75</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">1.64</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">0.46</td>
<td style="text-align: left"> </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"><b><i>Significant components of deferred
tax assets—current</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
As of December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 74%; text-align: left">Net operating losses</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 10%; text-align: right">5,088,387</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">Provision for inventories, accounts
receivable and other receivable</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">904,195</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">57,690,574</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 forward
contracts</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(14,042,284</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">2,121,462</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">1,688,813</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Contingent liability</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">1,250,000</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>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">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">
(337,564</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">
599,211</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">9,026,480</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">45,936,314</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">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">
(6,308,714</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">
(45,936,314</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; padding-bottom: 2.5pt">Net deferred
tax assets—current</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
2,717,766</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: right">
 </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 0; text-align: left">
<font style="color: black"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"><b><i>Significant components of deferred
tax assets—non-current</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
As of December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 74%; text-align: left">Net operating losses</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">13,970,679</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">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">12,485,470</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">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(2,920,881</td>
<td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Impairment of property, plant and
equipment</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">328,103</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">598,075</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Pre-operating expenses of a subsidiary
that are deductible in future periods</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">50,487</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Assets related government grant</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">3,131,413</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-bottom: 1pt">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">
—</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">
715,514</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 deferred tax assets</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">328,103</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">28,030,757</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-bottom: 1pt">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">
—</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">
(28,030,757</td>
<td style="padding-bottom: 1pt; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">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">
328,103</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 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"><b><i>Significant components of deferred
tax liabilities—current</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="6" style="font-weight: bold; text-align: center">
As of December 31,</td>
<td style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
2010</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
2011</td>
<td style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 74%; text-align: left">Change in fair value of
forward contracts</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 10%; text-align: right">17,576,184</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">Bad debt write-off pending approval
for tax deduction</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(1,344,194</td>
<td style="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">Accrued warranty costs</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(2,667,808</td>
<td style="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-bottom: 1pt">Provision for
inventories and other receivable</td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; text-align: right">
(3,451,707</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">
—</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; padding-bottom: 2.5pt">Deferred tax
liabilities—current, net</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
10,112,475</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: right">
 </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 0; text-align: left">
<font style="color: black"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"><b><i>Significant components of deferred
tax liabilities—non-current</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
As of December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 74%; text-align: left">Increase in fair value of
property, plant and equipment and land use rights arising from
business combination</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 10%; text-align: right">2,925,907</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">Impairment of property, plant and
equipment</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(343,906</td>
<td style="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; padding-bottom: 1pt">Pre-operating
expenses of a subsidiary that are deductible in future periods</td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; text-align: right">
(100,974</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">
—</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="text-align: left; padding-bottom: 2.5pt">Deferred tax
liabilities—non-current, net</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
2,481,027</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: right">
 </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 0; text-align: left">
<font style="color: black"><b><i> </i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"><b><i>Movement of valuation
allowances</i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
As of December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2009</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
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">At beginning of year</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 10%; text-align: right">(639,627</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">(1,994,833</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">(6,308,714</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">(1,355,206</td>
<td style="text-align: left">)</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(4,517,852</td>
<td style="text-align: left">)</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(69,445,609</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-bottom: 1pt">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">
—</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">
203,971</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">
1,787,252</td>
<td style="padding-bottom: 1pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">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">
(1,994,833</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">
(6,308,714</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">
(73,967,071</td>
<td style="padding-bottom: 2.5pt; text-align: left">)</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">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, 2009, 2010 and
2011, valuation allowances of RMB1,994,833, RMB6,308,714 and
RMB73,967,071 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.</font></p>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="color: black"><b>3.</b></font></td>
<td style="text-align: justify"><font style="color: black"><b>BUSINESS COMBINATION</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black">The total consideration of approximately
RMB100 million for the purchase of Zhejiang Jinko was allocated as
follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 90%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
As of June 30, 2009</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 80%; text-align: left">Current assets</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 17%; text-align: right">143,933,792</td>
<td style="width: 1%; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Property, plant and equipment</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">104,903,986</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Land use rights</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">22,612,281</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Other assets</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">9,881,184</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>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Current liabilities</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(194,190,602</td>
<td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Non-current liabilities</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(30,000,000</td>
<td style="text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Deferred tax
liabilities</td>
<td style="padding-bottom: 1pt"> </td>
<td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">
 </td>
<td style="text-align: right; border-bottom: Black 1pt solid">
(2,779,473</td>
<td style="text-align: left; padding-bottom: 1pt">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Net assets at acquisition date</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">54,361,168</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Goodwill</td>
<td style="padding-bottom: 1pt"> </td>
<td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">
 </td>
<td style="text-align: right; border-bottom: Black 1pt solid">
45,645,832</td>
<td style="text-align: left; padding-bottom: 1pt"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 2.5pt">Total purchase
consideration</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="text-align: right; border-bottom: Black 2.5pt double">
100,007,000</td>
<td style="text-align: left; padding-bottom: 2.5pt"> </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">In accordance with ASC 350, Intangibles
– Goodwill and Other, goodwill is not amortized but tested
for impairment. In the fourth quarter of 2011, due to the
challenging solar market conditions and significant reduction of
the Company’s market capitalization since the second quarter
of 2011, the Company recognized an impairment of goodwill of
RMB45,645,832 related to the acquisition of equity interest in
Zhejiang Jinko at December 31, 2011 (Note 28).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"><br />
The following unaudited pro forma financial information illustrates
the estimated results of operations for the year ended
December 31, 2009, as if the acquisition of Zhejiang Jinko had
occurred as of the beginning of the period presented, after giving
effect to acquisition accounting adjustments. These pro forma
results have been prepared for comparative purposes only and do not
purport to be indicative of what operating results would have been
had the acquisition actually taken place on the beginning of the
period presented, and may not be indicative of future operating
results.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Year ended December 31, 2009</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
(Unaudited)</td>
<td style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 77%; text-align: left">Net revenue</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 20%; text-align: right">1,667,204,507</td>
<td style="width: 1%; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Net income</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">73,109,519</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Net loss attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders per share—basic and
diluted</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(0.97</td>
<td style="text-align: left">)</td>
</tr>
</table>
</div>
180222899
28634535
833965456
132503766
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><b>25.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>CERTAIN RISKS AND
CONCENTRATION</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">Financial instruments that potentially subject
the Group to significant concentrations of credit risk consist
primarily of cash and cash equivalents, restricted cash, short-term
investments, accounts receivable, prepayments and other current
assets. As of December 31, 2010 and 2011, substantially all of
the Group's cash were held by major financial institutions located
in the PRC.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">The
Group has contracts for the purchases of materials and equipment
which are denominated in foreign currencies, including US Dollars,
Swiss Francs, Euros and Japanese Yen. For the year ended
December 31, 2011, 80% of the Group's revenues are dominated
in foreign currencies, including US Dollars and Euros. Renminbi,
the functional currency of the Group, is not freely convertible
into foreign currencies. The Group has entered into foreign
exchange forward contracts with local banks to reduce the exposure
of significant changes in the exchange rates between Renminbi and
foreign currencies.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">The
following table summarizes the percentage of the Company’s
revenue over 10% of total revenue for the years ended December 31,
2009, 2010 and 2011, and accounts receivable represented by
customers with balances over 10% of accounts receivables as of
December 31, 2010 and 2011, respectively:</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="10" style="text-align: center; border-bottom: Black 1pt solid">Revenue</td>
<td style="padding-bottom: 1pt"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="10" style="text-align: center; border-bottom: Black 1pt solid">Year ended
December 31,</td>
<td style="padding-bottom: 1pt"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2009</td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2010</td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2011</td>
<td style="padding-bottom: 1pt"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td> </td>
<td colspan="2" style="text-align: center">RMB</td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center">RMB</td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center">RMB</td>
<td> </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">—</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">5</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">16</td>
<td style="width: 1%; text-align: left">%</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">  </font></font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">Accounts
receivable</td>
<td style="padding-bottom: 1pt"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">December
31,</td>
<td style="padding-bottom: 1pt"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2010</td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2011</td>
<td style="padding-bottom: 1pt"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td> </td>
<td colspan="2" style="text-align: center">RMB</td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center">RMB</td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 74%; text-align: left">Company B</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">14</td>
<td style="width: 1%; text-align: left">%</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Company C</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">11</td>
<td style="text-align: left">%</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">The
Group relies on a limited number of equipment suppliers including
GT Solar Incorporated ("GT Solar"), Miyamoto Trading Limited
("Miyamoto"), Ningxia Jing Yang Automation Co., Ltd. ("Jing Yang"),
Applied Materials Baccini S.P.A, (currently "Applied Materials
Italia S.R.L."), or "Applied Materials" and Centrotherm
Photovoltaics AG (“Centrotherm”) for a majority of
principal manufacturing equipment and spare parts. For the year
ended December 31, 2009, 24% and 18% of the Group's
manufacturing equipment were purchased from Miyamoto and Jing Yang,
respectively. For the year ended December 31, 2010, 17%, 10%
and 10% of the Group's manufacturing equipment were purchased from
Miyamoto, GT Solar and Applied Materials. For the year ended
December 31, 2011, 17%, 13% and 10% of the Group's
manufacturing equipment were purchased from Miyamoto, Applied
Materials and Centrotherm, respectively. No other suppliers
individually accounted for more than 10% of the equipment purchase
for the periods presented.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">As of
December 31, 2011, 32% and 23% of the balance of the Group's
advance payments 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 Zhong Cai
Technologies Co., Ltd., ("Zhong Cai") respectively. The Group is
exposed to the credit and financial risks of these suppliers. 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. No other individual supplier has advance payment
balances that accounted for more than 10% of the total balance as
of December 31, 2011.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">Hoku is currently in the process of
undertaking a construction project for producing virgin polysilicon
which the Group has contracted for. While the Group's prepayment to
Hoku is secured by a lien on Hoku's assets according to the terms
of the supply contract with Hoku, such lien is deeply subordinated
and shared with all other customers and other senior lenders of
Hoku. According to Hoku’s Form 10-Q for the quarter ended
December 31, 2011 filed on March 5, 2012, Hoku expects to raise at
least an additional US$139.8 million to complete the construction
of its planned 4,000 metric ton plant with a total estimated cost
of US$700.0 million. Jiangxi Jinko and Hoku entered into a
supplementary agreement in September 2011. Pursuant to this
agreement, the first shipment date of the polysilicon materials has
been further postponed to July 1, 2012, which was previously
scheduled at July 1, 2011. The annual prices terms for the first
four years are fixed. However, if the difference between the
contract price and the average contract price for the last twelve
months reflected in the PCSPI or another mutually acceptable third
party index exceeds a defined band, the price under our long-term
supply contract with Hoku will be subject to renegotiation by the
parties. The prices for the final four years will be determined by
both parties three months prior to the expiration of each shipment
date. And Hoku will refund in total US$2.2 million to Jiangxi
Jinko, with monthly payment of US$0.22 million from September 2011
to June 2012. Up to February 2012, the Group received US$0.88
million of the refund from Hoku. As of December 31, 2011, the Group
did not record any provisions in relation to the prepayment to Hoku
as the potential impairment loss was not probable. However, if Hoku
fails to complete its construction project, which could cause it to
fail to fulfill its contractual delivery obligations to the Group,
or if Hoku ceases to continue as a going concern, the Group may
have difficulty recovering<font style="font: 10pt Times New Roman, Times, Serif">all or any of the
deposits of US$19.56 million the Group paid to Hoku, which could
have a material adverse effect on the financial condition of the
Group.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt">Zhongcai is a producer of virgin
polysilicon materials with which the Company entered into a
long-term purchase contract in July 2008. Wuxi Zhong Cai Group Co.,
Ltd., the parent company of Zhong Cai, provided guarantee to the
Company for execution of the purchase contract. The Company and
Zhong Cai entered into a supplementary agreement in January 2009.
Pursuant to this supplementary agreement, the purchase price of
polysilicon materials will be negotiated based on the market price.
The delivery schedule and utilization of advance payments will be
further negotiated. Close to the end of year 2011, Zhong Cai
stopped its production in response to the change in the polysilicon
market. Zhong Cai resumed part of its manufacturing capacity in
March 2012. If Zhong Cai cannot ramp up its production with a
reasonable profit margin or undergoes any difficulty in its
operation, the Company may not be able to recover all or any of the
advance payment of Rmb95.6 million that has been made to Zhong Cai,
and then may have to rely on the guarantee from Wuxi Zhong Cai
Group Co., Ltd. to recover the advance payment. As of December 31,
2011, the Company did not record any provisions in relation to the
prepayment of RMB95.6 million to Zhong Cai as the potential
impairment loss was not probable.</font></p>
</div>
-24377786
-3873240
56857774
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><b>12.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>INTANGIBLE ASSETS, NET</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">Intangible assets and their related amortization
are as follow:</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<table cellpadding="0" cellspacing="0" style="width: 94%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 10pt">As of December 31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 10pt">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 10pt">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="font-size: 10pt">RMB</font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="font-size: 10pt">RMB</font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 70%; text-align: left"><font style="font-size: 10pt">Trademark</font></td>
<td style="width: 1%"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 10pt">502,193</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 10pt">1,347,193</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><font style="font-size: 10pt">Computer
software</font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">511,264</font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td><font style="font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="text-align: right"><font style="font-size: 10pt">2,595,474</font></td>
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Less: accumulated amortization</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">(62,349</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">(286,275</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt">Intangible assets, net</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt">951,108</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt">3,656,392</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">Amortization expense was RMB4,130, RMB58,219 and
RMB223,926 for the years ended December 31, 2009, 2010 and
2011, respectively. Amortization expense for each of the next five
years will be approximately RMB516,556.</font></font></p>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><b>24.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>RELATED PARTY TRANSACTIONS AND
BALANCES</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i> </i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i>(a) Related party
balances</i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">Outstanding amounts due from/to related parties
as of December 31, 2010 and 2011 were as
follows:</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
As of December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-style: italic; text-align: left">Accounts
receivable, net- 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="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">100,382</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">31,010,170</td>
<td style="width: 1%; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-style: italic; text-align: left">Other receivables-
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; padding-bottom: 1pt">Travelling
advances 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">
399,444</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">
691,242</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="text-align: left; 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">
499,826</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">
31,701,412</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>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-style: italic; text-align: left">Accounts 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">Accounts payable due to a subsidiary
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> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">35,887,845</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="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; padding-bottom: 1pt">Other payables to
Desun for leasing of land and buildings</td>
<td style="padding-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">
1,094,047</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="text-align: left; 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">
—</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">
36,981,892</td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"><b><i>(b) Related party
transactions</i></b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">For the
years ended December 31, 2009, 2010 and 2011, revenues from
sales of products and provision of processing services to
subsidiaries of ReneSola amounted to RMB28,317,315, nil and
RMB32,587,949, respectively.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">For the
years ended December 31, 2009, 2010 and 2011, raw materials
purchased from a subsidiary of ReneSola amounted to nil,
RMB35,250,000 and RMB44,512,919.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">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, 2009, 2010 and 2011, Desun charged Jiangxi Jinko
RMB1,100,304, RMB1,100,304 and RMB1,100,304 in rent, respectively
(Note 26).</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">During
the years ended December 31, 2010 and 2011, the Shareholders
provided guarantees for the Group's several short-term and
long-term bank borrowings. As of December 31, 2010 and 2011,
the balances of short-term borrowings guaranteed by the
Shareholders were RMB272,955,568 and RMB244,000,000, respectively,
and the balances of long-term borrowings guaranteed by the
Shareholders were RMB200,000,000 and RMB80,000,000, respectively
(Note 16).</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt">During
the year ended December 31, 2011, Desun provided collateral on
its land use rights and buildings, for a short-term bank borrowing
of RMB17,000,000 of the Group (Note 16).</font></font></p>
</div>
419944749
66722501
102686971
3152421082
500869269
500000
79442
1000000000
158883999
17279630
2745457
273325882
43427109
10000000
311905309
49556763
28257089
4489599
-150636168
-23933677
98282510
15615518
11.64
1.85
-4.92
-0.78
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="color: black"><b>4.</b></font></td>
<td style="text-align: justify"><font style="color: black"><b>REVENUES</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">The Group's revenues for the respective
periods included sales of products, services of solar power product
processing services and solar system integration services which are
detailed as follows:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
For the year ended December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2009</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
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">182,015,116</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">3,247,825,572</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">6,647,264,147</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">1,102,232,823</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">909,647,382</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">517,935,191</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">225,866,285</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">432,863,616</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">168,388,351</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Solar system integration services</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">24,798,017</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 silicon ingots</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">98,882</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">10,803,010</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">14,363,232</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Sales of recovered silicon
materials</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">28,039,357</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">6,365,978</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-bottom: 1pt">Processing
service fees</td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; text-align: right">
29,607,129</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">
53,715,143</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">
5,836,528</td>
<td style="padding-bottom: 1pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
1,567,859,592</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: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
4,654,854,723</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: right">
 </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>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">The Group operates in a single business
segment that includes the design, development, and manufacture of
PV products, solar system integration services as well as
developing commercial solar power projects. The following table
summarizes the Group's net revenues generated from sales of
products and provision of processing and solar system integration
services to customers in respective geographic
locations:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
For the year ended December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2009</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
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">1,265,011,733</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">1,600,001,420</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">1,281,483,521</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 style="font-size: 12pt"> </td>
<td style="font-size: 12pt; text-align: left"> </td>
<td style="font-size: 12pt; text-align: right"> </td>
<td style="font-size: 12pt; text-align: left"> </td>
<td style="font-size: 12pt"> </td>
<td style="font-size: 12pt; text-align: left"> </td>
<td style="font-size: 12pt; text-align: right"> </td>
<td style="font-size: 12pt; text-align: left"> </td>
<td style="font-size: 12pt"> </td>
<td style="font-size: 12pt; text-align: left"> </td>
<td style="font-size: 12pt; text-align: right"> </td>
<td style="font-size: 12pt; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-left: 9pt">Germany</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">90,424,974</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">1,157,707,877</td>
<td style="text-align: left"> </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>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9pt">Italy</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">2,232,377</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">1,130,191,372</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">1,846,512,600</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">France</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">10,516,282</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">21,597,179</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">414,941,954</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 9pt">Cyprus</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">—</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">304,723,650</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">Belgium</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">19,295,157</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">274,242,843</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">222,280,387</td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 9pt">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">
180,379,069</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">
471,114,032</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">
892,758,746</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; padding-bottom: 2.5pt">Total</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
1,567,859,592</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: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
4,654,854,723</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: right">
 </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>
</tr>
</table>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt; color: black"><b>20.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>CONVERTIBLE SENIOR NOTES</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt">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.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt">Holders have the option to convert their Notes
from the earlier of (i) when the registration statement
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).</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt">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.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt">The holder has 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.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt">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.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt">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.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt">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.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt">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.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black">The estimated fair
value of the Notes amounted to approximately RMB387,777,235
(US$61,611,598) as of December 31, 2011. In the year ended
December 31, 2011, the Company recorded foreign exchange gain
of RMB21,567,522, gain from change in fair value of convertible
senior notes of RMB398,030,217, and one-time charge of convertible
senior notes issuance costs of RMB30,154,071,
respectively.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt; color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt; color: black">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 in the quarter ended December 31,
2011.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt"><b>Capped Call Options</b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt">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.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt; color: black"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt; color: black">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="font-size: 10pt; color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="font-size: 10pt; color: black">The fair value of
capped call options was RMB16,408,445 as of December 31, 2011. An
amount of RMB98,282,510 was recorded in change in fair value of
capped call options for the year ended December 31,
2011.</font></p>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><b>22.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>REPURCHASE OF SHARES</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">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.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">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. 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.</font></font></p>
</div>
<div style="FONT: 10pt Times New Roman, Times, Serif">
<table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 6pt" cellspacing="0" cellpadding="0">
<tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top">
<td style="WIDTH: 0in"></td>
<td style="TEXT-ALIGN: left; WIDTH: 0.25in"><font style="FONT-SIZE: 10pt"><b>23.</b></font></td>
<td style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt"><b>SHARE BASED COMPENSATION</b></font></td>
</tr>
</table>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">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.</font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"> </font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt">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.</font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">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 been determined at US$2.08 on
April 12, 2010.</font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">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.</font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">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.</font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">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.</font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">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.</font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="COLOR: black; FONT-SIZE: 10pt">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.</font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="COLOR: black; FONT-SIZE: 10pt">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.</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">A
summary of activity under the share-based compensation plan is as
follow:</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"> </font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
</p>
<table style="WIDTH: 100%; 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: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 10pt">Number
of<br />
option<br />
outstanding</font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 10pt">Weighted-Average<br />
Exercise Price</font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 10pt">Weighted-Average<br />
Remaining<br />
Contractual Term</font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 10pt">Aggregate<br />
Intrinsic<br />
value</font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap">
<font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left" nowrap="nowrap"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="FONT-SIZE: 12pt" nowrap="nowrap"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: center; FONT-SIZE: 12pt" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="FONT-SIZE: 12pt" nowrap="nowrap"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="FONT-WEIGHT: bold" nowrap="nowrap"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 10pt">(US$/share)</font></td>
<td style="FONT-WEIGHT: bold" nowrap="nowrap"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="FONT-WEIGHT: bold" nowrap="nowrap"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 10pt">(in
years)</font></td>
<td style="FONT-WEIGHT: bold" nowrap="nowrap"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="FONT-WEIGHT: bold" nowrap="nowrap"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap"><font style="FONT-SIZE: 10pt">(Rmb)</font></td>
<td style="FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 48%">
<font style="FONT-SIZE: 10pt">Balance as of January 1,
2011</font></td>
<td style="WIDTH: 1%"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right; WIDTH: 10%"><font style="FONT-SIZE: 10pt">4,070,898</font></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="WIDTH: 1%"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right; WIDTH: 10%"><font style="FONT-SIZE: 10pt">2.08</font></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="WIDTH: 1%; FONT-SIZE: 12pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 12pt">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 12pt"></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 12pt">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="WIDTH: 1%; FONT-SIZE: 12pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 12pt">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 12pt"></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 12pt">
<font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt"><font style="FONT-SIZE: 10pt">Granted</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">5,732,000</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">1.73</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="FONT-SIZE: 12pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 12pt"></td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="FONT-SIZE: 12pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 12pt"></td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt"><font style="FONT-SIZE: 10pt">Exercise</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">(276,136</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">)</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">2.08</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="FONT-SIZE: 12pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 12pt"></td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="FONT-SIZE: 12pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 12pt"></td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 12pt"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt">
<font style="FONT-SIZE: 10pt">Forfeited</font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">(986,378</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt">)</font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">2.51</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 12pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 12pt">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; FONT-SIZE: 12pt"></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 12pt">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 12pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 12pt">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; FONT-SIZE: 12pt"></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 12pt">
<font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 9pt">
<font style="FONT-SIZE: 10pt">Balance as of December 31,
2011</font></td>
<td style="PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">8,540,384</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">1.80</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">5.7</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">—</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt">Vested and expected to vest as of
December 31, 2011</font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">6,847,660</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">1.81</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">5.4</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">—</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt">Vested and exercisable as of December 31,
2011</font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">1,551,536</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">2.02</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">3.1</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">—</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
</table>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
</p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">The
aggregate intrinsic value is calculated as the difference between
the market value of ordinary, US$1.25 per share as of
December 31, 2011 and the exercise prices of the
options.</font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Total
intrinsic value of options exercised for the years ended
December 31, 2009, 2010 and 2011 were nil, RMB2,938,203 and
nil, respectively. The weighted average grant date fair value of
options granted during the years ended December 31, 2009, 2010
and 2011 was RMB6.16, RMB16.85 and RMB6.91 per share, respectively.
The total fair value of options vested during the years ended
December 31, 2009, 2010 and 2011 was nil, RMB9,363,356 and
RMB9,558,119.</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">A
summary of non vested shares activity under the share-based
compensation plan is as follow:</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
</p>
<table style="WIDTH: 94%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Number of<br />
option<br />
outstanding</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Weighted-Average<br />
Fair Value in<br />
Grant Date</td>
<td style="PADDING-BOTTOM: 1pt; 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 style="FONT-WEIGHT: bold" nowrap="nowrap"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">(RMB/share)</td>
<td style="FONT-WEIGHT: bold"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; WIDTH: 66%">Non-vested at
January 1, 2011</td>
<td style="WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: right; WIDTH: 14%">3,109,870</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: right; WIDTH: 14%">8.35</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Granted</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">5,732,000</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">6.91</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Vested</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">(936,726</td>
<td style="TEXT-ALIGN: left">)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">5.87</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">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">
(916,296</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
10.49</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">Non-vested at
December 31, 2011</td>
<td style="PADDING-BOTTOM: 2.5pt"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
6,988,848</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td>
<td style="PADDING-BOTTOM: 2.5pt"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
7.59</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: right"> </td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Expected to vest
as of December 31, 2011</td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
5,296,124</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
7.66</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
</tr>
</table>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">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, applying an estimated
forfeiture rate of 0% or 10%, amounted to approximately
RMB70,635,363, of which the amount of RMB9,879,124 recognized in
the year ended December 31, 2011.</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">The
share-based compensation expense for the year ended
December 31, 2011 was recorded in the respective
items:</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<table style="WIDTH: 88%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; WIDTH: 79%">Costs of revenues</td>
<td style="WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: right; WIDTH: 18%">725,651</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<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>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">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="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">Total</td>
<td style="PADDING-BOTTOM: 2.5pt"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
9,879,124</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td>
</tr>
</table>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">As of
December 31, 2011, the Company had unrecognized share-based
compensation expense RMB34,960,240 related to non-vested share
options. That deferred cost is expected to be recognized over a
weighted-average period of 6.32 years. For the year ended
December 31, 2011, total cash received from the exercise of
share options amounted to RMB3,759,081.</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">The
fair value of option grant is estimated on the date of grant using
Binomial Tree option pricing model for grants before the IPO which
contained performance conditions and Black-Scholes model for grants
after the IPO with the following assumptions for options granted to
employees and non-employees during the year ended December 31,
2011, respectively:</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<table style="WIDTH: 88%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Risk-free interest rate</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">0.69%-2.11</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">%</font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Expected
term</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">3.9-5.0</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; WIDTH: 79%"><font style="FONT-SIZE: 10pt">Expected dividend yield</font></td>
<td style="WIDTH: 1%"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right; WIDTH: 18%"><font style="FONT-SIZE: 10pt">0</font></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="FONT-SIZE: 10pt">%</font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Expected
volatility</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">77%-82</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">% </font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Fair
value per option at grant date (RMB)</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">4.25-26.65</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
</table>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">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.</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">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.</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">The
Company has no history or expectation of paying dividends on its
ordinary shares.</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">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.</font></font></p>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="color: black"><b>7.</b></font></td>
<td style="text-align: justify"><font style="color: black"><b>ADVANCES TO SUPPLIERS</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">
<font style="color: black"> </font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
As of December 31,</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2010</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">
RMB</td>
<td style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 74%; text-align: left">Advances to suppliers
under purchase contracts with term of less than 1 year</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 10%; text-align: right">332,151,202</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">188,358,498</td>
<td style="width: 1%; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Advances to
suppliers under purchase contracts with term of more than 1
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">
242,164,000</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">
229,376,531</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="text-align: left">Total</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">574,315,202</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">417,735, 029</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-bottom: 1pt">Advances to
suppliers to be utilized beyond one 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">
(234,577,110</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">
(209,630,940</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="text-align: left; padding-bottom: 2.5pt">Advances to
suppliers—current</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
339,738,092</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: right">
 </td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
208,104,089</td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">In July 2008, the Group entered into two
long-term purchase agreements with two suppliers to purchase an
aggregate 8,550 tons of virgin polysilicon materials over a period
of five to ten years. These agreements stipulated the contractual
advance payments according to specified timetable. In early 2009,
December 2010 and September 2011, the Group and the respective
suppliers agreed to amend these agreements whereby the purchase
terms and payment schedules were revised. Advance payments of which
receipt of goods are expected to be beyond one year as of the
balance sheet date are classified as non-current assets in the
Group's consolidated balance sheets.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">As of December 31, 2011, 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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<font style="color: black">A provision of RMB652,937 was made
against the balance of advances to suppliers as of
December 31, 2011 based on management's assessment of the
recoverability of such advances.</font></p>
</div>
115987700
18428590
25553802
4060090
5558122
883097
652937
103741
<div style="font: 10pt Times New Roman, Times, Serif">
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td>
<td style="width: 0.25in; text-align: left"><font style="font-size: 10pt"><b>11.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>LAND USE RIGHTS, NET</b></font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">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.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<table cellpadding="0" cellspacing="0" style="width: 94%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 10pt">As of December 31,</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 10pt">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
<font style="font-size: 10pt">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="font-size: 10pt">RMB</font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
<td colspan="2" style="font-weight: bold; text-align: center">
<font style="font-size: 10pt">RMB</font></td>
<td style="font-weight: bold"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 70%; text-align: left"><font style="font-size: 10pt">Land use rights</font></td>
<td style="width: 1%"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 10pt">270,914,559</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%"><font style="font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="width: 12%; text-align: right"><font style="font-size: 10pt">382,657,019</font></td>
<td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 10pt">Less: accumulated amortization</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">(9,055,971</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: left">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; text-align: right">
<font style="font-size: 10pt">(14,614,093</font></td>
<td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt">)</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt">Land use rights, net</font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt">261,858,588</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt"> </font></td>
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right">
<font style="font-size: 10pt">368,042,926</font></td>
<td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 10pt"> </font></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">Amortization expense was RMB2,245,016,
RMB4,075,087 and RMB5,558,122 for the years ended December 31,
2009, 2010 and 2011, respectively. As of December 31, 2011,
estimated amortization expense in each of the next five years is
RMB6,919,353.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt"> </font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">
<font style="font-size: 10pt"><font style="font-size: 10pt">Certain
land use rights are pledged as collateral for the Company's
borrowings (Note 16).</font></font></p>
</div>
-398030217
-63240633
<div style="FONT: 10pt Times New Roman, Times, Serif">
<table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 6pt" cellspacing="0" cellpadding="0">
<tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top">
<td style="WIDTH: 0in"></td>
<td style="TEXT-ALIGN: left; WIDTH: 0.25in"><font style="FONT-SIZE: 10pt"><b>9.</b></font></td>
<td style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt"><b>PREPAYMENTS AND OTHER CURRENT
ASSETS</b></font></td>
</tr>
</table>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Prepayments and other current assets consisted of
the following:</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<table style="WIDTH: 94%; 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: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6"><font style="FONT-SIZE: 10pt">As of
December 31,</font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"><font style="FONT-SIZE: 10pt">2010</font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"><font style="FONT-SIZE: 10pt">2011</font></td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">
<font style="FONT-SIZE: 10pt">RMB</font></td>
<td style="FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">
<font style="FONT-SIZE: 10pt">RMB</font></td>
<td style="FONT-WEIGHT: bold"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; WIDTH: 70%"><font style="FONT-SIZE: 10pt">Value-added tax deductable</font></td>
<td style="WIDTH: 1%"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right; WIDTH: 12%"><font style="FONT-SIZE: 10pt">317,837,454</font></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="WIDTH: 1%"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right; WIDTH: 12%"><font style="FONT-SIZE: 10pt">703,696,703</font></td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Prepayment for share repurchase</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">—</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">31,924,842</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Employee
advances</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">2,038,382</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">19,866,729</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Prepaid
service fees</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">2,556,590</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">12,869,033</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Prepaid
rent and others</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">2,050,190</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">12,628,829</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Advances
recoverable from supplier</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">—</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">11,089,584</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Prepaid
insurance premium</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">4,084,745</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">6,520,930</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Prepaid
advertizing fee and sponsorship</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">—</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">4,916,317</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Prepayment for income tax</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">—</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">4,432,374</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Employee
loans</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">—</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">2,521,000</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Deposits
for customs duty and rental</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">14,391,706</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">1,579,159</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Deferred
charges</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">14,148,799</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">391,979</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt">Value-added tax refundable on export
sales</font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">27,517,480</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt">—</font></td>
<td style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt">Others</font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">1,010,257</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">1,472,802</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt">Total</font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">385,635,603</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt"> </font></td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
<font style="FONT-SIZE: 10pt">813,910,281</font></td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"><font style="FONT-SIZE: 10pt"> </font></td>
</tr>
</table>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Value-added tax deductable represented the
balance that the Group can utilize to deduct its value-added tax
liability within the next 12 months.</font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">As of
December 31, 2010 and 2011, all of the employee advances are
business related, interest-free, not collateralized and will be
repaid or settled within one year from the respective balance sheet
dates.</font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Deferred charges represented the tax effects of
unrealized profit derived from inter-company transactions which are
expected to be realized within the next 12
months.</font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Value-added tax refundable on export sales are
calculated at 17% for various products, of the Group's export sales
and will be refunded from tax authorities within the next 12
months.</font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt">Employee loans are interest-free, not
collateralized and the majority of which will be repaid or settled
within one year from the balance sheet date.</font></p>
</div>
<div style="FONT: 10pt Times New Roman, Times, Serif">
<table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 6pt" cellspacing="0" cellpadding="0">
<tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top">
<td style="WIDTH: 0in"></td>
<td style="TEXT-ALIGN: left; WIDTH: 0.25in"><font style="FONT-SIZE: 10pt"><b>14.</b></font></td>
<td style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt"><b>OTHER PAYABLES AND ACCRUALS</b></font></td>
</tr>
</table>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">Other
payables and accruals consisted of the following:</font></font></p>
<p style="TEXT-ALIGN: left; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<table style="WIDTH: 94%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="6">As of December 31,</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2010</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">
RMB</td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">
RMB</td>
<td style="FONT-WEIGHT: bold"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; WIDTH: 70%">Payables for purchase of
property, plant and equipment</td>
<td style="WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: right; WIDTH: 12%">268,668,526</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: right; WIDTH: 12%">498,254,803</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Government grants related to
assets</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">55,000,000</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">121,560,000</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Value-added tax and other tax
payable</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">52,895,118</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">88,654,952</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Freight payables</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">9,242,636</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">23,904,150</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Accrued utilities, rentals and
interest</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">14,812,022</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">14,148,324</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Payables to Zhejiang Global
Photovoltaic Technology Co., Ltd. (Note 26(c))</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">—</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">16,888,607</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Accrued warranty cost</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">33,432,852</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">11,101,709</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Commission payables</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">3,973,434</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">8,651,046</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left">Accrued professional service fees</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">8,502,170</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">6,031,954</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">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">
9,889,025</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
<td style="PADDING-BOTTOM: 1pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">
23,832,114</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">Total</td>
<td style="PADDING-BOTTOM: 2.5pt"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
456,415,783</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td>
<td style="PADDING-BOTTOM: 2.5pt"> </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right">
813,027,659</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td>
</tr>
</table>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font></p>
<p style="TEXT-ALIGN: justify; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">
<font style="FONT-SIZE: 10pt">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. Jiangxi
Jinko and Zhejiang Jinko were granted by the government for the
construction of solar power generation facilities under the
project. The grant recorded as liability for the year ended
December 31, 2010 and 2011 were RMB55 million and RMB121.6 million,
respectively, since the project has yet to complete. These grants
will be deducted to the carrying amount when the assets are ready
for use.</font></p>
</div>
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