false
--12-31
FY
2012
2012-12-31
20-F
0001481513
88758778
Yes
Non-accelerated Filer
2006-11-10
2009-11-25
2006-12-13
2009-12-24
2009-09-30
2010-06-13
2011-12-06
2010-12-01
2011-05-03
2010-04-01
2010-08-19
2011-06-07
2011-07-08
2011-09-12
2011-11-18
2011-12-07
2012-04-26
2012-07-30
JinkoSolar Holding Co., Ltd.
No
JKS
384500000
21100000
800000
9224859
11089584
63552991
10200958
208104089
209630940
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; WIDTH: 0.25in"><strong>7.</strong></td> <td style="COLOR: black; TEXT-ALIGN: left"><strong>ADVANCES TO SUPPLIERS</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Advances to suppliers under purchase contracts with term of less than 1 year</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 188,358,498</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 63,552,991</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Advances to suppliers under purchase contracts with term of more than 1 year</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 229,376,531</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </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> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Total</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 417,735, 029</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">63,552,991</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Advances to suppliers to be utilized beyond one year</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (209,630,940</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </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> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Advances to suppliers-current</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 208,104,089</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 63,552,991</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 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-FAMILY: Times New Roman, Times, Serif; COLOR: black">The Group's advance payments to suppliers with purchase contracts with term of more than one year were made to two major suppliers, Hoku Materials, Inc. ("Hoku"), a fully owned subsidiary of Hoku Corporation (formerly known as "Hoku Scientific, Inc.") and Wuxi ZhongCai Technologies Co., Ltd., ("Wuxi Zhongcai") respectively. The Group previously entered into long-term polysilicon supply agreements with each of Hoku and Wuxi Zhongcai. As a result of continuing significant decline in the polysilicon purchase price and the adverse developments in those suppliers' operations during 2012, including the suspension of their productions, the Group made full provision of RMB223,043,440 for the full outstanding balances of inventory purchase prepayment made to those two suppliers under long-term polysilicon supply contracts during the year ended December 31, 2012</font>.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2011 and 2012, advances to suppliers with term of less than 1 year mainly represent payments for procurement of recoverable silicon materials, virgin polysilicon and solar cells and the Group has delivery plan with the respective suppliers to receive the materials in the next twelve months.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
63552991
188358498
63552991
417735029
229376531
132120599
46723125
1.76
0.50
1.64
0.46
4075087
6546151
1050730
5558122
-126152136
-56894
-14397530
126152136
56894
14397530
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>al. Convenience translation</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 RMB6.2301 to US$1.00, the noon buying rate in effect on December 31, 2012, as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2012, or at any other rate.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
507674747
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>21.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>CONVERTIBLE SENIOR NOTES</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company issued USD 125 million of convertible senior notes on May 17, 2011 (the "Notes"). The Notes will mature on May 15, 2016. The interest rate is 4% per annum payable semi-annually, in arrears. No accrued interest to be paid on the Notes when they are converted.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Holders have the option to convert their Notes from the earlier of (i) when the registration statement of the Notes becomes effective and (ii) the first anniversary of the date on which the Notes are first issued, through to and including the business day prior to the maturity date into ADSs representing the ordinary shares initially at a conversion rate of 29.6307 ADSs per US$1,000 principal amount of Notes (equivalent to an initial conversion price of approximately US$33.75 per ADS).</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The conversion rate is subject to change on anti-dilution and upon certain fundamental changes. Fundamental changes are defined as 1) any "person" or "group" beneficially owns (directly or indirectly) 50% or more of the total voting power of all outstanding classes of Company's shares or has the power to elect a majority of the members of the board of directors; 2) Company consolidates with, or merge with or into, another person or the Company sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets, or any person consolidates with, or merges with or into, the Company; 3) Termination of trading of Company's ADSs; and 4) adoption of a plan relating to our liquidation or dissolution.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The holders have the option to require the Company to repurchase the Notes, in whole or in part, in the event of a fundamental change for an amount equal to the 100% of the principal amount and any accrued and unpaid interest in the event of fundamental changes. Management assessed that the likelihood of fundamental change is remote.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The holders will have the right to require the Company to repurchase for cash all or any portion of their notes on May 15, 2014 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> While the Notes remain outstanding, the Company or its subsidiaries will not create or permit to subsist any security upon its property, assets or revenues (present or future) to secure any international investment securities or to secure any guarantee of or indemnity of any international investment securities unless the obligations under the Notes and the indenture (a) are secured equally and ratably therewith, or (b) have the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by holders of a majority in aggregate principal amount of the Notes then outstanding.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has RMB as its functional currency, and the Notes are denominated in USD. As a result, the conversion feature is dual indexed to the Company's stock as well as the RMB and USD exchange rate, and is considered an embedded derivative which needs to be bifurcated from the host instrument in accordance with ASC 815.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> ASC 815-15-25 provides that if an entity has a hybrid financial instrument that would require bifurcation of embedded derivatives under ASC 815, the entity may irrevocably elect to initially and subsequently measure a hybrid financial instrument in its entirety at fair value with changes in fair value recognized in earnings. The fair value election can be made instrument by instrument and shall be supported by concurrent documentation or a preexisting documented policy for automatic election.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company elected to measure the Notes in their entirety at fair value with changes in fair value recognized as non-operating income or loss at each balance sheet date in accordance with ASC 815-15-25. Further, as the functional currency of the Company is RMB, the fair value of the Notes is translated into RMB at each balance sheet date with the difference being reported as exchange gain or loss. In addition, all issuance costs associated with the Notes offering has been expensed as incurred in the year ended December 31, 2011.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The estimated fair value of the Notes amounted to approximately RMB387,777,235 and RMB483,581,668 as of December 31, 2011 and 2012. In the year ended December 31, 2011 and 2012, the Company recorded foreign exchange gain of RMB21,567,522 and RMB1,047,241, gain from change in fair value of convertible senior notes of RMB398,030,217 and loss of RMB96,851,674, respectively (Note 27).</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As a result of the depressed market conditions, the Company repurchased Notes with face value of US$2 million or 1.6% of the Notes at approximately 41% of the face value as of December 31, 2011.There were no repurchase of Notes for the year ended December 31, 2012.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Capped Call Options</strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Concurrent with the Company's issuance of the Convertible Senior Notes on May 17, 2011, it entered into a capped call option transactions with an affiliate of the initial purchaser of the Notes. The capped call transaction was designed to reduce the potential dilution that would otherwise occur as a result of new ordinary share issuances upon conversion of the Notes and effectively increase the conversion price of the Notes for the Company to $48.21 per ADS from the actual conversion price to the Notes holders of $33.75 per ADS. The total premium paid by the Company for the capped call transactions was US$18 million. The purchaser of the Notes have the right to require us to repurchase for cash all or any portion of their notes on May 15, 2014 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company's functional currency is different from the denomination of the capped call. Therefore, in accordance with ASC 815, Derivatives and Hedging, the Company accounted for the capped call transactions as freestanding derivative assets in the consolidated balance sheets. The derivative is marked to market each reporting period utilizing the binomial model.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The fair value of capped call options was RMB16,408,445 and RMB16,131,208 as of December 31, 2011 and 2012. An amount of loss of RMB98,282,510 andRMB309,052 was recorded in change in fair value of capped call options for the year ended December 31,2011 and 2012 (Note 27).</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>v. Cost of revenue</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Costs of revenue for integration projects, include all direct material, labor, subcontractor cost, and those indirect costs related to contract performance, such as indirect labor, supplies and tools. The Group recognizes job material costs as incurred costs when the job materials have been installed. The Group considers job materials to be installed materials when they are permanently attached or fitted to the solar power systems as required by the engineering design.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
508524639
244000000
80000000
1
0.5
0.41
0.016
P6Y
P15Y
P3Y
56931594
11048442
-28557111
6726539
3131413
-3532006
-2920881
50487
4517852
329813147
69445609
203971
919670
1787252
45078092
5141460
825261
0.1
0.05
44.64
-69.52
-11.16
11.64
43.69
-69.52
-11.16
-4.92
0.016
-0.211
0.032
6740845
31815
1047241
23534284
8928354
17489306
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ac. Financial guarantees</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group issues guarantees in favor of certain third parties. A guarantee requires the issuer to make payments to reimburse the holder for a loss it incurs when a specified debtor fails to make repayments to the holder, when the debtor's liability to the holder falls due.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A guarantee is initially recognized at the estimated fair value in the Group's consolidated balance sheets unless it becomes probable that the Group will reimburse the holder of the guarantee for an amount higher than the carrying amount, in which case the guarantee is carried in the Group's consolidated balance sheets at the expected amount payable to the holder. The guarantee is derecognized when the Group's obligation to the holder expires.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
0.005
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ae. Government grants</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Government grants related to technology upgrades and enterprise development are recognized as subsidy income when received. For the years ended December 31, 2010, 2011 and 2012, the Group received financial subsidies of RMB15,696,641, RMB25,553,802 and RMB40,902,610 from the local PRC government authorities, respectively. These subsidies were non-recurring, not refundable and with no conditions, including none related to specific use or disposition of the funds, attached. Such amounts were recorded as subsidy income in the consolidated statements of operations. There are no defined rules and regulations to govern the criteria necessary for companies to enjoy such benefits and the amount of financial subsidy is determined at the discretion of the relevant government authorities.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Government grants related to assets are initially recorded as other payables and accruals which are then deducted from the carrying amount when the assets are ready for use. The Company received government grant related to assets of RMB55,000,000, RMB91,611,300 and RMB119,820,411during the years ended December 31, 2010, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
15696641
40902610
6565322
25553802
55000000
119820411
91611300
P3Y
70260894
4784595
252439360
-122844275
-19717866
-150636168
P70Y
P10Y
P50Y
P5Y
21160244
14614093
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; FONT-SIZE: 10pt; TEXT-ALIGN: left; WIDTH: 3%"> <strong>12.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; FONT-SIZE: 10pt; TEXT-ALIGN: justify; WIDTH: 96%"> <strong>LAND USE RIGHTS, NET</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Land use rights represent fees paid to the government to obtain the rights to use certain lands over periods of 50 or 70 years, as applicable, in the PRC.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Land use rights</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 382,657,019</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 386,909,459</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: accumulated amortization</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (14,614,093</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (21,160,244</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Land use rights, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 368,042,926</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 365,749,215</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Amortization expense was RMB4,075,087, RMB5,558,122 and RMB6,546,151 for the years ended December 31, 2010, 2011 and 2012, respectively. As of December 31, 2012, estimated amortization expense in each of the next five years is RMB6,740,845.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Certain land use rights are pledged as collateral for the Company's borrowings (Note 17).</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
386909459
382657019
365749215
58706797
368042926
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Land use rights represent fees paid to the government to obtain the rights to use certain lands over periods of 50 or 70 years, as applicable, in the PRC.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Land use rights</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 382,657,019</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 386,909,459</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: accumulated amortization</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (14,614,093</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (21,160,244</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Land use rights, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 368,042,926</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 365,749,215</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
1591650
2521000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; WIDTH: 0.25in"><strong>4.</strong></td> <td style="COLOR: black; TEXT-ALIGN: left"> <strong>REVENUES</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group's revenues for the respective periods are detailed as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Sales of solar modules</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 3,247,825,572</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 6,647,264,147</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 3,897,288,039</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales of silicon wafers</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">909,647,382</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">517,935,191</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">328,428,550</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales of solar cells</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">432,863,616</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">168,388,351</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">138,686,401</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Solar system integration projects</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">24,798,017</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">213,174,391</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales of silicon ingots</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">10,803,010</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">14,363,232</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,885,648</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales of recovered silicon materials</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6,365,978</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">270,406</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Processing service fees</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">53,715,143</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">5,836,528</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">213,427,948</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Revenue from generated electricity</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,607,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,654,854,723</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7,384,951,444</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,794,768,449</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group operates in a single business segment that includes the design, development, and manufacture of PV products, solar system integration projects 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 services and solar system integration projects in respective geographic locations:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Inside China (including Hong Kong and Taiwan)</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,600,001,420</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,281,483,521</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 2,179,670,146</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Outside China</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Germany</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,157,707,877</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,422,250,586</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,177,954,567</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Italy</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,130,191,372</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,846,512,600</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">382,077,005</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Spain</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">111,097,087</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">204,135,242</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">251,902,465</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Cyprus</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">304,723,650</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">138,312,812</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> USA</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">83,166,809</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">118,132,913</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">135,839,209</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> Rest of the world</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 572,690,158</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,207,712,932</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 529,012,245</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,654,854,723</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7,384,951,444</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,794,768,449</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>15.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 96%"> <strong>OTHER PAYABLES AND ACCRUALS</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Other payables and accruals consisted of the following:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Payables for purchase of property, plant and equipment</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 274,948,772</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 253,431,693</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Payables for project assets</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">223,306,031</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">184,623,149</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Government grants related to assets</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">121,560,000</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">181,160,000</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Value-added tax and other tax payable</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">88,654,952</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">26,545,382</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Freight payables</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">23,904,150</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">28,799,192</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued utilities, rentals and interest</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">14,148,324</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">35,204,650</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Payables to Zhejiang Global Photovoltaic Technology Co., Ltd. (Note 26(c))</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">16,888,607</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Contracted labor fee</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">11,719,622</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">19,593,436</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued warranty cost</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">11,101,709</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">21,179,367</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Commission payables</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">8,651,046</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,020,242</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued professional service fees</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6,031,954</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">13,844,655</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Others</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 12,112,492</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 50,991,380</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 813,027,659</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 817,393,146</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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. These grants will be deducted from the carrying amount when the assets are ready for use.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
2270876
364501
1094047
0.73
0.73
-116845750
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-235198641
37556165
7200
1156
115987700
6479850
12869033
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; WIDTH: 0.25in"><strong>9.</strong></td> <td style="COLOR: black; TEXT-ALIGN: left"><strong>PREPAYMENTS AND OTHER CURRENT ASSETS</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Prepayments and other current assets consisted of the following:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Value-added tax deductible</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 703,696,703</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 209,695,401</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepayment for share repurchase</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">31,924,842</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">25,963,848</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Employee advances</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">19,866,729</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">12,069,024</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid service fees</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">12,869,033</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6,479,850</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid rent and others</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">12,628,829</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,800,420</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Advances recoverable from supplier</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">11,089,584</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">9,224,859</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid insurance premium</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6,520,930</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">8,398,332</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid advertizing fee and sponsorship</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4,916,317</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">361,635</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepayment for income tax</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4,432,374</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6,390,847</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Employee loans</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,521,000</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,591,650</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Deposits for customs duty, rental and open bidding for solar projects.</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,579,159</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">46,450,079</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Deferred charges</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">391,979</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">910,065</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Receivable from insurance company</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">81,388,706</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Others</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,472,802</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,606,077</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 813,910,281</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 413,330,793</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Value-added tax deductible represented the balance that the Group can utilize to deduct its value-added tax liability within the next 12 months.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2011 and 2012, all of the employee advances were business related, interest-free, not collateralized and will be repaid or settled within one year from the respective balance sheet dates.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Receivable from insurance company represented the insurance compensation which the Group has claimed with the insurance company that insures the Group against customer credit default and the collection of receivable is reasonably assured.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
25963848
31924842
160861
25820
160861
25820
640000000
160000000
184623149
29634059
37306301
536391099
86096708
272504672
349485131
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>m. Project assets</em></strong></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 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-FAMILY: Times New Roman, Times, Serif">Project assets consist primarily of costs relating to construction of solar power plants at various stages of development. These costs include costs for land and costs for developing and constructing PV solar power plants. While the project assets are not constructed for any specific customers, the Group intends to sell the project assets upon their completion. Upon completion of development and connection of the solar power plants, income generated from connection to the grid is recognized as revenue and the project assets are amortized over the expected life of 20 years.</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has reclassified the 2011 balance of RMB 272,504,672 from Property, Plant and Equipment to conform to the current period presentation in the Consolidated Balance Sheet. These reclassifications had no impact on previous reported total non-current assets and total assets.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has reclassified the 2011 amount of RMB 235,198,641 from purchase of property, plant and equipment to construction of project assets to conform to the current period presentation in the Consolidated Statement of Cash Flows. The Group has separately presented the 2011 balance of RMB 37,306,301 from purchase of property, plant and equipment included in other payable to purchase of project assets included in other payable to conform to the current period presentation in the supplemental disclosure of non-cash investing and financing cash flow information section of the Consolidated Statement of Cash Flows. These reclassifications had no impact on previous reported net total cash used in investing activities.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
P20Y
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; WIDTH: 0.25in"><strong>11.</strong></td> <td style="COLOR: black; TEXT-ALIGN: left"><strong>PROJECT ASSETS</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2011 and 2012, the balances of project assets were RMB272,504,672 and RMB536,391,099, respectively. As of December 31,2011 and 2012, project assets with book value of nil and RMB 349,485,131 had been completed and connected to the grid. The revenue from connection to the grid for the years ended December 31, 2011 and 2012 is nil and RMB1,607,066, respectively.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
268668526
253431693
40678592
274599278
3080421654
3308401471
227073440
36447800
652937
150000000
750000000
81388706
13433242
17479734
13433242
17479734
0.125
0.125
0.125
P10Y
3131747833
0.37
0.002
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Advances to suppliers under purchase contracts with term of less than 1 year</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 188,358,498</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 63,552,991</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Advances to suppliers under purchase contracts with term of more than 1 year</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 229,376,531</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </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> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Total</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 417,735, 029</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">63,552,991</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Advances to suppliers to be utilized beyond one year</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (209,630,940</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </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> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Advances to suppliers-current</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 208,104,089</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 63,552,991</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 61%; COLOR: black">The aggregate amount of effect</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 132,120,599</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 46,723,125</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Per share effect-basic</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1.76</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.50</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Per share effect-diluted</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1.64</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.46</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Net operating losses</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 74%; COLOR: black">Provision for inventories, accounts receivable, other receivable</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 57,690,574</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 170,795,477</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Change in fair value of forward contracts</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(14,042,284</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(1,749,190</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued warranty costs</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,688,813</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4,952,344</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued interest</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6,529,370</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Other temporary differences</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 599,211</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (5,153,313</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Total deferred tax assets</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">45,936,314</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">175,374,688</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: Valuation allowance</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (45,936,314</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (175,374,688</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Net deferred tax assets-current</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </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> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 74%; COLOR: black">Net operating losses</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 13,970,679</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 91,384,912</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued warranty costs</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">12,485,470</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">25,690,397</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Increase in fair value of property, plant and equipment and land use rights arising from business combination</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(2,920,881</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(3,532,006</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Impairment of property, plant and equipment</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">598,075</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">10,744,006</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Provision for advance to suppliers to be utilized beyond one year</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">56,931,594</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Provision of prepayment for purchase of property, plant and equipment</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">11,048,442</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Pre-operating expenses of a subsidiary that are deductible in future periods</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">50,487</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Assets related government grant</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3,131,413</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6,726,539</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Timing difference for revenue recognition of retainage contract</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(28,557,111</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Other temporary differences</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 715,514</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (65,135</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Total deferred tax assets</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">28,030,757</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">227,485,860</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: Valuation allowance</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (28,030,757</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (227,485,860</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Deferred tax assets-non-current, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Other payables and accruals consisted of the following:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Payables for purchase of property, plant and equipment</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 274,948,772</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 253,431,693</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Payables for project assets</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">223,306,031</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">184,623,149</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Government grants related to assets</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">121,560,000</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">181,160,000</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Value-added tax and other tax payable</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">88,654,952</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">26,545,382</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Freight payables</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">23,904,150</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">28,799,192</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued utilities, rentals and interest</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">14,148,324</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">35,204,650</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Payables to Zhejiang Global Photovoltaic Technology Co., Ltd. (Note 26(c))</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">16,888,607</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Contracted labor fee</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">11,719,622</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">19,593,436</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued warranty cost</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">11,101,709</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">21,179,367</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Commission payables</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">8,651,046</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,020,242</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued professional service fees</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6,031,954</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">13,844,655</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Others</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 12,112,492</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 50,991,380</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 813,027,659</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 817,393,146</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group's revenues for the respective periods are detailed as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Sales of solar modules</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 3,247,825,572</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 6,647,264,147</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 3,897,288,039</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales of silicon wafers</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">909,647,382</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">517,935,191</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">328,428,550</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales of solar cells</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">432,863,616</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">168,388,351</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">138,686,401</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Solar system integration projects</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">24,798,017</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">213,174,391</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales of silicon ingots</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">10,803,010</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">14,363,232</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,885,648</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Sales of recovered silicon materials</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6,365,978</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">270,406</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Processing service fees</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">53,715,143</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">5,836,528</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">213,427,948</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Revenue from generated electricity</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,607,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,654,854,723</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7,384,951,444</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,794,768,449</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of non-vested shares activity under the share-based compensation plan is as follow:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td 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">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> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">(RMB/share)</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 70%; COLOR: black">Non-vested at January 1, 2012</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 6,988,848</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">7.59</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="COLOR: black">Granted</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">160,000</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">5.60</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black">Vested</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(1,877,440</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">8.29</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; COLOR: black">Forfeited</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (589,560</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 5.00</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">Non-vested at December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,681,848</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7.56</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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="PADDING-BOTTOM: 2.5pt; COLOR: black">Expected to vest as of December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,735,216</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7.64</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table sets forth information concerning the Company's major subsidiaries as of December 31, 2012:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap"><strong>Subsidiaries</strong></td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2" nowrap="nowrap"> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Date of Incorporation</strong></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>/Acquisition</strong></p> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap"> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Place of</strong></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Incorporation</strong></p> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2" nowrap="nowrap"><font style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"><strong> Percentage of</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"><strong> Ownership</strong></font></td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: bottom" colspan="2"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left; WIDTH: 45%"> JinkoSolar Technology Limited ("<em>Paker</em>")</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top; WIDTH: 20%"> November 10, 2006</td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top; WIDTH: 18%"> Hong Kong</td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top; WIDTH: 10%"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top; WIDTH: 1%"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar International Limited ("<em>JinkoSolar International</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> November 25, 2009</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Hong Kong</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jinko Solar Co., Ltd. ("<em>Jiangxi Jinko</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 13, 2006</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jinko Solar Import and Export Co., Ltd. ("<em>Jinko Import and Export</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 24, 2009</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Zhejiang Jinko Solar Co., Ltd.("<em>Zhejiang Jinko</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> September 30, 2009</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Zhejiang Jinko Trading Co., Ltd.("<em>Zhejiang Trading</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> June 13, 2010</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Delingha Ruiqida Solar Power Co., Ltd ("<em>Delingha Solar Power</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 6, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 88.7</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jiangxi Photovoltaic Materials Co., Ltd ("<em>Jiangxi Materials</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 1, 2010</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar (Switzerland) AG("<em>Jinko Switzerland</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> May 3, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Switzerland</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar GmbH ("<em>Jinko GmbH</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> April 1, 2010</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Germany</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar (U.S.) Inc. ("<em>Jinko US</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> August 19, 2010</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> USA</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar (US) Holdings Inc.("<em>Jinko US Holding</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> June 7, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> USA</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar Italy S.R.L. ("<em>Jinko Italy</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> July 8, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Italy</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar SAS ("<em>Jinko France</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> September 12, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> France</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jinko Solar Canada Co., Ltd ("<em>Jinko Canada"</em>)</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> November 18, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Canada</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jinko Solar Australia Holdings Co. Pty Ltd ("<em>Jinko Australia</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 7, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Australia</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Gansu Longchang Solar Power Co., Ltd. ("<em>Longchang</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> April26, 2012</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Hainanzhou Zhongnan Solar Electricity Co., Ltd. ("<em>Hainanzhou</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> July 30, 2012</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
7.64
P7Y
3735216
5
5
5
5
5
24
5
36
5
1
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>23.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>SHARE BASED COMPENSATION</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company adopted a long-term incentive plan (the "Plan") in July 2009 which was subsequently amended and restated. The Plan provides for the issuance of options of the Company's ordinary shares in the amount of up to 7,325,122. The options have a contractual life of seven years with the exception of certain options granted to an employee that can be exercised until October 1, 2013. From August 28, 2009 to September 15, 2009, options were granted to certain of the Company's administrative and management personnel to purchase in total 3,024,750 shares of the Company's ordinary shares at an exercise price of US$3.13 per share. On April 6, 2010, the exercise price of these share options was adjusted from US$3.13 per share to US$2.08 per share ("repricing"). The impact of this amendment of RMB5,132,052 was recognized during the year ended December 31, 2010 as a result of the IPO condition described below. The share options will generally vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel's service with the Company has not terminated prior to each such vesting date. For one employee, the share options will vest in a series of 36 successive equal monthly installments, on the last day of each month, commencing from October 1, 2008, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On September 28, 2011, the Company amended and restated the Plan to increase the maximum number of shares that may be issued under the Plan to 9,325,122.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On January 25, 2010, the Company granted to certain officers and employees options to purchase 726,250 ordinary shares of the Company at an exercise price of 85% of the initial public offering price per share. These options will vest in five successive equal annual installments on the last day of each year from January 25, 2010, provided that the personnel's service with the Company has not been terminated prior to each such vesting date. These share options were considered as not effectively granted until their exercise price was determined at US$2.08 on April 12, 2010.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> From April 12, 2010 to April 26, 2010, the Company granted additional options to purchase 785,480 ordinary shares at an exercise price of US$2.08 per share to certain administrative and management personnel. The share options will generally vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> No portion of any of the above granted share options, even vested, may be exercised prior to and within the 180-day period following an effective initial public offering as defined in the Plan. Given the exercise restriction, the recognition of share-based compensation expense was delayed. Such expense of RMB14,651,329 accumulated from grant date was recognized at the time of the Company's initial public offering on May 14, 2010.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On March 11, 2011, the Company granted to certain officers and employees options to purchase 300,000 ordinary shares of the Company at an exercise price of US$5.65 per share. The share options will vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On May 3, 2011, the Company granted to one officer options to purchase 100,000 ordinary shares of the Company at an exercise price of US$6.50 per share. The share options will vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On October 1, 2011, the Company granted to certain officers and employees options to purchase 4,180,000 and 32,000 ordinary shares of the Company at an exercise price of US$1.42 per share, with which the share options will vest in 5 and 1 successive equal annual installments on the last day of each year from the grant date, respectively, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On November 3, 2011, the Company granted to one officer options to purchase 1,120,000 ordinary shares of the Company at an exercise price of US$1.42 per share. The share options will vest in 24 successive equal monthly installments on the last day of each month from October 1, 2011, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On December 21, 2012, the Company granted to certain officers options to purchase 160,000 ordinary shares of the Company at an exercise price of US$1.42 per share. The share options will vest in 5 successive equal annual installments on the last day of each year from December 21, 2011 and February 1, 2012, provided that the personnel's service with the Company has not terminated prior to each such vesting date.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of activity under the share-based compensation plan is as follow:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Number of<br /> option<br /> outstanding</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Weighted-Average<br /> Exercise Price</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Weighted-Average<br /> Remaining<br /> Contractual Term</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Aggregate<br /> Intrinsic value</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">(US$/share)</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">(in years)</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">(Rmb)</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.125in; WIDTH: 40%; COLOR: black">Balance as of January 1, 2012</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 8,540,384</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">1.80</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%"> </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%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.125in; COLOR: black">Granted</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">160,000</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1.42</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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="PADDING-LEFT: 0.125in; COLOR: black">Exercise</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(18,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1.42</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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="PADDING-LEFT: 0.125in; COLOR: black">Forfeited</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(621,330</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1.51</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0.125in; COLOR: black"> Balance as of December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 8,061,054</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1.81</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4.7</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,936,172</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">Vested and expected to vest as of December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7,114,422</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1.82</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4.5</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,344,962</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">Vested and exercisable as of December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,379,206</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1.87</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3.8</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,145,040</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The aggregate intrinsic value is calculated as the difference between the market value of ordinary, US$1.55 per share as of December 31, 2012 and the exercise prices of the options.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Total intrinsic value of options exercised for the years ended December 31, 2010, 2011 and 2012 were RMB2,938,203, nil and RMB14,454, respectively. The weighted average grant date fair value of options granted during the years ended December 31, 2010, 2011 and 2012 was RMB16.85, RMB6.91 and RMB5.6 per share, respectively. The total fair value of options vested during the years ended December 31, 2010, 2011 and 2012 was RMB9,363,356, RMB9,558,119 and RMB14,784,850.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of non-vested shares activity under the share-based compensation plan is as follow:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td 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">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> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">(RMB/share)</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 70%; COLOR: black">Non-vested at January 1, 2012</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 6,988,848</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">7.59</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="COLOR: black">Granted</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">160,000</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">5.60</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black">Vested</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(1,877,440</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">8.29</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; COLOR: black">Forfeited</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (589,560</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 5.00</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">Non-vested at December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,681,848</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7.56</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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="PADDING-BOTTOM: 2.5pt; COLOR: black">Expected to vest as of December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,735,216</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7.64</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The total fair value of shares vested <font style="COLOR: black">for the years ended December 31, 2010, 2011 and 2012 were RMB23,534,284, RMB17,489,306 and RMB8,928,354, respectively.</font></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The share-based compensation expense for the year ended December 31, 2012 was recorded in the respective items:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; 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: 85%; COLOR: black">Costs of revenues</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 947,428</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Selling expenses</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,128,245</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> General and administrative expenses</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 14,267,437</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 17,343,110</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, the Company had unrecognized share-based compensation expense RMB14,995,972 related to non-vested share options. That deferred cost is expected to be recognized over a weighted-average period of 3.40 years. For the year ended December 31, 2012, total cash received from the exercise of share options is nil.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The fair value of option grant during the year ended December 31, 2012 is estimated on the date of grant using Black-Scholes model with the following assumptions for options granted to employees:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; 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: 85%; COLOR: black">Risk-free interest rate</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">0.78</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Expected term</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4.8</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Expected dividend yield</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0</td> <td style="TEXT-ALIGN: left; COLOR: black">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Expected volatility</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">80</td> <td style="TEXT-ALIGN: left; COLOR: black">%</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Fair value per option at grant date (RMB)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">5.60</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The risk-free interest rate is based on the China government bond yield denominated in US$ for a term consistent with the expected life of the awards in effect at the time of grant.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The expected term is based on the contractual term of the option and expected employee exercise and post-vesting employment termination behavior. Currently, it is based on the simplified approach.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has no history or expectation of paying dividends on its ordinary shares.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company chose to use the historical volatility and implied volatility of a basket of comparable publicly-traded companies for a period equal to the expected term preceding the grant date.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>22.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>REPURCHASE OF ORDINARY SHARES</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On May 6, 2011, the Board of Directors approved a share repurchase program to repurchase up to US$30 million of its outstanding ADS of the Company from time to time over the next 12 months, depending on market conditions, share price and other factors, as well as subject to the memorandum and articles of association of the Company, the relevant rules under United States securities laws and regulations and the relevant stock exchange rules. The share repurchases may be made on the open market, in block trades or otherwise and is expected to include derivative transactions. The program may be suspended or discontinued at any time.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the year ended December 31, 2011, 1,222,600 outstanding American Depositary Shares ("ADSs") (4,890,400 shares) were repurchased for full retirement with a total consideration of RMB48,503,352. Additional paid-in capital was reduced by RMB48,502,683. As of December 31, 2011, 257,230 ADSs (1,028,920 shares) were repurchased but have not been retired with a total consideration of RMB8,354,423 which is shown as treasury stock.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the year ended December 31, 2012, 173,570 outstanding ADSs" (694,280 shares) were repurchased with a total consideration of RMB5,521,130, which is shown as treasury stock. As of December 31, 2012, 430,800 ADSs (1,723,200 shares) were repurchased but have not been retired with a total consideration of RMB13,875,553 which is shown as treasury stock.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
5521130
886202
5521130
886202
2245630796
360448596
2200032066
P25Y
P5Y
P10Y
P2Y
0.2
0.1
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ag. Statutory reserves</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Zhejiang Jinko, as sino-foreign owned joint venture incorporated in the PRC, is required to make appropriations of net profits, after recovery of accumulated deficit, to (i) a general reserve fund, (ii) an enterprise expansion fund, and (iii) a staff bonus and welfare fund prior to distribution of dividends to investors. These reserve funds are set at certain percentage of after-tax profit determined in accordance with PRC accounting standards and regulations (the "PRC GAAP"). The percentage of net profit for appropriation to these funds is at the discretion of their board of directors.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Jiangxi Jinko, as a wholly foreign owned enterprise incorporated in the PRC, is required on an annual basis to make appropriations of net profits, after the recovery of accumulated deficit, to a general reserve fund and a staff bonus and welfare fund. These reserve funds are set at certain percentage of after-tax profit determined in accordance with the PRC GAAP. The percentage of the appropriation for general reserve fund is at least 10%, and the percentage of the appropriation for staff bonus and welfare fund is at the discretion of its boards of directors.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Except for the aforementioned subsidiaries, the Company's other subsidiaries, as domestic enterprises incorporated in the PRC, are required on an annual basis to make an appropriation of net profits, after the recovery of accumulated deficit, to a statutory reserve fund. The statutory reserve fund is set at the percentage of not lower than 10% of the after-tax profit determined in accordance with the PRC GAAP.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Once the level of the general reserve fund and the statutory reserve fund reach 50% of the registered capital of the underlying entities, further appropriations to these funds are discretionary. The Group's statutory reserves can only be used for specific purposes of enterprises expansion and staff bonus and welfare, and are not distributable to the shareholders except in the event of liquidation. Appropriations to these funds are accounted for as transfers from retained earnings to the statutory reserves.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> During the years ended December 31, 2010, 2011 and 2012, the Group made total appropriations to these statutory reserves of RMB126,152,136, RMB14,397,530 and RMB56,894, respectively.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
23340000
3187
368561458
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1.5
0.67
175000000
225000000
200000000
250000000
275000000
325000000
250000000
300000000
450000000
100000000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>af. Repurchase of share</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> When the Company's shares are purchased for retirement, the excess of the purchase price over its par value is recorded entirely to additional paid-in capital subject to the limitation of the additional paid in capital when the shares were originally issued. When the Company's shares are acquired for purposes other than retirement, the purchase price is shown separately as treasury stock.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
10
0.17
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236395
37944
-134611
236395
37944
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1524728796
244735846
1507224827
1524728796
244735846
1507224827
24128751
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17343110
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17343110
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">At beginning of year</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 2,800,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 378,888</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 179,746,165</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Addition</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">8,534,372</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">184,990,129</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">541,662,539</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Write-off</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(10,764,771</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(24,140</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Reversal</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (190,713</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (5,598,712</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (47,737,259</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> At end of year</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 378,888</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 179,746,165</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 673,671,445</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
93200000
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378888
2800000
8534372
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184990129
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500000
250000
40128
500000
58219
764312
122681
223926
8372320321
1343850071
9176399341
1917306710
307748946
3353980066
3985609158
639734380
4608473740
575507944
92375394
634232987
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>a. Basis of presentation and use of estimates</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company's consolidated financial statements include allowance for doubtful receivables, provision for inventories and advances to suppliers, impairment of long-lived assets, the economic useful lives of property, plant and equipment and intangible assets, assumptions used in purchase price allocation, assumptions used to measure impairment of goodwill, property, plant and equipment, project assets 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, and the assessment of going concern assumption as discussed below.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has negative working capital at December 31, 2012. Management believes that the Company<font style="FONT-FAMILY: Times New Roman, Times, Serif">'</font>s current cash position as of December 31, 2012, the cash expected to be generated from operations and funds available from borrowings under the bank quotas will be sufficient to meet the Company<font style="FONT-FAMILY: Times New Roman, Times, Serif">'</font>s working capital and capital expenditure requirements for at least the next twelve months from December 31, 2012. However, given that certain bank borrowings and bonds are due within the near term future (Note 16 and Note 17), and possible exercise of the put option of the convertible senior notes on May 14, 2014 (Note 21), 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.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Additional funds may not be available on terms favourable 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 including the put option on May 15, 2014 and repay short term borrowings and other liabilities as those become due for at least the next twelve months from December 31, 2012, 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="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>q. Business combination</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 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="COLOR: black">The</font> Group <font style="COLOR: black">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</font> Group <font style="COLOR: black">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.</font></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
279130015
44803457
433850961
69637881
521204802
152479597
2260713
362869
17279974
2773627
9084131
368725205
-154720946
-24834424
-87353841
9084131
-15019261
-2410758
8195843
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>d. Cash and cash equivalents</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>e. Restricted cash</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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> <!--EndFragment--></div> </div>
382800000
461700000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>26.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>COMMITMENTS AND CONTINGENCIES</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>(a) Operating lease commitments</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> From January 1, 2008, Jiangxi Jinko leased buildings and land use rights from Desun, under a non-cancelable operating lease expiring in January 2018. In addition, the Group also leased office buildings for its offices under non-cancelable operating lease from third parties.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Future minimum obligations for operating leases are as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 70%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Year ending December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; WIDTH: 85%; COLOR: black"> 2013</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 9,997,574</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; COLOR: black"> 2014</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">7,956,089</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; COLOR: black"> 2015</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,674,185</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; COLOR: black"> 2016</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,809,349</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; COLOR: black"> 2017</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,637,673</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 10pt; COLOR: black"> Years thereafter</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,388,202</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </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> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 10pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 25,463,072</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Rental expense under all operating leases were RMB4,455,490, RMB5,493,427 and RMB8,588,661 for the years ended December 31, 2010, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>(b) Capital commitments</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 or for construction of solar power plants. The Group's total future payments under these purchase agreements amounted to RMB282.1 million as of December 31, 2012.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>(c) Contingencies</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In the opinion of management, as confirmed by its legal counsel, as of December 31, 2012, 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="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On December 20, 2010, Zhejiang Global Photovoltaic Technology Co., Ltd., or Zhejiang Global, one of our customers, filed an action in Shaoxing People's Court, Zhejiang Province against Zhejiang Jinko for the late delivery of products and claimed late charges of RMB14 million and the return of advances paid by Zhejiang Global to Zhejiang Jinko of RMB5 million. 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. On February 9, 2012, Zhejiang Jinko made a payment of RMB17.2 million (US$2.8 million) as damages to Zhejiang Global in compliance with the court judgment..</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 Zhejiang High People's Court, Zhejiang Province. On July 10, 2012, Zhejiang High People's Court upheld the judgment of the lower court.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In October 2011, the Group sued Cixi Boneng Photovoltaic Electronic Technology Co., Ltd. ("Boneng"), one of our suppliers, for a breach of contract for damages of RMB29.0 million. In February 2012, Boneng countersued us seeking to recover RMB24.4 million of outstanding payments under the supply contract. In July 2012, the Group settled the cases and made a settlement payment of RMB6 million to Boneng and recorded the reversal of the remaining accrual of RMB17.4 million as income.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In November 2011, the Group sued Henan Zhaoge New Energy Company ("Zhaoge"), a polysilicon supplier with which the Group had entered into a strategic cooperation agreement for our purchase of silicon. The Group sought to recover RMB7.0 million, a portion of the prepayment that the Group made to Zhaoge for our purchase. Zhaoge initiated a countersuit against us. In June 2012, the Group settled the case with Zhaoge, who agreed to provide us with 10 tonnes of silicon and RMB1.0 million. The Group made provisions for RMB4.03 million for the loss of the balance of our prepayment.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 or the Individual Defendants, and the underwriters of our initial public offering in May 2010. 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 and Section 10(b) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, by making material misstatements or failing to disclose material information regarding, among other things, JinkoSolar's compliance with environmental regulations at its Haining facility. The complaint also asserts claims against the Individual Defendants for control person liability under Section 15 of the Securities Act and Section 20(a) of the Exchange Act. The complaint seeks, among other things, certification of the putative class, unspecified compensatory damages (including interest), and costs and expenses incurred in the action. On March 19, 2012, the court entered an order appointing lead plaintiffs in the U.S. Securities Action.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 1, 2012, the court-appointed lead plaintiffs filed an amended complaint (the "Amended Complaint") asserting similar allegations and the same causes of action as in the original complaint and naming one additional underwriter as a defendant. On August 1, 2012, JinkoSolar filed a motion to dismiss the amended complaint, as did Stephen Markscheid, who was the only Individual Defendant to have been served in the action. On the same date, the underwriter defendants filed a joinder to JinkoSolar's motion to dismiss. On January 22, 2013, the court issued a Memorandum and Order granting JinkoSolar's and Stephen Markscheid's motions to dismiss in their entirety and dismissing the Amended Complaint as against all defendants. The Court entered judgment in favor of defendants on the same date. On February 19, 2013, lead plaintiffs filed a notice of appeal with respect to the court's January 22, 2013 Memorandum and Order and Judgment. Lead plaintiffs' appeal is currently pending in the United States Court of Appeals for the Second Circuit<font style="COLOR: black">.</font> The Company is unable to reliably estimate the probability of the case and the range of any exposure if any.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In July 2008, the Group entered into a long-term supply agreement with Wuxi Zhongcai, a producer of virgin polysilicon materials. The Group provided a prepayment of RMB95.6 million pursuant to such contract. Wuxi Zhongcai subsequently halted production as a result of the adverse changes in the polysilicon market. In February 2013, the Group sued Wuxi Zhongcai in Shangrao City Intermediate People's Court for the refund of the outstanding balance of our prepayment of RMB93.2 million after deducting delivery made to us by an affiliate of Wuxi Zhongcai. In January 2013, the Group notified Wuxi Zhongcai to terminate our long-term supply agreement. In February 2013, Wuxi Zhongcai sued us in Shanghai Pudong New Area People's Court for approximately RMB2.7 million for breaching the contract by failing to make allegedly required payments. The Group considered the recovery of the RMB93.2 million unlikely as a result of the polysilicon market conditions, the mutually alleged claims and the adverse developments in the operations of Wuxi Zhongcai and recorded provisions of RMB93.2 million for the balance of our prepayment to Wuxi Zhongcai. As of the date of this report, these suits are still pending. The Company is unable to reliably estimate the probability of the case and the range of any exposure if any.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In March 2012, COGIP S.p.A., or COGIP, one of our customers, initiated arbitration proceedings in the Chinese European Arbitration Centre for approximately EUR20.4 million for damages allegedly relating to the late delivery of modules and defects in our products. The Group responded to the arbitration summons on April 18, 2012 and raised a counterclaim for the outstanding portion of the purchase price of EUR23,310,000.00 plus liquidated damages of 0.5% of this amount per week since March 6, 2012. As of December 31, 2012, the Group have made provision of RMB126 million for the accounts receivable from COGIP. On April 24, 2013, the Group reached a settlement agreement with COGIP, pursuant to which COGIP agreed to pay EUR14 million to us in three installments to settle all claims.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>(d) Guarantees</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On June 13, 2009, Jiangxi Jinko entered into a loan agreement with Shangrao Heji Investment Co., Ltd. ("Heji"), in the principal amount of RMB100 million with a term of three years. Of this amount, RMB nil was outstanding as of December 31, 2011. In consideration of this loan agreement, Heji required Jiangxi Jinko to enter into a guarantee agreement with Jiangxi International Trust Co., Ltd. ("JITCL") on May 31, 2009 for Heji's payment obligations under its separate trust loan agreement with JITCL ("JITCL Loan Agreement"), under which JITCL extended a loan to Heji in the principal amount of RMB50 million for a term of three years. In the event that Heji fails to perform its obligations under the JITCL Loan Agreement or otherwise defaults thereunder, Jiangxi Jinko will become liable for Heji's obligations under the JITCL Loan Agreement. The Company recorded a guarantee liability of RMB1.5 million as of December 31, 2010 and reclassified to short term liability as of December 31, 2011. Corresponding deferred financing cost was recorded and amortized over the period of Jiangxi Jinko's long-term borrowing. Jiangxi Jinko has fully repaid the entrusted loans in July 2011. During 2012, Heji repaid the loan and Jiangxi Jinko was released from its obligations.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ab. Commitments and Contingencies</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ak. Other comprehensive income/(loss)</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>25.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 96%"> <strong>CERTAIN RISKS AND CONCENTRATION</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>a) Concentrations of credit risk</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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, 2011 and 2012, substantially all of the Group's cash were held by major financial institutions located in the PRC.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group is also exposed to the credit and financial risks of its suppliers to which the Group made advances. The Group's financial condition and results of operations may be materially affected if the suppliers fail to meet their obligations of supplying silicon materials according to the contractually agreed schedules.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>b) Foreign currency risk</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has contracts for the purchases of materials and equipment which are denominated in foreign currencies, including US Dollars, Swiss Francs and Euros. For the year ended December 31, 2012, 55% of the Group's revenues are dominated in foreign currencies, including US Dollars, Euros, Australian Dollars, Canadian Dollars and South African Rand. Renminbi, the functional currency of the Group, is not freely convertible into foreign currencies.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>c) Major customers</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group performs ongoing credit evaluations of its customers' financial condition whenever deemed necessary and generally does not require collateral. The Group maintains an allowance for doubtful accounts based upon the expected collectability of all accounts receivable, which takes into consideration an analysis of historical bad debts, specific customer creditworthiness and current economic trends.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table summarizes the percentage of the Company's revenue over 10% of total revenue for the years ended December 31, 2010, 2011 and 2012, and accounts receivable represented by customers with balances over 10% of accounts receivables as of December 31, 2011 and 2012, respectively:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="10" nowrap="nowrap">Revenue</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="10" nowrap="nowrap">Year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap"> </td> <td style="COLOR: black" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap"> </td> <td style="COLOR: black" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Company A</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">5</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">%</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%">16</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="6" nowrap="nowrap">Accounts receivable</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="6" nowrap="nowrap">December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap"> </td> <td style="COLOR: black" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Company B</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">14</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">%</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Company C</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">11</td> <td style="TEXT-ALIGN: left; COLOR: black">%</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
0.55
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>30.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The separate condensed financial statements of the Company as presented below have been prepared in accordance with Securities and Exchange Commission Regulation S-X Rule 5-04 and Rule 12-04 and present the Company's investments in its subsidiaries under the equity method of accounting. Such investment is presented on separate condensed balance sheets of the Company as "Investments in subsidiaries " and the Company's shares of the profit or loss of subsidiaries are presented as "Share of (loss) / income from subsidiaries" in the statements of operations.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company did not have any significant commitment, long term obligation, or guarantees as of December 31, 2011 and 2012.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Condensed statements of operations:</strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 8pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="14"><strong>Year ended December 31,</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" colspan="2"><strong>2010</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" colspan="2"><strong>2011</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" colspan="2"><strong>2012</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>2012</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>RMB</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>RMB</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>RMB</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>USD</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left" colspan="2"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left" colspan="2"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left" colspan="2"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>(Note 2 (aj))</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 47%"> Net revenues</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 8pt"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; WIDTH: 10%"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 8pt"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; WIDTH: 10%"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 8pt"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; WIDTH: 10%"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 8pt"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; WIDTH: 11%"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Cost of revenues</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Gross profit</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>Total operating expenses</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(5,867,589</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(7,319,613</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(8,459,461</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(1,357,838</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>Loss from operations</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(5,867,589</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(7,319,613</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(8,459,461</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(1, 357,838</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Convertible senior notes issuance costs</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (24,463,052</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Share of income /(loss) from subsidiaries and affiliates</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 884,060,266</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 26,457,224</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (1,405,807,872</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (225,647,722</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Interest income/(expense), net</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 1,342</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (19,844,874</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (31,043,624</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (4,982,847</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Exchange gain/(loss)</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 291,950</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (1,204,936</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 49,615</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 7,964</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Other expense</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 3,332,320</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (29,637</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Change in fair value of embedded derivative</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 54,938</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Change in fair value of convertible senior notes and capped call option</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 299,747,707</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (97,160,726</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (15,595,372</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>Income before income tax expenses</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right"> <strong>881,873,227</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right"> <strong>273,342,819</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right"> <strong>(1,542,422,068</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(247,575,815</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Income tax expenses</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> <strong>Net income for the year</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>881,873,227</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>273,342,819</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(1,542,422,068</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(247,575,815</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> <strong>)</strong></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Series A Redeemable Convertible Preferred Shares accretion</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (13,433,242</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Series B Redeemable Convertible Preferred Shares accretion</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (17,479,734</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Allocation to preferred shareholders</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (15,156,606</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>835,803,645</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>273,342,819</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>(1,542,422,068</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>(247,575,815</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>)</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Condensed balance sheets:</strong></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">December 31, 2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">USD</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">(Note 2 (aj))</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black; FONT-WEIGHT: bold">ASSETS</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> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; 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%; COLOR: black"> Cash and cash equivalents</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 17,279,974</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 2,260,713</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 362,869</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Due from subsidiaries</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">583,271,399</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">545,695,322</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">87,590,139</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Other current assets</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 33,681,614</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 27,551,909</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 4,422,386</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Total current assets</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 634,232,987</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 575,507,944</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 92,375,394</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Investments in subsidiaries</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,703,338,634</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,325,667,558</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">212,784,315</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Capped call option</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 16,408,445</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 16,131,208</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 2,589,237</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Total assets</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 3,353,980,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 1,917,306,710</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 307,748,946</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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="COLOR: black; 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; COLOR: black; 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; COLOR: black">Due to subsidiaries</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">65,331,777</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">61,197,969</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">9,822,952</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Other current liabilities</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 5,680,539</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 7,404,779</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,188,549</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Total current liabilities</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 71,012,316</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 68,602,748</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 11,011,501</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 387,777,235</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 483,581,668</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 77,620,210</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> Total liabilities</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 458,789,551</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 552,184,416</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 88,631,711</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; 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="PADDING-LEFT: 9pt; COLOR: black">Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 89,435,058 and 88,758,778 shares issued and outstanding as of December 31, 2011and 2012, respectively)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">13,200</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">13,202</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,119</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Additional paid-in capital</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,507,224,827</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,524,728,796</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">244,735,846</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Treasury stock, at cost; 1,028,920 and 1,723,200 shares of ordinary shares as of December 31, 2011 and 2012, respectively</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(8,354,423</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(13,875,553</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(2,227,180</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Retained earnings/(accumulated losses)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,396,441,522</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black; FONT-SIZE: 10pt; TEXT-ALIGN: right"> 145,980,546</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black"><font style="COLOR: black; FONT-SIZE: 10pt">23,431,494</font> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Accumulated other comprehensive loss</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (134,611</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 236,395</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 37,944</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> Total Shareholders' Equity</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 2,895,190,515</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 1,365,122,294</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 219,117,235</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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; COLOR: black; FONT-WEIGHT: bold"> Total liabilities and shareholders' equity</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 3,353,980,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 1,917,306,710</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 307,748,946</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The balance due from subsidiaries represented the expenses paid on behalf by the Company for its subsidiaries.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Other current assets mainly represented the prepaid insurance premium, prepaid rent and other miscellaneous expenses.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The balance due to subsidiaries represented the professional service fees paid by Jiangxi Jinko.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Other current liabilities represented accrual for unpaid professional service fees.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has long term obligations arising from the issuance of Convertible Senior Notes (See Note 21 of the notes to the consolidated financial statements).</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt -0.5in; FONT: 10pt Times New Roman, Times, Serif"> <strong>Condensed statements of cash flows:</strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="14" nowrap="nowrap">For the years ended</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">USD</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">(Note 2 (al))</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; 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%; COLOR: black">Net income</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 881,873,227</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 273,342,819</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> (1,542,422,068</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> (247,575,815</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Change in fair value of embedded derivatives</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(54,938</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Change in fair value of convertible senior notes</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(398,030,217</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">96,851,674</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">15,545,766</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Change in fair value of capped call option</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">98,282,510</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">309,052</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">49,606</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Share of (income)/loss from subsidiaries</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(884,060,266</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(26,457,224</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,405,807,872</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">225,647,722</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Exchange (gain)/loss</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(291,950</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,204,936</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(49,615</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(7,964</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Changes in operating assets and liabilities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> (Increase)/decrease in due from subsidiaries</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(1,662,280</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(571,729,995</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">27,696,952</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4,445,668</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Decrease/(increase) in other current assets</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,795,634</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,567,600</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">769,436</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">123,503</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Increase in due to a subsidiary</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">16,417,507</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">44,435,210</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(4,133,808</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(663,522</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> (Decrease)/increase in other current liabilities</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (886,756</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (19,959,953</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 647,916</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 104,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Net cash from/(used in) operating activities</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 14,130,178</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (596,344,314</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (14,522,589</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (2,331,036</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; 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; COLOR: black; 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: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> Investments in subsidiaries</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (821,266,865</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (543,555</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (87,247</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; COLOR: black; FONT-WEIGHT: bold"> Net cash used in investing activities</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (821,266,865</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (543,555</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; 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"> (87,247</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"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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; COLOR: black; 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: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Proceeds from issuance of ordinary shares</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">814,286,284</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Proceeds from exercise of share options</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,076,090</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3,759,081</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Proceeds from issuance of convertible senior notes</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">812,525,000</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Repurchase of convertible senior notes</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(5,222,773</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Cash paid for capped call option</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(117,003,600</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Prepayment for share repurchase</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(31,924,842</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> Repurchase of common stock</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (56,857,774</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Net cash provided by financing activities</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 816,362,374</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 605,275,092</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Effect of foreign exchange rate changes on cash</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (141,556</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (734,935</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 46,883</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 7,525</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Net increase in cash</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">9,084,131</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">8,195,843</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(15,019,261</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(2,410,758</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> Cash and cash equivalents, beginning of year</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 9,084,131</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 17,279,974</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 2,773,627</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Cash and cash equivalents, end of year</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 9,084,131</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 17,279,974</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 2,260,713</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 362,869</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Supplemental disclosure of non-cash investing and financing cash flow information</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 48%; COLOR: black"> Shares repurchase utilized prepayment made in prior year</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 5,521,130</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 886,202</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Proceeds from exercise of share options received in subsequent year</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">160,861</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">25,820</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>b. Consolidation</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the Company's majority-owned subsidiaries, non-controlling interests is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has revised the statement of cash flows for 2011 to correct the classification of a RMB 31,924,842 cash outflow related to prepayment for share repurchases from operating activities to financing activities. The impact of the revision was not material to the previously reported net total cash flows from operating activities and net total cash flows from financing activities.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>17.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 96%"> <strong>BORROWINGS</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>(a) Short-term borrowings</em></strong></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Short-term bank borrowings</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,808,032,066</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,917,630,796</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Long-term bank borrowings-current portion (Note 17 (b))</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 392,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 328,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total short-term borrowings</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 2,200,032,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 2,245,630,796</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The short-term bank borrowings outstanding as of December 31, 2011 and 2012 carried a weighted average interest rate of 5.38% and 5.41% 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Included in the balance of short-term bank borrowings as of December 31, 2012 were borrowings of RMB22,749,052 and RMB28,731,021 which are denominated and repayable in EURO and USD, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Jiangxi Jinko had short-term bank borrowings of RMB134,991,426 which were only credit loans. As of December 31, 2012, Jiangxi I&E had short-term bank borrowings of RMB142,335,543 which were credit loans, including RMB49,855,701 which was guaranteed by Jiangxi Jinko. As of December 31, 2012, Zhejiang Jinko had short-term bank borrowings of RMB190,091,005 which were credit loans, including RMB170,091,005 was also guaranteed by Jiangxi Jinko and 20,000,000 was collateralized on certain land use rights. The net book value of the land use right under collaterals were RMB36,360,880.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Jiangxi Jinko had short-term bank borrowings of RMB30,000,000 which was collateralized on Jiangxi Jinko's fixed deposit of RMB30,000,000. As of December 31, 2012, Zhejiang Jinko had short-term bank borrowing of RMB36,500,000 which was collateralized on Zhejiang Jinko's fixed deposit of RMB40,300,000.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Jiangxi Jinko had short-term bank borrowings of RMB304,400,000 which were collateralized on certain land use rights, plants, equipments, including RMB70,000,000 which was guaranteed by the Shareholders, and RMB23,000,000 which was also guaranteed by the Shareholders and Zhejiang Jinko (Notes 24). The net book value of the land use rights, plant and equipments under collaterals were RMB141,339,404, RMB95,798,430 and RMB388,138,496 respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Jiangxi Jinko had short-term bank borrowings of RMB140,000,000 which were collateralized on Jiangxi Jinko's inventories of RMB319,953,046. Included in these borrowings was RMB50,000,000 guaranteed by the Shareholders and Zhejiang Jinko (Notes 24).</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, 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 and Zhejiang Jinko (Note 24).</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Jiangxi I&E had short-term bank borrowings of RMB92,051,818 which are collateralized on Jiangxi Jinko's certain equipments. The net book values of these assets under collaterals were RMB92,969,587 as of December 31, 2012 and were guaranteed by Shareholders and Jiangxi Jinko.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012 Jiangxi Jinko had short-term bank borrowings of RMB169,977,821 which was guaranteed by the Shareholders, including RMB119,977,821 was also guaranteed by Zhejiang Jinko. As of December 31, 2012 Jiangxi I&E had short-term bank borrowing of RMB86,225,000 which was guaranteed by the Shareholders, including RMB6,225,000 guaranteed by Jiangxi Jinko, RMB80,000,000 guaranteed by Zhejiang Jinko. As of December 31,2012, Zhejiang Jinko had short-term bank borrowings of RMB163,000,000 which was guaranteed by Jiangxi Jinko, including 80,000,000 was also guaranteed by the third-party.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Zhejiang Jinko had short-term bank borrowings of RMB25,000,000 which are collateralized on its certain equipments and guaranteed by Jiangxi Jinko. The net book values of these assets under collaterals were RMB95,977,919 as of December 31, 2012.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Zhejiang Jinko had short-term bank borrowings of RMB178,000,000 which are collateralized on its land use rights, plants and certain equipments. The net book values of these assets under collaterals were RMB 42,742,315, 108,925,069, and RMB 888,135,724, respectively, as of December 31, 2012.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Jiangxi Jinko had short-term borrowings of RMB196,418,183from Jiangxi Heji Investment Co., Ltd. which are interest free and without definite repayment term.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, Jiangxi Materials had short-term borrowings of RMB11,640,000fromShangrao Hexing Co., Ltd. which are interest free and without definite repayment term.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Subsequent to December 31, 2012, the Company obtained additional short-term bank borrowings of RMB1,172,000,590, and repaid short-term bank borrowings of RMB1,060,710,938. 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.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>(b) Long-term borrowings</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Long-term bank borrowings</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 547,750,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 495,000,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Less: Current portion</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(392,000,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(328,000,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Deferred financing cost (Note 26(d))</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (250,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total long-term borrowings</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 155,500,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 167,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Future principal repayments on the long-term borrowings are as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 75%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Year ending December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; WIDTH: 85%; COLOR: black"> 2013</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 328,000,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 10pt; COLOR: black"> 2014</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 167,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 10pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 495,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In February2012, Jiangxi Jinko obtained a bank borrowing of RMB50,000,000 which is repayable in February 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 6.98% as of December 31, 2012. Interest is payable monthly. The borrowing was collateralized on Jiangxi Jinko's equipments on net book value of RMB171,333,024 as of December 31, 2012.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2012, Jiangxi Jinko obtained a bank borrowing of RMB90,000,000 which was due in June 2014. The borrowing carries a variable interest rate that is determined semi-annually with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.72% as of December 31, 2012. Interest is payable monthly. The borrowing was collateralized on Jiangxi Jinko's plants on net book value of RMB134,640,918, as of December 31, 2012.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In December 2012, Jiangxi Jinko obtained a bank borrowing of RMB27,000,000 which was due in December 2014. The borrowing carries a variable interest rate that is determined semi-annually with reference to the prevailing base lending rate set by PBOC. The effective interest rate of the borrowing was 6.46% as of December 31, 2012. Interest is payable monthly. The borrowing was collateralized on Jiangxi Jinko's land use right with net book value of RMB99, 923,017 as of December 31, 2012.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In September 2011, Jiangxi Jinko obtained a bank borrowing of RMB13,000,000 which was repayable in installments from February 2013 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 6.4% as of December 31, 2012. Interest is payable quarterly. The borrowing was only credit loan.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In March 2010, Zhejiang Jinko obtained a bank borrowing of RMB10,000,000 which was due 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 6.65% as of December 31, 2012. Interest is repayable monthly. The borrowing was collateralized on Zhejiang Jinko's equipments with net book value of RMB81,425,922 as of December 31, 2012. In additions to the collaterals, the borrowing is guaranteed by Jiangxi Jinko.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 6.65% as of December 31, 2012. Interest is repayable monthly. The borrowing was collateralized on Zhejiang Jinko's equipments with net book value of RMB81,425,922 as of December 31, 2012. In additions to the collaterals, the borrowing is guaranteed by Jiangxi Jinko.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 270,000,000 from a group of PRC banks of which are repayable in installments from June 2013 to 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 rates of the borrowings are at the range of 6.15% to 6.65% as of December 31, 2012. Interest is repayable monthly. The borrowing was collateralized on Zhejiang Jinko's land use rights, plants and certain equipments with net book value of RMB 42,742,315, RMB108,925,069 and RMB 888,135,724, respectively, as of December 31, 2012. In additions to the collaterals, the borrowing is guaranteed by Jiangxi Jinko.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2011, Zhejiang Jinko obtained a bank borrowing of RMB 25,000,000 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, 2012 Interest is repayable monthly. The borrowing was guaranteed by Jiangxi Jinko as of December 31, 2012.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Subsequent to December 31, 2012, the Company obtained additional long-term bank borrowings of RMB360,000,000 and repaid long-term bank borrowings of RMB28,000,000. 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.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
33.75
48.21
29.6307
800000000
300000000
300000000
400000000
300000000
125000000
360000000
50000000
90000000
27000000
10000000
10000000
270000000
25000000
13000000
monthly
monthly
monthly
monthly
monthly
monthly
quarterly
monthly
0.0698
0.0672
0.0646
0.0665
0.0665
0.064
0.064
0.0665
0.0615
0.0528
0.056
0.065
0.063
0.04
0.0899
At the end of the third year in the life of the bonds, the Group has the option to raise the interest rate by up to 100 basis points, and the bondholders will have the right to require the Company to repurchase all or part of their bonds, at such time.
2013-01-29
2011-05-17
2013-03-19
2012-02-29
2012-06-30
2012-12-31
2010-03-31
2010-05-31
2011-04-30
2011-06-30
2011-09-30
2019-01-29
2016-05-15
2014-02-28
2014-06-30
2014-12-31
2013-03-31
2013-05-31
2013-12-31
2013-12-31
2014-08-31
2000000
30154071
24463052
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>g. Notes receivable and payable</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group accepts bank acceptance notes from customers in China in the normal course of business. The Group may discount these notes with banks in China or endorse these notes with its suppliers to clear its accounts payable. Notes that have been discounted with banks or endorsed with suppliers are derecognized from the consolidated balance sheets when the criteria for sale treatment are met.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Notes receivable and payable are typically non-interest bearing and have maturities of less than six months.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
3.13
2.08
2.08
2.08
5.65
6.50
1.42
1.42
1.42
1.42
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Prepayments and other current assets consisted of the following:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Value-added tax deductible</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 703,696,703</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 209,695,401</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepayment for share repurchase</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">31,924,842</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">25,963,848</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Employee advances</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">19,866,729</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">12,069,024</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid service fees</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">12,869,033</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6,479,850</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid rent and others</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">12,628,829</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,800,420</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Advances recoverable from supplier</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">11,089,584</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">9,224,859</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid insurance premium</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6,520,930</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">8,398,332</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid advertizing fee and sponsorship</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4,916,317</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">361,635</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepayment for income tax</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4,432,374</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6,390,847</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Employee loans</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,521,000</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,591,650</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Deposits for customs duty, rental and open bidding for solar projects.</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,579,159</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">46,450,079</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Deferred charges</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">391,979</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">910,065</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Receivable from insurance company</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">81,388,706</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Others</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,472,802</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,606,077</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 813,910,281</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 413,330,793</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
910065
391979
250000
8110198
-518086
-83159
4209187
-1749190
-14042284
175374688
45936314
227485860
28030757
91384912
13970679
-5153313
599211
-65135
715514
10744006
598075
170795477
57690574
6529370
4952344
1688813
25690397
12485470
-175374688
-45936314
-227485860
-28030757
402860548
73967071
6308714
1994833
46450079
1579159
96751960
323152636
51869574
263846113
16131208
16408445
12930159
64954682
16131208
16408445
12930159
64954982
16131208
16408445
12930159
2075434
64954682
16131208
2589237
16408445
16131208
2589237
16408445
18000000
98039341
-9043079
-1451514
36604889
54938
-97160726
-15595372
299747707
98039341
-9043079
36604889
54938
-96851674
398030217
-309052
-98282510
98094279
-106203805
336352596
5490630
5524497
5490630
5524497
5490630
881307
5524497
46069582
19855810
-21567522
-398030217
12069024
19866729
5840380
937446
691242
111371748
31701412
2161345
1094047
32316121
36981892
11.16
-17.38
-2.79
2.91
10.92
-17.38
-2.79
-1.23
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ai. Earnings(Loss) per share</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Basic earnings(loss) per share is computed by dividing net income(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings(loss) per share is calculated by dividing net income(loss) attributable to ordinary shareholders, as adjusted for the change in income or loss as result from the assumed conversion of those participating securities, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary share equivalents consist of the ordinary shares issuable upon the conversion of the convertible senior notes (using the if-converted method) and ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method). Potential dilutive securities are not included in the calculation of dilutive earnings per share if the effect is anti-dilutive.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>18.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 96%"> <strong>EARNINGS/(LOSS) PER SHARE</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Basic earnings/(loss) per share and diluted earnings/(loss) per share have been calculated as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> 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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 881,873,227</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 273,342,819</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (1,542,422,068</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Series A Redeemable Convertible Preferred Shares accretion</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(13,433,242</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Series B Redeemable Convertible Preferred Shares accretion</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(17,479,734</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Allocation to preferred shareholders</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (15,156,606</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Net income / (loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders-Basic</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">835,803,645</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">273,342,819</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(1,542,422,068</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of Preferred Shares</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">46,069,582</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of convertible senior notes interest</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">19,855,810</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of exchange gain on convertible senior notes</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(21,567,522</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Dilutive effect of change in fair value of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (398,030,217</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Net income / (loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders-Diluted</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">881,873,227</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(126,399,110</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(1,542,422,068</td> <td style="TEXT-ALIGN: left; COLOR: black">)</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; COLOR: black; FONT-WEIGHT: bold"> 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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Denominator for basic calculation-weighted average number of ordinary shares outstanding</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">74,896,543</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">93,966,535</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">88,752,706</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of share options</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,131,653</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,367,900</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of preferred shares</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4,719,884</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Dilutive effect of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 7,352,536</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Denominator for diluted calculation-weighted average number of ordinary shares outstanding</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">80,748,080</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">102,686,971</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">88,752,706</td> <td style="TEXT-ALIGN: left; COLOR: black"> </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; COLOR: black">Basic earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">11.16</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2.91</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(17.38</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Diluted earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">10.92</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(1.23</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(17.38</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2010, there were no anti-dilutive securities.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2011 and 2012, the 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 because of their anti-dilutive effect.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2012, the Company was in the loss situation, therefore the convertible bonds and share options were not included in the computation of diluted EPS because of its anti-dilutive effect.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>r. Investments in affiliates</em></strong></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 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="COLOR: black">The</font> Group <font style="COLOR: black">holds equity investments in affiliates for which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. These investments are accounted for under equity method of accounting wherein the</font> Group <font style="COLOR: black">records its' proportionate share of the investees' income or loss in its consolidated financial statements.</font></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Investments are evaluated for impairment when facts or circumstances indicate that the fair value of the investment is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Group reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2011 and 2012, 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:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="14" nowrap="nowrap">Fair Value Measurements at Reporting Date Using</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">Description</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">Balance as of<br /> December 31,<br /> 2011</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">Quote Prices in<br /> Active market for<br /> Identical Assets<br /> (Level 1)</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">Significant<br /> Other<br /> Observable<br /> Inputs (Level 2)</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">Significant<br /> Unobservable<br /> Inputs (Level 3)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 40%; COLOR: black">Foreign exchange forward contracts</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 64,954,682</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 64,954,682</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Capped call options</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">16,408,445</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">16,408,445</td> <td style="TEXT-ALIGN: left; COLOR: black"> </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; COLOR: black">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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Foreign exchange forward contracts</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">5,524,497</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">5,524,497</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Convertible senior notes</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">387,777,235</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">387,777,235</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="14" nowrap="nowrap">Fair Value Measurements at Reporting Date Using</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">Description</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Balance as of<br /> December 31,<br /> 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Quote Prices in<br /> Active market for<br /> Identical Assets<br /> (Level 1)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Significant<br /> Other<br /> Observable<br /> Inputs (Level 2)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Significant<br /> Unobservable<br /> Inputs (Level 3)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 40%; COLOR: black">Foreign exchange forward contracts</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 12,930,159</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 12,930,159</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Capped call options</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">16,131,208</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">16,131,208</td> <td style="TEXT-ALIGN: left; COLOR: black"> </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; COLOR: black">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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Foreign exchange forward contracts</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">5,490,630</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">5,490,630</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Convertible senior notes</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">483,581,668</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">483,581,668</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of changes in Level 3 fair value of convertible senior notes for the year ended December 31, 2012 was as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; 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: 85%; COLOR: black">Balance at January 1, 2012</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 387,777,235</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Foreign exchange gain</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(1,047,241</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Change in fair value of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 96,851,674</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Balance at December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 483,581,668</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of changes in Level 3 fair value of Capped call options for the year ended December 31, 2012 was as follows:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; 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: 85%; COLOR: black">Balance at January 1, 2012</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 16,408,445</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Foreign exchange gain</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">31,815</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Change in fair value of capped call options</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (309,052</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Balance at December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 16,131,208</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
33.75
33.75
0
0
0.8756
1.1222
0.0047
0.0072
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>27.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>FAIR VALUE MEASUREMENTS</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A hierarchy is established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. As such, fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. The hierarchy is broken down into three levels based on the reliability of inputs as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs other than the quoted price in active markets that are observable either directly or indirectly, or quoted prices in less active markets; and (Level 3) unobservable inputs with respect to which there is little or no market data, which require the Company to develop its own assumptions.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Derivative Liabilities</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On a recurring basis, the Company measures the 2010 Performance Adjustment Derivative Liabilities (Note 20) 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.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Fair value change in forward contracts</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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$384.5 million, EUR21.1 million and AUD0.8 million as of December 31, 2012. 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.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Convertible Senior Notes and Capped Call Options</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 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="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> publicly traded and t<font style="COLOR: black">he trading of the Notes is considered inactive. Management is responsible for determining these fair values and assessing a number of factors. Both capped call options and the Notes are valued using the Binominal Tree option pricing model. The valuation involves complex and subjective judgments as well as the Company's best estimates on the valuation date. The main inputs to this model include underlying share price, expected share volatility, expected dividend yield, risk free interest rate etc.</font></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt -0.5in; FONT: 10pt Times New Roman, Times, Serif"> <strong>Recurring change in fair value</strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of December 31, 2011 and 2012, 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:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="14" nowrap="nowrap">Fair Value Measurements at Reporting Date Using</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">Description</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">Balance as of<br /> December 31,<br /> 2011</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">Quote Prices in<br /> Active market for<br /> Identical Assets<br /> (Level 1)</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">Significant<br /> Other<br /> Observable<br /> Inputs (Level 2)</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">Significant<br /> Unobservable<br /> Inputs (Level 3)</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 40%; COLOR: black">Foreign exchange forward contracts</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 64,954,682</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 64,954,682</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Capped call options</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">16,408,445</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">16,408,445</td> <td style="TEXT-ALIGN: left; COLOR: black"> </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; COLOR: black">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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Foreign exchange forward contracts</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">5,524,497</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">5,524,497</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Convertible senior notes</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">387,777,235</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">387,777,235</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="14" nowrap="nowrap">Fair Value Measurements at Reporting Date Using</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap">Description</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Balance as of<br /> December 31,<br /> 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Quote Prices in<br /> Active market for<br /> Identical Assets<br /> (Level 1)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Significant<br /> Other<br /> Observable<br /> Inputs (Level 2)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Significant<br /> Unobservable<br /> Inputs (Level 3)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 40%; COLOR: black">Foreign exchange forward contracts</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 12,930,159</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 12,930,159</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Capped call options</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">16,131,208</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">16,131,208</td> <td style="TEXT-ALIGN: left; COLOR: black"> </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; COLOR: black">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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Foreign exchange forward contracts</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">5,490,630</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">5,490,630</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Convertible senior notes</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">483,581,668</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">483,581,668</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group's foreign exchange forward contracts are not traded on an exchange, the Group values them using valuation models. The valuation of these contracts used interest rate yield curves and foreign exchange rates as the significant inputs in the valuation models. These inputs are observable in active markets over the terms of the instruments the Group holds.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 valuation)</strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of changes in Level 3 fair value of convertible senior notes for the year ended December 31, 2012 was as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; 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: 85%; COLOR: black">Balance at January 1, 2012</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 387,777,235</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Foreign exchange gain</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(1,047,241</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Change in fair value of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 96,851,674</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Balance at December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 483,581,668</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of changes in Level 3 fair value of Capped call options for the year ended December 31, 2012 was as follows:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; 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: 85%; COLOR: black">Balance at January 1, 2012</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 16,408,445</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Foreign exchange gain</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">31,815</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Change in fair value of capped call options</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (309,052</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Balance at December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 16,131,208</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of the assumptions used in the valuation of convertible senior notes and Capped call options was as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Fair value of ADS</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> US$ 5.00</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> US$ 6.21</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Strike Price</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> US$ 33.75</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> US$ 33.75</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Risk Free Interest Rate</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%">0.72</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%">0.47</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dividend Yield</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Standard Volatility</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">112.22</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">87.56</td> <td style="TEXT-ALIGN: left">%</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt -0.5in; FONT: 10pt Times New Roman, Times, Serif"> <strong>Change in fair value of derivatives</strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Change in fair value of derivatives recognized in earnings was as follows:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Foreign exchange forward contracts</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 98,039,341</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 36,604,889</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (9,043,079</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Embedded derivatives</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">54,938</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Convertible senior notes</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">398,030,217</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(96,851,674</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Capped call options</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (98,282,510</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (309,052</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 98,094,279</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 336,352,596</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (106,203,805</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Non-recurring change in fair value</strong></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>As of December 31, 2011</strong></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT: bold 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center" colspan="16"><strong>Fair Value Measurements at Reporting Date Using</strong></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; WIDTH: 30%; FONT: bold 10pt Times New Roman, Times, Serif; COLOR: black"> Description</td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Balance as of</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>December 31,</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>2011</strong></font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Quote Prices in</strong></font><br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Active market for</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Identical Assets</strong></font><br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>(Level 1)</strong></font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Significant</strong></font><br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Other</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Observable</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Inputs (Level 2)</strong></font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Significant</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Unobservable</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Inputs (Level 3)</strong></font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>Total</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif"><strong>(losses)</strong></font></td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> Goodwill</td> <td style="FONT: 10pt Times New Roman, Times, Serif"> </td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> </td> <td style="TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif"> -</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif"> </td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> </td> <td style="TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif"> -</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif"> </td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> </td> <td style="TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif"> -</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> </td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> </td> <td style="TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif"> </td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> RMB45,645,832</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The goodwill relating to the acquisition of Zhejiang Jinko has been fully impaired of RMB45,645,832 (Note 3).</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>As of December 31, 2012</strong></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td> <td style="PADDING-BOTTOM: 1pt; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT: bold 10pt Times New Roman, Times, Serif" colspan="16">Fair Value Measurements at Reporting Date Using</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="PADDING-BOTTOM: 1pt; WIDTH: 30%; FONT: bold 10pt Times New Roman, Times, Serif; COLOR: black"> Description</td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> Balance as of<br /> December 31,<br /> 2012</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> Quote Prices in<br /> Active market for<br /> Identical Assets<br /> (Level 1)</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> Significant<br /> Other<br /> Observable<br /> Inputs (Level 2)</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> Significant<br /> Unobservable<br /> Inputs (Level 3)</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 2%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 10%; FONT: bold 10pt Times New Roman, Times, Serif"> Total<br /> (losses)</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%; FONT: bold 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> Long-lived assets</td> <td style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> </td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> </td> <td style="TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> RMB4,232,012,975</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td> <td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td> <td style="FONT-SIZE: 10pt"> </td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td> <td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td> <td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> </td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> </td> <td style="TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> RMB4,232,012,975</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif; COLOR: black"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif"> </td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> </td> <td style="TEXT-ALIGN: right; FONT: 10pt Times New Roman, Times, Serif"> RMB65,476,299</td> <td style="TEXT-ALIGN: left; FONT: 10pt Times New Roman, Times, Serif"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The long-lived assets represent property, plant and equipment for production of cell production line that had become obsolete (Note 10).</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of FASB Codification Subtopic 360-10, long-lived assets held and used with a carrying amount of RMB65,476,299 were written down to their fair value of RMB 0, resulting in an impairment charge of RMB65,476,299, which was calculated based on Level 3 Inputs and included in earnings for the period.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
-309052
16131208
16408445
-96851674
483581668
387777235
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ad. Fair value of financial instruments</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). A hierarchy is established for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value shall maximize the use of observable inputs.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> When available, the Company measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. Pricing information the Company obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Company generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and the Company's evaluation of those factors changes. Although the Company uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Company's consolidated assets, liabilities, equity and net income.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 liabilities and convertible senior notes.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company elects to classify the cash flows related to realized gain or loss on settlement of foreign exchange forward contracts as operating activities, which are based on the nature of the cash flows the derivative is economically hedging.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
96851674
398030217
1054522
286275
833930
570784
682373
780427
832747
1274392
1347193
6153728
2595474
6.2301
-10143414
-36472691
-5854271
-138994253
291950
49615
7964
-1204936
1047241
21567522
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>c. Foreign currency translation</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group's reporting currency is the Renminbi ("RMB"), the official currency in the PRC. The Company and certain subsidiaries use RMB as their functional currency. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates quoted by the People's Bank of China (the "PBOC") prevailing at the dates of the transactions. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations. Monetary assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the applicable balance sheet dates. All such exchange gains or losses are included in exchange loss in the consolidated statements of operations.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For consolidation purpose, the financial statements of the Company's subsidiaries whose functional currencies are other than the RMB are translated into RMB using exchange rates quoted by PBOC. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses and gains and losses are translated using the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of in accumulated other comprehensive income in the consolidated statement of comprehensive income/ (loss).</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 RMB461.7 million and RMB382.8million as of December 31, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
29000000
7000000
93200000
23310000.00
60058
-1739587
-5061124
-812366
-2488103
17400000
-4030000
160649128
760807250
122117984
419291812
45645832
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>p. Goodwill</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Goodwill represents the excess of (i) the aggregate of (a) the consideration transferred measured in accordance with ASC 805, which generally requires acquisition-date fair value; (b) the fair value of any noncontrolling interests in the acquiree; and (c) in a business combination achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree. If the consideration transferred is less than the fair value of the net assets acquired, the difference is recognized as a gain directly in the consolidated statement of operations. In a business combination, any acquired intangible assets that do not meet separate recognition criteria as specified in ASC 805 are recognized as goodwill.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. In December of each year, the Company tests impairment of goodwill at the reporting unit level and recognizes impairment in the event that the carrying value exceeds the fair value of each reporting unit. The Company performs a two-step goodwill impairment test. The first step, identifying potential impairment, compares the fair values of each reporting unit to its carrying amount, including goodwill. If the carrying value of the reporting unit exceeds its fair value, the second step would need to be conducted; otherwise, no further steps are necessary as no potential impairment exists. The second step, measuring the impairment loss, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Any excess of the reporting unit goodwill carrying value over the respective implied value is recognized as an impairment loss.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> An impairment loss of nil, RMB45,645,832 and nil was recorded for the years ended December 31,2010, 2011 and 2012, respectively. See Note 3. "Goodwill" to the Company's consolidated financial statements for additional information on the Company's goodwill impairment tests.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>o. Intangible assets</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="COLOR: black; TEXT-ALIGN: left; WIDTH: 0.25in"> <strong>3.</strong></td> <td style="COLOR: black; TEXT-ALIGN: justify"> <strong>GOODWILL</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2009, the Company acquired 100% equity interest in Zhejiang Jinko for a total consideration of approximately RMB100 million. The acquisition was consummated on June 30, 2009. Consequently, the Company consolidated the financial statements of Zhejiang Jinko starting from June 30, 2009. Zhejiang Jinko was established in August 2006 and is a manufacturer of solar cells. This acquisition allows the Company to expand its business to manufacturing of solar cells.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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. 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
45645832
45645832
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1500000
1500000
17000000
50000000
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65476299
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>s. Impairment of long-lived assets</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 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="COLOR: black">The</font> Group<font style="COLOR: black">'s long-lived assets include property, plant and equipment, project assets and other intangible assets with finite lives. The</font> Group<font style="COLOR: black">'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.</font></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amount of an asset may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets and significant negative industry or economic trends. The Group may recognize impairment of long-lived assets in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to these assets. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss, if any, is recognized for the difference between the fair value of the asset and its carrying value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses. .</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; WIDTH: 0.25in"><strong>5.</strong></td> <td style="COLOR: black; TEXT-ALIGN: left"> <strong>TAXATION</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company and its subsidiaries file separate income tax returns.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Cayman Islands</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Under the current laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, upon any payment of dividends by the Company, no Cayman Islands withholding tax is imposed.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>People's Republic of China</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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, 2012and 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 RMB450,780,918 and the amount of the unrecognized deferred tax liability on the permanently reinvested earnings was RMB45,078,092 as of December 31, 2012.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Hong Kong</em></strong></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company's subsidiaries established in Hong Kong, Paker and JinkoSolar International, are subject to Hong Kong profit tax at a rate of 16.5% on its assessable profit.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>European Countries</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Jinko Switzerland is incorporated in Switzerland and according to its current business model where it employs limited staff and generates income exclusively from trading activities conducted outside Switzerland, is subject to a combined federal, cantonal and communal tax rate of 8.62% in 2012.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Jinko GMBH is incorporated in Germany and is subject to Germany profit tax rate of approximately 33% on the assessable profit.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Jinko Italy is incorporated in Italy and is subject to corporate income tax at 31.4%.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Jinko France is incorporated in France and is subject to corporate income tax at 33.33%.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>United States</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Both Jinko US and Jinko US Holding are incorporated in Delaware, the United States. Jinko US and Jinko US Holding do not conduct any business in Delaware, thus, they are not subject to Delaware State income tax. Jinko US conducts business in California. It is subject to a progressive federal corporate income tax from 15% to 35% and California state income tax of 8.84%, which is deductible for federal income tax purpose.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Canada</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Jinko Canada is incorporated in Canada and is subject to a federal corporate income tax of 15% and provinces and territories income tax of 11%.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Australia</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Jinko Australia is incorporated in Australia and is subject to corporate income tax at 30%.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Composition of Income Tax Expense</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Income/(loss) before income taxes for the years ended December 31, 2010, 2011 and 2012 were taxed within the following jurisdictions:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Cayman Islands</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (2,187,039</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 246,885,595</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%">(136,614,196</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">PRC</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,032,571,112</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">127,032,230</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,191,217,775</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Other countries</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (2,380,452</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (19,519,201</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (224,901,695</td> <td style="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; COLOR: black"> Income/(Loss) before income taxes</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1,028,003,621</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 354,398,624</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (1,552,733,666</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">)</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the year ended December 31, 2011 and 2012, the earnings (losses) attributed to Cayman Islands was mainly due to the fair value gain (loss) from convertible senior notes and capped call options.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The current and deferred positions of income tax expense included in the consolidated statement of operations for the years ended December 31, 2010, 2011 and 2012 are as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Current income tax (expense)/benefit</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 55%; COLOR: black"> PRC</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (138,020,196</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (76,792,019</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 7,561,393</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> Other countries</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (71,536</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 838,169</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Total current income tax expense/benefit</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(138,020,196</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(76,863,555</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">8,399,562</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Deferred PRC tax (expense)/benefit</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (8,110,198</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (4,209,187</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 518,086</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Income tax benefit/(expense)</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (146,130,394</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (81,072,742</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 8,917,648</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Reconciliation of the differences between statutory tax rate and the effective tax rate</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Reconciliation between the statutory CIT rate and the Company's effective tax rate is as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">Year Ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">%</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">%</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">%</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 61%; COLOR: black">Statutory CIT rate</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">25</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">25</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">(25</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Effect of permanent differences:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Share-based compensation expenses</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.6</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.7</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.3</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Change in fair value of convertible senior notes and capped call options</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(21.1</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1.6</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Goodwill impairment</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3.2</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Accrued payroll and welfare expenses</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.9</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4.4</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.8</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Change of enact tax rate</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(7.5</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Effect of prior year tax difference (1)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(0.6</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Other non-deductible expenses</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">5.6</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.8</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Difference in tax rate of a subsidiary outside the PRC</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.0</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(0.9</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.9</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Effect of tax holiday for subsidiaries</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(12.9</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(13.2</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6.9</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Change in valuation allowance</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 0.6</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 19.1</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 21.2</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Effective CIT rate</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 14.2</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 22.8</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (0.6</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> (1) The Company recorded an out-of-period adjustment of RMB12,146,071 resulting from income tax filing difference for two PRC entities, which should have been recorded in the year ended December 31, 2011. The originating amount in 2011 was not material to the 2011 consolidated financial statements, nor was the out of period adjustment recorded in 2012 material to the 2012 consolidated financial statements.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>The aggregate amount and per share effect of reduction of CIT for certain PRC subsidiaries as a result of tax holidays are as follows:</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 61%; COLOR: black">The aggregate amount of effect</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 132,120,599</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 46,723,125</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Per share effect-basic</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1.76</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.50</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Per share effect-diluted</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1.64</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.46</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Significant components of deferred tax assets-current</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Net operating losses</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 74%; COLOR: black">Provision for inventories, accounts receivable, other receivable</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 57,690,574</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 170,795,477</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Change in fair value of forward contracts</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(14,042,284</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(1,749,190</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued warranty costs</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,688,813</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4,952,344</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued interest</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6,529,370</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Other temporary differences</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 599,211</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (5,153,313</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Total deferred tax assets</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">45,936,314</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">175,374,688</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: Valuation allowance</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (45,936,314</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (175,374,688</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Net deferred tax assets-current</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Significant components of deferred tax assets-non-current</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </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> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 74%; COLOR: black">Net operating losses</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 13,970,679</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 91,384,912</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Accrued warranty costs</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">12,485,470</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">25,690,397</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Increase in fair value of property, plant and equipment and land use rights arising from business combination</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(2,920,881</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(3,532,006</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Impairment of property, plant and equipment</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">598,075</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">10,744,006</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Provision for advance to suppliers to be utilized beyond one year</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">56,931,594</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Provision of prepayment for purchase of property, plant and equipment</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">11,048,442</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Pre-operating expenses of a subsidiary that are deductible in future periods</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">50,487</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Assets related government grant</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3,131,413</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6,726,539</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Timing difference for revenue recognition of retainage contract</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(28,557,111</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Other temporary differences</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 715,514</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (65,135</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Total deferred tax assets</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">28,030,757</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">227,485,860</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: Valuation allowance</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (28,030,757</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (227,485,860</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Deferred tax assets-non-current, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Movement of valuation allowances</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">At beginning of year</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (1,994,833</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (6,308,714</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (73,967,071</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Current year additions</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(4,517,852</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(69,445,609</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(329,813,147</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Reversal of valuation allowances</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 203,971</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,787,252</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 919,670</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> At end of year</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (6,308,714</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (73,967,071</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (402,860,548</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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, 2011 and 2012, valuation allowances of RMB73,967,071 and RMB402,860,548 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.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
59968864
26447159
4245062
140611920
146130394
-8917648
-1431381
81072742
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>aa. Income Taxes</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The accounting for uncertain tax positions requires that the Company recognizes in the consolidated financial statements the impact of an uncertain tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group's policy is to recognize, if any, tax related interest as interest expenses and penalties as general and administrative expenses. For periods presented, the Group did not have any interest and penalties associated with uncertain tax positions in the year ended December 31, 2010, 2011 and 2012 as there were no uncertain tax positions.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
12146071
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991337723
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25056512
16417507
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44435210
373984543
897969098
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1340304800
1662280
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571729995
92200131
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128400891
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61864602
29738283
4773324
79793458
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299747707
309052
98282510
18200000
54938
83807971
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398030217
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603924606
62224526
9987725
180222899
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17279630
161928786
66006025
10594698
260642981
886756
647916
104000
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57573276
9241148
31341556
399444
5149138
826494
291798
282504242
-395021362
-63405300
426961717
-2795634
-769436
-123503
-2567600
222538376
35248372
5657754
-159941605
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>13.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 96%"> <strong>INTANGIBLE ASSETS, NET</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Intangible assets and their related amortization are as follow:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black"> Trademark</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,347,193</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,274,392</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Computer software</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,595,474</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6,153,728</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: accumulated amortization</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (286,275</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (1,054,522</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Intangible assets, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,656,392</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 6,373,598</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Amortization expense was RMB58,219, RMB223,926 and RMB764,312 for the years ended December 31, 2010, 2011 and 2012, respectively. Amortization expense for each of the next five years will be approximately RMB833,930, RMB832,747, RMB780,427, RMB682,373 and RMB570,784, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>n. Land use rights</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Land use rights represent fees paid to obtain the right to use land in the PRC. Amortization is computed using the straight-line method over the terms specified in land use right certificates of 50 years or 70 years, as applicable.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
6373598
1023033
3656392
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>l. Interest Capitalization</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 Group capitalizes interest on amounts expended on the project at the Group's weighted average cost of borrowed money. Interest expense capitalized for the years ended December 31, 2010, 2011 and 2012 were RMB2,147,440, RMB3,505,464 and RMB7,507,649, respectively.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
2147440
7507649
3505464
-64268374
-221719806
-35588483
-182502237
1342
-31043624
-4982847
-19844874
63880195
223163459
35820205
202038731
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"> </td> <td style="COLOR: black; WIDTH: 0.25in"><strong>8.</strong></td> <td style="COLOR: black; TEXT-ALIGN: left"> <strong>INVENTORIES</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Inventories consisted of the following:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Raw materials</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 85,429,622</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 80,712,251</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Work-in-progress</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">161,793,585</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">92,719,649</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Finished goods</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 550,852,122</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 354,530,478</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 798,075,329</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 527,962,378</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Write-down of the carrying amount of inventory to its estimated market value was RMB29,602,473, RMB201,662,101 and RMB332,337,477 for the years ended December 31, 2010, 2011 and 2012, 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 17).</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
354530478
550852122
527962378
84743805
798075329
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>j. Inventories</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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. Certain factors could impact the realizable value of inventory, so the Group continually evaluates the recoverability based on assumptions about customer demand and market conditions. The evaluation may take into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, and other factors. The reserve or write-down is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact the Group's gross margin and operating results. If actual market conditions are more favorable, the Group may have higher gross margin when products that have been previously reserved or written down are eventually sold. The sale of previously reserved inventory did not have a material impact on our gross margin percentage for any of the years presented.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In addition, the Group 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. There was no loss provision recorded related to these long-term contracts for each of the three years ended December 31, 2010, 2011 and 2012.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
80712251
85429622
92719649
161793585
29602473
332337477
53343843
201662101
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>f. Short-term investments</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Short-term investments represent the bank time deposits with original maturities longer than three months and less than one year. As of December 31, 2012, RMB662.8 million of short-term investments were held as collateral for issuance of letters of credit, guarantee or bank acceptance notes, compared with RMB448.4 million of short-term investments held as collateral for issuance of letters of credit, guarantee or bank acceptance notes as of December 31, 2011.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
1325667558
212784315
2703338634
2017-12-31
2017-12-31
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>t. Leases</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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> <!--EndFragment--></div> </div>
6998508914
1123338137
6271225763
552184416
88631711
458789551
8372320321
1343850071
9176399341
1917306710
307748946
3353980066
6238443457
1001339219
5642586602
68602748
11011501
71012316
100000000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; WIDTH: 0.25in"><strong>6.</strong></td> <td style="COLOR: black; TEXT-ALIGN: left"><strong>ACCOUNTS RECEIVABLE, NET-THIRD PARTIES</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 92%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Accounts receivables</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,779,953,029</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 2,386,356,664</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Allowance for doubtful accounts</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (179,746,165</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (673,671,445</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Accounts receivable, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1,600,206,864</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1,712,685,219</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Movement of allowance of doubtful accounts</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">At beginning of year</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 2,800,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 378,888</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 179,746,165</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Addition</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">8,534,372</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">184,990,129</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">541,662,539</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Write-off</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(10,764,771</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(24,140</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Reversal</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (190,713</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (5,598,712</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (47,737,259</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> At end of year</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 378,888</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 179,746,165</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 673,671,445</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group assesses creditworthiness of customers before granting any credit terms. This assessment is primarily based on reviewing of customer's financial statements and historical collection records, discussion with customers' senior management, and reviewing of information provided by third parties, such as Dun & Bradstreet and the insurance company that ultimately insures the Group against customer credit default (Note 9). The significant increase of provisions for accounts receivable in 2012 is mainly due to the adverse economic development in solar industry, especially in Europe, resulting in the reduction in feed-in-tariffs in various countries and the decrease in debt financing available for the development of PV projects, as well as the shift in market practice towards increased use of credit sales and the longer credit terms, which in general would lead to higher risk of bad debts.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
328000000
392000000
495000000
547750000
313689778
50350681
1039635333
328000000
167000000
167000000
26805348
155500000
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>16.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 96%"> <strong>BONDS PAYABLE AND ACCRUED INTEREST</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On January 14, 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, and the bond was repaid on January 14, 2012. On March 24, 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, and the bond was repaid on March 23, 2012. On July 11, 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, and the bond was repaid on July11, 2012.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On April 24, 2012, Jiangxi Jinko issued short-term bonds with a principal amount of RMB300,000,000 which bears interest at the rate of 6.3% per annum, and the bond was subsequently repaid on April 23, 2013.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Bonds payable are all issued at face value, unsecured and mature within 12 months from the issuance date.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
145515
23357
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14000000
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74667
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4800000
P1M
P12M
8689113
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9983063
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <strong>1.</strong></td> <td style="TEXT-ALIGN: justify"><strong>ORGANIZATION AND NATURE OF OPERATIONS</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: -0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> JinkoSolar Holding Co., Ltd. (the "Company") was incorporated in the Cayman Islands on August 3, 2007. On May 14, 2010, the Company became listed on the New York Stock Exchange ("NYSE") in the United States. The Company and its subsidiaries (collectively the "Group") are principally engaged in the design, development, production and marketing of photovoltaic products and also provide solar system integration services as well as developing commercial solar power projects.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2009, the Company acquired 100% equity interest in Zhejiang Jinko for a total consideration of RMB100 million. The acquisition was consummated on June 30, 2009. Consequently, the Company consolidated the financial statements of Zhejiang Jinko starting from June 30, 2009. Zhejiang Jinko is a solar cell manufacturer which was also one of Jiangxi Jinko's major solar wafer customers before the acquisition.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> JinkoSolar Technology Limited ("Paker", formally known as Paker Technology Limited) was incorporated in Hong Kong as a limited liability company on November 10, 2006 by a Hong Kong citizen and a citizen of People's Republic of China ("the PRC"), who held the investment on behalf of three PRC shareholders (the "Shareholders") via a series of entrustment agreements. On December 16, 2008, all of the then existing shareholders of Paker exchanged their respective shares of Paker for equivalent classes of shares of the Company (the "Share Exchange"). As a result, Paker became a wholly-owned subsidiary of the Company. On December 13, 2006, Paker established Jinko Solar Co., Ltd. ("Jiangxi Jinko") as a wholly foreign owned enterprise in Shangrao, Jiangxi province, the PRC.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table sets forth information concerning the Company's major subsidiaries as of December 31, 2012:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap"><strong>Subsidiaries</strong></td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2" nowrap="nowrap"> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Date of Incorporation</strong></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>/Acquisition</strong></p> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap"> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Place of</strong></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Incorporation</strong></p> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2" nowrap="nowrap"><font style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"><strong> Percentage of</strong></font> <br /> <font style="FONT: 10pt Times New Roman, Times, Serif; COLOR: black"><strong> Ownership</strong></font></td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: bottom" colspan="2"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left; WIDTH: 45%"> JinkoSolar Technology Limited ("<em>Paker</em>")</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top; WIDTH: 20%"> November 10, 2006</td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top; WIDTH: 18%"> Hong Kong</td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; WIDTH: 1%; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top; WIDTH: 10%"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top; WIDTH: 1%"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar International Limited ("<em>JinkoSolar International</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> November 25, 2009</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Hong Kong</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jinko Solar Co., Ltd. ("<em>Jiangxi Jinko</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 13, 2006</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jinko Solar Import and Export Co., Ltd. ("<em>Jinko Import and Export</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 24, 2009</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Zhejiang Jinko Solar Co., Ltd.("<em>Zhejiang Jinko</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> September 30, 2009</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Zhejiang Jinko Trading Co., Ltd.("<em>Zhejiang Trading</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> June 13, 2010</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Delingha Ruiqida Solar Power Co., Ltd ("<em>Delingha Solar Power</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 6, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 88.7</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jiangxi Photovoltaic Materials Co., Ltd ("<em>Jiangxi Materials</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 1, 2010</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar (Switzerland) AG("<em>Jinko Switzerland</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> May 3, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Switzerland</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar GmbH ("<em>Jinko GmbH</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> April 1, 2010</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Germany</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar (U.S.) Inc. ("<em>Jinko US</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> August 19, 2010</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> USA</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar (US) Holdings Inc.("<em>Jinko US Holding</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> June 7, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> USA</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar Italy S.R.L. ("<em>Jinko Italy</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> July 8, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Italy</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> JinkoSolar SAS ("<em>Jinko France</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> September 12, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> France</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jinko Solar Canada Co., Ltd ("<em>Jinko Canada"</em>)</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> November 18, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Canada</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Jinko Solar Australia Holdings Co. Pty Ltd ("<em>Jinko Australia</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> December 7, 2011</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> Australia</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Gansu Longchang Solar Power Co., Ltd. ("<em>Longchang</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> April26, 2012</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 0px"> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top"> </td> </tr> <tr style="BACKGROUND-COLOR: #ccffcc; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; PADDING-LEFT: 0px; TEXT-ALIGN: left"> Hainanzhou Zhongnan Solar Electricity Co., Ltd. ("<em>Hainanzhou</em>")</td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: bottom"> </td> <td style="FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> July 30, 2012</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: center; VERTICAL-ALIGN: top"> PRC</td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="TEXT-ALIGN: center; VERTICAL-ALIGN: top"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; VERTICAL-ALIGN: top"> 100</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; VERTICAL-ALIGN: top"> %</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>am. Recent accounting pronouncements</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In May 2011, the FASB issued ASU 2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs". This ASU is the result of joint efforts by the FASB and International Accounting Standards Board to develop a single, converged fair value framework. The guidance is largely consistent with existing fair value measurement principles in U.S. GAAP. The guidance expands the existing disclosure requirements for fair value measurements and makes other amendments. The guidance is to be applied prospectively and is effective for interim and annual periods beginning after December 15, 2011. Early application is not permitted. We adopted the new guidance since January 1, 2012, and the adoption of this pronouncement did not have a significant effect on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2011, the FASB issued ASU 2011-05, "Comprehensive Income (Topic 220), Presentation of Comprehensive Income." The ASU revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in ASC 220, "Comprehensive Income," and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The ASU does not change the items that must be reported in other comprehensive income. In December 2011, the FASB issued ASU 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05." This ASU defers the requirement in ASU 2011-05 that entities present reclassification adjustments for each component of accumulated other comprehensive income ("AOCI") in both net income and other comprehensive income on the face of the financial statements. ASU 2011-12 requires entities to continue to present amounts reclassified out of AOCI on the face of the financial statements or disclose those amounts in the notes to the financial statements. The effective date of ASU 2011-12 is consistent with ASU 2011-05, which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 for public entities. We adopted this ASU since January 1, 2012, and changed the Company's presentation of comprehensive income in its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In September 2011, the FASB issued ASU 2011-08, "Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment". This ASU permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. The amendments in this ASU apply to all entities, both public and nonpublic, that have goodwill reported in their financial statements. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted, including for annual and interim goodwill impairment tests performed as of a date before September 15, 2011, if an entity's financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. We adopted the new guidance since January 1, 2012, and the adoption of this pronouncement did not have a significant effect on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On December 16, 2011, the FASB issued ASU 2011-11, "Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities," which contains new disclosure requirements regarding the nature of an entity's rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The new disclosures are designed to make financial statements that are prepared under US GAAP more comparable to those prepared under IFRSs. To facilitate comparison between financial statements prepared under US GAAP and IFRSs, the new disclosures will give financial statement users information about both gross and net exposures. The new disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods therein; retrospective application is required. The Company does not expect that the adoption of this ASU will have a material effect on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In July 2012, the FASB issued ASU 2012-02, Intangibles - Goodwill and Other (Topic 350), <em>Testing Indefinite-Lived Intangible Assets for Impairment</em>. ASU 2012-02 gives companies an option to first assess qualitative factors to determine whether the existence of events and circumstances indicate it is more-likely-than-not that an indefinite-lived intangible asset is impaired. If based on its qualitative assessment, a company concludes that it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, quantitative impairment testing is required. However, if a company concludes otherwise, quantitative impairment testing is not required. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company does not expect the adoption of this accounting standard in the first quarter of 2013 to have an impact on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income". This update does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, this update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This update is effective prospectively for reporting periods beginning after December 15, 2012 for public entities. The Company does not expect the adoption of this accounting standard beginning on January 1, 2013 to have a material impact on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>14.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 96%"> <strong>OTHER ASSETS</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Other assets consisted of the following:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Prepayments for purchase of property, plant and equipment</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 92,723,986</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 36,411,466</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepayments for land use right</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4,245,240</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepayment for warranty insurance premium</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">26,565,738</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">44,228,323</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid service fee-non-current portion</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4,911,937</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,114,886</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Others</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 941,025</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 454,998</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 129,387,926</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 82,209,673</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>19.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>EMPLOYEE BENEFITS</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="BACKGROUND-COLOR: white; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-ALIGN: justify"> 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 RMB40,122,159, RMB72,700,241 and RMB37,134,122 for the years ended December 31, 2010, 2011 and 2012, respectively. The unpaid balances of liability accrued for such employee welfare benefits were RMB118,271,256 and RMB154,819,927 as of December 31, 2011 and 2012, respectively. The unpaid balance of penalty accrued for employee welfare benefits were RMB1,773,995 and RMB12,063,712 as of December 31, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The PRC government is responsible for the medical benefits and ultimate pension liability to these employees.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>20.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>REDEEMABLE CONVERTIBLE PREFERRED SHARES</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Conversion</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Series A Redeemable Convertible Preferred Shares</strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Series B Redeemable Convertible Preferred Shares</strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Redemption</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Liquidation</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Dividend</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Series A Redeemable Convertible Preferred Shares should have ranked paripassu 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.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt -0.5in; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>Voting Rights</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; WIDTH: 0.25in"><strong>10.</strong></td> <td style="COLOR: black; TEXT-ALIGN: left"><strong>PROPERTY, PLANT AND EQUIPMENT, NET</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Property, plant and equipment and related accumulated depreciation are as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black"> Buildings</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 441,046,753</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 507,989,849</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Machinery and equipment</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3,217,550,882</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3,307,235,601</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Motor vehicles</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">22,814,205</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">22,609,244</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Furniture, fixture and office equipment</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 44,168,256</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 45,729,731</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3,725,580,096</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3,883,564,425</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Less: Accumulated depreciation</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(412,394,030</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(732,881,877</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: Impairment</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (4,784,595</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (70,260,894</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Subtotal</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3,308,401,471</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3,080,421,654</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Construction in progress</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 259,892,829</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 249,451,007</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Property, plant and equipment, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,568,294,300</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,329,872,661</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Depreciation expenses were RMB96,751,960, RMB263,846,113 and RMB323,152,636 for the years ended December 31, 2010, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Construction in progress primarily represents the construction of new production line. Costs incurred in the construction are capitalized and transferred to property and equipment upon completion, at which time depreciation commences.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">Based on impairment assessment performed on long-lived assets held for use, the Company recorded no impairment provision in the years ended December 31, 2010, 2011 and 2012.</font> In the years ended December 31, 2010, 2011 and 2012, the Group recorded impairment <font style="COLOR: black">of RMB5,376,071, nil and RMB65,476,299</font> related to the retirement of certain <font style="COLOR: black">equipment in the wafer and cell production line that had become obsolete</font>.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Certain property, plant and equipment are pledged as collateral for the Company's borrowings (Note 17).</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
507989849
441046753
3307235601
3217550882
22609244
22814205
45729731
44168256
3883564425
3725580096
3329872661
534481415
3568294300
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>k. Property, plant and equipment, net</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the prices paid to acquire or construct the assets, interest capitalized during the construction period and any expenditure that substantially extends the useful life of an existing asset. Depreciation, taking into consideration any estimated residual value, is computed using the straight-line method over the following estimated useful lives:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 75%"> Buildings</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; WIDTH: 25%"> 20 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Machinery and equipment</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 10 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Furniture, fixture and office equipment</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 3-5 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Motor vehicles</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 4-5 years</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Construction in progress primarily represents the construction of new production line. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Expenditures for repairs and maintenance are expensed as incurred. The gain or loss on disposal of property, plant and equipment, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets, and is recognized in the consolidated statement of operations upon disposal.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Property, plant and equipment and related accumulated depreciation are as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black"> Buildings</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 441,046,753</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 507,989,849</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Machinery and equipment</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3,217,550,882</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3,307,235,601</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Motor vehicles</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">22,814,205</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">22,609,244</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Furniture, fixture and office equipment</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 44,168,256</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 45,729,731</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3,725,580,096</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3,883,564,425</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Less: Accumulated depreciation</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(412,394,030</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(732,881,877</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: Impairment</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (4,784,595</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (70,260,894</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Subtotal</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3,308,401,471</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3,080,421,654</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Construction in progress</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 259,892,829</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 249,451,007</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Property, plant and equipment, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,568,294,300</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,329,872,661</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
P3Y
P5Y
P4Y
P5Y
P20Y
P10Y
8343659
493925280
79280473
179391417
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>i. Short-term and long-term advances to suppliers</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group provides short-term and long-term advances to secure its raw material needs, which are then offset against future purchases. The Group continually assesses the credit quality of its suppliers and the factors that affect the credit risk. If there is deterioration in the creditworthiness of its suppliers, the Group will seek to recover its advances to suppliers and provide for losses on advances which are akin to receivables in operating expenses because of suppliers' inability to return its advances. Recoveries of the allowance for advances to supplier are recognized when they are received. The Company classified short-term and long-term advances to suppliers based on management's best estimate of the expected purchase in the next twelve-months as of the balance sheet date and the Group's ability to make requisite purchases under existing supply contracts. The balances expected to be utilized outside of the 12 months are recorded in advances to suppliers to be utilized beyond one year. A provision of advance to suppliers of nil, RMB 652,937, and RMB227,073,440 was recorded for the years ended December 31, 2010, 2011 and 2012, respectively. The Group has reclassified "provision for advance to suppliers" to a separate line item from "General and administrative expenses" for the year ended December 31, 2011 to conform to the current period presentation in the consolidated statement of operation due to that the provision for advance to suppliers was not significant in 2011 (Note 7).</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
-109531
1100304
1100304
1100304
35250000
44512919
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>24.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>RELATED PARTY TRANSACTIONS AND BALANCES</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>(a) Related party balances</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Outstanding amounts due from/to related parties as of December 31, 2010 and 2011 were as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: black"> 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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">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%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 31,010,170</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 105,531,368</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: black"> 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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Advances of travel and other business expenses to executive directors who are also shareholders (1)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 691,242</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 5,840,380</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </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> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 31,701,412</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 111,371,748</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </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> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: black"> Accounts payables due to a related party (2)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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; COLOR: black">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 style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">35,887,845</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">30,045,245</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: black"> Other payables due to a related party (2)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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; COLOR: black"> Travelling reimbursements payable to executive directors who are also shareholders</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; COLOR: black"> 109,531</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Other payables to Jiangxi Desun Energy Co., Ltd. (Desun, an entity in which our founders and substantial shareholders, Xiande Li, Kangping Chen and Xianhua Li, each holds more than 10%, and collectively hold 73%, of the equity interest) for leasing of land and buildings</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,094,047</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 2,161,345</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </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> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 36,981,892</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 32,316,121</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"> </td> <td style="WIDTH: 0.25in">(1)</td> <td style="TEXT-ALIGN: left">Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts the Company advanced to them for expected expenses, charges and incidentals relating to their business development activities.</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"> </td> <td style="WIDTH: 0.25in">(2)</td> <td style="TEXT-ALIGN: left">Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>(b) Related party transactions</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the years ended December 31, 2010, 2011 and 2012, revenues from sales of products and provision of processing services to subsidiaries of ReneSola amounted to nil, RMB32,587,949 and RMB201,355,631, respectively.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="BACKGROUND-COLOR: white; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-ALIGN: justify"> For the transactions with Renesola during 2011, the Group enters into raw materials purchases transactions and finished goods sales transactions with the subsidiaries of Renesola. Each of these sales and purchases transactions with the same counterparty is not legally contingent upon each other. These sales and purchases transactions were not conducted simultaneously and there was no direct linkage between any one or group of buy transactions with any one or group of sell transactions. Each buy or sell transaction was separately documented, transacted at the fair market value prevailing at that time and gross-cash settled. These buy and sell transactions with the same counterparty were recognized at gross basis and presented separately as sales and cost of goods sold in the Group's consolidated financial statements.</p> <p style="BACKGROUND-COLOR: white; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-ALIGN: left"> </p> <p style="BACKGROUND-COLOR: white; FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-ALIGN: justify"> For the transactions with Renesola during 2012, these sales and purchases transactions were conducted simultaneously and there was direct linkage between any one or group of buy transactions with any one or group of sell transactions. There was also correlation between the value of raw materials received and the value of finished goods delivered pursuant to the contractual arrangement. These buy and sell transactions with the same counterparty were recognized at net basis and presented separately as sales in the Group's consolidated financial statements.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the years ended December 31, 2010, 2011 and 2012, raw materials purchased from a subsidiary of ReneSola amounted to RMB35,250,000, RMB44,512,919 and nil.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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, 2010, 2011 and 2012, Desun charged Jiangxi Jinko RMB1,100,304, RMB1,100,304 and RMB1,100,304 in rent, respectively (Note 26).</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> During the years ended December 31, 2011 and 2012, the Shareholders provided guarantees for the Group's several short-term and long-term bank borrowings. As of December 31, 2011 and 2012, the balances of short-term borrowings guaranteed by the Shareholders were RMB244,000,000 and RMB508,254,639, respectively, and the balances of long-term borrowings guaranteed by the Shareholders were RMB80,000,000 and nil, respectively (Note 17).</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> During the year ended December 31, 2012, Desun provided collateral on its land use rights and buildings, for a short-term bank borrowing of RMB17,000,000 of the Group (Note 17).</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
5222773
5222773
3692176
28000000
1000000000
160511067
1955434977
3600565060
577930540
4915672032
1060710938
31616200
68960214
11068878
29992990
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>y. Research and development</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Research and development costs are expensed when incurred.</p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>28.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>RESTRICTED NET ASSETS</strong></td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 RMB3,131,747,833, 37% of total assets as of December 31, 2012.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>u. Revenue recognition</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 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="COLOR: black">The</font> Group <font style="COLOR: black">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</font> Group <font style="COLOR: black">requires a contract or purchase order which quantifies pricing, quantity and product specifications.</font></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For sales of photovoltaic products from PRC to foreign customers, delivery of the products generally occurs at the point in time the product is delivered to the named port of shipment, which is when the risks and rewards of ownership are transferred to the customer. For sales of PV products to domestic customers in PRC or by foreign subsidiaries, delivery of the product occurs generally at the point in time the product is received by the customer, which is when the risks and rewards of ownership have been transferred. In the case of sales that are contingent upon customer acceptance, revenue is not recognized until the deliveries are formally accepted by the customers.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 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="COLOR: black">The</font> Group <font style="COLOR: black">enters into certain sales contracts with retainage terms during 2012, under which customers were allowed to withhold payment of 5% to 10% of the full contract price as retainage after a specified period which generally range from one year to two years (the "Retainage Period"). Given the limited experience the</font> Group <font style="COLOR: black">has with respect to the collectability of the retainage, the</font> Group <font style="COLOR: black">defers recognition of the retainage as revenue until the customers pay it after the Retainage Period expires. <font style="TEXT-TRANSFORM: uppercase">A</font>s of December 31, 2012, the total amounts of retainage that were not recognized as revenue were RMB121,814,534.</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 0.2% of total sales for the years ended December 31, 2010.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group provides solar power product processing services to customers and the revenue of processing services is recognized upon completion which is generally evidenced by delivery of processed products to the customers.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company recognizes revenue related to solar system integration projects 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="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company recognized income from generated electricity as revenue upon completion of development and connection of the solar power plant to the grid.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Advance payments received from customers for the future sale of inventory are recognized as advances from third party customers in the consolidated balance sheets. Advances from third party customers are recognized as revenues when the conditions for revenue recognition described above have been satisfied. Advances from third party customers have been recognized as a current liability because the amount at each balance sheet date is expected to be recognized as revenue within twelve months.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0px; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In the PRC, value added tax ("VAT") at a general rate of 17% on invoice amount is collected on behalf of tax authorities in respect of the sales of product and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability until it is paid to the tax authorities.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
4654854723
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 92%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Accounts receivables</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,779,953,029</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 2,386,356,664</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Allowance for doubtful accounts</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (179,746,165</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (673,671,445</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Accounts receivable, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1,600,206,864</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1,712,685,219</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Basic earnings/(loss) per share and diluted earnings/(loss) per share have been calculated as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> 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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 881,873,227</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 273,342,819</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (1,542,422,068</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Series A Redeemable Convertible Preferred Shares accretion</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(13,433,242</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Series B Redeemable Convertible Preferred Shares accretion</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(17,479,734</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Allocation to preferred shareholders</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (15,156,606</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Net income / (loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders-Basic</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">835,803,645</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">273,342,819</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(1,542,422,068</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of Preferred Shares</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">46,069,582</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of convertible senior notes interest</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">19,855,810</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of exchange gain on convertible senior notes</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(21,567,522</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Dilutive effect of change in fair value of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (398,030,217</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Net income / (loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders-Diluted</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">881,873,227</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(126,399,110</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(1,542,422,068</td> <td style="TEXT-ALIGN: left; COLOR: black">)</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; COLOR: black; FONT-WEIGHT: bold"> 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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Denominator for basic calculation-weighted average number of ordinary shares outstanding</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">74,896,543</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">93,966,535</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">88,752,706</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of share options</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,131,653</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,367,900</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Dilutive effect of preferred shares</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4,719,884</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Dilutive effect of convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 7,352,536</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Denominator for diluted calculation-weighted average number of ordinary shares outstanding</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">80,748,080</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">102,686,971</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">88,752,706</td> <td style="TEXT-ALIGN: left; COLOR: black"> </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; COLOR: black">Basic earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">11.16</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2.91</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(17.38</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Diluted earnings/(loss) per share attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">10.92</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(1.23</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(17.38</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The share-based compensation expense for the year ended December 31, 2012 was recorded in the respective items:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; 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: 85%; COLOR: black">Costs of revenues</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 947,428</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Selling expenses</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,128,245</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> General and administrative expenses</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 14,267,437</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 17,343,110</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Condensed balance sheets:</strong></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">December 31, 2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">USD</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">(Note 2 (aj))</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="COLOR: black; FONT-WEIGHT: bold">ASSETS</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> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; 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%; COLOR: black"> Cash and cash equivalents</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 17,279,974</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 2,260,713</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 362,869</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Due from subsidiaries</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">583,271,399</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">545,695,322</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">87,590,139</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Other current assets</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 33,681,614</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 27,551,909</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 4,422,386</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Total current assets</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 634,232,987</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 575,507,944</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 92,375,394</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Investments in subsidiaries</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,703,338,634</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,325,667,558</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">212,784,315</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Capped call option</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 16,408,445</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 16,131,208</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 2,589,237</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Total assets</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 3,353,980,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 1,917,306,710</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 307,748,946</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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="COLOR: black; 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; COLOR: black; 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; COLOR: black">Due to subsidiaries</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">65,331,777</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">61,197,969</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">9,822,952</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Other current liabilities</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 5,680,539</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 7,404,779</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,188,549</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Total current liabilities</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 71,012,316</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 68,602,748</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 11,011,501</td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Convertible senior notes</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 387,777,235</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 483,581,668</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 77,620,210</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> Total liabilities</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 458,789,551</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 552,184,416</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 88,631,711</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; 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="PADDING-LEFT: 9pt; COLOR: black">Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 89,435,058 and 88,758,778 shares issued and outstanding as of December 31, 2011and 2012, respectively)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">13,200</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">13,202</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,119</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Additional paid-in capital</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,507,224,827</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,524,728,796</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">244,735,846</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Treasury stock, at cost; 1,028,920 and 1,723,200 shares of ordinary shares as of December 31, 2011 and 2012, respectively</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(8,354,423</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(13,875,553</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(2,227,180</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Retained earnings/(accumulated losses)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,396,441,522</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black; FONT-SIZE: 10pt; TEXT-ALIGN: right"> 145,980,546</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black"><font style="COLOR: black; FONT-SIZE: 10pt">23,431,494</font> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Accumulated other comprehensive loss</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (134,611</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 236,395</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 37,944</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> Total Shareholders' Equity</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 2,895,190,515</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 1,365,122,294</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 219,117,235</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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; COLOR: black; FONT-WEIGHT: bold"> Total liabilities and shareholders' equity</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 3,353,980,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 1,917,306,710</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 307,748,946</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt -0.5in; FONT: 10pt Times New Roman, Times, Serif"> <strong>Condensed statements of cash flows:</strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="14" nowrap="nowrap">For the years ended</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">USD</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">(Note 2 (al))</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; 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%; COLOR: black">Net income</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 881,873,227</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 273,342,819</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> (1,542,422,068</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> (247,575,815</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Change in fair value of embedded derivatives</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(54,938</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Change in fair value of convertible senior notes</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(398,030,217</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">96,851,674</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">15,545,766</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Change in fair value of capped call option</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">98,282,510</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">309,052</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">49,606</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Share of (income)/loss from subsidiaries</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(884,060,266</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(26,457,224</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,405,807,872</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">225,647,722</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Exchange (gain)/loss</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(291,950</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,204,936</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(49,615</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(7,964</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Changes in operating assets and liabilities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> (Increase)/decrease in due from subsidiaries</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(1,662,280</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(571,729,995</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">27,696,952</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4,445,668</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Decrease/(increase) in other current assets</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,795,634</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,567,600</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">769,436</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">123,503</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Increase in due to a subsidiary</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">16,417,507</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">44,435,210</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(4,133,808</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(663,522</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> (Decrease)/increase in other current liabilities</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (886,756</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (19,959,953</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 647,916</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 104,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Net cash from/(used in) operating activities</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 14,130,178</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (596,344,314</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (14,522,589</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (2,331,036</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; 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; COLOR: black; 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: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> Investments in subsidiaries</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (821,266,865</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (543,555</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (87,247</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; COLOR: black; FONT-WEIGHT: bold"> Net cash used in investing activities</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (821,266,865</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (543,555</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; 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"> (87,247</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"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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; COLOR: black; 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: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Proceeds from issuance of ordinary shares</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">814,286,284</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Proceeds from exercise of share options</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,076,090</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3,759,081</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Proceeds from issuance of convertible senior notes</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">812,525,000</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Repurchase of convertible senior notes</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(5,222,773</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black">Cash paid for capped call option</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(117,003,600</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Prepayment for share repurchase</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(31,924,842</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> Repurchase of common stock</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (56,857,774</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Net cash provided by financing activities</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 816,362,374</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 605,275,092</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Effect of foreign exchange rate changes on cash</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (141,556</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> (734,935</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 46,883</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 7,525</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold">Net increase in cash</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">9,084,131</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">8,195,843</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(15,019,261</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(2,410,758</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> Cash and cash equivalents, beginning of year</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 9,084,131</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 17,279,974</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 2,773,627</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> Cash and cash equivalents, end of year</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 9,084,131</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 17,279,974</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 2,260,713</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> 362,869</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: right; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Supplemental disclosure of non-cash investing and financing cash flow information</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 48%; COLOR: black"> Shares repurchase utilized prepayment made in prior year</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 5,521,130</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black"> 886,202</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Proceeds from exercise of share options received in subsequent year</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">160,861</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">25,820</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong>Condensed statements of operations:</strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 8pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="14"><strong>Year ended December 31,</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" colspan="2"><strong>2010</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" colspan="2"><strong>2011</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: center" colspan="2"><strong>2012</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>2012</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>RMB</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>RMB</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>RMB</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>USD</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left" colspan="2"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left" colspan="2"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left" colspan="2"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: center" colspan="2"><strong>(Note 2 (aj))</strong></td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 47%"> Net revenues</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 8pt"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; WIDTH: 10%"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 8pt"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; WIDTH: 10%"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 8pt"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; WIDTH: 10%"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 8pt"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; WIDTH: 11%"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Cost of revenues</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Gross profit</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>Total operating expenses</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(5,867,589</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(7,319,613</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(8,459,461</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(1,357,838</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>Loss from operations</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(5,867,589</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(7,319,613</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(8,459,461</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(1, 357,838</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Convertible senior notes issuance costs</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (24,463,052</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Share of income /(loss) from subsidiaries and affiliates</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 884,060,266</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 26,457,224</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (1,405,807,872</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (225,647,722</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Interest income/(expense), net</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 1,342</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (19,844,874</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (31,043,624</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (4,982,847</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Exchange gain/(loss)</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 291,950</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (1,204,936</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 49,615</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 7,964</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Other expense</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 3,332,320</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (29,637</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Change in fair value of embedded derivative</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 54,938</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Change in fair value of convertible senior notes and capped call option</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> 299,747,707</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (97,160,726</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (15,595,372</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>Income before income tax expenses</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right"> <strong>881,873,227</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right"> <strong>273,342,819</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: right"> <strong>(1,542,422,068</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(247,575,815</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> <strong>)</strong></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Income tax expenses</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> <strong>Net income for the year</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>881,873,227</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>273,342,819</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(1,542,422,068</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> <strong>(247,575,815</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> <strong>)</strong></td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Series A Redeemable Convertible Preferred Shares accretion</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (13,433,242</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> Series B Redeemable Convertible Preferred Shares accretion</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (17,479,734</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> Allocation to preferred shareholders</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> (15,156,606</td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> )</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right"> -</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="FONT-SIZE: 8pt; TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); FONT-SIZE: 8pt; VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders</td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>835,803,645</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>273,342,819</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>(1,542,422,068</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>)</strong></td> <td style="FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; FONT-SIZE: 8pt; TEXT-ALIGN: right"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>(247,575,815</strong></td> <td style="COLOR: black; FONT: 8pt Times New Roman, Times, Serif; FONT-SIZE: 8pt; PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <strong>)</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Long-term bank borrowings</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 547,750,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 495,000,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Less: Current portion</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(392,000,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(328,000,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Deferred financing cost (Note 26(d))</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (250,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total long-term borrowings</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 155,500,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 167,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The current and deferred positions of income tax expense included in the consolidated statement of operations for the years ended December 31, 2010, 2011 and 2012 are as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Current income tax (expense)/benefit</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; WIDTH: 55%; COLOR: black"> PRC</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (138,020,196</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (76,792,019</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 7,561,393</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> Other countries</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (71,536</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 838,169</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Total current income tax expense/benefit</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(138,020,196</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(76,863,555</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">8,399,562</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Deferred PRC tax (expense)/benefit</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (8,110,198</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (4,209,187</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 518,086</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Income tax benefit/(expense)</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (146,130,394</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (81,072,742</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 8,917,648</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Change in fair value of derivatives recognized in earnings was as follows:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Foreign exchange forward contracts</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 98,039,341</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 36,604,889</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (9,043,079</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Embedded derivatives</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">54,938</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Convertible senior notes</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">398,030,217</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(96,851,674</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Capped call options</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (98,282,510</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (309,052</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 98,094,279</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 336,352,596</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (106,203,805</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Reconciliation between the statutory CIT rate and the Company's effective tax rate is as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">Year Ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">%</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">%</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">%</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 61%; COLOR: black">Statutory CIT rate</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">25</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">25</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%; COLOR: black">(25</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Effect of permanent differences:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Share-based compensation expenses</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.6</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.7</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.3</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Change in fair value of convertible senior notes and capped call options</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(21.1</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1.6</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Goodwill impairment</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">3.2</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Accrued payroll and welfare expenses</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.9</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4.4</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.8</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Change of enact tax rate</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(7.5</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Effect of prior year tax difference (1)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(0.6</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">-Other non-deductible expenses</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">5.6</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.8</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Difference in tax rate of a subsidiary outside the PRC</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.0</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(0.9</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0.9</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Effect of tax holiday for subsidiaries</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(12.9</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(13.2</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6.9</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Change in valuation allowance</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 0.6</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 19.1</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 21.2</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Effective CIT rate</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 14.2</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 22.8</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (0.6</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> (1) The Company recorded an out-of-period adjustment of RMB12,146,071 resulting from income tax filing difference for two PRC entities, which should have been recorded in the year ended December 31, 2011. The originating amount in 2011 was not material to the 2011 consolidated financial statements, nor was the out of period adjustment recorded in 2012 material to the 2012 consolidated financial statements.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Intangible assets and their related amortization are as follow:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black"> Trademark</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,347,193</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,274,392</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Computer software</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,595,474</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">6,153,728</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Less: accumulated amortization</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (286,275</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (1,054,522</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Intangible assets, net</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,656,392</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 6,373,598</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Future minimum obligations for operating leases are as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 70%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Year ending December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; WIDTH: 85%; COLOR: black"> 2013</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 9,997,574</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; COLOR: black"> 2014</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">7,956,089</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; COLOR: black"> 2015</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,674,185</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; COLOR: black"> 2016</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,809,349</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; COLOR: black"> 2017</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,637,673</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 10pt; COLOR: black"> Years thereafter</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,388,202</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </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> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 10pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 25,463,072</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Income/(loss) before income taxes for the years ended December 31, 2010, 2011 and 2012 were taxed within the following jurisdictions:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Cayman Islands</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (2,187,039</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 246,885,595</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%">(136,614,196</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">PRC</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,032,571,112</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">127,032,230</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(1,191,217,775</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Other countries</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (2,380,452</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> (19,519,201</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (224,901,695</td> <td style="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; COLOR: black"> Income/(Loss) before income taxes</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1,028,003,621</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 354,398,624</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (1,552,733,666</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">)</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Inventories consisted of the following:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Raw materials</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 85,429,622</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 80,712,251</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Work-in-progress</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">161,793,585</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">92,719,649</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Finished goods</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 550,852,122</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 354,530,478</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 798,075,329</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 527,962,378</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Future principal repayments on the long-term borrowings are as follows:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 75%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black; FONT-WEIGHT: bold"> Year ending December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 10pt; WIDTH: 85%; COLOR: black"> 2013</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 328,000,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 10pt; COLOR: black"> 2014</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 167,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 10pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 495,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Other assets consisted of the following:</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Prepayments for purchase of property, plant and equipment</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 92,723,986</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 36,411,466</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepayments for land use right</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4,245,240</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepayment for warranty insurance premium</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">26,565,738</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">44,228,323</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Prepaid service fee-non-current portion</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4,911,937</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,114,886</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Others</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 941,025</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 454,998</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 129,387,926</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 82,209,673</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Outstanding amounts due from/to related parties as of December 31, 2010 and 2011 were as follows:</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: black"> 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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">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%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 31,010,170</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 105,531,368</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: black"> 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="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Advances of travel and other business expenses to executive directors who are also shareholders (1)</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 691,242</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 5,840,380</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </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> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 31,701,412</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 111,371,748</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </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> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: black"> Accounts payables due to a related party (2)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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; COLOR: black">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 style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">35,887,845</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">30,045,245</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; FONT-STYLE: italic; COLOR: black"> Other payables due to a related party (2)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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; COLOR: black"> Travelling reimbursements payable to executive directors who are also shareholders</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; COLOR: black"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt; COLOR: black"> 109,531</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Other payables to Jiangxi Desun Energy Co., Ltd. (Desun, an entity in which our founders and substantial shareholders, Xiande Li, Kangping Chen and Xianhua Li, each holds more than 10%, and collectively hold 73%, of the equity interest) for leasing of land and buildings</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,094,047</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 2,161,345</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </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> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 36,981,892</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 32,316,121</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"> </td> <td style="WIDTH: 0.25in">(1)</td> <td style="TEXT-ALIGN: left">Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts the Company advanced to them for expected expenses, charges and incidentals relating to their business development activities.</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"> </td> <td style="WIDTH: 0.25in">(2)</td> <td style="TEXT-ALIGN: left">Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group operates in a single business segment that includes the design, development, and manufacture of PV products, solar system integration projects 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 services and solar system integration projects in respective geographic locations:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">For the year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Inside China (including Hong Kong and Taiwan)</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,600,001,420</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,281,483,521</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 2,179,670,146</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Outside China</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Germany</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,157,707,877</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">2,422,250,586</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,177,954,567</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Italy</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,130,191,372</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1,846,512,600</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">382,077,005</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Spain</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">111,097,087</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">204,135,242</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">251,902,465</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> Cyprus</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">304,723,650</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">138,312,812</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-LEFT: 9pt; COLOR: black"> USA</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">83,166,809</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">118,132,913</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">135,839,209</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; PADDING-LEFT: 9pt; COLOR: black"> Rest of the world</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 572,690,158</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,207,712,932</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 529,012,245</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,654,854,723</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7,384,951,444</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4,794,768,449</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A summary of activity under the share-based compensation plan is as follow:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Number of<br /> option<br /> outstanding</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Weighted-Average<br /> Exercise Price</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Weighted-Average<br /> Remaining<br /> Contractual Term</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">Aggregate<br /> Intrinsic value</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">(US$/share)</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">(in years)</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">(Rmb)</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.125in; WIDTH: 40%; COLOR: black">Balance as of January 1, 2012</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 8,540,384</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">1.80</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%"> </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%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-LEFT: 0.125in; COLOR: black">Granted</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">160,000</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1.42</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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="PADDING-LEFT: 0.125in; COLOR: black">Exercise</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(18,000</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1.42</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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="PADDING-LEFT: 0.125in; COLOR: black">Forfeited</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(621,330</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">1.51</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="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="PADDING-BOTTOM: 2.5pt; PADDING-LEFT: 0.125in; COLOR: black"> Balance as of December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 8,061,054</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1.81</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4.7</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,936,172</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">Vested and expected to vest as of December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 7,114,422</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1.82</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 4.5</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,344,962</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black">Vested and exercisable as of December 31, 2012</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3,379,206</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 1.87</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 3.8</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 1,145,040</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The fair value of option grant during the year ended December 31, 2012 is estimated on the date of grant using Black-Scholes model with the following assumptions for options granted to employees:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; 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: 85%; COLOR: black">Risk-free interest rate</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">0.78</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Expected term</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">4.8</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Expected dividend yield</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">0</td> <td style="TEXT-ALIGN: left; COLOR: black">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Expected volatility</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">80</td> <td style="TEXT-ALIGN: left; COLOR: black">%</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Fair value per option at grant date (RMB)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">5.60</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="6">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Short-term bank borrowings</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,808,032,066</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> 1,917,630,796</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Long-term bank borrowings-current portion (Note 17 (b))</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 392,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 328,000,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> Total short-term borrowings</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> 2,200,032,066</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 2,245,630,796</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The following table summarizes the percentage of the Company's revenue over 10% of total revenue for the years ended December 31, 2010, 2011 and 2012, and accounts receivable represented by customers with balances over 10% of accounts receivables as of December 31, 2011 and 2012, respectively:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="10" nowrap="nowrap">Revenue</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="10" nowrap="nowrap">Year ended December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap"> </td> <td style="COLOR: black" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap"> </td> <td style="COLOR: black" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">Company A</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">5</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">%</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%">16</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="6" nowrap="nowrap">Accounts receivable</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="6" nowrap="nowrap">December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap"> </td> <td style="COLOR: black" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%; COLOR: black">Company B</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">14</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">%</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Company C</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">11</td> <td style="TEXT-ALIGN: left; COLOR: black">%</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">-</td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ah. Segment reporting</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has adopted ASC 280, <em>Segment Reporting,</em> for its segment reporting. <font style="COLOR: black">The Group operates and manages its business as a single segment primarily in China.</font></p> <!--EndFragment--></div> </div>
169822118
343407116
55120643
338381885
24128751
17343110
2783761
9879124
5132052
9879124
589560
5.00
160000
5.60
4681848
6988848
7.56
7.59
1877440
8.29
0
P4Y9M18D
0.8
0.0078
7325122
9325122
1145040
3379206
1.87
P3Y9M18D
2938203
14454
621330
160000
3024750
726250
785480
300000
100000
1120000
160000
4180000
32000
16.85
5.60
6.91
5.60
3936172
8061054
8540384
1.81
1.80
P4Y8M12D
3344962
7114422
1.82
P4Y6M
9363356
14784850
9558119
0.85
1.42
1.51
1.42
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>aj. Share-based compensation</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company's share-based payment transactions with employees, including share options, are measured based on the grant-date fair value of the equity instrument issued. The fair value of the award is recognized as compensation expense, net of estimated forfeitures, over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
3400000
17500000
1.55
236.51
223.25
6.21
5.00
88758778
89435058
95078342
50731450
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>x. Shipping and handling</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 RMB57,261,154, RMB119,821,738 and RMB164,942,482for the years ended December 31, 2010, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
57261154
164942482
119821738
1917630796
1808032066
134991426
142335543
190091005
49855701
170091005
20000000
30000000
36500000
304400000
70000000
23000000
140000000
50000000
17000000
169977821
119977821
92051818
86225000
6225000
80000000
163000000
25000000
178000000
80000000
22749052
28731021
196418183
11640000
0.0541
0.0538
722461319
115963037
494215034
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.25in"> <strong>2.</strong></td> <td style="TEXT-ALIGN: justify"><strong>PRINCIPAL ACCOUNTING POLICIES</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: -0.25in; MARGIN: 0pt 0px 0pt 0.25in; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>a. Basis of presentation and use of estimates</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company's consolidated financial statements include allowance for doubtful receivables, provision for inventories and advances to suppliers, impairment of long-lived assets, the economic useful lives of property, plant and equipment and intangible assets, assumptions used in purchase price allocation, assumptions used to measure impairment of goodwill, property, plant and equipment, project assets 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, and the assessment of going concern assumption as discussed below.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company has negative working capital at December 31, 2012. Management believes that the Company<font style="FONT-FAMILY: Times New Roman, Times, Serif">'</font>s current cash position as of December 31, 2012, the cash expected to be generated from operations and funds available from borrowings under the bank quotas will be sufficient to meet the Company<font style="FONT-FAMILY: Times New Roman, Times, Serif">'</font>s working capital and capital expenditure requirements for at least the next twelve months from December 31, 2012. However, given that certain bank borrowings and bonds are due within the near term future (Note 16 and Note 17), and possible exercise of the put option of the convertible senior notes on May 14, 2014 (Note 21), 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.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Additional funds may not be available on terms favourable 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 including the put option on May 15, 2014 and repay short term borrowings and other liabilities as those become due for at least the next twelve months from December 31, 2012, 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="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>b. Consolidation</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the Company's majority-owned subsidiaries, non-controlling interests is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has revised the statement of cash flows for 2011 to correct the classification of a RMB 31,924,842 cash outflow related to prepayment for share repurchases from operating activities to financing activities. The impact of the revision was not material to the previously reported net total cash flows from operating activities and net total cash flows from financing activities.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>c. Foreign currency translation</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group's reporting currency is the Renminbi ("RMB"), the official currency in the PRC. The Company and certain subsidiaries use RMB as their functional currency. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates quoted by the People's Bank of China (the "PBOC") prevailing at the dates of the transactions. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations. Monetary assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates quoted by the PBOC at the applicable balance sheet dates. All such exchange gains or losses are included in exchange loss in the consolidated statements of operations.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For consolidation purpose, the financial statements of the Company's subsidiaries whose functional currencies are other than the RMB are translated into RMB using exchange rates quoted by PBOC. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses and gains and losses are translated using the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of in accumulated other comprehensive income in the consolidated statement of comprehensive income/ (loss).</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 RMB461.7 million and RMB382.8million as of December 31, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>d. Cash and cash equivalents</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions, which have original maturities of three months or less.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>e. Restricted cash</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>f. Short-term investments</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Short-term investments represent the bank time deposits with original maturities longer than three months and less than one year. As of December 31, 2012, RMB662.8 million of short-term investments were held as collateral for issuance of letters of credit, guarantee or bank acceptance notes, compared with RMB448.4 million of short-term investments held as collateral for issuance of letters of credit, guarantee or bank acceptance notes as of December 31, 2011.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>g. Notes receivable and payable</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group accepts bank acceptance notes from customers in China in the normal course of business. The Group may discount these notes with banks in China or endorse these notes with its suppliers to clear its accounts payable. Notes that have been discounted with banks or endorsed with suppliers are derecognized from the consolidated balance sheets when the criteria for sale treatment are met.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Notes receivable and payable are typically non-interest bearing and have maturities of less than six months.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>h. Accounts receivable</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 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="COLOR: black">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.</font> Before approving sales to each customer, the Group conducts a credit assessment for each customer to evaluate the collectability of such sales. <font style="COLOR: black">The assessment usually takes into consideration the credit worthiness of such customer and its guarantor, if any, the Group's historical payment experience with such customer, industry-wide trends with respect to credit terms, including the terms offered by competitors, and the macro-economic conditions of the region to which sales will be made. The Group will execute a sales order with a customer and arrange for shipment only if its credit assessment concludes that the collectability with such customer is reasonably assured. The Group may also from time to time require security deposits from certain customers to minimize its credit risk. After the sales are made, the Group closely monitors the credit situation of each customer on an on-going basis for any subsequent change in its financial position, business development and credit rating, and will evaluate whether any of such adverse change warrants further action to be taken by the Group, including asserting claims and/or initiating legal proceedings against the customer and/or its guarantor, as well as making provisions. It is also the Group's general practice to suspend further sales to any customer with significant overdue balances. The receivable from insurance is only recorded when insurance claim has been submitted to the insurance company and been accepted and acknowledged by the carrier and recovery is considered reasonably assured. Upon recording the recovery, the bad debt expense is reduced.</font></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>i. Short-term and long-term advances to suppliers</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group provides short-term and long-term advances to secure its raw material needs, which are then offset against future purchases. The Group continually assesses the credit quality of its suppliers and the factors that affect the credit risk. If there is deterioration in the creditworthiness of its suppliers, the Group will seek to recover its advances to suppliers and provide for losses on advances which are akin to receivables in operating expenses because of suppliers' inability to return its advances. Recoveries of the allowance for advances to supplier are recognized when they are received. The Company classified short-term and long-term advances to suppliers based on management's best estimate of the expected purchase in the next twelve-months as of the balance sheet date and the Group's ability to make requisite purchases under existing supply contracts. The balances expected to be utilized outside of the 12 months are recorded in advances to suppliers to be utilized beyond one year. A provision of advance to suppliers of nil, RMB 652,937, and RMB227,073,440 was recorded for the years ended December 31, 2010, 2011 and 2012, respectively. The Group has reclassified "provision for advance to suppliers" to a separate line item from "General and administrative expenses" for the year ended December 31, 2011 to conform to the current period presentation in the consolidated statement of operation due to that the provision for advance to suppliers was not significant in 2011 (Note 7).</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>j. Inventories</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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. Certain factors could impact the realizable value of inventory, so the Group continually evaluates the recoverability based on assumptions about customer demand and market conditions. The evaluation may take into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, and other factors. The reserve or write-down is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact the Group's gross margin and operating results. If actual market conditions are more favorable, the Group may have higher gross margin when products that have been previously reserved or written down are eventually sold. The sale of previously reserved inventory did not have a material impact on our gross margin percentage for any of the years presented.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In addition, the Group 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. There was no loss provision recorded related to these long-term contracts for each of the three years ended December 31, 2010, 2011 and 2012.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>k. Property, plant and equipment, net</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the prices paid to acquire or construct the assets, interest capitalized during the construction period and any expenditure that substantially extends the useful life of an existing asset. Depreciation, taking into consideration any estimated residual value, is computed using the straight-line method over the following estimated useful lives:</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 95%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 75%"> Buildings</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right; WIDTH: 25%"> 20 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Machinery and equipment</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 10 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Furniture, fixture and office equipment</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 3-5 years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left"> Motor vehicles</td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: right"> 4-5 years</td> </tr> </table> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Construction in progress primarily represents the construction of new production line. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Expenditures for repairs and maintenance are expensed as incurred. The gain or loss on disposal of property, plant and equipment, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets, and is recognized in the consolidated statement of operations upon disposal.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>l. Interest Capitalization</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 Group capitalizes interest on amounts expended on the project at the Group's weighted average cost of borrowed money. Interest expense capitalized for the years ended December 31, 2010, 2011 and 2012 were RMB2,147,440, RMB3,505,464 and RMB7,507,649, respectively.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>m. Project assets</em></strong></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 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-FAMILY: Times New Roman, Times, Serif">Project assets consist primarily of costs relating to construction of solar power plants at various stages of development. These costs include costs for land and costs for developing and constructing PV solar power plants. While the project assets are not constructed for any specific customers, the Group intends to sell the project assets upon their completion. Upon completion of development and connection of the solar power plants, income generated from connection to the grid is recognized as revenue and the project assets are amortized over the expected life of 20 years.</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has reclassified the 2011 balance of RMB 272,504,672 from Property, Plant and Equipment to conform to the current period presentation in the Consolidated Balance Sheet. These reclassifications had no impact on previous reported total non-current assets and total assets.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has reclassified the 2011 amount of RMB 235,198,641 from purchase of property, plant and equipment to construction of project assets to conform to the current period presentation in the Consolidated Statement of Cash Flows. The Group has separately presented the 2011 balance of RMB 37,306,301 from purchase of property, plant and equipment included in other payable to purchase of project assets included in other payable to conform to the current period presentation in the supplemental disclosure of non-cash investing and financing cash flow information section of the Consolidated Statement of Cash Flows. These reclassifications had no impact on previous reported net total cash used in investing activities.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>n. Land use rights</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Land use rights represent fees paid to obtain the right to use land in the PRC. Amortization is computed using the straight-line method over the terms specified in land use right certificates of 50 years or 70 years, as applicable.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>o. Intangible assets</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>p. Goodwill</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Goodwill represents the excess of (i) the aggregate of (a) the consideration transferred measured in accordance with ASC 805, which generally requires acquisition-date fair value; (b) the fair value of any noncontrolling interests in the acquiree; and (c) in a business combination achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree. If the consideration transferred is less than the fair value of the net assets acquired, the difference is recognized as a gain directly in the consolidated statement of operations. In a business combination, any acquired intangible assets that do not meet separate recognition criteria as specified in ASC 805 are recognized as goodwill.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. In December of each year, the Company tests impairment of goodwill at the reporting unit level and recognizes impairment in the event that the carrying value exceeds the fair value of each reporting unit. The Company performs a two-step goodwill impairment test. The first step, identifying potential impairment, compares the fair values of each reporting unit to its carrying amount, including goodwill. If the carrying value of the reporting unit exceeds its fair value, the second step would need to be conducted; otherwise, no further steps are necessary as no potential impairment exists. The second step, measuring the impairment loss, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Any excess of the reporting unit goodwill carrying value over the respective implied value is recognized as an impairment loss.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> An impairment loss of nil, RMB45,645,832 and nil was recorded for the years ended December 31,2010, 2011 and 2012, respectively. See Note 3. "Goodwill" to the Company's consolidated financial statements for additional information on the Company's goodwill impairment tests.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>q. Business combination</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 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="COLOR: black">The</font> Group <font style="COLOR: black">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</font> Group <font style="COLOR: black">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.</font></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>r. Investments in affiliates</em></strong></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 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="COLOR: black">The</font> Group <font style="COLOR: black">holds equity investments in affiliates for which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. These investments are accounted for under equity method of accounting wherein the</font> Group <font style="COLOR: black">records its' proportionate share of the investees' income or loss in its consolidated financial statements.</font></p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Investments are evaluated for impairment when facts or circumstances indicate that the fair value of the investment is less than its carrying value. An impairment is recognized when a decline in fair value is determined to be other-than-temporary. The Group reviews several factors to determine whether a loss is other-than-temporary. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>s. Impairment of long-lived assets</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 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="COLOR: black">The</font> Group<font style="COLOR: black">'s long-lived assets include property, plant and equipment, project assets and other intangible assets with finite lives. The</font> Group<font style="COLOR: black">'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.</font></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amount of an asset may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets and significant negative industry or economic trends. The Group may recognize impairment of long-lived assets in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to these assets. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss, if any, is recognized for the difference between the fair value of the asset and its carrying value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses. .</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>t. Leases</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Leases are classified as capital or operating leases. A lease that transfers to the lessee substantially all the benefits and risks incidental to ownership is classified as a capital lease. At inception, a capital lease is recorded at the present value of minimum lease payments or the fair value of the asset, whichever is less. Assets under capital leases are amortized on a basis consistent with that of similar fixed assets or the lease term, whichever is less. Operating lease costs are recognized on a straight-line basis over the lease term.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>u. Revenue recognition</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 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="COLOR: black">The</font> Group <font style="COLOR: black">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</font> Group <font style="COLOR: black">requires a contract or purchase order which quantifies pricing, quantity and product specifications.</font></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For sales of photovoltaic products from PRC to foreign customers, delivery of the products generally occurs at the point in time the product is delivered to the named port of shipment, which is when the risks and rewards of ownership are transferred to the customer. For sales of PV products to domestic customers in PRC or by foreign subsidiaries, delivery of the product occurs generally at the point in time the product is received by the customer, which is when the risks and rewards of ownership have been transferred. In the case of sales that are contingent upon customer acceptance, revenue is not recognized until the deliveries are formally accepted by the customers.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 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="COLOR: black">The</font> Group <font style="COLOR: black">enters into certain sales contracts with retainage terms during 2012, under which customers were allowed to withhold payment of 5% to 10% of the full contract price as retainage after a specified period which generally range from one year to two years (the "Retainage Period"). Given the limited experience the</font> Group <font style="COLOR: black">has with respect to the collectability of the retainage, the</font> Group <font style="COLOR: black">defers recognition of the retainage as revenue until the customers pay it after the Retainage Period expires. <font style="TEXT-TRANSFORM: uppercase">A</font>s of December 31, 2012, the total amounts of retainage that were not recognized as revenue were RMB121,814,534.</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 0.2% of total sales for the years ended December 31, 2010.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group provides solar power product processing services to customers and the revenue of processing services is recognized upon completion which is generally evidenced by delivery of processed products to the customers.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company recognizes revenue related to solar system integration projects 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="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company recognized income from generated electricity as revenue upon completion of development and connection of the solar power plant to the grid.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Advance payments received from customers for the future sale of inventory are recognized as advances from third party customers in the consolidated balance sheets. Advances from third party customers are recognized as revenues when the conditions for revenue recognition described above have been satisfied. Advances from third party customers have been recognized as a current liability because the amount at each balance sheet date is expected to be recognized as revenue within twelve months.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0px; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In the PRC, value added tax ("VAT") at a general rate of 17% on invoice amount is collected on behalf of tax authorities in respect of the sales of product and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability until it is paid to the tax authorities.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>v. Cost of revenue</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Costs of revenue for integration projects, include all direct material, labor, subcontractor cost, and those indirect costs related to contract performance, such as indirect labor, supplies and tools. The Group recognizes job material costs as incurred costs when the job materials have been installed. The Group considers job materials to be installed materials when they are permanently attached or fitted to the solar power systems as required by the engineering design.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>w. Warranty cost</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Solar modules produced by the Group are typically sold with either a 2-year or 5-year warranty for product defects, and a 10-year and 25-year warranty against declines of more than 10% and 20%, respectively, from the initial minimum power generation capacity at the time of delivery. Therefore, the Group is exposed to potential liabilities that could arise from these warranties. The potential liability is generally in the form of product replacement or repair.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Due to limited warranty claim history, the Group estimates warranty costs based on an assessment for its competitors' history while incorporating estimates of failure rates through its quality review. Consequently, the Group accrues the equivalent of 1% of gross revenues as a warranty liability to accrue the estimated cost of its warranty obligations. Actual warranty costs incurred for warranty claims by customers are recorded in and charged against the accrued warranty liability. To the extent that actual warranty costs differ from the estimates, the Group will prospectively revise its accrual rate. The Group began the sales of solar modules in the first half of 2009 and has not experienced any material warranty claims to-date in connection with declines in the power generation capacity of its solar modules or defects. The accrual for warranty cost as of December 31, 2010, 2011 and 2012 were RMB33,432,852, RMB96,463,635 and RMB130,517,641, 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, 2010, 2011 and 2012, warranty cost expenses were RMB31,705,135, RMB63,030,783 and RMB40,213,055, respectively. The utilization of the warranty accruals for the years ended December 31, 2010, 2011 and 2012 were nil, nil and RMB6,159,049.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> We purchase warranty insurance policy which provides coverage for the product warranty services of our solar modules worldwide. Prepayment for warranty insurance premium is initially recorded as other assets and is amortized over the insurance coverage period. Prepayment for warranty insurance premium is not recorded as reduction of estimated warranty liabilities<strong><em>.</em></strong> Once the Company receives insurance recoveries, warranty expenses will be credited</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>x. Shipping and handling</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 RMB57,261,154, RMB119,821,738 and RMB164,942,482for the years ended December 31, 2010, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>y. Research and development</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Research and development costs are expensed when incurred.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>z. Start-up costs</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>aa. Income Taxes</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The accounting for uncertain tax positions requires that the Company recognizes in the consolidated financial statements the impact of an uncertain tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group's policy is to recognize, if any, tax related interest as interest expenses and penalties as general and administrative expenses. For periods presented, the Group did not have any interest and penalties associated with uncertain tax positions in the year ended December 31, 2010, 2011 and 2012 as there were no uncertain tax positions.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ab. Commitments and Contingencies</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ac. Financial guarantees</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group issues guarantees in favor of certain third parties. A guarantee requires the issuer to make payments to reimburse the holder for a loss it incurs when a specified debtor fails to make repayments to the holder, when the debtor's liability to the holder falls due.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> A guarantee is initially recognized at the estimated fair value in the Group's consolidated balance sheets unless it becomes probable that the Group will reimburse the holder of the guarantee for an amount higher than the carrying amount, in which case the guarantee is carried in the Group's consolidated balance sheets at the expected amount payable to the holder. The guarantee is derecognized when the Group's obligation to the holder expires.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ad. Fair value of financial instruments</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). A hierarchy is established for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value shall maximize the use of observable inputs.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> When available, the Company measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. Pricing information the Company obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Company generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and the Company's evaluation of those factors changes. Although the Company uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Company's consolidated assets, liabilities, equity and net income.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 liabilities and convertible senior notes.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company elects to classify the cash flows related to realized gain or loss on settlement of foreign exchange forward contracts as operating activities, which are based on the nature of the cash flows the derivative is economically hedging.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ae. Government grants</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Government grants related to technology upgrades and enterprise development are recognized as subsidy income when received. For the years ended December 31, 2010, 2011 and 2012, the Group received financial subsidies of RMB15,696,641, RMB25,553,802 and RMB40,902,610 from the local PRC government authorities, respectively. These subsidies were non-recurring, not refundable and with no conditions, including none related to specific use or disposition of the funds, attached. Such amounts were recorded as subsidy income in the consolidated statements of operations. There are no defined rules and regulations to govern the criteria necessary for companies to enjoy such benefits and the amount of financial subsidy is determined at the discretion of the relevant government authorities.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Government grants related to assets are initially recorded as other payables and accruals which are then deducted from the carrying amount when the assets are ready for use. The Company received government grant related to assets of RMB55,000,000, RMB91,611,300 and RMB119,820,411during the years ended December 31, 2010, 2011 and 2012, respectively.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>af. Repurchase of share</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> When the Company's shares are purchased for retirement, the excess of the purchase price over its par value is recorded entirely to additional paid-in capital subject to the limitation of the additional paid in capital when the shares were originally issued. When the Company's shares are acquired for purposes other than retirement, the purchase price is shown separately as treasury stock.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ag. Statutory reserves</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Zhejiang Jinko, as sino-foreign owned joint venture incorporated in the PRC, is required to make appropriations of net profits, after recovery of accumulated deficit, to (i) a general reserve fund, (ii) an enterprise expansion fund, and (iii) a staff bonus and welfare fund prior to distribution of dividends to investors. These reserve funds are set at certain percentage of after-tax profit determined in accordance with PRC accounting standards and regulations (the "PRC GAAP"). The percentage of net profit for appropriation to these funds is at the discretion of their board of directors.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Jiangxi Jinko, as a wholly foreign owned enterprise incorporated in the PRC, is required on an annual basis to make appropriations of net profits, after the recovery of accumulated deficit, to a general reserve fund and a staff bonus and welfare fund. These reserve funds are set at certain percentage of after-tax profit determined in accordance with the PRC GAAP. The percentage of the appropriation for general reserve fund is at least 10%, and the percentage of the appropriation for staff bonus and welfare fund is at the discretion of its boards of directors.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Except for the aforementioned subsidiaries, the Company's other subsidiaries, as domestic enterprises incorporated in the PRC, are required on an annual basis to make an appropriation of net profits, after the recovery of accumulated deficit, to a statutory reserve fund. The statutory reserve fund is set at the percentage of not lower than 10% of the after-tax profit determined in accordance with the PRC GAAP.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Once the level of the general reserve fund and the statutory reserve fund reach 50% of the registered capital of the underlying entities, further appropriations to these funds are discretionary. The Group's statutory reserves can only be used for specific purposes of enterprises expansion and staff bonus and welfare, and are not distributable to the shareholders except in the event of liquidation. Appropriations to these funds are accounted for as transfers from retained earnings to the statutory reserves.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> During the years ended December 31, 2010, 2011 and 2012, the Group made total appropriations to these statutory reserves of RMB126,152,136, RMB14,397,530 and RMB56,894, respectively.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ah. Segment reporting</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Group has adopted ASC 280, <em>Segment Reporting,</em> for its segment reporting. <font style="COLOR: black">The Group operates and manages its business as a single segment primarily in China.</font></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ai. Earnings(Loss) per share</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Basic earnings(loss) per share is computed by dividing net income(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings(loss) per share is calculated by dividing net income(loss) attributable to ordinary shareholders, as adjusted for the change in income or loss as result from the assumed conversion of those participating securities, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary share equivalents consist of the ordinary shares issuable upon the conversion of the convertible senior notes (using the if-converted method) and ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method). Potential dilutive securities are not included in the calculation of dilutive earnings per share if the effect is anti-dilutive.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>aj. Share-based compensation</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company's share-based payment transactions with employees, including share options, are measured based on the grant-date fair value of the equity instrument issued. The fair value of the award is recognized as compensation expense, net of estimated forfeitures, over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.</p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>ak. Other comprehensive income/(loss)</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>al. Convenience translation</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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 RMB6.2301 to US$1.00, the noon buying rate in effect on December 31, 2012, as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2012, or at any other rate.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>am. Recent accounting pronouncements</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In May 2011, the FASB issued ASU 2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs". This ASU is the result of joint efforts by the FASB and International Accounting Standards Board to develop a single, converged fair value framework. The guidance is largely consistent with existing fair value measurement principles in U.S. GAAP. The guidance expands the existing disclosure requirements for fair value measurements and makes other amendments. The guidance is to be applied prospectively and is effective for interim and annual periods beginning after December 15, 2011. Early application is not permitted. We adopted the new guidance since January 1, 2012, and the adoption of this pronouncement did not have a significant effect on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2011, the FASB issued ASU 2011-05, "Comprehensive Income (Topic 220), Presentation of Comprehensive Income." The ASU revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in ASC 220, "Comprehensive Income," and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The ASU does not change the items that must be reported in other comprehensive income. In December 2011, the FASB issued ASU 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05." This ASU defers the requirement in ASU 2011-05 that entities present reclassification adjustments for each component of accumulated other comprehensive income ("AOCI") in both net income and other comprehensive income on the face of the financial statements. ASU 2011-12 requires entities to continue to present amounts reclassified out of AOCI on the face of the financial statements or disclose those amounts in the notes to the financial statements. The effective date of ASU 2011-12 is consistent with ASU 2011-05, which is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011 for public entities. We adopted this ASU since January 1, 2012, and changed the Company's presentation of comprehensive income in its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In September 2011, the FASB issued ASU 2011-08, "Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment". This ASU permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. The amendments in this ASU apply to all entities, both public and nonpublic, that have goodwill reported in their financial statements. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted, including for annual and interim goodwill impairment tests performed as of a date before September 15, 2011, if an entity's financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. We adopted the new guidance since January 1, 2012, and the adoption of this pronouncement did not have a significant effect on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On December 16, 2011, the FASB issued ASU 2011-11, "Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities," which contains new disclosure requirements regarding the nature of an entity's rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The new disclosures are designed to make financial statements that are prepared under US GAAP more comparable to those prepared under IFRSs. To facilitate comparison between financial statements prepared under US GAAP and IFRSs, the new disclosures will give financial statement users information about both gross and net exposures. The new disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013, and interim periods therein; retrospective application is required. The Company does not expect that the adoption of this ASU will have a material effect on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In July 2012, the FASB issued ASU 2012-02, Intangibles - Goodwill and Other (Topic 350), <em>Testing Indefinite-Lived Intangible Assets for Impairment</em>. ASU 2012-02 gives companies an option to first assess qualitative factors to determine whether the existence of events and circumstances indicate it is more-likely-than-not that an indefinite-lived intangible asset is impaired. If based on its qualitative assessment, a company concludes that it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, quantitative impairment testing is required. However, if a company concludes otherwise, quantitative impairment testing is not required. ASU 2012-02 is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company does not expect the adoption of this accounting standard in the first quarter of 2013 to have an impact on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income". This update does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, this update requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This update is effective prospectively for reporting periods beginning after December 15, 2012 for public entities. The Company does not expect the adoption of this accounting standard beginning on January 1, 2013 to have a material impact on its consolidated financial statements.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
130517641
96463635
33432852
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>w. Warranty cost</em></strong></p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Solar modules produced by the Group are typically sold with either a 2-year or 5-year warranty for product defects, and a 10-year and 25-year warranty against declines of more than 10% and 20%, respectively, from the initial minimum power generation capacity at the time of delivery. Therefore, the Group is exposed to potential liabilities that could arise from these warranties. The potential liability is generally in the form of product replacement or repair.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Due to limited warranty claim history, the Group estimates warranty costs based on an assessment for its competitors' history while incorporating estimates of failure rates through its quality review. Consequently, the Group accrues the equivalent of 1% of gross revenues as a warranty liability to accrue the estimated cost of its warranty obligations. Actual warranty costs incurred for warranty claims by customers are recorded in and charged against the accrued warranty liability. To the extent that actual warranty costs differ from the estimates, the Group will prospectively revise its accrual rate. The Group began the sales of solar modules in the first half of 2009 and has not experienced any material warranty claims to-date in connection with declines in the power generation capacity of its solar modules or defects. The accrual for warranty cost as of December 31, 2010, 2011 and 2012 were RMB33,432,852, RMB96,463,635 and RMB130,517,641, 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, 2010, 2011 and 2012, warranty cost expenses were RMB31,705,135, RMB63,030,783 and RMB40,213,055, respectively. The utilization of the warranty accruals for the years ended December 31, 2010, 2011 and 2012 were nil, nil and RMB6,159,049.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> We purchase warranty insurance policy which provides coverage for the product warranty services of our solar modules worldwide. Prepayment for warranty insurance premium is initially recorded as other assets and is amortized over the insurance coverage period. Prepayment for warranty insurance premium is not recorded as reduction of estimated warranty liabilities<strong><em>.</em></strong> Once the Company receives insurance recoveries, warranty expenses will be credited</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><em>z. Start-up costs</em></strong></p> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> 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="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: left; WIDTH: 3%"> <strong>29.</strong></td> <td style="COLOR: black; FONT: 10pt Times New Roman, Times, Serif; TEXT-ALIGN: justify; WIDTH: 97%"> <strong>SUBSEQUENT EVENTS</strong></td> </tr> </table> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Subsequent to December 31, 2012, the Group obtained additional short-term and long-term bank borrowings (Note 17).</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 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="COLOR: black">On January 29, 2013, the Group issued unsecured six-year bonds with an aggregate principal amount of RMB800 million which bears a fixed annual interest rate of 8.99% and will mature on January 29, 2019.</font> At the end of the third year in the life of the bonds, the <font style="COLOR: black">Group</font> has the option to raise the interest rate by up to 100 basis points, and the bondholders will have the right to require the Company to repurchase all or part of their bonds, at such time. <font style="COLOR: black">The proceeds from the issuance of the bonds were originally intended to be used for capital expenditure of solar cell and modules facility. The Group has changed the purpose of use of proceeds to develop solar power plant plants with RMB 640 million and for working capital purpose of RMB 160 million prior to the required approval by the bond holders as well as filing with the relevant government authority. A bond holders meeting held on April 25, 2013 approved the change of the usage and as of the date of report, the Group is in the process of the filing with relevant government authority.</font></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On March19, 2013, the Group entered into loan facilities for an aggregate principal amount of RMB360 million and a term of 15 years with China Development Bank. The Company will use the financing to develop its domestic solar power plant projects.</p> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div><!--StartFragment--> <p style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="10" nowrap="nowrap">As of December 31,</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2010</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center; COLOR: black; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">RMB</td> <td style="COLOR: black; FONT-WEIGHT: bold" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 55%; COLOR: black">At beginning of year</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (1,994,833</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (6,308,714</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> <td style="WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; COLOR: black"> (73,967,071</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; COLOR: black">Current year additions</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(4,517,852</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(69,445,609</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> <td style="COLOR: black"> </td> <td style="TEXT-ALIGN: left; COLOR: black"> </td> <td style="TEXT-ALIGN: right; COLOR: black">(329,813,147</td> <td style="TEXT-ALIGN: left; COLOR: black">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> Reversal of valuation allowances</td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 203,971</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 1,787,252</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="PADDING-BOTTOM: 1pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; COLOR: black"> 919,670</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; COLOR: black"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> At end of year</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (6,308,714</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (73,967,071</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> <td style="PADDING-BOTTOM: 2.5pt; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; COLOR: black"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; COLOR: black"> (402,860,548</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; COLOR: black"> )</td> </tr> </table> <p style="TEXT-ALIGN: left; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </p> <!--EndFragment--></div> </div>
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The Company recorded an out-of-period adjustment of RMB12,146,071 resulting from income tax filing difference for two PRC entities, which should have been recorded in the year ended December 31, 2011. The originating amount in 2011 was not material to the 2011 consolidated financial statements, nor was the out of period adjustment recorded in 2012 material to the 2012 consolidated financial statements.
Advances of travelling and other business expenses to executive directors who are also shareholders represent the amounts the Company advanced to them for expected expenses, charges and incidentals relating to their business development activities.
Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.