Yingli Green Energy Holding Company Limited (NYSE: YGE) announced that its board of directors has authorized a share repurchase program. Under the terms of the approved program, Yingli Green Energy may repurchase up to US$100 million worth of its issued and outstanding American Depositary Shares ("ADSs") from time to time over the next 12 months in the open market or in negotiated transactions, subject to market conditions and other factors, as well as relevant rules under the Securities Exchange Act of 1934, as amended (the "Act"). The Company will also effect repurchase transactions in compliance with Rule 10b5-1 under the Act and the Company's insider trading policy.
Yingli Green Energy plans to fund repurchases made under this program from its available cash balance, cash from operations or cash from other sources.
Mr. Liansheng Miao, Chairman and Chief Executive Officer of the Company, commented, "We believe our ADSs are currently undervalued. The share repurchase program reaffirms our confidence in the long-term growth of Yingli Green Energy and demonstrates our commitment to enhancing shareholder value."
