NASDAQ, JASO - JA Solar Holdings
We commenced our business in May 2005 through JingAo Solar Co., Ltd., or JA
Hebei, a limited liability company established in China. To enable us to raise
equity capital from investors outside of China, we established a holding company
structure by incorporating JA Development Co., Ltd., or JA BVI, in the British
Virgin Islands in July 2006. JA BVI acquired all of the equity interests in JA
Hebei through a series of transactions that have been accounted for as a
recapitalization. In particular, JA BVI paid US$15 million to JA Hebei?s former
shareholders in proportion to their percentage of ownership in JA Hebei before
the recapitalization to acquire all of the equity interests of JA Hebei, and the
former shareholders of JA Hebei contributed US$6.75 million to JA BVI?s capital
also in proportion to their percentage of ownership in JA Hebei. As a result,
the percentage of common share ownership before and after the recapitalization
remained the same. ...
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