SHANGHAI, CHINA: JA Solar Holdings Co. Ltd, a manufacturer of high-performance solar products, announced that its Board of Directors has approved a share repurchase program, effective Dec. 14, 2009. Under this program, JA Solar is approved to repurchase up to an aggregate of US$75 million of its American Depositary Shares, or ADSs, representing its ordinary shares.
The repurchases will be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market and in block trades, pursuant to a 10b5-1 plan (which, if adopted, will allow JA Solar to repurchase its ADSs during periods in which it may be in possession of material non-public information or otherwise).
The purchases will be made subject to restrictions relating to volume, price and timing. The timing and extent of any purchases will depend upon market conditions, the trading price of our ADSs and other factors.
"This share repurchase program is a demonstration of confidence in our financial strength and long-term growth opportunities," said Baofang Jin, chairman and CEO of JA Solar. "The approval of the share repurchase program by our Board of Directors reflects our ongoing commitment to increase shareholder value."