All the indicators are pointing gradually in the right direction as new owner Beijing Energy bids to put a torrid year behind the solar developer and the company has announced its intent to enter the European solar market and explore hydrogen and energy storage.
There was rare good news for the remaining independent shareholders of the state-controlled solar developer, as the overdue 2019 figures were finally published, with new auditor PwC shaving almost $15 million off a near-$540 million loss.
The stunning findings of an investigation by the auditor into RMB1,022 million paid by Panda Green for the right to develop solar projects which never materialized included confirmation by the former chief finance officer documents were drawn up after the fact.
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