(Updates with closing share price in second paragraph.)
Nov. 23 (Bloomberg) -- Yingli Green Energy Holding Co., a Chinese manufacturer of solar panels, jumped the most in almost a month after saying it expects to have about 30 percent of the country’s market next year.
Yingli rose 12 percent to $3.96 in New York, the largest gain since Oct. 27 and the biggest increase of the 17 members of the Bloomberg Global Large Solar Energy index. The shares have dropped 60 percent this year.
China’s total market for solar panels next year should be about 3,000 megawatts and Yingli expects to get 30 percent of that, Robert Petrina, the Baoding-based company’s managing director for the Americas, said today on a conference call with analysts and investors. That’s up from about 25 percent now.
“Yingli has good relationships with utilities in China and they’re well-positioned to take a solid share of that market,” Paul Clegg, an analyst at Mizuho Securities USA Inc. in New York, said today in an interview.
The company also discussed a share repurchase program, he said, which may be moving the shares higher.
Yingli on Sept. 30 said its board approved the purchase of as much as $100 million of outstanding American depositary receipts.
Yingli may repurchase the receipts as operating cash flow turns positive in the first quarter, Chief Financial Officer Bryan Li said on the call.
“We believe our company stock is deeply undervalued,” Li said on the call.
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