China Sunergy Co., Ltd. (NASDAQ:CSUN)

NANJING, China, March 9, 2016 /PRNewswire/ -- China Sunergy Co., Ltd. (CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that it had received a letter from the Listing Qualifications Department of the NASDAQ Stock Market ("NASDAQ"), on March 3, 2016 (the "Letter"), informing the Company that it failed to regain compliance with the Listing Rule related to the maintenance of minimum Market Value of Publicly Held Shares ("MVPHS") of US$15,000,000 within a compliance period of 180 calendar days.

As previously disclosed, on September 3, 2015, NASDAQ notified the Company that for the previous 30 consecutive trading days, the market value of its publicly held shares had been below the minimum $15,000,000 required for continued listing as set forth in Listing Rule 5450(b)(3)(C) (the "Rule"). Therefore, in accordance with Marketplace Rule 5810(c)(3)(D), the Company was provided 180 calendar days, or until March 1, 2016, to regain compliance with the Rule. However, the Company has not regained compliance with the Rule. Accordingly, its securities will be delisted from The Nasdaq Global Select Market. In that regard, unless the Company requests an appeal of this determination, trading of the Company's American Depositary Shares will be suspended at the opening of business on March 14, 2016, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC"), which will remove the Company's securities from listing and registration on the Nasdaq Stock Market.

The Company is considering whether it will appeal NASDAQ's determination to a Hearings Panel (the "Panel"). A hearing request will stay the suspension of the Company's securities and the filing of the Form 25-NSE pending the Panel's decision. If the Company does not appeal NASDAQ's determination to the Panel, the Company's securities may be eligible to continue to be quoted on the OTC Bulletin Board or in the "Pink Sheets."

NANJING, China, Feb. 29, 2016 /PRNewswire/ -- China Sunergy Co., Ltd. (CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that it had received a letter from the Listing Qualifications Department of the NASDAQ Stock Market, on February 23, 2016 (the "Letter"), informing the Company that it does not comply with a Nasdaq requirement set forth in Nasdaq Listing Rules (the "Listing Rule") 5450(a)(1) related to the maintenance of a minimum bid price of $1 requirement.

Pursuant to the Listing Rule 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days to regain compliance. If at anytime during this compliance period the closing bid price of the company's security is at least $1 for a minimum of ten consecutive business days, it will receive a written confirmation of compliance and this matter will be closed.

NANJING, China and DUBAI, UAE, Jan. 11, 2016 /PRNewswire/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), and Z-One Holding today announced an agreement to form a joint venture to market and sell the full range of CSUN's solar products and provide high value-added PV solutions in the Middle Eastern and African markets. Under the terms of the agreement, the joint venture, CSUN Solar MEA FZC, will be owned 60% by China Sunergy, and 40% by Z-One Holding.

"Middle East and Africa are both fast-growing markets for photovoltaic, or PV applications. This joint venture will be a useful opportunity to offer our PV products and solutions in the two markets while working with Z-One Holding who has an extensive distribution network and profound photovoltaic expertise," said Mr. Tingxiu Lu, chief executive officer of CSUN. "Our track records of working with a variety of well-known enterprises located in both upstream and downstream of the PV industry has positioned us well as Z-One Holding's partner and we look forward to capturing the lucrative opportunities together."

Second Quarter 2015 Financial Results

• Total revenue was US$87.5 million, a decrease of 4.3% from US$91.5 million in the first quarter of 2015. The revenue for self-branded products totaled US$86.6 million and the revenue for the products processed under the OEM arrangement was US$0.9 million.
• Net loss attributable to ordinary shareholders per ADS was US$0.71, compared with US$0.82 in the first quarter of 2015.

 

First Quarter 2015 Financial Results

• Total revenue was US$91.5 million, a decrease of 27.8% from US$126.7 million in the fourth quarter of 2014. The revenue for self-branded products totaled US$84.3 million and the revenue for the products processed under the OEM arrangement was US$6.6 million.

• Net loss attributable to ordinary shareholders per ADS was US$0.82, compared with US$0.67 in the fourth quarter of 2014.

NANJING, China, September 10, 2015 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that it had received a letter from the Listing Qualifications Department of the NASDAQ Stock Market, on September 3, 2015 (the "Letter"), informing the Company that it does not comply with a Nasdaq maintenance standard set forth in Nasdaq Listing Rules (the "Listing Rule") 5450(b)(3)(C) related to the maintenance of minimum market value of publicly held shares ("MVPHS") of $15,000,000.

Pursuant to the Listing Rule 5810(c)(3)(D), the Company is provided with a compliance period of 180 calendar days to regain compliance. If at anytime during this compliance period the Company's MVPHS closes at $15,000,000 or more for a minimum of ten consecutive business days, it will receive a written confirmation of compliance and this matter will be closed.

This announcement is being made in compliance with Listing Rule 5810(b), which requires prompt disclosure of receipt of a noncompliance letter.

NANJING, China, Aug. 21, 2015 /PRNewswire/ -- China Sunergy Co., Ltd. (CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that CEEG (Nanjing) Renewable Energy Co., Ltd, a subsidiary of China Sunergy, has won a bid to supply 260 MW of PV modules to China Power Investment Corporation, a state-owned comprehensive energy group with a term of 12 months, starting from July 2015. The modules will be utilized by China Power Investment Corporation to construct a number of ground power projects in various locations across China. 

Mr. Tingxiu Lu, Chairman and CEO of CSUN commented, "We are delighted to provide our high-quality modules to China Power Investment Corporation, a leading solar energy developer. The winning of the bid demonstrates our ability and proven experience in supplying large-scale solar power plants. As the demand of solar energy products continuously grows in China, We expect the Company will further deepen its cooperation with China Power Investment Corporation, and we look forward to identifying and engaging similarly strategic opportunities in both Chinese and overseas markets in the near future."

NANJING, China, August 21, 2015 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that CEEG (Nanjing) Renewable Energy Co., Ltd, a subsidiary of China Sunergy, has won a bid to supply 260 MW of PV modules to China Power Investment Corporation, a state-owned comprehensive energy group with a term of 12 months, starting from July 2015. The modules will be utilized by China Power Investment Corporation to construct a number of ground power projects in various locations across China.

Mr. Tingxiu Lu, Chairman and CEO of CSUN commented, "We are delighted to provide our high-quality modules to China Power Investment Corporation, a leading solar energy developer. The winning of the bid demonstrates our ability and proven experience in supplying large-scale solar power plants. As the demand of solar energy products continuously grows in China, We expect the Company will further deepen its cooperation with China Power Investment Corporation, and we look forward to identifying and engaging similarly strategic opportunities in both Chinese and overseas markets in the near future."

NANJING, China, August 6, 2015 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that its subsidiary, CSUN-Solar International Limited, specialized in engineering, procurement, and construction ("EPC") service and project development, has entered into an EPC agreement with YH Green Energy Incorporated, a Philippine-based green energy developer for the construction of a 14.5 MW solar power project. The construction of the project will begin in the third quarter of 2015, and is expected to be fully operational in the first quarter of 2016.

Mr. Tingxiu Lu, Chairman and CEO of CSUN commented, "We are delighted to cooperate with YH Green Energy on the construction of the solar power project. We believe that this transaction demonstrates our solar project experience, expansion in the south-east Asia market as well as our capability of providing solar energy solutions on a global basis, which positions us well in the steady growth of green energy industry in the years to come."

NANJING, China, July 23, 2015 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that it had received written notification from the Listing Qualifications Department of the NASDAQ Stock Market, on July 20, 2015 informing the Company that it has regained compliance with the continued listing requirements under NASDAQ Listing Rule 5250(c)(1) (the "Listing Rule").

On May 20, 2015, the Company received a letter from NASDAQ (the "Letter"), indicating that, the Company failed to file on Form 20-F for the period ended December 31, 2014 (the "Filing") in a timely manner. The Letter requires, among others, the Company to submit a plan to regain compliance with respect to the above delinquent report within 60 calendar days of the receipt of the Letter.

On July 10, 2015, company filed its Form 20-F for the period ended December 31, 2014. On July 20, 2015, the Company received written notification from Nasdaq that by filing its Form 20-F, the NASDAQ staff determined the Company has complied with the Listing Rule, and accordingly, this matter is now closed.

CONSOLIDATED statementS of operations

(In U.S. dollars, except for share data)

 

		Years ended December 31,
		2012				2013				2014
		$				$				$
Sales to third parties			286,889,060				306,334,566				331,039,143
Sales to related parties			5,832,301				9,851,128				10,068,554
Total revenues			292,721,361				316,185,694				341,107,697
Cost of sales to third parties			(288,004,932	)			(291,372,403	)			(319,890,205	)
Cost of sales to related parties			(5,909,231	)			(9,601,302	)			(10,595,573	)
Cost of revenues			(293,914,163	)			(300,973,705	)			(330,485,778	)
Gross profit (loss)			(1,192,802	)			15,211,989				10,621,919
Selling and marketing expenses			(20,055,854	)			(16,416,359	)			(13,168,297	)
General and administrative expenses			(75,874,984	)			(30,010,529	)			(25,246,986	)
Research and development expenses			(8,608,874	)			(6,022,357	)			(3,169,975	)
Total operating expenses			(104,539,712	)			(52,449,245	)			(41,585,258	)
Loss from operations			(105,732,514	)			(37,237,256	)			(30,963,339	)
Interest expense			(28,838,328	)			(28,805,652	)			(27,918,904	)
Interest income			6,154,813				6,586,276				5,606,718
Changes in fair value of derivatives			(369,309	)			-				-
Other income (expense), net			11,486,938				8,974,787				(2,605,310	)
Loss before income taxes			(117,298,400	)			(50,481,845	)			(55,880,835	)
Income tax expense			(16,295,221	)			(1,127,627	)			(614,285	)
Net loss			(133,593,621	)			(51,609,472	)			(56,495,120	)
Less: Net loss attributable to    noncontrolling interest			(12,957	)			(1,000,391	)			(398,754	)
Net loss attributable to ordinary shareholders of China Sunergy Co., Ltd.			(133,580,664	)			(50,609,081	)			(56,096,366	)
Net loss per share:
Basic and diluted		$	(0.55	)		$	(0.20	)		$	(0.21	)
Share used in calculating basic and diluted loss per share			240,701,253				255,102,003				267,287,253

Management Discussion and Analysis

Net Revenues

Our total net revenues increased by $24.9 million, or 7.9%, from $316.2 million in 2013 to $341.1 million in 2014. Our net revenues increased primarily due to the increase in both the shipment volume of our solar power products, and the average selling prices of our self-branded solar power products.

In 2014, we shipped 767.8 MW of solar power products including 167.7 MW of solar cells, 69.0 MW solar cells processed under OEM arrangements, 110.4 MW solar modules processed under OEM arrangements, and 420.7 MW of modules, compared to sales of 577.4 MW of solar power products, including 9.9 MW of solar cells, 89.8 MW solar cells and modules processed under OEM arrangements and 477.7 MW of solar modules in 2013.

Our sales derived from China, continuing being our largest market in 2014, increased significantly from $97.0 million in 2013 to $137.1 million in 2014 primarily due to the PRC government’s policies encouraging the solar industry and growing demand of our products in the domestic market. Thanks to the gradual recovery of the solar market in China, the average selling price per watt of our solar modules slightly increased to $0.63 in 2014 from $0.61 in 2013. Our sales derived from France and Japan, being the two largest overseas market in 2014, increased both in dollar amounts and as a percentage of our total net revenues primarily due to our expansion of customer base in these two countries; while our sales in certain other overseas markets, including Germany and Italy, decreased, primarily due to the strategic shift away from the overseas markets where the government subsidies have been reduced.

Net (Loss) Income

As a result of the foregoing, we incurred a net loss of $56.5 million in 2014, compared to net loss of $51.6 million in 2013.

Third Quarter 2014 Financial Results

• Total revenue was US$63.3 million, a decrease of 28.5% from US$88.5 million in the second quarter of 2014. The revenue for self-branded products totaled US$60.2 million and the revenue for the products processed under the OEM arrangement was US$1.5 million.
• Net loss attributable to ordinary shareholders per ADS was US$1.73, compared with US$0.39 in the second quarter of 2014.

NANJING, China, May 27, 2015 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that it had received a letter from the Listing Qualifications Department of the NASDAQ Stock Market, on May 20, 2015 (the "Letter"), informing the Company that it does not comply with a NASDAQ listing standard set forth in NASDAQ Listing Rule 5250(c)(1), as the Company has not filed its Form 20-F for the period ended December 31, 2014 (the "Filing") in a timely manner.

The Letter requires the Company to submit a plan to regain compliance with respect to the above delinquent report within 60 calendar days of the receipt of the Letter. The NASDAQ Listing Rules provide that the NASDAQ can grant the Company an exception of up to 180 calendar days from the Filing's due date, or until November 11, 2015, to regain compliance if NASDAQ accepts the Company's plan of compliance.

NANJING, China, March 20, 2015 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that it had received a letter from the Listing Qualifications Department of the NASDAQ Stock Market, on March 10, 2015 (the "Letter"), informing the Company that it has regained compliance with the continued listing requirements under NASDAQ listing Rule 5250(c)(2) and 5450(b)(2)(C).

On January 7, 2015, the Company received a letter from NASDAQ, indicating that, the Company failed to file on Form 6-K, an interim balance sheet and income for the period ended June 30, 2014, as required by Listing Rule 5250(c)(2). Additionally, on January 22, 2015, Nasdaq Staff notified the Company that it no longer met the minimum market value of publicly held shares ("MVPHS") of $15,000,000 for continued listing on the Nasdaq Global Market pursuant to the Listing Rule 5450(b)(2)(C).

However, on March 3, 2015, the Company filed its second quarter interim financials on Form 6-K for the period ended June 30, 2014. Furthermore, for ten consecutive trading days, from February 12, 2015 to March 9, 2015, the Company's MVPHS has been $15,000,000 or greater. Accordingly, the Company has regained compliance with the Listing Rules and these matters are now closed.

Second Quarter 2014 Financial Results

• Total revenue was US$88.5 million, an increase of 41.0% from US$62.7 million in the first quarter of 2014. Self-branded revenue totaled US$80.8 million and OEM revenue was US$6.4 million.
• Net loss attributable to ordinary shareholders per ADS was US$0.39, an improvement from US$0.99 in the first quarter of 2014. Non-GAAP net loss attributable to ordinary shareholders per ADS was US$0.05.

Mr. Tingxiu Lu, Chairman and CEO of China Sunergy, commented, "We are pleased that our global manufacturing base, sales network and leading technology enabled us to capture opportunities in both Europe and Asia, driving strong sequential shipment growth and higher gross margin in the second quarter of 2014. Reflecting the solid second quarter results, we remain comfortable in achieving our previously-stated full-year 2014 total shipment estimates of 750 MW to 800 MW."

"Since my return in September 2014, we have taken many steps to improve operations, including the appointment of our new auditor in December, which initially required additional time to complete our quarterly financial reporting. I would like to sincerely thank our finance team and auditor for their tireless efforts in completing the second quarter's financial reporting, which now brings the Company current in its reporting obligations. We are committed to timely completing our 2014 annual audit and aim to report our results for the second half of 2014 in April 2015."

NANJING, China, February 4, 2015 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that its wholly-owned subsidiary, China Sunergy (Nanjing) Co., Ltd. ("China Sunergy Nanjing") has entered into a solar cells supply agreement with Solar Park Korea ("Solar Park").

Under the terms of the agreement, China Sunergy Nanjing will provide up to 81MW of the Company's poly-silicon cells for Solar Park's modules production and downstream applications.

Hyunwoo Park, Chairman and CEO of Solar Park, said, "We are pleased to partner with China Sunergy, a proven technology innovator in the solar industry. After significant due diligence and evaluation of solar cells providers, we concluded that China Sunergy, with its ability to deliver the highest quality solar cells at competitive prices, is the best choice for our needs. We look forward to closely working with China Sunergy in our global expansion."

Mr. Tingxiu Lu, Chairman and CEO of China Sunergy, commented, "We are delighted to be selected as a solar cells supplier to Solar Park, a leading high-tech enterprise committed to delivering quality solar modules and related services. We believe that the combination of our diversified product offerings, continual conversion efficiency improvements, and worldwide distribution reach provides a strong platform for both parties' global business development. We are confident that our collaboration with Solar Park will prove mutually beneficial."

NANJING, China, January 29, 2015 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that it had received a letter from the Listing Qualifications Department of the NASDAQ Stock Market, on January 22, 2015 (the "Letter"), informing the Company that it does not comply with the Nasdaq maintenance standard set forth in Nasdaq Listing Rules (the "Listing Rule") 5450(b)(3)(C) related to the maintenance of minimum market value of publicly held shares ("MVPHS") of $15,000,000.

Pursuant to the Listing Rule 5810(c)(3)(D), the Company is provided with a compliance period of 180 calendar days to regain compliance. If at anytime during this compliance period the Company's MVPHS closes at $15,000,000 or more for a minimum of ten consecutive business days, it will receive a written confirmation of compliance and this matter will be closed.

This announcement is being made in compliance with Listing Rule 5810(b), which requires prompt disclosure of receipt of a noncompliance letter.

NANJING, China, January 9, 2015 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that it had received a letter from the Listing Qualifications Department of the NASDAQ Stock Market, on January 7, 2015 (the "Letter"), informing the Company that it does not comply with a Nasdaq listing standard set forth in Nasdaq Listing Rule 5250(c)(2) related to the timely filing of Company's periodic reports, because the company has not timely filed its Form 6-K for the period ended June 30, 2014 (the "Filing").

The Letter requires the Company to submit a plan to regain compliance with respect to the above delinquent report within 60 calendar days of the receipt of the Letter, or prior to March 9, 2015. The Nasdaq Listing Rules provide that the Staff can grant the Company an exception of up to 180 calendar days from the Filing's due date, or until June 29, 2015, to regain compliance if Nasdaq accepts the Company's plan of compliance.

NANJING, China, January 5, 2015 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that its wholly-owned subsidiary, CEEG (Nanjing) Renewable Energy Co., Ltd., has won a 30 MW contract from Enrich Energy Pvt. Ltd ("Enrich Energy"), an integrated solar energy solutions provider and a pioneer in India focused on developing large scale private solar parks across India.

Enrich Energy will deploy China Sunergy's multi-crystalline modules in a ground-mounted project in India's newly formed Telangana State. The solar modules will be supplied from the Company's Shanghai plant, and the shipment is expected to be completed by the end of January 2015. Continuing China Sunergy's positive momentum in the fast-growing India market, the final selection by Enrich Energy was based on the Company's successful local market penetration with its diverse and quality product offerings.

Mr. Ankit Kanchal, Director of Enrich Energy said, "We are pleased to deepen our partnership with China Sunergy on this pivotal ground-mounted project in India. This will be the first private solar park in India with a Power Purchase Agreement being signed with the State Utility. Based on our cooperation with China Sunergy over the past few years, we are satisfied with the Company's dedicated team and comprehensive product offerings. We firmly believe in China Sunergy's market presence and proven execution."

Mr. Tingxiu Lu, Chairman and CEO of China Sunergy commented, "We are honored to be reselected by Enrich Energy for another prominent project in India. We appreciate their pioneering model of turnkey solutions for small and large-scale solar investors in India, and we look forward to jointly capturing additional market opportunities in the region. We believe this project win demonstrates our success in India and further validates our proactive commitment to the region in prior years. The Asia market remains our strategic priority, and we are confident to continue growing our business in the region in 2015."

NANJING, China, December 18, 2014 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced the launch of two new sets of high-output solar modules with rated power of over 270W assembled with multi-crystalline silicon ("multi-Si") cells and over 325W assembled with mono-crystalline silicon ("mono-Si") cells. The Company also announced that its wholly-owned subsidiary, CEEG (Shanghai) Solar Science Technology Co., Ltd. ("SST"), was recognized as Shanghai Enterprise Technology Center by the Shanghai Economy and Information Technology Commission ("EITC").

China Sunergy's new high power output solar modules' average power output surpass those of the industry's other mainstream modules by as much as 15W per module, thereby offering meaningful efficiency savings to the Company's high-power generation customers. The new high power output solar modules are rated at over 270W when assembled with 60 of the Company's multi-crystalline silicon ("multi-Si") cells, and at over 325W when assembled with 72 of the Company's mono-crystalline silicon ("mono-Si") cells.

In November 2014, SST was recognized as Shanghai Enterprise Technology Center by the prestigious EITC. Of the 36 nominated enterprises on EITC's Twentieth Shanghai Enterprise Technology Center Award, SST was the only enterprise from Shanghai's Songjiang District.

Dr. Jianhua Zhao, Chief Technology Officer of China Sunergy commented, "We are honored to receive EITC's recognition as the sole representative from Songjiang District for this year's Shanghai Enterprise Technology Center Award. Continuing with our blueprint of converting success in the R&D lab into innovative commercial products, we are excited with the launch of our new industry-leading high power output modules. We are committed to driving sustainable growth by continually advancing our products and brand through technological innovations."

NANJING, China, Dec. 2, 2014 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that it has proposed to appoint Grant Thornton, China member firm of Grant Thornton International ("Grant Thornton"), as the Company's independent registered public accounting firm for the year ending December 31, 2014. The decision to engage Grant Thornton was made by the Company's Audit Committee and its Board of Directors and is subject to shareholder's approval at the Company's Annual General Meeting, among others.

The change of auditors was made as a part of the implementation of the new management's company-wide expense reduction plan. The Company will endeavor to work with the new auditor to ensure the timely filing of its annual report on Form 20-F for the year ending December 31, 2014. At the date of this press release, the Company is working with Deloitte Touche Tohmatsu Certified Public Accountants LLP ("Deloitte") and Grant Thornton to ensure a smooth transition.

"We sincerely express our appreciation to Deloitte for its commitment and high quality of service in the past years." Mr. Tingxiu Lu, Chairman and CEO of China Sunergy, remarked, "We expect to cooperate with our new auditor team - Grant Thornton soon."      

The Company and Deloitte have no disagreements, and the Board is not aware of any other matters, in relation to the change of auditors that need to be brought to the attention of the Shareholders.

NANJING, China, Nov. 14, 2014 /PRNewswire/ -- China Sunergy Co., Ltd. (CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that the Company has signed a memorandum of understanding ("MOU") with Deniz Finansal Kiralama A.S., ("DenizLeasing"), a subsidiary of DenizBank Financial Services Group ("DenizBank Group"), establishing strategic partnership to finance the solar projects through financial leasing in Turkey.

DenizLeasing was established in 1997 in Istanbul, Turkey, and now carries out financial leasing transactions for various kinds of investment goods. According to the MOU, DenizLeasing will facilitate and provide capital leasing for solar PV projects of up to 100 MW deploying China Sunergy's solar modules and other components.

"We are delighted to partner up with China Sunergy to mutually capitalize on the fast-growing solar market in Turkey," said Kahraman Günaydın, General Manager  of DenizLeasing, "Over the past couple of years, China Sunergy has quickly established technology leadership in Turkey with its high efficiency superior quality of products.We believe DenizLeasing's strong brand and network, combined with China Sunergy's proven capability and firm commitment to grow its market presence in Turkey, together represent an exciting growth opportunity for the partnership, as well as, an excellent value proposition to our joint customers."

Mr. Tingxiu Lu, Chairman and CEO of China Sunergy, commented, "We are pleased to kick-off a strategic partnership with DenizLeasing, who, in our view, is a leading financial leasing company in Turkey. This partnership expands our go-to-market capabilities in Turkey, which we believe can greatly accelerate the availability and deployment of our products, enhance our ability to serve our expanding customer base across Turkey and the surrounding markets, as well as extend our overseas financing flexibility. We look forward to a long and mutually-profitable partnership with DenizLeasing, one that we hope will be a springboard for broader collaborations and relationships with other members of the DenizBank Group."

NANJING, China, October 31, 2014 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced China Electric Equipment Group Co., Ltd. ("CEEG"), one of the Company's related parties, failed to perform its payment obligations to the Company on time under the Share Transfer Agreement (as defined below). This Share Transfer Agreement was entered into between the Company and CEEG with respect to the sales of the equity interests in one of the Company's subsidiaries.

As disclosed before, China Sunergy and CEEG entered into a share transfer agreement on March 26, 2014, amended on August 14, 2014 (the "Share Transfer Agreement"). Pursuant to the Share Transfer Agreement, the remaining two installments, in the aggregate amount of RMB 39.6 million, shall be paid by CEEG prior to August 31, 2014 and September 30, 2014, respectively. However, it failed to make the remaining payment pursuant to the schedule. As of the date of this press release, the total amount paid by CEEG to the Company was RMB 40 million.

The Company is diligently working towards causing CEEG to resolve the issues identified above, and CEEG has agreed to the Company that all remaining payment to which the Company is entitled under the Share Transfer Agreement would be paid in full.

NANJING, China, October 16, 2014 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that Yongfei Chen has tendered his resignation of the Chief Financial Officer for personal reasons. Mr. Chen's resignation will be effective from October 31, 2014.

Mr. Shiliang Guo, has been appointed as Acting Chief Financial Officer effective from November 1, 2014. Mr. Guo has been a director of China Sunergy since May 2009 and he has been the chief financial officer of China Electric Equipment Group Co., Ltd. (or "CEEG"), one of the related companies of China Sunergy since October 2004. He received a bachelor's degree in finance from Suzhou University in 1984 and obtained the qualification of PRC Certified Public Accountant in 1993.

"We sincerely thank Mr. Chen for his great contributions to the Company, particularly at a time when the solar sector went through tremendous changes and tough challenges," Mr. Tingxiu Lu, Chairman and CEO of China Sunergy commented. "We welcome Mr. Guo to join our management team, and we believe his knowledge of the industry and the Company, his experience in finance and accounting, will make great contribution to our future success," he added.

Mr. Shiliang Guo previously served as the Acting CFO of the Company from May to October in 2009. Upon the appointment of Acting Chief Financial Officer, Mr. Guo will resign from all executive positions in CEEG.

NANJING, China, Aug, 14, 2014 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced it has entered into a supplemental agreement with China Electric Equipment Group Co., Ltd. ("CEEG") to extend the payment schedule under the share transfer agreement previously entered into by and between both parties (the "Supplemental Agreement") for the sales of one subsidiary of the Company, China Sunergy (Shanghai) Co., Ltd. ("Sunergy Shanghai").

On March 26, 2014, the Company entered into a share transfer agreement with CEEG (the "Original Agreement"), under which the Company agreed to sell and CEEG agreed to purchase, 100% of the equity interest in China Sunergy (Shanghai) Co. Ltd. ("Sunergy Shanghai"), a subsidiary of the Company, for a total consideration of approximately RMB 231.2 million (US$37.7 million) (the "Total Consideration"). China Sunergy expects to receive the cash proceeds of approximately RMB 79.6 million (US$13.0 million) from the Transaction. The remaining consideration will be settled through forgiveness of the amount due from China Sunergy by Sunergy Shanghai. The total cash proceeds shall be paid in three installments as follows: 30% of which shall be paid within one month after the date of the Original Agreement, 40% within three working days after receipt of the written evidence indicating the satisfaction of all closing conditions under the Original Agreement, and the remaining 30% upon the share transfer registration and issuance of the business license by the competent industry and commerce authority.

As of the date of this press release, CEEG has already paid a total amount of RMB 40.0 million to the Company. As such, on August 14, 2014, the Company and CEEG reached the Supplemental Agreement to extend the payment schedule of the outstanding cash proceeds, with the second and third installments to be paid by August 31, 2014 and September 30, 2014, respectively.

The Company will use its best efforts to collect payments from CEEG pursuant to the revised schedule under the Supplemental Agreement.

NANJING, China, July 7, 2014 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that its wholly-owned R&D subsidiary, China Sunergy (Nanjing) Power Science & Technology Co., Ltd. (the "R&D Innovation Plant"), has entered into a strategic collaboration agreement with the 48th Research Institute of China Electronics Technology Group Corporation ("The Research Institute"), to jointly accelerate research and development, deployment and marketing of photovoltaic technology and products.

The Research Institute is a leading research and production enterprise selected as a model organization among China's solar photovoltaic industry by the Ministry of Science and Technology and the People's Government of Beijing Municipality. As a state-owned-enterprise, the Research Institute employs the nation's top technical scientists and is one of the largest suppliers of photovoltaic equipment in China.

"We are excited to closely collaborate with the country's preeminent research institution," said Dr. Jianhua Zhao, Chief Technology Officer of China Sunergy. "For this strategic collaboration, we mainly aim to co-declare scientific research, co-research photovoltaic materials and equipment, and co-develop solar projects. We believe the combination of our leading technology and the Research Institute's expertise in photovoltaic equipment and large user base will accelerate the development and monetization of innovations."

NANJING, China, June 4, 2014 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that it has signed a 50 MW framework agreement with KosiFrankensolar for their Turkish projects.

The two companies have already started to explore the Turkish market together. "Now our partnership has reached a new level," states Bulent Yildiz, General Manager of KosiFrankensolar in Istanbul. "We appreciate China Sunergy's close cooperation with us and their commitment to local production."

KosiFrankensolar is a subsidiary of Germany's Frankensolar group, a leading distributor for grid-connected solar installations in the Western Hemisphere with more than 20 years of experience in the international PV business.

The agreement foresees delivery of the Company's high efficient polycrystalline modules within 2014, which will be used in the projects that are not required to obtain license, primarily. The main focus will be on ground mounted applications as well as some roof-top installations all over Turkey.

"From early on, we have been working with KosiFrankensolar in Turkey and consider them as an ideal partner for mutually taking advantage of the opportunities in the solar market within the vicinity of the European pioneer markets," confirms China Sunergy's CEO Stephen Cai.

First Quarter 2014 Financial Results

• Total revenue was US$62.7 million, an increase of 1.6% from US$61.7 million in the first quarter of 2013, and a decrease of 50.0% from US$125.5 million in the fourth quarter of 2013.
• Net loss attributable to ordinary shareholders per ADS was US$0.99, compared with US$1.71 in the first quarter of 2013, and US$0.89 in the fourth quarter of 2013.

Mr. Stephen Cai, CEO of China Sunergy, commented, "I'm pleased that in the first quarter we executed on our key initiatives for 2014 and laid a foundation for future development. We expanded our market presence in Japan, generated net profits at our Turkey plant, and sustained operating scale with OEM arrangements, which together combined to help us expand gross margin by more than 300 basis points year-over-year."

Business Outlook

Mr. Cai continued, "We remain committed in executing our key initiatives for 2014 and further lowering our cost structure. We are seeing solid progress in our efforts to upgrade our OEM customer base, integrate our supply chains, enhance our manufacturing processes, and obtain additional overseas financing. We anticipate these efforts will significantly lower costs and drive meaningful improvements to profitability in the second half of 2014."

The Company estimates that the total shipment for the second quarter of 2014 will range from 150MW to 160MW, including 40MW to 50MW of cell and module shipments under OEM arrangements. Gross margin for the second quarter of 2014 is expected to remain stable from that of the first quarter of 2014.

This guidance is based on the current market conditions and reflects the Company's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

NANJING, China, May 13, 2014 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that it would report its financial results for the first quarter ended March 31, 2014 on Wednesday, May 28, 2014, before the market opens in the United States.

For the first quarter of 2014, China Sunergy raises the total shipment to be above 140MW, and reiterates gross margin to remain mid-single digit.

NANJING, China, April 30, 2014 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that the Company received a Nasdaq Staff Deficiency Letter dated April 24, 2014 indicating that the Company is not in compliance with the majority board independence composition requirement for continued listing set forth in Nasdaq Listing Rule 5605(b)(1) which requires that each listed company maintain a board of directors comprised of a majority of independent directors. In the deficiency letter, Nasdaq provided the Company a cure period to regain compliance as follows: (i) until earlier of the Company's next annual shareholders' meeting or March 26, 2015; or (ii) if the next annual shareholders' meeting is held before September 22, 2014, then the Company must evidence compliance no later than September 22, 2014.

The Company intends to comply as requested and expects to regain compliance within the cure period.

This announcement is being made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notification of deficiency.

Fourth Quarter 2013 Financial Results

• Total revenue was US$125.5 million, an increase of 119.8% from US$57.1 million in the third quarter of 2013.
• Net loss attributable to ordinary shareholders per ADS was US$0.89, compared with US$0.99 in the third quarter of 2013.Non-GAAP net loss attributable to ordinary shareholders per ADS was US$0.78.

Mr. Stephen Cai, CEO of China Sunergy, commented, "We are pleased that our shift to more OEM arrangements drove better-than-expected total shipment. Overall, we are satisfied with our ability to nimbly adapt our strategy in keeping with the tough solar industry's dynamics. Our operational flexibility and scale, combined with effective expense controls contributed to an overall improvement in efficiency. Our Turkey manufacturing plant has bridged us to gain incremental and premium market opportunities in Europe, and we achieved greater geographical balance in our customer base. I'm pleased that we made significant progress in 2013, and I'm optimistic that we will further build on that in 2014."

Business Outlook

Mr. Cai continued, "For 2014, we anticipate a healthy pricing environment, and we are seeing a clearer path toward our return to earning positive net profits and cash flows. We aim to further upgrade our manufacturing processes; integrate our global supply; expand our overseas OEM business; and broaden the use of cheaper overseas financing channels. As such, despite the tough challenges in recent quarters, we are optimistic about 2014. We believe China Sunergy is more efficient, nimble, and well positioned for the foreseeable future, and we are confident that we will deliver significant year-over-year growth in shipment volume."

Reflecting quarterly seasonality, the Company estimates that the total shipment for the first quarter of 2014 will range from 130MW to 140MW, including 35MW to 40MW of cell shipment. Gross margin for the first quarter of 2014 is expected to remain mid-single digit.

For the full-year 2014, the Company estimates total shipment will range between 750MW to 800MW including 150MW to 200MW of cell shipment.

NANJING, China, April 1, 2014 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that the Company had completed totaled 29.5MW solar modules shipment under two separate supply agreements to Larsen & Toubro Limited ("Larsen & Toubro"), an Indian conglomerate and solar developer headquartered in Chennai, India. China Sunergy has officially advanced into Larsen & Toubro's strategic suppliers list in solar business.

Larsen & Toubro is one of India's leading industry conglomerates in technology, engineering, construction, and manufacturing. In solar sector, Larsen & Toubro has solidified its leading position with over 300 MW solar projects executed / under-execution so far in Indian market.

China Sunergy's high efficient multi-crystalline modules will be deployed in two large-scale projects, including a large scale roof-top project with installation capacity of 7.5MW and 22MW ground-mounted solar projects.

Mr. Stephen Cai, CEO of China Sunergy, remarked, "With natural geographic advantages and government support, India is destined to become one of the world's largest and most dynamic markets. We are delighted to be a strategic supplier to Larsen & Toubro and we believe that Larsen & Toubro's outstanding market presence in India and China Sunergy's reliable & advanced products should benefit both of us mutually and place in an excellent position to capture a greater market share in India."

NANJING, China, March 27, 2014 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that the Company has signed a share transfer agreement with its affiliated company, China Electric Equipment Group Co., Ltd. ("CEEG"), under which the Company agreed to sell and CEEG agreed to purchase, 100% of the equity interest in China Sunergy (Shanghai) Co., Ltd. ("Sunergy Shanghai"), a subsidiary of the Company, for a total consideration of approximately RMB 231.2 million (US$37.7 million) (the "Total Consideration") (the "Transaction").

As a result, China Sunergy expects to receive the cash proceeds of approximately RMB 79.6 million (US$13.0 million) from the Transaction in the second quarter of 2014. The remaining consideration will be settled through forgiveness of the amount due from China Sunergy by Sunergy Shanghai. As part of this Transaction, CEEG expressly undertakes that it will not utilize Sunergy Shanghai or its assets to engage in any business competitive with the Company. The Transaction, which was approved by China Sunergy's board of directors, is subject to customary closing conditions.

Sunergy Shanghai was established by the Company in November 2007, with an original plan for solar cell production, solar power research, and other developmental activities. However, due to market conditions and the Company's strategic planning, Sunergy Shanghai has not yet developed substantive operations, and as such the disposal of Sunergy Shanghai will not impact China Sunergy's overall production capacity.

Mr. Stephen Cai, CEO of China Sunergy, commented, "The sale of Sunergy Shanghai follows an extensive and thoughtful evaluation of potential options relating to sale of Sunergy Shanghai, and we fully expect the cash proceeds from the sale will further strengthen our working capital and enhance our operations. We believe these resulting improvements will contribute meaningful long-term rewards to the Company."

NANJING, China, January 16, 2014 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that it has signed a five-year collaborative research agreement with NewSouth Innovations Pty Ltd. (NSi), a wholly owned subsidiary of the University of New South Wales, Australia (UNSW), to substantially improve solar cell efficiency by improving wafer material quality.

The collaborative research aims to combine UNSW's advanced hydrogenation technology with China Sunergy's deep experience in cell process to enhance the electrical properties of silicon wafers, and thereby to obtain significantly higher cell efficiencies. Additionally, UNSW will provide the Company with regular updates on its latest research advancements, and, when necessary, provide training and education at UNSW.

"We are very delighted to collaborate with UNSW and NSi," said Dr. Jianhua Zhao, Chief Technology Officer of China Sunergy. "We believe UNSW is a global leader in hydrogenation technology, and we are optimistic that this collaboration will bring mutual success for all three parties. If this research proves successful, China Sunergy would gain significant competitive advantages and cost savings, as we will be entitled to deploy the resulting technologies throughout our product portfolio."

NANJING, China, December 30, 2013 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that it has completed the sale of a solar farm project ("the Project") to Lightsource Renewable Energy Ltd. ("Lightsource"), which is a UK's leading solar energy generator. The Project, located in the southwest of Cornwall in the United Kingdom (UK) was connected to the grid at the end of March of this year and now generates enough local green electricity to power over 1500 households.

The Project was completed on land that has traditionally been farmed with a rotation of cattle and crops. Whilst the area used for energy generation covers only 10% of the farm area, income from the Project will provide the farm owners with funds to make other areas of the farm more productive, including improved machinery, fencing and hedgerows. The agricultural output from the whole farm will remain similar to the pre-development scenario.

At the end of 2012, China Sunergy announced that it had started to invest in two UK solar farms, with an installed capacity of five megawatts-peak (MWp) each. Both solar farms were completed within just 3 months installed with the Company's own high efficiency polycrystalline modules. The large scale application of solar panels (solar farms) is quick and does not harm the ground where it is installed on.

The sale of this first UK project marks a major milestone for the Company in relation to its downstream business, and also strengthens its confidence in investing and developing a project pipeline in other markets. As to the other 5MW project, the Company currently expects to have it accomplished in 2014.

Nick Boyle, CEO of Lightsource commented, "We are delighted to have completed this deal with China Sunergy and believe that this project, like our many others, will once again boost the rural economy in this area as well as allow further biodiversity. We applaud China Sunergy for their hard efforts and look forward to more deals with them in the future."

"The sale of this Project highlights China Sunergy's pioneering spirit, as we are the first Chinese developer to fully complete a downstream project lifecycle, having invested, developed, constructed, operated and now sold a ground-based solar PV project in the UK," Mr. Stephen Cai, CEO of China Sunergy, commented, "The accomplishment underlines our forward-thinking strategy, as well as our customer's confidence in our reliable quality, deep expertise, and execution capabilities. We will work harder to bring out more high quality projects in the future."

Third Quarter 2013 Results

• The company reported revenue of $57.1 million, compared to $59.5 million for the same quarter of 2012.
• The company reported a non-GAAP loss of $0.83 per diluted ADS, compared to a non-GAAP loss of $0.72 per diluted ADS for the same quarter of 2012.

Mr. Stephen Cai, CEO of China Sunergy, commented, "As anticipated, our third quarter shipment volume slowed and gross margin decreased sequentially, due to the Company's temporarily constrained working capital that required us to take on more OEM business."

"Encouragingly, the tightened credit environment in China has improved in the fourth quarter, and we are once again able to secure additional working capital for operations and other initiatives. Additionally, we are glad to see a continuing positive momentum in the global markets, especially in Asia where favorable government policies and plans fuel strong demand growth."

Business Outlook

Mr. Cai continued, "We are thrilled to witness the recent positive policies and incentives for the solar industry enacted by China's central and provincial governments that boosted local banks' confidence and support. At the same time, China Sunergy is progressively moving back on track, as we secure additional working capital and further enhance operations through higher production efficiency and more disciplined cost and expense controls. As such, we are optimistic that China Sunergy will capture additional market opportunities and gain greater operational scale."

Reflecting its improved working capital and stronger-than-expected OEM shipments, the Company estimates that the total shipment for the fourth quarter of 2013 will range from 158MW to 168MW, including approximately 40MW of solar module processed under OEM arrangements. Gross margin for the fourth quarter of 2013 is expected to be mid-single digit.

Correspondingly, the Company raised its full-year 2013 total shipment estimates to range between 500MW to 510MW, from the prior range of 440MW to 480MW.

Second Quarter 2013 Financial Results

• Total revenue was US$71.9 million, an increase of 16.5% from US$61.7 million in the first quarter of 2013.
• Net loss attributable to ordinary shareholders per ADS improved to US$0.11, compared to net loss per ADS of US$1.71 in the first quarter of 2013.

Mr. Stephen Cai, CEO of China Sunergy, commented, "We are pleased with the solid second quarter financial results across all key financial metrics, including better-than-expected revenue and shipment volume, and significantly improved operating profitability. Leveraging on our Turkey manufacturing plant, we further expanded sales in Europe and emerging markets."

"At the same time, the solar market showed some near-term positive momentum, with a sequential improvement in ASP and spot prices for wafers and modules, and a surge in demand stimulated by a series of favorable government policies and plans around the world," Mr. Cai added.

Business Outlook

Mr. Cai continued, "There were many positive takeaways for China Sunergy in the second quarter, in terms of our operations and the improving market environment. However, during the second quarter, Chinese banks significantly tightened credit facilities to solar companies, which caused us to face a constrained working capital and reduced our ability to procure adequate inventory for subsequent production. As such, we anticipate lower shipment volume and profitability for the third quarter of 2013, and correspondingly, we also anticipate lower total shipment for full year 2013."

For the third quarter of 2013, the Company estimates that total shipments will be approximately 110MW including approximately 20MW of solar module processed under OEM arrangement. Gross margin for the third quarter of 2013 is expected to be low single-digit, based on the average Euro-US dollar exchange rate in September 2013.

For the full year 2013, the Company revises its total shipment estimates to range between 440MW to 480MW, from the prior range of 500MW to 550MW.

This guidance is based on the current market conditions and reflects the Company's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

NANJING, China, Aug. 13, 2013 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that the Company has signed two solar module supply contracts totaling 9.9MW with Bester Generacion ("Bester Generacion"), an engineering, procurement and construction (EPC) company headquartered in Spain. The solar modules will be supplied from the Company's Turkey plant to Romania in September 2013.

Bester Generacion focuses on promoting, engineering, constructing, operating and maintaining renewable energy projects globally, using technologies such as photovoltaic, biomass, wind, solar thermal and mini-hydraulic. Over the past few years, Bester Generacion had developed solar projects totaling approximately 250MW throughout Europe, and currently has project pipeline all over the world. Bester Generacion will deploy China Sunergy's multi-crystalline modules in the two ground-mounted projects inRomania.

"We enjoy our cooperation with China Sunergy," said Mr. Antonio Macias Sanchez, CEO of Bester Generacion. "The high quality, excellent service, and technical expertise impressed us. We are actively discussing additional cooperation with China Sunergy, and with our global pipeline of solar projects, we look forward to combining both parties' extensive ecosystems to offer all-in-one solutions that include design, engineering, installation, service and financing."

Mr. Stephen Cai, CEO of China Sunergy, commented, "We are pleased to partner with Bester Generacion in Romania, and elsewhere in Europe. Endowed with good insolation level and supported by the government's green certificates incentives, the solar market in Romania has grown steadily over the past two years and should continue to offer attractive opportunities in the future. We intend to leverage our manufacturing capacity in Turkey, as we expand our collaboration with Bester Generacion to capture a greater share of the global solar market."

NANJING, China, July 31, 2013 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company") today announced that it has received a letter dated July 30, 2013 (the "Letter") from NASDAQ Stock Market LLC ("NASDAQ") notifying the Company that it has regained compliance with the alternative continued listing requirements under NASDAQ Listing Rule 5450(b)(3) (the "Listing Rule").

As previously disclosed, the Company received a notice from NASDAQ dated May 2, 2013, indicating that, the Company's reported stockholders' equity as of December 31, 2012 fell below the US$10 million threshold as required by the Listing Rule 5450(b)(1)(A).

In the Letter, NASDAQ informed the Company that it had determined that for the previous 10 consecutive business days, from July 16, 2013 to July 29, 2013, the Company's market value of publicly held shares has been $15,000,000 or greater. Accordingly, the Company has regained compliance with the Listing Rule and this matter is now closed.

NANJING, China, July 22, 2013 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that the Company successfully further expands its market share in Malaysia market with shipment of 1MW QSAR solar modules for the first megawatt-level ground-mounted system (the "System") of Pekat Solar Sdn Bhd ("Pekat ") a subsidiary company of Pekat Group of Companies, a renowned solar photovoltaic (PV) service and engineering solution provider in Malaysia certified by Ministry of Energy, Green Energy and Water (KeTTHA). The Company has already delivered the shipment and the site installation has been completed.

Pekat ventured into solar industry in 2006 and attained the certification from Malaysia Energy Centre in 2009, which consolidate its position in Malaysia solar market. Given the limited scale of mountable area and higher installation standards, Pekat opted China Sunergy to be the exclusive partner for its first ground-mounted system as the Company's high-efficient and PID-free QSAR modules appropriately fit. The System, located in the east coast of Malaysia, is anticipated to connect to grid in mid-August 2013.

Mr. Wee Chek Aik, Managing Director of Pekat solar commented, "The first megawatt level ground-mounted system is an important milestone to us, we were really cautious to recommend reliable and reputable PV module to our client for this flagship solar farm project. We noticed that China Sunergy's QSAR high-efficient modules are deemed right and superiorly fit for this project at the same time can offer stable power output, outstanding space savings, and PID-free benefits. The Company's high quality PV panels, excellent service and the deliverable capability have been the main reason why we cooperate with China Sunergy, and we look forward to expanding our cooperation to further develop Malaysia's nascent solar market."

The feature that Malaysia is adjacent to equator enables it to enjoy the rich solar energy potential. Malaysiawitnessed a significant increase in new installation capacity from 2011 to 2012, based on NPD Solarbuzz research report, the new installation in 2012 was forecasted to reach 30MW, compared to only 5MW in 2011.Malaysia government is targeting 1.25 GW of PV installations by 2020. It is expected that Malaysia solar market will continue the ascending trend in 2013.

Mr. Stephen Cai, CEO of China Sunergy, concluded, "We are honored to be exclusive supplier on this project and wish it comes to be a great success. Customer's confidence in us is the reason we continuously excel, we will continue to provide the premium products for other projects of Pekat in the remainder of 2013. Amid industry turmoil, we strengthen the execution of our geography mix shift strategy, in which, budding markets like Malaysiaare our main targets. Benefiting from policy and non-policy drivers, we believe Malaysia has a bright potential for solar energy and our company has already deployed professional sales team since last year to accommodate the imminent growth. We expect to expand further in Malaysia market with the progression of Pekat and other customers, and, into other Southeast Asia markets."

First Quarter 2013 Results

• Reported Total Revenue of $61.7 million, compared to $68.5 million for the same quarter of 2012.
• Reported first quarter 2013 non-GAAP ADS of a loss of $1.67, compared to earnings of $0.03 for the same quarter of 2012.

Mr. Stephen Cai, CEO of China Sunergy, commented, "We are pleased that despite the industry's persistent oversupply, the Company was able to grow revenue and returned to positive gross margin in the first quarter. We continued our geographic diversification, and took further steps to reduce operating expenses. As we focus on profitability for the remainder of 2013, we remain optimistic in the solar industry and confident in our Company's future."

Business Outlook

Mr. Cai continued, "In light of the current market environment, we have determined that revenue growth, while desirable, is not our highest priority at this time. For the rest of 2013, we will continue to seek downstream opportunities and disciplined expansions in emerging markets. In addition, we are moving more production capacity to our Turkey plant, which will require time to reach full utilization. As a result, we made a decision to strategically lower our shipment outlook in 2013, while we aim to achieve higher gross margin and return to earning positive net income."

For the second quarter of 2013, the Company estimates that total shipments will range between 100MW to 110MW. Gross margin for the second quarter of 2013 is expected to reach high single-digit level, based on the average Euro-US dollar exchange rate in June.

For the full year 2013, the Company lowers its total shipment estimates to range between 500MW to 550MW, compared to the previous estimated range of between 550MW to 600MW.

NANJING, China, June 14, 2013 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that it has begun shipping solar modules from its plant in Istanbul, Turkey, and will deliver a total of approximately 6.4MW from mid-June toAugust 2013 to a well-known French customer.

China Sunergy currently has a total production capacity of 100MW in solar cells and 300MW in solar modules at its Turkey facility. Being the Company's second largest production base, the plant will enhance the Company's global production chain and efficiently serve customers across Europe and globally.

Mr. Stephen Cai, CEO of China Sunergy said, "We are very delighted to announce our first contract win fromEurope for the Turkey plant. The modules will be shipped directly from Istanbul, Turkey to France, which marks a significant milestone in our enhanced global production chain, as we believe our Turkey plant provides us with an effective buffer against the negative impact due to Europe's anticipated anti-dumping tariffs. We believe there are enormous demands for clean, green and affordable around the world, and we will continue to focus on technology innovation, to provide the most efficient and reliable solutions to our customers."

NANJING, China, May 7, 2013 /PRNewswire/ -- China Sunergy Co., Ltd. (CSUN) ("China Sunergy" or "the Company") advises that it has received a letter of non-compliance with Nasdaq's minimum stockholders' equity requirement as set forth in Listing Rule 5450(b) (1) (A). This non-compliance has resulted from the fact that the Company's reported stockholders' equity as of December 31, 2012 fell below the $10 million threshold as required by the Listing Rules.

The Company has 45 days to prepare and submit a plan to Nasdaq to regain compliance. If the plan is accepted, Nasdaq may grant the Company an extension of up to 180 days from May 2, 2013 to evidence compliance.

This announcement is being made in compliance with Listing Rule 5810(b), which requires prompt disclosure of receipt of a noncompliance letter.

Second Quarter 2012 Results

• For the second quarter of 2012, revenue was US$110.4 million vs US$144.0 in prior year quarter.
• Diluted net loss per ADS for the second quarter 2012 was $2.26 vs a net loss of $1.27 in prior year quarter.

Mr. Stephen Cai, CEO of China Sunergy, commented: "The shipments in this quarter were on track and within our expectations. However, ASPs fell faster than manufacturing costs, and currency fluctuations imposed a large impact on our financial reports. We will be reviewing and strengthening our hedging policies going forward. In the second quarter, we have made further progress in markets such as Bulgaria, Australia, China and Japan, and we have begun executing our downstream strategy in Europe and elsewhere. We will continue to optimize cost structure, pursue technological advances, and invest strategically in viable downstream projects. We are confident that we have the right business strategy in place to position ourselves to meet the challenges ahead."

Third Quarter Guidance

The Company believes that weak market demand and industry oversupply will continue to adversely affect its business for the second half of the year, and it expects that challenging conditions in the global solar market will persist in 2012.

The Company estimates that third quarter shipments will be in the range of 80MW to 85MW. The Company expects its gross margin to be at the breakeven level and forecasts a net loss in the third quarter of 2012. Such guidance is based on the average Euro-US dollar exchange rate in June. For the full year 2012, the Company revises its estimated yearly total shipments to approximately 400MW to 420MW.

NANJING, China, July 24, 2012 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, announced today that it had signed a 7.8MW solar module sales contract with Urban Group Energy, the energy arm of Urban Group Australia, one of the top conglomerate companies in Australia. Delivery of the solar modules was scheduled to be completed by the end of August 2012.

Urban Group Energy's services include the wholesaling and distribution of solar PV panels and grid tied inverters throughout Australia.

With its high solar irradiation and government support policies, the Australian solar market is one of the most promising markets in the world. Australia has always been an important market for China Sunergy and accounted for 18% of its total shipments in the first quarter of 2012. In 2011, China Sunergy's shipments to Australia ranked No.4 among Chinese solar panel suppliers, according to the export data of solar modules from China Customs. In the first half 2012, China Sunergy has shipped about 28MW to Australia and aims to ship more in the second half of the year.

Mr. Adam Pearse, Executive Director and CEO of Urban Group Australia said, "We have had a business relationship with China Sunergy since 2010 and the company has consistently provided us with high quality and efficient solar modules. The Australia solar market is growing and ripe with opportunity. The nation's total solar installation reached around 753MW in 2011 according to Solarbuzz data, and we are expecting to grow that number this year with more power purchase agreements (PPAs), projects and large scale power plants. By cooperating with China Sunergy, we believe we can both expand market share in this promising market, resulting in a win-win situation for both of us."

Mr. Stephen Cai, CEO of China Sunergy commented, "We are happy to work with Urban Group Australia again and we value this long-term partnership. Australia is undoubtedly a very important market for us, where we commenced our solar business in 2008. The small residential segment dominates more than 90% of the Australia solar market, where clients are seeking higher efficiency products. We are confident that our high efficiency solar modules and all-around after-sale service will help customers achieve higher investment returns. We like working with distributors such as Urban Group Australia to reach out to as many customers as possible."

First Quarter 2012 Financial Highlights

• Total revenue was US$68.5 million, a decrease of 38.2% compared with the fourth quarter of 2011.
• Shipments totaled 79.9MW (75.2MW of which were module shipments) in the first quarter of 2012, representing a 31.6% decrease over the fourth quarter of 2011. This was at the high end of the Company's shipment guidance of between 70MW and 80MW.
• Average selling price (ASP) per watt for the Company's solar modules was US$0.86, two cents (2.4%) higher than predicted but down 8.5% since the fourth quarter of 2011.
• Conversion costs of cells and modules realized substantial decreases in the first quarter of 2012 toUS$0.19 per watt (down 4 cents, or 17.4%) and US$0.25 per watt (down 2 cents, or 7.4%) compared to the fourth quarter of 2011, respectively.
• Gross profit was US$0.7 million, and gross margin was 1.1%, which was consistent with the Company's guidance.
• Net loss was US$9.6 million and the net margin was negative 14.0%, both significantly better than the previous quarter.
• Net loss per ADS was US$0.71 on both a basic and a diluted basis, compared to a net loss per ADS ofUS$3.71 on both a basic and a diluted basis in the fourth quarter of 2011 and compared to a earnings per share for both basic and diluted of $0.27 in the first quarter of 2011.
• Operating cash inflow in the first quarter was US$85.0 million, three times more than that of the fourth quarter of 2011.
• Cash Position: As of March 31, 2012, the Company had cash and cash equivalents of US$233.2 million, an increase of 11.3% from December 31, 2011.

Mr. Stephen Cai, CEO of China Sunergy, commented: "China Sunergy's first quarter results were just as expected, and our gross margins are beginning to recover. New markets are emerging, and we are positioning the Company for a gradual shift in demand from West to East. Despite the fact that oversupply is still a significant problem, global demand is still expected to rise this year. In 2012 we will aim to improve the bottom line by optimizing supply chain costs, reducing expenses, and pursuing further technological innovation, and we will expand our investment in downstream projects. We will strive to maintain our position in Western and Eastern Europe and expand our market share in high-potential markets including China, the U.S., Australia, India,Japan and Indonesia."

Second Quarter Guidance

The Company believes that weak market demand and industry oversupply will continue to adversely affect its business during the first half of 2012, and that challenging conditions in the global solar market are expected to persist in 2012.

The Company estimates, to the best of its knowledge at this time, that second quarter shipments will be in the range of 145MW to 155MW. The Company expects its gross margin to be at the mid-single-digit level of around 5% and forecasts a net loss in the second quarter of 2012. For the full year 2012, the Company reiterates the estimate that its total shipments are expected to be approximately 500MW to 550MW.

NANJING, China, April 19, 2012 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, today announced that the Company has entered into another solar module supply agreement, this time for 31 MW, with Renewable Energy, a subsidiary of renowned European solar distributor and project developer SUNfarming Group.

In October 2011, China Sunergy supplied 23 MW of CSUN modules to SUNfarming Group. All those modules have been successfully installed and are now functioning well as part of several solar projects. The new 31 MW in solar modules will be used in rooftop and ground-mounted solar projects in Germany. China Sunergy expects to deliver the modules between late April and mid May 2012.

Mr. Martin Tauschke, CEO of SUNfarming Group, commented, "Our previous cooperation with China Sunergy was very successful. The product quality and services were reliable and satisfied our requirements. We treasure this partnership with China Sunergy, which will enable us to confidently expand our investments in solar projects."

Mr. Stephen Cai, China Sunergy's CEO commented, "This new deal with SUNfarmig Group marks the continuation of a long-time partnership and is evidence of their confidence in our products and trust in our company. Despite the looming subsidy cuts in Germany and uncertainty in the industry, we will continue to nurture our existing markets such as Germany, one of the most important solar markets worldwide."

NANJING, China, March 30, 2012 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, is pleased to announce that the Company has begun assembling solar modules in France through OEM cooperation with KDG Energy, a French manufacturer of high quality PV modules. Today, the first order will be delivered to Akuo Energy Group, a leading developer, investor and operator of renewable energy plants across the world.

In October 2011, China Sunergy initiated OEM cooperation with KDG Energy. Both parties entered into a memorandum of understanding in November 2011, under which KDG Energy will manufacture solar modules for China Sunergy in France, under CSUN's brand name. China Sunergy will send the required components to KDG for the fabrication of such modules.

Such modules assembled by KDG Energy for China Sunergy will be labeled as "CSUN Made in France", and will satisfy the following three criteria: that the string of cells, lamination, and flash tests are all carried out in France. In mid-March 2012, KDG Energy officially started the commercial production of "CSUN Made in France" solar modules. Today, the first order of "CSUN Made in France" solar modules was delivered to Akuo Energy Group in Paris.

Mr. Stephen Cai, China Sunergy's CEO commented, "France has always been an important market for us. KDG Energy is well recognized as a high quality, high-tech manufacturer of photovoltaic panels in France. We expect our cooperation with KDG Energy will allow China Sunergy to further develop its business in France and help China Sunergy position itself as a preferred supplier in the entire European market."

NANJING, China, March 23, 2012 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, is pleased to announce that the Company, together with China Electric Equipment Group ("CEEG") have signed a Letter of Intent with DuPont China Holdings (DuPont) for strategic collaboration relating to photovoltaic (solar) technologies & materials, power transformer, insulation and aircraft composite materials over a three-year period.

DuPont has been well recognized as bringing world-class science and engineering to the global marketplace by providing high quality products, materials, and inclusive innovative capabilities since 1802. This strategic collaboration among the parties includes photovoltaic, power transformer, as well as insulation and aviation composite materials. It is anticipated that the strategic collaboration will help improve product quality, enhance the collaboration and development of new products, new applications and new markets.

The strategic collaboration offers long-term benefits to the three companies. As part of this collaboration, China Sunergy has agreed to increase its purchase of photovoltaic materials from DuPont, including DuPont™ Solamet® photovoltaic metallizations used in solar cells to achieve higher cell efficiency and DuPont™ Tedlar® polyvinyl fluoride film based backsheet for solar module protection. It is hoped that the collaboration will help advance the development of new and improved technologies and product quality improvements, further increasing efficiency and overall system cost reductions, to help reach grid parity faster.

"Collaborating with our local partners to address the need to reduce global dependence on fossil fuels is critical to China's sustainable development," said DuPont Greater China President Tony Su. "This Letter of Intent will expand the strategic relationship between DuPont, CEEG and China Sunergy with long-term benefit not only to the parties, but also to the local industry and community. DuPont China is committed to leverage its strong technological capabilities across the company and work with our partners to support their rapid growth."

Chairman of China Sunergy and CEEG, Mr. Tingxing Lu, added: "CEEG has maintained a strategic commercial relationship with DuPont for over 15 years. I'm happy to see that this collaboration has been extended to involve China Sunergy. DuPont is one of the world's leading, first-class enterprises, and this strategic collaboration will benefit China Sunergy to continue improving its technology, product reliability and customer satisfaction. China Sunergy's CEO Mr. Stephen Cai and CTO Dr. Jianhua Zhao really look forward to strengthening this alliance and exploring innovations with DuPont."

Fourth Quarter 2011 Results

• Total revenue was US$110.8 million, a decrease of 24.0% over the third quarter of 2011 and a decrease of 34.7% over the fourth quarter of 2010.
• Shipments totaled 116.8MW (116.4MW of which were module shipments) in the fourth quarter of 2011, representing a 0.5% increase over the third quarter of 2011. This is the Company's highest quarterly shipment volume recorded to date and it exceeds the Company's guidance of between 95MW and 110MW.
• ASP per watt for the Company's solar modules was US$0.94, down 25.4% since the third quarter of 2011.
• Gross profit was US$0.2 million, and gross margin turned positive to 0.2%.
• GAAP net loss was US$49.6 million. Adjusted non-GAAP(1) net loss was US$34.8 million in the fourth quarter of 2011, with an adjusted non-GAAP margin of negative 31.4%.
• GAAP net loss per ADS(2) was US$3.71 on both a basic and a diluted basis, compared to a net loss per ADS of US$2.34 on both a basic and a diluted basis in the third quarter of 2011 and net income per ADS of US$1.15 on a basic and US$1.11 on a diluted basis in the fourth quarter of 2010.Adjusted non-GAAP net loss per ADS in the fourth quarter of 2011 was US$2.60 on both a basic and a diluted basis.

Mr. Stephen Cai, CEO of China Sunergy, commented: "China Sunergy's fourth quarter results were in line with our expectations. Despite the difficult and volatile market conditions, we were able to achieve our quarterly and full year shipments by diversifying our sales into several emerging markets such as China, Australia and the U.K. ASPs continued falling in the fourth quarter of 2011, and we expect this trend to continue in the first half of 2012. In 2012, we will solidify our position in the market by stringently controlling costs, improving product quality and efficiency, and satisfying customer needs. We believe we will maintain our position in Europe and expand our market share in high potential markets including India, China and Australia."

First Quarter and Full Year 2012 Guidance

The Company believes that weak market demand and industry oversupply will continue to adversely affect its business in at least the first half of 2012, and the challenging conditions in the global solar market are expected to continue in 2012.

The Company estimates, to the best of its knowledge at this time, that first quarter shipments will be in the range of 70MW to 80MW. The Company expects gross margin to be around 1% and forecasts a net loss in the first quarter. For the full year 2012, the Company estimates its total shipments to be approximately 500MW to 550MW.

NANJING, China, Dec. 22, 2011 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, today announced that it had shipped 1.59 MW in solar panels to Emotion Energy who, in partnership with Edison Energy, installed solar panels for 117 houses in a residential rooftop project in Faifley, Scotland for the Knowes Housing Association Scotland.

This project, which addresses "fuel poverty," is the first of its kind within Scotland. According to the Department of Energy & Climate Change of the UK, households classified as living in "fuel poverty" are those who need to spend more than 10% of household income on energy to heat their homes.  This PV solar rooftop project will allow 117 Knowes tenants to receive the electricity generated free of charge for 25 years. China Sunergy's customer Emotion Energy along with Edison Energy worked hard to install the project in two weeks' time, prior to a change in feed-in tariffs on December 12, 2011.

Emotion Energy's CEO, William Andrews, commented: "We are very satisfied with China Sunergy's product quality and service, and we hope to co-operate more with them in the U.K. We and China Sunergy are both committed to promoting renewable energy and a low carbon footprint in the future for the UK."

Stephen Cai, China Sunergy's CEO, agreed: "The UK is an important market, and we are very pleased to play our part in this very vivid example showing how solar energy can improve people's daily lives and keep them warm during this holiday season. We believe that by leveraging our superior product quality and word-of-mouth marketing by our various customers, China Sunergy can play a role in reducing fuel poverty not just in the U.K. but across the globe."

NANJING, China, December 19, 2011 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, today announced that its Quasar modules had been awarded safety and reliability certificates by TUV Rheinland Group. The Company also announced the sale of 1.89MW in Quasar products to Bulgaria, under a contract signed with M1 Solar Plant, a special purpose vehicle company registered by Helios Power, a recognized player in the energy market.

Third Quarter 2011 Results

• Total revenue was US$145.8 million, a 1.3% increase over Q2 2011 and a 15.9% year on year increase.
• Net loss per ADS was US$0.78 on a both basic and diluted basis, compared to a net loss of US$0.42 per ADS on a both basic and diluted basis in the second quarter of 2011 and net income per ADS of US$0.38 on a basic and US$0.37 on a diluted basis in the third quarter of 2010.

Mr. Stephen Cai, CEO of China Sunergy, commented: "Our third quarter results were disappointing, and we foresee more difficulties in the fourth quarter and winter months. The whole industry is experiencing pain at the moment. Rapidly falling prices have disrupted demand temporarily, as customers delay purchases while waiting for prices to stabilize. But solar power prices are getting closer to grid parity in comparison to the cost of electricity generated by fossil fuels, and the long term future for survivors in this industry is bright. Companies like China Sunergy, which can move quickly to cut spending and output, while maintaining strong cash reserves and financing arrangements, are in a good position to ride out the storm. Moreover, our efficient and cost-competitive Quasar technology is the crucial factor that will allow China Sunergy to persevere and ultimately thrive."

2011 Fourth Quarter and Full Year Guidance

Weak market demand and industry oversupply continued to affect our business in the third quarter, and the challenging conditions in the global solar market are expected to continue in the fourth quarter of the year. The Company announced updated guidance on November 4, 2011 and is taking every action to make meaningful guidance predictions to investors in the future.

In the meantime, to the best of the Company's knowledge at this time, fourth quarter shipments are estimated to be in the range of 95MW to 110MW. The Company expects to breakeven at the gross margin level and forecasts a net loss in the fourth quarter. For the full year 2011, the Company estimates its total shipments to be between 395MW and 410 MW.

For the third quarter of 2011, the Company estimates its solar module shipments to be around 115MW, compared to the Company's previous guidance of between 140MW and 160MW. The Company's overall gross margin is expected to be around negative 14%, compared to previous guidance of 4% to 5%. The lower than expected shipments reflect the fact that market demand was weaker than expected until late in the third quarter. Industry-wide pressure on average selling prices (ASPs) and high level inventory at quarter end led to higher than expected inventory provisions and gross margins being significantly lower than previous guidance.

Second Quarter 2011 Results

• Total revenue was US$144.0 million, a 22.4% increase over Q2 2010 but a 13.1% sequential decrease from Q1 2011.
• 
  Net loss per ADS was US$0.42 on both basic and diluted basis, compared to a net income of US$0.09 per ADS on both basic and diluted basis in the first quarter of 2011 and net income per ADS of US$0.34 on basic and US$0.33 on diluted basis in the second quarter of 2010.

Mr. Stephen Cai, CEO of China Sunergy, commented: "Our second quarter results, while disappointing, marked a turning point for China Sunergy, which expects a significant rebound in the second half of 2011. The focus of the Company in the second quarter was on diversifying beyond Europe and into new geographic markets, especially the United States and India, but the results from this strategic expansion will not be reflected in our financial performance until the second half of this year. Likewise, our capacity expansion and technological improvements represent a deliberate attempt to plan ahead for future demand in emerging solar markets such as the U.S., India, and our home country of China. We are investing now in our long-term future."

2011 Third Quarter Guidance

The Company believes that third quarter shipments will be 140MW to 160MW. The Company expects its gross margin for the third quarter of 2011 to be between 4% and 5%, with an in-house margin of 6% to 7%.

For the full year 2011 guidance, the Company now expects its solar module shipments to be between 470MW and 500MW.

Historically, we have relied on our current cash, cash equivalents, short-term borrowings, proceeds from our convertible senior notes offering in July 2008 and anticipated cash flow from operations to meet our anticipated cash needs.

NANJING, China, June 17, 2011 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or "The Company"), a specialized solar cell and module manufacturer, today announced updates to its guidance for the second quarter of 2011 and full year 2011.

China Sunergy expects its solar module shipments in the second quarter to be between 100 and 110 MW, compared to the Company's previous guidance of between 120MW and 130MW. The Company delayed some of its shipments to July, in line with the Company's credit control policy, as a result of delays in the approval of project loans to some of Company's customers in Europe.

For the full year 2011, the Company now expects its solar module shipments to be between 580MW and 600MW, compared to the Company's previous guidance of between 670MW and 690MW.  The more conservative guidance reflects that financing delays are becoming more common and may even result in some order cancellations, and therefore the Company may not be able to complete as many transactions as it had forecasted, despite robust demand.

For the second quarter of 2011, the Company expects its overall gross margin to be approximately 1%, compared to Company's previous guidance of between 7.5% and 8.5%; gross margin relating to the Company's in-house module production is expected to be approximately 3%, compared to Company's previous guidance of between 12% and 13%.

The lowered margin guidance reflects a number of short-term factors, including a higher proportion of higher-cost inventory in projected second quarter shipments, an increase in non-silicon costs due to an increase in the cost of silver paste, and a faster than expected drop in solar module average selling price (ASP).

The outlook for the second quarter and full year of 2011 reflects the Company's current estimates based on the conditions and trends known to the Company as of the date of this press release. Results are subject to changes based on further review by management and future changes in market and operating conditions.

Mr. Stephen Cai, the Chief Executive Officer of CSUN, commented, "In the interest of transparency and best practices, we wanted to give the market ample notice that our second quarter results will be substantially lower than previously forecasted. However, the sales we will not realize in Q2 will be realized in Q3. We are in this business for the long run and we believe in the long-term market growth for our products. Our procurement strategy has a great deal of flexibility built into it and we will do our best to deal with any volatility in the industry."

First Quarter Results:

• Revenue increased to US$165.7 million, a 58.9% increase year-on-year over Q1 2010 but a slight decrease of 2.3% over Q4 2010.
• Shipments in the first quarter totaled 98.0 MW, including 92.1 MW of solar modules, within the Company's previous guidance.
• Gross profit increased to US$17.8 million, an increase of 5.3% over Q1 2010 but decreasing 34.3% over Q4 2010.
• Gross margin was 10.7%, higher than Company's previous guidance of 9.0-10.5%. In-house gross margin related to modules produced with the Company's in-house cells was 14.6%, within management guidance.
• Average selling price (ASP) per watt for the Company's solar modules was $1.74 per watt, versus guidance of $1.70 per watt.
• Net income decreased 77.3% over Q4 2010 to US$3.5 million, primarily due to the quicker decrease in ASP in comparison to the fall in raw material costs during the period.
• Net income per ADS was US$0.09 on both basic and diluted basis, compared to a net income of US$0.18 per ADS on both basic and diluted basis in the first quarter of 2010 and net income per ADS of US$0.38 on basic and US$0.37 on diluted basis in the fourth quarter of 2010.

Mr. Stephen Cai, CEO of China Sunergy, commented: "We take a long-term view of the industry. Although European demand was soft in the first quarter, there are many untapped and developing markets abroad, not to mention China's eventual emergence as an end market.  We are preparing for the long-term by increasing in-house cell and module capacities, advancing our efficient-cell technology, and reducing our costs.  Despite current end demand softness and margin pressure faced by us and all our competitors, we are holding to our stated course of capacity expansion for high-efficiency, low-cost solar products."

Fourth Quarter Highlights:

• Revenue for fourth quarter was US$169.6 million, representing cell sales of US$51.1 million and module sales of US$116.8 million, an increase of 34.8% sequentially and 73.8% year on year.
• Gross profit was US$27.1 million, an 8.4% of increase sequentially and 160.6% year-on-year.
• Net income was US$15.4 million, compared to the net loss of US$3.6 million and net income of US$15.4 million in the fourth quarter of 2009 and the third quarter of 2010 respectively.
• Net income per ADS was US$0.38 on basic basis, and US$0.37 on diluted basis, compared to a net loss of US$0.09 per ADS on both basic and diluted basis in the fourth quarter of 2009 and net income per ADS of US$0.38 on basic and US$0.37 on diluted basis in the third quarter of 2010.

"We are pleased with our solid results in the fourth quarter and 2010 on the whole as we experienced operational and financial progress, and achieved record shipment, revenue, gross profit and net income. Our strategic shift to in-house module manufacturing, following the acquisitions of CEEG (Shanghai) Solar Science & Technology Co., Ltd and CEEG (Nanjing) New Energy Co., Ltd., has already had a positive impact, as demonstrated by the continued momentum we saw through the fourth quarter that helped us end the year with solid results."

The Company believes that for the

• first quarter shipments will be between 98 MW to 110 MW compard to shipments of  approximately 74.9 MW in the comparable 2010 quarter
• first quarter of 2011 to be approximately between 9%-10.5%, with an integrated margin between 14%-15% compared to a blended gross margin of 16.2% in the comparable 2009 period.  

The full year of 2011, the Company expects to ship 670 MW to 690 MW of solar products compared to Solar products shipments of 347.8 MW in 2010.

China Sunergy Co., Ltd. today announced that its chief financial officer, Mr. Siegfried Yi Chou Hsu, has resigned from his current role for personal reasons. His resignation is effective from October 31, 2010.

    Second Quarter Financial Results

    -- Revenues were US$117.6 million, representing a 67.8% and 12.8% increase
       compared to the second quarter of 2009 and the first quarter of 2010,
       respectively. Revenues generated from solar cell sales were US$113.0
       million, representing a 107.3% and 23.2% increase compared to the
       second quarter of 2009 and the first quarter of 2010, respectively.
    -- Gross profit was US$23.3 million compared to a gross profit of US$6.8
       million and US$16.9 million during the second quarter of 2009 and the
       first quarter of 2010, respectively. Gross margin was 19.8%, compared
       to 9.7% during the second quarter of 2009 and 16.2% during the first
       quarter of 2010.
    -- GAAP net income was US$13.8 million, compared to net income of US$1.5
       million and net income of US$7.1 million in the second quarter of 2009*
       and the first quarter of 2010, respectively.
    -- GAAP net income per ADS was US$0.34 on basic and US$0.33 on diluted
       basis, compared to a net income of US$0.04 and US$0.18 per ADS on both
       basic and diluted basis in the second quarter of 2009 and the first
       quarter of 2010, respectively. 

 "These results demonstrate the effectiveness of our turnaround strategy to institute greater operational efficiencies and production of more desirable solar products," said Mr. Stephen Zhifang Cai, CEO of China Sunergy.  "Management's continued perseverance and strategic focus allowed China Sunergy to maintain a higher ASP in the second quarter relative to the first, while still maintaining a stable cost base, resulting in a 19.8% gross margin, beating high end gross margin guidance.  We are confident these improvements will continue into the second half of 2010.  Given increased industry-wide demand and higher utilization rates, we will be in an advantageous position for enhancing our bottom-line.  Additionally, we anticipate ongoing expansion into the downstream market as we continue to maximize shareholder value."

During the third quarter of 2010, China Sunergy anticipates that solar product shipments will be between 85 MW to 90 MW, with a gross margin ranging 16 - 19%. For the full year of 2010, the Company now expects to ship 320 MW to 350 MW of solar products.

'After two quarters of unfavorable economic conditions, we are pleased that the decisive action we took earlier in the year has led to second quarter results which meet or exceed our expectations. We have experienced steady monthly progress among operational and financial level improvements, due to our effective financial and inventory management, a focus on developing existing and new market opportunities and continued dedication to our leading solar technologies. We returned to profitability during the quarter and will continue to work diligently to position ourselves for profitable growth within a still challenging marketplace.'

Given recent visibility into the third quarter, China Sunergy now believes that while the solar market will continue to recover, it will do so at a more moderate rate than previously anticipated.

• The Company anticipates shipment growth to remain strong, with third quarter shipments of 48MW - 55MW.
• Given the pricing trends and strong pricing competition being seen for the third quarter, the Company expects third quarter gross margins will be flat from the second quarter of 2009.
• The Company remains confident in its ability to achieve shipments within the previously announced full year guidance range of 150 MW to 200 MW.
• Due to the more conservative view of the credit environment recovery, it anticipates shipments towards the lower end of the previously announced range for the full year of 2009.

Source: PR Newswire (August 27, 2009)

China Sunergy's second quarter solar cell shipments slightly exceeded the previously announced guidance of 35MW to 40MW. Gross profit margin is expected to be around 9%, compared with prior guidance of a positive low single digit number. China Sunergy also expects to return to quarterly profitability for the second quarter of 2009.

''During the second quarter China Sunergy met or exceeded the guidance targets we set for ourselves, and I am pleased with the dedicated effort demonstrated by the entire company to achieve these results,'' Dr. Allen Wang, CEO of China Sunergy, remarked. ''We have experienced a steady monthly improvement in our operational and financial performance during the quarter, and I am looking forward to discussing our progress and challenges in more detail during the upcoming earnings period.''

Source: PR Newswire (July 24, 2009)

Given the current visibility regarding customer orders and demand, China Sunergy expects shipments to be between 35MW to 40MW during the second quarter. Taking into account current expectations regarding ASP, inventory levels and cost expectations, the Company believes that gross margin for the second quarter will recover to be positive in the low single digits, with overall financial and operational results continuing to improve compared with the first quarter.

The Company maintains its previous gross margin guidance of between 15% to 20% for the second half of 2009. China Sunergy also reiterates its guidance of 150MW to 200MW of shipments for the full year of 2009.

Source: PR Newswire (May 27, 2009)

Guidance Report:

China Sunergy's fourth quarter solar cell production was at the top of the guidance range of 15MW-20MW. However, the company's gross profit margin -- excluding inventory write down -- is expected to be in the negative high single digits, mainly caused by the further decrease in Average Selling Price (''ASP'') during December 2008. In addition, due to the rapid decline of ASP and raw material prices, the Company estimates an increase in inventory provision of approximately $10 million.

China Sunergy also expects to report currency exchange and derivative losses in the fourth quarter primarily due to Euro depreciation and fair market value change of embedded derivatives. As the majority of the losses were not cash related, the Company's cash flow in the fourth quarter should remain positive at the operational level.

Source: PR Newswire (February 26, 2009)