Recently, after announcing that the chairman was under investigation, the share price of JA Solar, one of the world's largest solar panel manufacturers, plummeted.

Following a 10% drop on November 6, 2020, the company's Shenzhen-listed stock once again hit its limit on November 9. According to calculations, after this wave of decline, Chairman Jin Baofang's net worth has shrunk from approximately US$4.7 billion on November 5 to US$3.7 billion.

JA Technology, founded by Jin Baofang in 2005, issued an announcement on the exchange on November 8, stating that Jin Baofang had been investigated and retained by the Pingdu Supervisory Committee in accordance with the "China Supervision Law". He also stated that the investigation will not have a significant impact on the company's daily production and operation activities.

JA Solar said in a statement that the company's orders are very full, and the sales and operations team will go all out to make up for any possible impact of the incident on the company's revenue. The company did not elaborate on the details of the investigation.

JA Solar is one of the world's largest manufacturers of integrated solar panels, with production facilities for wafers, cells and modules. According to reports, the company can produce about 15gw of panels per year and has announced an expansion plan to double it by the end of 2021.

It is understood that JA Technology completed a non-public stock issuance transaction on October 29. By selling 18.07% of shares to several financial institutions, it raised 5.2 billion yuan (approximately 787 million US dollars) to provide expansion funds. Editor/He Yuting