Yingli sees stock price up after World Cup

Updated: 2010-07-26 16:38
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SHIJIAZHUANG - Chinese company and World Cup sponsor Yingli Green Energy Co has seen its stock price and orderbook grow since its sponsorship of the global sporting event.

The New York Stock Exchange-listed solar panel manufacturer's stock price rose $3.80 between June 7 to July 23, increasing the company's market capitalization by $560 million, the company's CFO, Li Zongwei, said over the weekend.

The Yingli brand appeared at the World Cup along with other world famous brands like Adidas and Nike.

Li said Yingli plans to set up a South African subsidiary this year to supply solar panels for 20 Africa soccer training centers.

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Li said the company's World Cup sponsorship program has given the company's worldwide branding a boost.

"The number of orders we received in the first half of the year was 3.5 times that of the same period last year," he said.

Yingli is headquartered in Shijiazhuang, the capital city of north China's Hebei province. It was established in 1987 to design and make solar panels. The company recorded revenues of $1 billion last year and sells 90 percent of its production to overseas markets.

The company expects revenues to increase $31.8 million this year.

Yingli was the first Chinese company to sponsor the Word Cup.