LDK Solar Announces CEO Transition and Appointment of New Members to the Board

XINYU CITY, China and SUNNYVALE, Calif., Nov. 5, 2012 /PRNewswire/ -- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic (PV) products, today announced that  Xingxue Tong has been appointed Chief Executive Officer of LDK Solar, effective immediately.  Xiaofeng Peng will continue to serve as Chairman of the Board of the Company.  Mr. Tong currently serves as President, Chief Operating Officer and a director of LDK Solar.

"In light of the continued challenging environment for solar companies, I have determined that I can best serve the company by focusing my time on guiding LDK Solar's strategic direction and developing partner and other key relationships," stated Xiaofeng Peng, Chairman of LDK Solar.  "I am confident that during his tenure at LDK Solar, Xingxue has developed in-depth operational expertise that will be valuable in the role of CEO and will ensure a smooth transition. We believe that by separating the roles of the Chairman and CEO, along with adding additional highly experienced members to the Board, we will enhance our corporate governance and better position the Company."

"I am pleased to assume the role of CEO and look forward to working with Chairman Peng and the team on navigating the near-term industry challenges while continuing to build a foundation for growth for LDK Solar," said Xingxue Tong, President and CEO of LDK Solar.

Mr. Tong joined LDK Solar in January 2007.  Mr. Tong has over 15 years of experience in managing operations of companies in the solar industry, and is a senior engineer at the professor level.  Prior to joining LDK Solar, Mr. Tong served as general manager for south-east Asia business development at GT Solar in the United States.  He was the executive president of commerce at CSI in 2004 and served as vice general manager of an affiliate of Tianwei Yingli from 1999 to 2004.  Mr. Tong received an executive Master of Business Administration degree from the Cheung Kong Graduate School of Business in 2011, a diploma in industrial economic management from Renmin University of China in 1988 and a diploma in English from Hebei University in 1998.

The Company also announced today the appointment of Mr. Ceng Wang, Mr. Shian Wu, Mr. Zhibin Liu, Mr. Hongjiang Yao and Mr. Xuezhi Liu to its board of directors.  The board of directors has designated Mr. Wang and Mr. Wu independent directors.

Effective immediately the nominating and corporate governance committees of the board of directors of LDK Solar consist of the following four directors: Dr. Maurice Ngai, Dr. Junwu Liang, Mr. Xiaofeng Peng, and Mr. Zhibin Liu.

There is no change to the composition of the audit committee and compensation committee of the board of directors of LDK Solar.

Mr. Ceng Wang currently serves as the chief strategic advisor of China Shenfei Group, with extensive experience in corporate restructuring, merger and acquisition and investment and financing.   Prior to that, Mr. Wang served as the president and CEO of China Shenfei Group from April 2010 to March 2012.  Mr. Wang has held various management positions at Pudong Development Bank and Bank of China.  Mr. Wang has also served as the financial consultant of the People's Government of Xinyu, Jiangxi since November 2010.   In addition, he has provided training services to the senior management of various foreign commercial banks based in China, and served as an industry expert and project consultant to foreign investment banks.

Mr. Shian Wu currently serves as the president of Jiangxi Yuzhou Scientific and Technological Institute.  In addition, Mr. Wu has been teaching at Jiangxi University of Finance and Economics since 1982, when he graduated from the school with a bachelor's degree in trading and economics. Since 1993, he has received a special government allowance from the PRC State Council and was awarded an honorary doctorate degree by the New York Institute of Technology in 2005. Mr. Wu is also member of the Standing Committee of the People's Congress of Jiangxi Province, a vice chairman of the Education, Science, Culture and Health Committee of the People's Congress of Jiangxi Province, a second grade professor and a doctoral supervisor of Jiangxi University of Finance and Economics.

Mr. Zhibin Liu has served as the chairman of the board and the general manager of Xinyu State-owned Asset Management Co., Ltd. since April 2007.   He received a college degree from Yichun Normal College with a major in Chinese language and literature in 1981 and a bachelor's degree from Party School of the Central Committee of C. P. C. with a major in economics and management.

Mr. Hongjiang Yao has served as the board secretary of Xinyu Iron & Steel Joint Stock Company since February 2008.  Prior to that, he served as the general manager of Xinhua Joint Stock Company from January 2000 to February 2009.  Mr. Yao received a bachelor's degree from Beijing Institute of Steel and Iron with a major in steel rolling, and a graduate degree from Huazhong University of Science and Technology with a major in management science.

Mr. Xuezhi Liu currently serves as the vice president of Hi-tech Wealth Investment and Developing Co., Ltd.  Prior to that, he was the general manager of Hainan Prefecture Hi-tech Wealth Photovoltaic Electricity Co., Ltd. from April 2011 to March 2012 and the general manager of Zhongheng Technology (Tangshan) Caofeidian Co., Ltd. from September 2009 to April 2011. Mr. Xuezhi also served as the general manager of Tangshan Sub-branch of Huatai Property and Casualty Insurance Joint Stock Co., Ltd. from August 2006 to September 2009.  He received a bachelor's degree from Chengdu Institute of Telecommunication Engineering with a major in electrical machinery.

Mr. Xiaofeng Peng, Chairman of LDK Solar, expressed his warmest welcome to the new members of the LDK Solar Board.  "LDK Solar's newest board members are esteemed professionals with broad experience in finance and technology.  We are pleased to have them serve on our Company's Board and believe that their collective experiences will strengthen the board by providing a more balanced composition and hence, valuable insight and guidance from a wider perspective," Mr. Peng said.

About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's headquarters and principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.

LDK Solar Responds to The Final U.S. DOC Determination for Chinese Solar Cells and Modules

XINYU CITY, China and SUNNYVALE, Calif. , Oct. 12, 2012 /PRNewswire/ -- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic (PV) products, today issued the following statement regarding the U.S. Department of Commerce's (DOC) final determination on October 10 th, 2012 to impose countervailing duties (CVD) of 15.24% and anti-dumping duties (AD) of effectively 25.96% on LDK's crystalline silicon photovoltaic modules and cells produced exclusively in China .

"Given the accomplishments and the success of the entire solar industry during the last several years, we strongly regret the DOC's ultimate decision. LDK Solar has been a leader with worldwide supply chains in the highly-competitive global solar industry since the company's founding in 2005, and this determination will not change our strategy in developing markets worldwide. LDK Solar reaffirms its commitment to be one of the industry's top tier companies by creating consistent value for our customers," stated Xiaofeng Peng , Chairman and CEO of LDK Solar.

"We believe that unilateral trade barriers will not make any solar company more competitive, but will make solar power less competitive against other forms of electricity generation. The growth of destructive trade barriers recently from the U.S. represent significant, long-term challenges to the health of the global solar industry and countervail with the industry's aim to make solar power affordable for everyone," concluded Mr. Peng.

"We will continue to deliver high quality PV products at competitive prices to our customers in the United States . Our team in the U.S. has built strong customer relationships to provide top quality and affordable solutions for all U.S. markets – from residential to commercial, utility and off-grid," added Sam Tong , President and Chief Operating Officer of LDK Solar.

According to the decision, solar modules produced in China containing solar cells originating from a third country are not subject to CVD and AD tariffs.

The determination by the Department of Commerce is subject to final confirmation from the U.S. International Trade Commission (ITC), which is expected by the end of November 2012 .

About LDK Solar (NYSE: LDK)

LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's headquarters and principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China . LDK Solar's office in the United States is located in Sunnyvale, California . In Europe , LDK Solar has offices in Germany , Italy , Spain , France and the UK managing Sales, Marketing and Customer Service. For more information about LDK Solar and its products, please visit www.ldksolar.com.

Lenders Agreed to Forbear with Respect to LDK Solar Securities Pledged Under LDK New Energy Loan Facility

XINYU CITY, China and SUNNYVALE, Calif., Oct. 2, 2012 /PRNewswire/ -- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic (PV) products, today announced that it understands that LDK New Energy Holding Limited ("LDK New Energy"), the controlling shareholder of LDK Solar, has been negotiating with its lenders with respect to the loan outstanding under a credit agreement, dated as of September 26, 2011, as amended (the "Credit Facility"), among LDK New Energy and the lenders, pursuant to which LDK New Energy has pledged collateral, including ordinary shares and ADSs of LDK Solar representing approximately an aggregate of 52.9% of LDK Solar's total outstanding share capital.  LDK Solar further understands that such lenders have agreed to forbear from exercising their power of sale with regard to certain of the pledged collateral arising as a result of various prior defaults under the Credit Facility by LDK New Energy for a period of 12 months toward the end of September 2013, subject to terms and conditions in the forbearance arrangement and negotiation and finalization of the definitive documentation, including an amended and restated Credit Facility.

About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of PV products. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's headquarters and principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information about LDK Solar and its products, please visit www.ldksolar.com.

LDK Solar to Hold Annual General Meeting on September 17, 2012

XINYU CITY, China and SUNNYVALE, Calif., Aug. 27, 2012 /PRNewswire/ -- LDK Solar Co., Ltd. (NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic (PV) products, announced today that it will hold its annual general meeting of shareholders at 10:00 a.m., Hong Kong time, on Monday, September 17, 2012 at its Hong Kong office located at Unit 15, 35th Floor, West Tower, Shun Tak Centre, 200 Connaught Road Central, Hong Kong.

Only holders of record of LDK Solar's ordinary shares at the close of business on Friday, August 17, 2012, New York City time, are entitled to notice of, and to vote at, the annual general meeting to be held on September 17, 2012, or any adjournment or postponement thereof.

LDK Solar's 2011 Annual Report, including the notice of annual general meeting and the proposed resolutions to be considered and, if thought fit, adopted at the annual general meeting, is available on LDK Solar's website at http://www.ldksolar.com. LDK Solar also submitted a report on Form 6-K on August 1, 2012 to the SEC that contains such annual report and notice of annual general meeting, which is available on the SEC's website at http://www.sec.gov.

If you are a holder of ordinary shares of LDK Solar and require a hard copy of LDK Solar's 2011 Annual Report and notice of annual general meeting, LDK Solar will mail a copy to you free of charge.


Because the annual general meeting will be held on September 17, 2012 in Hong Kong, LDK Solar recommends that you submit such request for hard copies of LDK Solar's 2011 Annual Report and notice of annual general meeting by August 15, 2012 to ensure timely delivery and to allow yourself sufficient time to review the 2011 Annual Report and proposed resolutions for the annual general meeting.

NOTICE TO HOLDERS OF AMERICAN DEPOSITARY SHARES. If you are a holder of LDK Solar's American depositary shares, or ADSs, the depositary, JPMorgan Chase Bank, N.A., will set a record date to establish the holders of ADSs entitled to provide it with voting instructions with respect to the annual general meeting. If you are a registered holder of ADSs on such record date, the depositary will forward to you information regarding such meeting and ask you to provide it with your voting instructions with respect to the shares represented by your ADSs. Holders of LDK Solar's ADSs who wish to exercise their voting rights for the underlying shares must act through the depository. For your voting instructions to be valid, you must comply with the instructions provided by or on behalf of the depositary, and the depositary must receive your voting instructions in the manner and on or before the date specified. The depositary will try, as far as practical, subject to the provisions of or governing the underlying shares, to vote or to have its agents vote the shares as you instruct. The depositary will only vote or attempt to vote as you instruct. The depositary will not itself exercise any voting discretion. Furthermore, neither the depositary nor its agents are responsible for any failure to carry out any voting instructions, for the manner in which any vote is cast or for the effect of any vote.

About LDK Solar (NYSE: LDK)

LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of PV products.  LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions.  LDK Solar's headquarters and principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the People's Republic of China. LDK Solar's office in the United States is located in Sunnyvale, California.  For more information about LDK Solar and its products, please visit www.ldksolar.com.

Q-Cells and LDK Solar Announce Formation of Joint Venture for Development of PV Systems in Europe and China

XINYU CITY, China and SUNNYVALE, Calif., April 8 /PRNewswire-FirstCall/ -- Q-Cells SE and LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK) today announced the formation of a joint venture focusing on PV systems and market development in Europe and China. Given their complementary core business models and regional market expertise, the two companies intend to take advantage of value chain optimization and integrated cost reduction.

A joint project pipeline is already in place and the first 40MW project has commenced. The projects of the joint venture will utilize solar wafers from LDK Solar and solar cells from Q-Cells, and will not require additional working capital financing or other funding from the two companies. The joint venture is already in discussions with potential buyers of the first turn-key project, which will be in Europe, and is in the planning stages for future joint projects in the emerging Chinese market.

The partnership between the two companies in the area of PV systems is not intended to be exclusive, but rather to focus on developing specific projects of mutual benefit, with the shared goal of accelerating the move to grid parity.

"We are very pleased to announce this joint venture and further expand our relationship with LDK Solar," commented Anton Milner, CEO of Q-Cells SE. "This joint venture will strengthen our position in the crucial business area of large-scale PV power plants."

"We look forward to the many new opportunities that will emerge as a result of our partnership with Q-Cells," stated Xiaofeng Peng, Chairman and CEO of LDK Solar. "As leaders of the solar industry, we are excited to announce this joint venture for exploring and developing new business."

LDK Solar Lands 10 Year Supply Deal With Neo Solar

XINYU CITY, China and SUNNYVALE, Calif., Jan. 17 /PRNewswire-FirstCall/
-- LDK Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers, announced today that it has signed a ten-year contract to supply multicrystalline solar wafers to rapidly growing Taiwan-based Neo Solar Power Corp. (NSP).

Under the terms of the agreement, LDK will receive a cash deposit from NSP and pricing will be fixed for the entire contract period. During this period, LDK Solar will deliver approximately 500 MW multicrystalline solar wafers to NSP with delivery commencing in 2009.

"We are very pleased to expand our partnership with NSP through this additional wafer supply contract," stated Xiaofeng Peng, Chairman and CEO. "As a key supplier to NSP, LDK Solar is proud to contribute to their manufacturing of high-quality solar cells."

"We are excited to further develop our working relationship with LDK," commented Dr. Quincy Lin, Vice Chairman and CEO of NSP. "As NSP continues to grow, establishing longer term silicon supply agreements is important to the company, and we are pleased to work with LDK Solar, an industry leader."

LDK Solar Aquires Minority Stake in Sinoma Crucible

XINYU CITY, China and SUNNYVALE, Calif., Jan. 7 /PRNewswire-FirstCall/ -- LDK Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers, announced today that it has entered into an agreement to acquire 33.5% of Jiangxi Sinoma New Material Co., Ltd.
(Sinoma), a Xinyu-based crucible manufacturer, from Xinyu Chengdong Investment and Construction Co., Ltd. for a consideration of approximately RMB 17 million.

Sinoma, founded in May, 2007, completed construction of its plant to manufacture crucibles in September, 2007. The company started test production in November 2007 and subsequently commenced shipping products to its customers. Its current capacity is 30,000 units per year, with a goal of reaching 80,000 units per year by the end of 2008. Sinoma integrated its
own manufacturing process, equipment development and new technology research.

"Sinoma's proximity to LDK's wafer factory will significantly reduce the logistical costs typically associated with the acquisition of crucibles from abroad," stated Jack Lai, CFO of LDK Solar. "Domestic-sourced procurement is part of our ongoing initiatives to reduce our manufacturing costs. We expect to be able to secure sufficient crucibles to satisfy our capacity expansion plan and reduce costs of this critical supplemental material in the long-term."

LDK Solar Lands 10 Year Deal With Q-Cells

XINYU CITY, China and SUNNYVALE, Calif., Dec. 10 /PRNewswire-FirstCall/
-- LDK Solar Co., Ltd. (NYSE: LDK), a leading manufacturer of multicrystalline solar wafers, announced today that it has signed a 10-year "Take or Pay" contract to supply multicrystalline wafers and polysilicon to Germany-based Q-Cells AG.

Under the terms of the agreement, LDK Solar will deliver more than 6 giga watts of multicrystalline solar wafers to Q-Cells over a ten-year period commencing in 2009 through 2018. LDK will use polysilicon from its polysilicon plant that is currently under construction, or other sources. Q-Cells shall make prepayments in the order of 10% of the silicon value to
assist LDK with financing the expansion required to supply these volumes. Additionally, Q-Cells has the option to purchase further silicon wafers if LDK expands its production capacity.

"We are very pleased to expand our long standing relationship with Q-Cells with this significant supply agreement," stated Xiaofeng Peng, Chairman and CEO. "We believe this contract is a testament to the quality of our products and strong customer relationships. We are also pleased to continue to support Q-Cells' growth plans."

"LDK has been a highly reliable partner and we are pleased to deepen our business relationship with the company," stated Anton Milner, CEO of Q-Cells AG. "This 10-year contract with LDK ensures that we will continue to receive their high-quality multicrystalline wafers in support of our growth plans."