DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
A reconciliation of disposal gain is presented as follows.
Reconciliation of disposal gain: 
Item
 
Amount in US$ million
 
Waiver of the Company’s payable to the Buyer of the discontinued operations
 
 
217.4
 
Fair value of shares issued to the Buyer
 
 
(42.5)
 
Net assets of discontinued operations as of the disposal date
 
 
(133.6)
 
Release of currency translation difference due to discontinued operations
 
 
65.0
 
Disposal Gain
 
 
106.3
 
 
Results of the discontinued operations
 
 
 
 
 
 
 
 
 
January 1 –
September 30
 
 
 
2015
 
2016
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
$
1,165,700,510
 
$
849,331,555
 
$
472,568,586
 
Cost of revenues
 
 
(1,000,861,822)
 
 
(747,068,354)
 
 
(457,058,538)
 
 
 
 
 
 
 
 
 
 
 
 
Gross Profit
 
 
164,838,688
 
 
102,263,201
 
 
15,510,048
 
 
 
 
 
 
 
 
 
 
 
 
Operating (expenses)/income:
 
 
 
 
 
 
 
 
 
 
Selling and marketing
 
 
(72,061,281)
 
 
(46,914,631)
 
 
(24,259,869)
 
General and administrative
 
 
(51,896,423)
 
 
(44,629,891)
 
 
(32,341,022)
 
Research and development
 
 
(43,905,312)
 
 
(27,286,652)
 
 
(14,715,027)
 
Other income
 
 
16,009,232
 
 
3,771,645
 
 
8,776,633
 
Impairment loss of assets
 
 
-
 
 
(4,624,979)
 
 
-
 
Total operating expenses
 
 
(151,853,784)
 
 
(119,684,508)
 
 
(62,539,285)
 
 
 
 
 
 
 
 
 
 
 
 
Income/(Loss) from operations
 
 
12,984,904
 
 
(17,421,307)
 
 
(47,029,237)
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
 
 
2,836,225
 
 
2,349,791
 
 
1,144,135
 
Interest expenses
 
 
(41,418,331)
 
 
(32,097,477)
 
 
(25,518,288)
 
Exchange (loss)/gain
 
 
(935,402)
 
 
9,945,642
 
 
(7,095,061)
 
Gain/(losses) on derivatives
 
 
1,941,019
 
 
4,592,125
 
 
(1,284,379)
 
Loss from discontinued operations before income taxes
 
 
(24,591,585)
 
 
(32,631,226)
 
 
(79,782,830)
 
Income tax (expense)/benefit, net
 
 
(696,807)
 
 
(2,161,507)
 
 
4,748,324
 
 
 
 
 
 
 
 
 
 
 
 
Loss from discontinued operations, net of tax
 
$
(25,288,392)
 
$
(34,792,733)
 
$
(75,034,506)
 
 
Assets and liabilities of the discontinued operations
 
 
 
December 31, 2016
 
Assets
 
 
 
 
Cash and cash equivalents
 
$
33,371,486
 
Restricted cash
 
 
95,861,139
 
Accounts receivable, net of allowances for doubtful accounts
 
 
72,732,734
 
Notes receivable, net - third parties
 
 
43,858,319
 
Inventories
 
 
143,975,999
 
Advances to suppliers-current
 
 
10,722,586
 
Amounts due from related parties
 
 
13,065,625
 
Prepaid income tax
 
 
1,020,676
 
Prepayments and other current assets
 
 
19,315,500
 
Derivative assets
 
 
2,715,736
 
Assets held-for-sales
 
 
7,558,218
 
Total current assets
 
 
444,198,018
 
 
 
 
 
 
Property, plant and equipment, net
 
 
471,096,623
 
Prepaid land rent, net
 
 
31,850,188
 
Deferred tax assets, non-current
 
 
15,391,396
 
Restricted cash – non current
 
 
429,706
 
Other long-lived assets
 
 
15,085,774
 
Total non-current assets
 
 
533,853,687
 
Total assets of the discontinued operations
 
 
978,051,705
 
 
 
 
 
 
Liabilities
 
 
 
 
Short-term borrowings from third parties
 
 
595,433,960
 
Notes payable - third parties
 
 
223,302,995
 
Advances from third parties
 
 
21,493,334
 
Amounts due to related parties
 
 
1,257,367
 
Other current liabilities
 
 
53,774,987
 
Income tax payable
 
 
221,397
 
Total current liabilities
 
 
895,484,040
 
 
 
 
 
 
Warranty
 
 
35,058,973
 
Deferred gain
 
 
20,824,155
 
Other long-term liabilities
 
 
865,964
 
Total non-current liabilities
 
 
56,749,092
 
Total liabilities
 
 
952,233,132
 
Net assets
 
$
25,818,573
 
  
Note:
The intercompany receivables of US$173.4 million due from the continuing business were excluded from the Assets and liabilities of the discontinued operations table above.