Yingli Green Energy, a Chinese solar panel manufacturer, has been delisted from the New York Stock Exchange (NYSE).

Yingli’s delisting is a result of its inability to meet listing standards under Section 802.01B of the NYSE manual. They were not able to maintain an average global market capitalization of at least $50 million over a consecutive 30 trading-day period. Yingli’s stockholders’ equity was also less than $50 million.

After the suspension, Yingli is expected to start trading its ADS on OTC Pink under the “YGEHY” symbol. The change will have no effect on the legal rights of the holders of the company’s ADS and its normal market operations, according to Yingli.

Yingli  has stated that it will continue to abide by the public reporting requirements of the SEC as applicable to all foreign private issuers but may not publish its quarterly earnings regularly.

Yingli was once one of the top solar manufacturers in the world, but the company’s fortunes declined due to extremely high debt load and lack of profitability, among other issues.

The American stock exchanges have not been kind to Chinese module manufacturers especially with the constant boom-and-bust cycles. Publicly-traded Chinese manufacturers like Trina and JA Solar wisely went private. Renesola took its manufacturing unit private. Meanwhile, Canadian solar was reported to have been exploring going private earlier this year. Some of these companies may eventually pursue listings in Hong Kong or Shanghai in hope of better valuations.

According to Mercom Solar Funding and M&A Reports, of the 22 public companies that Mercom tracks across the globe, only five companies have made positive gains in terms of stock price in the first half of this year.

While in India, solar companies are making a beeline to the stock market. Developers like ACME, and Renew Power have filed for IPOs. Adani Green Energy, a domestic renewable energy project developer, was recently listed on the Bombay Stock Exchange (BSE).