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Home News

JinkoSolar Submitted Application For Public Offering

Urja Daily by Urja Daily
June 28, 2021
in News, Solar
Reading Time: 2 mins read
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SHANGRAO, China – JinkoSolar Holding Co., Ltd., one of the largest and most innovative solar module manufacturers in the world, announced that the application documents regarding a potential initial public offering and listing of the shares of Jinko Solar Co., Ltd. (“Jiangxi Jinko”), a principal operating subsidiary of JinkoSolar, had been submitted to and received by the Shanghai Stock Exchange.

In September 2020, JinkoSolar announced its intention to list the shares of Jiangxi Jinko on the Shanghai Stock Exchange’s Sci-Tech innovation board (the “STAR Market”), a stock exchange intended to support innovative companies in China.

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According to Jiangxi Jinko’s relevant initial public offering documents, it plans to issue no more than 2,666,666,666 shares, assuming that the over-allotment option is not exercised (“Offering Shares”). The Offering Shares will represent 10% to 25% of the total share capital of Jiangxi Jinko upon completion of this offering. Currently, JinkoSolar owns approximately 73.28% of Jiangxi Jinko’s shares. Following this initial public offering, JinkoSolar would hold approximately 54.96% of Jiangxi Jinko’s shares (calculated assuming 2,666,666,666 shares will be issued in this offering).

The proceeds of the offering, which are subject to the actual size and pricing of the offering, will be used for capital expenditures for the following two projects and additional working capital for Jiangxi Jinko.

  • Construction of the Company’s production lines in Haining for 7.5 GW high efficiency solar cells and 5 GW high efficiency solar modules. The total capital expenditure for this project is expected to be approximately RMB5.6 billion and Jiangxi Jinko plans to allocate approximately RMB4.0 billion for this project from the proceeds of the offering.
  • Construction of the Company’s research and development center in Haining. The total capital expenditure for this project is expected to be approximately RMB749.8 million and Jiangxi Jinko plans to allocate approximately RMB500.0 million for this project from the proceeds of the offering.
  • Additional working capital of approximately RMB1.5 billion.

The completion of the proposed initial public offering of Jiangxi Jinko is subject to the review process by the Shanghai Stock Exchange and the registration process by the China Securities Regulatory Commission. JinkoSolar cannot predict its ability to successfully complete the listing of Jiangxi Jinko’s shares, the related timeline or the actual size and pricing of the offering.

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