JinkoSolar, Canadian Solar IPO plans accelerate with STAR Market applications

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Canadian Solar modules being assembled. Image: Canadian Solar.

Solar Module Super League (SMSL) members JinkoSolar and Canadian Solar have both submitted applications to the Shanghai Stock Exchange, progressing their respective initial public offering (IPO) plans.

JinkoSolar said it had submitted its application documents for a potential IPO of its Jiangxi Jinko subsidiary on Shanghai’s Science and Technology Innovation Board, otherwise known as the STAR Market.

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No more than 2,666,666,666 shares are to be issued, equivalent to between 10 – 25% of the total share capital of the business unit. Post-IPO, JinkoSolar said it expects its holding in the company to be diluted from its current position of 73.28% to around 54.96%.

Pricing and net proceeds have yet to be determined, but JinkoSolar confirmed the proceeds would be primarily used to fund capacity expansion projects its Jiangxi subsidiary is undertaking, specifically a 7.5GW cell production line and 5GW solar module assembly line in Haining. The total capex for the two lines is forecast to be RMB5.6 billion (US$867 million), with Jiangxi Jinko earmarking RMB4 billion of the IPO’s net proceeds for the project.

A further research and development centre is being planned for Haining at a total cost of RMB749.8 million, and Jiangxi Jinko plans to allocate around RMB500 million of the IPO’s proceeds towards it.

In addition, working capital of around RMB1.5 billion is expected to be raised from the IPO.

Meanwhile, Canadian Solar also confirmed that its upstream manufacturing subsidiary CSI Solar had submitted its application documents to the Shanghai Stock Exchange for a potential IPO and listing on the STAR Market.

Canadian Solar first revealed plans to list CSI Solar last summer. In documents filed with the Shanghai Stock Exchange, the manufacturer intends to issue up to 540 million shares, equivalent to no less than 15% of the company’s total share capital after the IPO. Canadian Solar expects to hold around 64% of share capital in CSI Solar post-IPO.

The pricing of the offering has yet to be determined, but net proceeds will be used to fuel capacity expansion at CSI Solar, research and development and bolster the manufacturing arm’s working capital.

Both IPOs are subject to the Shanghai Stock Exchange’s review process and registration process with the China Securities Regulatory Commission (CSRC), and neither company would commit to any further pricing or timeline details.

Both Jinko and Canadian Solar’s intent to list subsidiaries on the STAR Market come as upstream manufacturers attempt to access new capital to fund a swathe of capacity expansions planned for the coming years. Just last week polysilicon provider Daqo New Energy revealed it had received CSRC clearance to list on the STAR Market, while fellow polysilicon producer Xinte Energy has tapped both JinkoSolar, JA Solar as well as existing and new shareholders to help finance a new 100,000 ton polysilicon facility in China.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

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