JinkoSolar mulls listing on Shanghai’s STAR market to fuel new growth

Facebook
Twitter
LinkedIn
Reddit
Email
Image: JinkoSolar.

Leading ‘Solar Module Super League’ (SMSL) manufacturer JinkoSolar has revealed it is considering listing its principal operating subsidiary on Shanghai’s STAR Market.

In a statement issued today, Jinko said its board had approved a plan to list Jiangxi Jinko, the group’s main operating company, on the Shanghai Stock Exchange’s Sci-Tech innovation board, otherwise known as the STAR Market, within the next three years, subject to an “intragroup restructuring”.

Equity financing has been sought to support the listing, with JinkoSolar’s founders Xiande Li, Kangping Chen and Xianhua Li, as well as senior management personnel at the company, agreeing to co-invest some RMB3.1 billion (~US$458 million) in exchange for a 26.7% equity stake.

Jinko said that transaction had been negotiated at arm’s length at a valuation of RMB8.5 billion (US$1.26 billion), some 15.6% higher than JinkoSolar’s market cap at the previous trading close last week.

The transaction, subject to customary closing conditions, is expected to complete by the end of next month.

Kangpin Chen, chief executive at JinkoSolar, said listing the subsidiary on the STAR Market while maintaining JinkoSolar’s existing listing on the New York Stock Exchange would allow the company to raise its profile with investors both in China and globally, while providing it with “additional opportunities to grow in the future”.

“Listing Jiangxi Jinko on the STAR Market will enable it to access a new source of growth capital, which we believe will ultimately strengthen our leading position in the solar module industry and support our continuous growth over the long run,” he said.

News of the plan comes just months after Jinko’s project development subsidiary Jinko Power Technology listed on the Shanghai Stock Exchange, raising around US$366 million in the process.

JinkoSolar Holding Co, which is listed on the NYSE, conducts the majority of its business through two wholly-owned manufacturing operating subsidiaries in China, Jiangxi Jinko and Zhejiang Jinko.

More to follow…

4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

PV Tech Premium
September 23, 2022
Plans for a temporary revenue cap on solar PV assets across the European Union (EU) could dent investor confidence in renewables, experts have warned, amid concerns that individual member states may be able to set lower caps specific to different technologies.
September 22, 2022
Tech major Amazon has expanded its renewables portfolio globally with 71 new projects with a total capacity of 2.7GW.
September 20, 2022
From module makers and BOS producers to utility-scale developers and community solar companies, the Inflation Reduction Act (IRA) has taken centre stage at this year’s RE+ in Anaheim, California.
September 20, 2022
Private equity firm KKR and Hero Group have invested US$450 million in Indian independent power producer (IPP) Hero Future Energies (HFE) to support its renewables expansion.
September 13, 2022
JinkoSolar has signed two major polysilicon supply contracts worth nearly US$30 billion in the past two weeks as it looks to lock in supply.
September 12, 2022
The European Commission (EC) and the European Investment Bank (EIB) have agreed to provide €10 billion (US$10.1 billion) in support to regions most affected by the shift away from fossil fuels

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)