JinkoSolar preps STAR listing, eyes R&D boost after US$458m equity financing

Facebook
Twitter
LinkedIn
Reddit
Email
Image: JinkoSolar.

Leading solar manufacturer JinkoSolar has said it is now “actively preparing” to list its Jiangxi subsidiary on China’s STAR market after it raised around US$458 million through an equity financing round.

The Solar Module Super League (SMSL) member confirmed late yesterday that the equity financing, organised by its principal operating subsidiary Jiangxi Jinko, had raised the funding in order to qualify it to list on the Shanghai Stock Exchange’s Sci-Tech Innovation Board, more commonly known as the STAR Market.

Additional proceeds from the raise are to be used to support its ongoing expansion, the company said.

Investors to participate in the equity raise include China Industrial Bank Group, CIIT Asset Management, YunShang Fund, Huaho Capital, China Capital Management and China Securities Investment.

Alongside the firm’s founders and senior management group, that tranche of investors will collectively own an equity interest of a 26.7% stake in the subsidiary.

News of a potential listing on the STAR market first emerged late last month, when it said it was considering the potential listing in order to fuel new growth and tempt future investment from a broader geographical base.

Kangping Chen, CEO at JinkoSolar, said the completion of the fundraising marked an “important milestone”, taking the company “one step closer” to the planned listing.

“It also provides us with the capital to expand our capacity and further strengthen our leading position in R&D. We are thankful for the strong support from our new investors and are committed to creating sustainable value for all our shareholders.”

Read Next

October 6, 2022
Waaree Energies has raised US$120 million from investors to expand its module and cell production capacity in India.
PV Tech Premium
October 5, 2022
Bruce Huber, CEO at Alexa Capital, explores how high levels of inflation impacts solar PV project revenues and costs.
October 5, 2022
A patchwork implementation of the EU’s power revenue cap could stall renewables development and dent investment, according to LevelTen Energy, a power purchase agreement marketplace operator.
September 30, 2022
European Union countries will introduce a revenue cap on operational solar PV plants as part of a package of emergency measures approved today.
September 30, 2022
US renewable energy major Brookfield Renewable has agreed to spend up to US$2 billion in order to acquire both Scout Clean Energy and Standard Solar.
September 28, 2022
The ENACT Installer App automates the complete journey of the customer, right from first contact to complete installation.

Subscribe to Newsletter

Upcoming Events

On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)
Solar Media Events
November 29, 2022
Malaga, Spain