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

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
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

April 14, 2021
There is likely to be demand across Europe for producing hydrogen from renewable energy, but the right regulatory frameworks and legislation need to be in place for the green hydrogen industry to find success.
April 13, 2021
Major ‘Solar Module Super League’ (SMSL) member JinkoSolar has guided 2021 total product shipments (wafers, solar cells and modules) to be in the range of 25GW to 30GW.
April 13, 2021
European solar investors are coming to terms with smaller returns, however banks, governments and grid operators could do more to help alleviate risk and ease investor concerns.
PV Tech Premium
April 12, 2021
Mark Osborne details how Solar Module Super League (SMSL) major JinkoSolar is transforming its manufacturing base, moving from an asset-lite model to one more vertically integrated.
April 7, 2021
Norway’s sovereign wealth fund is eyeing potential investments in solar generation assets after making its first foray into renewables infrastructure.
April 6, 2021
LONGi Green Energy has confirmed the creation of a new business unit centred around the world’s nascent green hydrogen market.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET
Solar Media Events
May 11, 2021