JinkoSolar primed for IPO this month as new details emerge

Robot assembly at one of JinkoSolar’s production facilities. Image: JinkoSolar.

JinkoSolar has revealed new details regarding its prospective initial public offering (IPO), confirming an offering schedule, placement size and that n-type cell and modules will be the focus of capacity expansions.

In a statement issued today, the ‘Solar Module Super League’ (SMSL) manufacturer confirmed that it intends to list up to 2 billion shares in its principal operating subsidiary Jinko Solar on Shanghai’s STAR Market, representing around 20% of the company’s outstanding shares after the listing is complete.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Pricing details, and therefore intended proceeds, are to be revealed next week (13 January 2022), with the results of the listing and subsequent float announced by 21 January 2022.

China Securities and CITIC Securities are acting as joint-lead underwriters on the IPO, with China-headquartered law firm King & Wood Mallesons representing Jinko throughout the process.

While total gross proceeds are still to be determined, JinkoSolar has published its investment prospectus via the Shanghai Stock Exchange’s STAR Market – found here – today, which reiterates many of the investment commitments previously made, but also provides some new details.

Jinko has reiterated that proceeds of up to RMB6 billion (US$940 million) will be used to support the construction of 7.5GW cell and 5GW module production facilities in Haining City, Zhejiang Province, an R&D centre also set for Haining, while also supplementing the company’s overall working capital.  

Those details were previously revealed in June last year, however within its investment prospectus JinkoSolar has today suggested the cell and module facility will contribute towards the manufacturer’s n-type manufacturing expansion, which the SMSL manufacturer provided details of during its Q3 2021 results call in November.

The new facilities are expected to take two years to complete.

JinkoSolar vice president Dany Qian told PV Tech in early December that the manufacturer expects TOPCon modules to be responsible for around 25% of its total shipments this year and provided further details on its n-type ambitions to PV Tech Premium.

Today it was also reported that JinkoSolar had signed a 1.85GW TOPCon module shipment deal with China National Petroleum Corporation for this year.

The investment prospectus also shines some light onto JinkoSolar’s R&D priorities, indicating some short- and medium-term work programmes for its RMB750 million R&D centre.

The facility, which will complete construction one year after work commences, will focus immediately on research into fully passivated back contacts and other passivation and module-level technologies, while perovskites and lamination technologies will be approached in the longer-term, the prospectus states.

Furthermore, the prospectus argues that the listing is being launched in response to the “increasingly fierce competition” experienced within the PV sector, the proceeds of which will allow Jinko to become more vertically-integrated and improve automation within its manufacturing base.

Xiande Li, chief executive at JinkoSolar, said the “milestone” listing would enable the company to “further accelerate our growth”.

21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2025 and beyond.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Sydney, Australia